Tecnoglass Inc. (NASDAQ:TGLS) Q3 2019 Earnings Conference Call Transcript
Nov 06, 2019 • 09:00 am ET
Greetings and welcome to the Tecnoglass Inc. Third Quarter 2019 Earnings Conference Call. [Operator Instructions]. It is now my pleasure to introduce your host Rodny Nacier, Investor Relations. Thank you sir, you may begin.
Thank you for joining us for Tecnoglass' third quarter 2019 conference call. A copy of the slide presentation to accompany the call may be obtained on the Investors section of the Tecnoglass website. Our speakers for today's call are Chief Executive Officer, Jose Manuel Daes, Chief Operating Officer, Chris Daes and Chief Financial Officer, Santiago Giraldo.
I would like to remind everyone that matters discussed in this call except for historical information are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding future financial performance, future growth and future acquisitions.
These statements are based on Tecnoglass' current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary in a material nature from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors and other risks or uncertainties affecting the operations of Tecnoglass' business.
These risks, uncertainties and contingencies are indicated from time-to-time in Tecnoglass' filings with the Securities and Exchange Commission. The information discussed during the call is presented in light of such risks. Further investors should keep in mind that Tecnoglass' financial results in any particular period may not be indicative of future results. Tecnoglass is under no obligation to and expressly disclaims any obligation to update or alter its forward-looking statements whether as a result of new information future events, changes in assumptions or otherwise. I'll now turn the call over to Jose Manuel, beginning on slide number four.
Jose Manuel Daes
Thank you Rodny and thank everyone for participating in today's call. In the third quarter, we further cemented our position as a U.S. focus growth company. We achieved another quarter of record revenue with 12% growth primarily through continued expansion in our core U.S. market, which represented 86% of total revenues. We increased USL[Phonetic] 13% including residential of nearly 60%, reflecting our rapid penetration of the Florida, single-family market. We also strengthened our commercial foothold in attractive regions of the country.
The U.S. is expected to remain the primary driver of our growth, based on an attractive mix of project and backlog in coming quarters. Through our expanding reputation for excellence in our extensive portfolio of projects in diverse regions, we expect to continue gaining market share in the U.S. supported by further progress in our commercial business. And our impressive expansion in residential. We are forming many new customer relationships and [Indecipherable] to further diversify our geographic footprint. In Colombia, revenues were up 21% year-over-year excluding FX. This was encouraging and better than expected. We also ended the quarter with solid levels of backlog in that region.
In July, we were pleased to complete the expansion of our aluminum expansion[Phonetic] facilities of budget and on-time. These modern state-of-the-art facility is now fully operational