Tecnoglass, Inc. (TGLS) saw its loss widen to $7.92 million, or $0.28 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.94 million, or $0.08 a share. On the other hand, adjusted net income for the quarter stood at $7.59 million, or $0.27 a share compared with $10.73 million or $0.42 a share, a year ago. Revenue during the quarter grew 27.24 percent to $80.02 million from $62.89 million in the previous year period. Gross margin for the quarter contracted 68 basis points over the previous year period to 37.01 percent. Total expenses were 80.84 percent of quarterly revenues, down from 82.80 percent for the same period last year. This has led to an improvement of 196 basis points in operating margin to 19.16 percent.
Operating income for the quarter was $15.33 million, compared with $10.82 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $19.96 million compared with $16.51 million in the prior year period. At the same time, adjusted EBITDA margin contracted 131 basis points in the quarter to 24.94 percent from 26.25 percent in the last year period.
José M. Daes, chief executive officer of Tecnoglass, commented, "The positive momentum in our business continued into the second half 2016. We recorded significant gains in Adjusted EBITDA, reflecting strong sales growth on our low cost efficient operations. In our end markets, which are primarily commercial, we continue to experience a favorable pace of activity in the US and Colombia. During the third quarter, we gained additional market share in the US as we continued to broaden our customer relationships and strengthen our presence in new markets across an increasingly diversified footprint. In Colombia, the improving economy and rising income per capita is supporting a strong pipeline of commercial construction activity. We are further capitalizing on our local leadership position to produce outpaced market growth. This progress throughout the Americas is also evident in our backlog, which rose 12% year-over-year to a record $402 million, with a good mix of project wins in all served regions. We ended the quarter with good visibility on our multi-year project pipeline and we are actively pursuing new projects to grow our business."
For fiscal year 2016, Tecnoglass, Inc. expects revenue to be $288 million.
Operating cash flow turns negative
Tecnoglass, Inc. has spent $14.08 million cash to meet operating activities during the nine month period as against cash inflow of $10.24 million in the last year period. The company has spent $16.71 million cash to meet investing activities during the nine month period as against cash outgo of $19.15 million in the last year period.
Cash flow from financing activities was $29.66 million for the nine month period, up 315.07 percent or $22.52 million, when compared with the last year period.
Cash and cash equivalents stood at $18.12 million as on Sep. 30, 2016, up 7.43 percent or $1.25 million from $16.87 million on Sep. 30, 2015.
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