Tecnoglass (TGLS) Stock Hits New High On Robust Earnings and Analyst Update

TGLS stock is having a trending day after Tecnoglass Inc (NASDAQ:TGLS) reported robust first-quarter earnings that topped analysts’ estimate by a wide margin.

Tecnoglass (TGLS) Stock Hits New High On Robust Earnings and Analyst Update

The company said that total revenue during the quarter grew 27% year-over-year to $110.9 million, well ahead of the analyst’s projection of $100 million.

Moreover, net profit during the quarter came in at $8.2 million, or 17 cents a share, compared to a loss of $18.8 million, or 40 cents in the same quarter last year.

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On an adjusted basis, the company earned 35 cents a share, topped analysts’ estimates by 13 cents.

The company recorded a backlog of $552 million for the period, up 1.1% year over year.

Analyst at Raymond James upgraded the stock Strong Buy from Outperform with a price target of $15 a share.

At the time of writing, TGLS stock is up by 29.17% at $15.81. The stock has gained 140% year-to-date.

 

 

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