We were pleased to deliver our highest first quarter gross margin and Adjusted EBITDA margin since 2016, despite the pandemic’s temporary impact on our invoicing and business operations late in the quarter. In the beginning rate at 22.55 Mexican Pesos. Tecnoglass supplies over 1000 customers in North, Central and South America, with the United States accounting for more than 80% of revenues.
The USD to MXN forecast at the end of the month 22.55, change for November 3.0%. That being said, we are also bracing for a slower year as some projects get delayed or temporarily put on hold. In residential, U.S. housing starts are expected to be unfavorably affected by the crisis.Santiago Giraldo, Chief Financial Officer of Tecnoglass, concluded, “We entered this pandemic operating on a larger scale and with a better capital structure than at any point in our Company’s history. We have a strong cash position and the capital resources to face the challenges ahead and situate our business for long-term success as we emerge from this volatile period.”Christian Daes, Chief Operating Officer of Tecnoglass, stated, “As the COVID-19 crisis continues, we are closely monitoring its impact on the broader macro-environment and tailoring our operations accordingly. Brazilian Real.
On the commercial side, net sales for the remainder of 2020 will be influenced by the timing, length or any delays of projects related to the pandemic. In light of the uncertain times ahead, we are focused on maintaining financial flexibility and generating cash flow. The conference call will be broadcast live over the Internet. Against the U.S. dollar, the peso has shed 20% of its value in a little more than a year and 7% in the last month. As of May 1, 2020, our liquidity further improved to approximately $105 million, including cash of approximately $50 million, as a result of proactive measures to build cash. Headquartered in Barranquilla, Colombia, the Company operates out of a 2.7 million square foot vertically-integrated, state- of-the-art manufacturing complex that provides easy access to the Americas, the Caribbean, and the Pacific. Please go to the website at least 15 minutes early to register, download and install any necessary audio software. Since our founding in 1984, we have successfully managed through difficult times, including growing and generating profits during the great recession of 2008. On our now larger and more vertically integrated platform, we are even better positioned to successfully navigate the current environment. The information set forth herein should be read in light of such risks. All Rights Reserved. The Company has suspended all future financial guidance for the balance of the year.Most of Tecnoglass’ U.S. and Latin American customers remain operational with many construction projects typically considered by jurisdictions to be essential business activities. Dollar to Colombian Peso Forecast, USD to COP foreign exchange rate prediction, buy and sell signals.
We have implemented business continuity measures across our vertically integrated operations to address safety, cost reductions and non-critical spend while protecting existing jobs to the extent possible.
All of our operations have been deemed vital and we continue to serve customers safely and responsibly. The improvement in gross margin mainly reflected lower raw material costs, a higher mix of revenue from manufacturing vs installation, and greater operating efficiencies from prior automation initiatives. Colombia has what’s known as a free-floating currency, meaning that simple supply and demand dynamics apply: the more people who buy the Colombian peso, the more the peso will be worth. Based on our forecasts, a long-term increase is expected, the Forex rate prognosis for 2025-08-01 is 5529.740. Additionally, a slide presentation will accompany the conference call. 6/23/2020 14:48 EST.
The Company’s backlog has historically provided a high degree of visibility for commercial revenues over a twelve month period. Rate target in 14 days: 3855.800. Colombian Peso. This page has economic forecasts for Colombia including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Colombia economy. As a percent of total revenues, operating expenses were 19.8% compared to 16.5% in the prior year quarter, primarily due to lower sales.Net loss was $18.7 million, or $0.40 loss per diluted share in the first quarter of 2020 compared to a net income of $7.3 million, or $0.18 per diluted share in the prior year quarter, including an after-tax non-cash foreign exchange transaction loss of $22.1 million of in the first quarter 2020 and a $2.2 million gain in the first quarter 2019. From 13/Mar/17 to 13/Mar/2020, the value of the United States Dollar as compared to the below has risen: ... Mexican Peso. Argentine Peso. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Tecnoglass’ business. In addition, the Company has implemented strict cost controls, reduced operating expenses and limited all non-critical capital expenditures beyond the completion of initiatives started in 2019. Upon dialing in, please request to join the Tecnoglass First Quarter 2020 Earnings Conference Call.If you are unable to listen live, a replay of the webcast will be archived on the website. We believe that our lean cost structure and diversified geographic presence leave us well prepared to manage through this unprecedented environment.”Total revenues for the first quarter of 2020 were $87.3 million compared to $107.2 million in the prior year quarter.
By the same token, the more people who sell the peso, the lower its value. Dollar to Mexican Peso forecast for November 2020. The Company continues to safely serve customers in all countries, states and regions where construction is considered an essential business and permitted.The Company temporarily suspended production at its facilities in Colombia from March 23, 2020 to April 13, 2020 during the initial phase of a nationwide shelter-in-place order by the Colombian government to prevent the spread of the COVID-19 virus.
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