Why Tecnoglass Stock Dropped Today
Shares of Tecnoglass (NYSE: TGLS) were down 10.9% as of 3:15 p.m. ET Monday after the high-end window and architectural glass company announced strong third-quarter results, but followed with underwhelming forward guidance.
Tecnoglass' quarterly revenue grew 4.4% year over year to $210.7 million, translating to adjusted (non-GAAP) net income of $46.6 million, or $0.98 per share. Analysts, on average, were looking for slightly lower adjusted earnings of $0.97 per share on revenue of $207.6 million.
The company's top-line growth was entirely organic, including a 2% increase in revenue from the single-family residential end market to 87.8 million, and 6% growth from multi-family/commercial revenue sources to comprise the remainder.
Source Fool.com
