Tecnoglass hits record high on beat-and-raise quarter

Tecnoglass Holdings

08/11/2021 19:34

** Architectural glass maker's shares  TGLS.O  rise as much
as 9.1% to hit a record high at $32.25
    ** Co's Q3 revenue rises 26.2% y-o-y to $130.41 mln, beating
Refinitv est of $117.51 mln; adj EPS of $0.45 also surpasses
expectations of 35 cents/shr 
    ** Results driven by 28.8% increase in U.S. region revenue
to $123.2 mln, due to strong growth in single family residential
activity and market share gains  urn:newsml:reuters.com:*:nGNXbfDFHH
    ** TGLS also raises FY21 revenue outlook to $485 mln-$495
mln and adjusted EBITDA to $140 mln-$145 mln, much higher than
Street expectations 
    ** Co beats EPS estimates for sixth straight quarter,
outperforms revenue expectations for fifth consecutive quarter -
Refinitiv data
    ** Four of 6 brokerages rate the stock "buy" or higher, and
2 "hold"; their median PT is $25.50 - Refinitiv data
    ** Shares up 7.3% to $31.71 in afternoon trade and have
gained 327.6% for the year

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))