Colombia's Tecnoglass, Inc. (Nasdaq: TGLS), a manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries, Friday reported bang-up financial results for Q2.

• Total revenues increased 28% to a record $113.9 mn on strong U.S. activity, marking the 9th consecutive record revenue quarter;
• Net income increased to $7.7 mn, or $0.17 per diluted share;
• Adjusted net income grew 24% to $9.2 mn, or $0.20 per diluted share;
• Adjusted EBITDA increased 41% to a record $25.8 mn;
• Cash flow from operations improved to $13.9 mn;
• Backlog expanded to a record $524.7 mn; up 6% y/y and 1% q/q.

It also completed joint venture agreement through the purchase of minority interest in Vidrio Andino, a Colombia-based sub of French Saint-Gobain with annualized sales of approximately $100 mn. Last month it completed aluminum production capacity expansion with additional high-return automation projects on track to be completed by year-end.

TGLS also raised full-year 2019 growth outlook for total revenue and adjusted EBITDA. CEO Jose Manuel Daes commented, "We closed out the first half of 2019 with record levels of gross profit, adjusted EBITDA, and backlog, along with our 9th straight quarter of record revenues. This success was largely driven by continued expansion in single-family residential and market share gains in the U.S., 87% of our second-quarter revenues.

"In addition, we generated cash flow from operations of $14 mn in the quarter, reflecting increased profitability and enhanced working capital management. Overall, we are very pleased with our positive momentum, combined with continued backlog growth which provides us with strong visibility on our project pipeline over the coming years. Our year-to-date progress supports our upwardly revised full-year outlook for revenue and adjusted EBITDA growth."

Christian Daes, Chief Operating Officer of the Daes family-controlled firm stated, "We ended the quarter with an attractively positioned backlog across a growing number of U.S. markets. Our strategic footprint continued penetration into the residential market, and structural competitive advantages continue to support our ability to capitalize on strong bidding activity while maintaining our industry-leading margins. Additionally, the continued outperformance in our key operating metrics is underpinned by our high-return projects focused on innovation, strategic partnerships, improved productivity and capacity expansion. To that point, we were thrilled to complete the expansion of our aluminum extrusion facilities in July, and are well on track to fully complete our automation initiatives by year-end. In conclusion, we are very pleased with our results so far in 2019 as we continue to target new customer relationships and leverage our growing and diversified U.S. footprint."

I suspected there was good news coming when Cemex of Mexico revealed that it sold huge amounts of cement for a Florida luxury complex. FL is also the lead market in the US for TGLS, but I didn't dare predict anything. Luxury buildings use special glass to keep heat out of interiors which saves on air-conditioning costs, something even rich people hate to pay for.