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CHUNYIP WONG
Tecnoglass’s (NYSE:TGLS) stock on Monday declined as much as 18% to an 11-month low after cutting its guidance for year-end earnings.
The Colombian maker of architectural glass and windows said it expects to adjusted ebitda of $300 million to $308 million for the full year. When the company provided guidance in August, it had estimated $320 million to $335 million.
Tecnoglass provided the update with its third-quarter results, which showed net income of $46.1 million, or $0.97 a share, compared with $46.9 million, or $0.98 a share, a year earlier.
Adjusted net income of $0.98 a share beat Wall Street’s average estimate of $0.97 a share.
Tecnoglass’s (TGLS) revenue rose 4.4% from a year earlier to $210.7 million in the three-month period ended September 30. Analysts had forecast revenue of $206.8 million.
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