在关税成本和需求拉动的情况下，Tecnoglass股价保持稳定

Shares of Tecnoglass (NYSE:TGLS) traded in a narrow range in the first hour of regular trading Thursday, as investors digested a second-quarter earnings report that included record revenue and profits, but also revealed margin pressures from aluminum tariffs and signs of demand being pulled forward into Q2.

The Colombian-American manufacturer of architectural glass and windows posted adjusted earnings of $1.03 a share, above Wall Street’s consensus of $0.96. Revenue came in at $255.5 million, beating analysts’ estimates of $246.6 million and rising 16.3% year-over-year.

Despite the beat, some red flags in the report may have tempered investor enthusiasm. Notably, the company acknowledged a surge in single-family residential orders in Q2 was partly due to customers accelerating purchases ahead of anticipated tariff-driven price hikes, activity that may depress Q3 growth.

“We estimate the significant majority of accelerated customer orders during the second quarter were pulled from the third quarter,” Chief Financial Officer Santiago Giraldo said in a statement. While Tecnoglass (NYSE:TGLS) raised its full-year revenue forecast to a range of $980 million to $1.02 billion, the potential for softer Q3 demand may have weighed on the stock.

Additionally, selling, general and administrative expenses jumped 38% year-over-year to $53.1 million, as the company absorbed $5.9 million in aluminum tariffs paid in April and faced higher transportation and personnel costs. SG&A expenses as a percentage of revenue rose to 20.8%, up from 17.5% last year.

Chief Executive José Manuel Daes was upbeat, citing pricing power and strategic acquisitions:

“We are extremely proud of our results with record quarterly performance across many of our key metrics. Our ability to consistently generate robust growth and share gains while significantly expanding margins demonstrates the power of our vertically integrated platform,” Daes said in the earnings announcement.

Still, the rising input costs and higher SG&A burden may limit further margin expansion in the near term, even as the company eyes new facilities and continues to integrate its recent acquisition of Florida-based Continental Glass Systems.

Adjusted earnings before interest, taxes, depreciation and amortization rose 24.5% year-over-year to $79.8 million, representing 31.2% of total revenues. Net income for the quarter was $44.1 million, or $0.94 a share, compared with $35 million, or $0.75 a share, in the year-ago period.