Why Technoglass Stock Is Tumbling Again Today
Shares of Technoglass (NASDAQ: TGLS) tumbled again on Friday, falling another 11% by 10:30 p.m. ET. That followed a more than 40% plunge in the glass stock on Thursday, caused by a damaging report from a noted short-seller. Today's decline comes even though the company provided investors with a business update that increased its full-year outlook.
Technoglass provided investors with a business update following a recent report by a short-seller. The company reported that its adjusted earnings before taxes, interest, depreciation, and amortization (EBITDA) had increased 50% through November to $140 million on $456 million of total revenue.
Further, it boosted its full-year revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) ranges. It now sees revenue between $490 million and $495 million, up from its prior range of $485 million to $495 million. Meanwhile, it anticipates adjusted EBITDA between $147 million and $150 million, up from its previous guidance of $140 million to $145 million. The company also reported that it had generated about $100 million of operating cash flow through November.
Source Fool.com
