Total Revenue

+23% (from $194.64M to $239.58M)

Strong revenue growth driven by increased sales across key markets—particularly in the U.S.—and an improved revenue mix helped boost income from $194.64M in Q4 2023 to $239.58M in Q4 2024 " " vs.. " "

Operating Income

+32% (from $50.61M to $67.1M)

Operating income improved as higher total revenues translated into better profitability despite rising cost pressures; the positive margin impact was partly due to more profitable product mixes and efficient cost controls compared to the previous period " " vs.. " "

Net Income

+29% (from $36.47M to $47.01M)

Enhanced net income reflects the beneficial effects of increased operating income along with lower interest expenses, which helped raise profitability from $36.47M in Q4 2023 to $47.01M in Q4 2024, even while offsetting factors such as cost pressures were present " " vs.. " "

EPS (Basic & Diluted)

+32% (from $0.76 to $1.00)

Earnings per share increased significantly due to higher net income while the share count remained stable, amplifying the gains in profitability from the previous period " vs.. " "

United States Revenue

+23% (from $185.18M to $228M)

U.S. revenue grew robustly driven by strong demand in both residential and commercial sectors, reflecting favorable market dynamics and effective execution relative to Q4 2023 " vs.. "

Colombia Revenue

+37% (from $6.18M to $8.46M)

Colombian revenue increased markedly, indicating a successful expansion in Latin American markets and capturing stronger regional demand compared to the prior period " vs.. "

Panama Revenue

Major adverse swing (from $0.39M to –$93.78M)

Panama revenue experienced a dramatic decline, with a shift from a small positive figure to a significant negative number; this suggests major operational challenges, write-downs, or impairments in that market relative to Q4 2023 " vs.. "

Cost of Goods Sold (COGS)

+124%+ (from $111.59M to $250.11M)

COGS surged sharply outpacing revenue growth, signaling significant cost pressures likely due to escalated raw material costs and an unfavorable shift in the cost mix—indicating that the increased sales volume did not come without a substantial cost impact compared to Q4 2023 " " vs.. " "

Interest Expense

–33% (from $2.28M to $1.53M)

Interest expenses declined considerably as a result of notable debt prepayments and a favorable interest rate hedge, improving the company’s financial cost structure compared to the previous period " " vs.. " "

Revenue

FY 2025

Full Year 2024 Revenues: $880M–$900M with ~7% organic growth "

Revenue: $940M–$1.02B with ~10% organic growth "

raised

Adjusted EBITDA

FY 2025

$270M–$280M "

$300M–$340M "

raised

Gross Margin

FY 2025

Low to mid-40% range "

Range from low-40% at the low end to mid- to high-40% at the high end "

raised

Capital Expenditures (CapEx)

FY 2025

Expected to decrease sequentially in Q4 "

Estimated at $65M–$70M "

no prior guidance

Vinyl Revenues

FY 2025

no prior guidance

Projected at $15M–$40M for the year "

no prior guidance

Free Cash Flow

FY 2025

no prior guidance

Anticipated to deliver another strong year, though no specific figure "

no prior guidance

Foreign Exchange Rate Assumptions

FY 2025

no prior guidance

Favorable rates with Colombian peso at or above 4,200 "

no prior guidance

Interest Rate and Tariff Assumptions

FY 2025

no prior guidance

High-end outlook assumes downward trends in interest rates; low-end assumes higher rates and potential aluminum tariff headwinds "

no prior guidance

Vinyl window product growth and operational ramp‑up challenges

In Q1–Q3, executives noted strong growth potential but emphasized challenges such as an incomplete product line, a slow “learning curve” in ramp‑up, and early operational hurdles ( " " " Q1; " " " Q2; " " " Q3)

In Q4, the focus shifted to robust growth expectations—with projected vinyl revenues between $15M and $40M in 2025—and noted that delivery momentum had picked up, with significantly fewer explicit operational challenges ( " " " " )

Improved sentiment: Early operational challenges have largely been resolved, and robust growth expectations now dominate the narrative.

Geographic expansion and market diversification

Across Q1–Q3, discussions centered on expanding the showroom network, entering the vinyl market, and pursuing opportunistic acquisitions to tap new geographies (e.g., Florida, New York, the Southeast) ( " " Q1; " " Q2; " " " Q3)

Q4 emphasized expansion into new regions such as California, Arizona, and further strengthening in high‑growth states like Florida and Texas, while leveraging the vinyl product diversification ( " " " )

Consistent focus: The company has maintained and deepened its geographic and product diversification strategies over time.

Backlog strength and order visibility with conversion delays

Q1 through Q3 highlighted a strong and growing backlog—from a record $916M in Q1 to ~$1.04B in Q3—with ongoing notes on conversion delays for complex, large projects ( " Q1; " " " Q2; " " " Q3)

Q4 reported an all‑time high backlog of $1.1B, reinforcing excellent order visibility, though some conversion delays persist for high‑value projects ( " )

Consistently strong: The backlog remains robust with only minor elevated conversion delays due to project size and complexity.

Gross margin dynamics and pressure (including FX impacts)

Q1 saw margins impacted by negative FX moves, promotional impacts, and a challenging revenue mix (38.8% with about 800bp FX drag, " ); Q2 margins improved modestly despite FX challenges ( " " ); by Q3, margins had risen to 45.8% driven by better pricing and stable FX ( " )

In Q4, guidance targets mid‑ to high‑40s gross margins, citing favorable FX trends offsetting some pressures from higher installation costs and salary increases ( " " )

Progressive improvement: The margin trajectory shows recovery from heavy FX and mix pressures in Q1 to a more positive outlook in Q4.

Single‑family residential demand trends and volatility

In Q1, demand was subdued by macro factors (higher interest rates) with noted volatility, though record order activity emerged later; Q2 recorded a 10% YoY increase with a pull‑forward effect; Q3 saw record revenue growth with normalization anticipated ( " " " " Q1; " " Q2; " " " Q3)

Q4 highlighted strong, record‑level full‑year revenues (e.g., $372.1M), with sustained momentum into January 2025 and no significant volatility concerns ( " " " )

Recovery and stabilization: After initial volatility, demand has rebounded and stabilized markedly in Q4.

Capacity utilization and overcapacity risk amid capital expenditures

Q1 provided limited mention aside from ongoing investments; Q2 discussed a $40M–$45M CapEx plan aimed at capacity expansion in anticipation of 2025/2026 demand ( " Q2); Q3 did not specifically address the topic

Q4 detailed current capacity utilization at 65%–70% and ongoing investments in automation to ensure efficient operations and delivery timelines ( " )

Focused investment: The company is proactively matching capacity expansion with demand, effectively managing overcapacity risk.

Tariffs on imported aluminum affecting cost structure

Q1 did not address this topic; Q2 noted stable pricing amid tariffs even as competitors raised prices ( " Q2); Q3 discussed incurring tariffs that were later reversed and reimbursed ( " " Q3)

Q4 focused on potential future cost impacts from a proposed 25% tariff, outlining mitigation strategies such as alternative sourcing and pricing adjustments ( " " " )

Evolving risk management: The narrative has shifted from managing current tariff impacts to preparing strategies for potential future tariffs.

Light commercial projects revenue uncertainty

In Q1, light commercial projects were noted as “spot” deals with monthly revenue estimates around $10M–$13M ( " Q1); Q2 described these as month‑to‑month bookings with an 18‑month conversion outlook ( " Q2); Q3 reiterated uncertainty regarding short‑term execution rates ( " Q3)

Q4 reported consistent average monthly revenues of $10M–$12M, indicating improved predictability for this segment ( " )

Stabilizing visibility: The inherent unpredictability is moderating as monthly revenue levels become more consistent in Q4.

Exposure to external factors such as natural disasters

Only Q3 mentioned external factors—specifically hurricanes in the West Coast of Florida causing temporary order slowdowns ( " Q3)

Q4 did not mention external factors, suggesting minimal current impact

Diminished focus: The temporary external disruptions observed in Q3 are no longer a prominent concern in Q4.

Unfavorable revenue mix concerns (no longer emphasized)

In Q1, concerns were raised about an unfavorable revenue mix (increased installation and stand‑alone product sales) that negatively affected margins ( " " " Q1)

Q4 did not mention these concerns, indicating that the revenue mix issues have subsided

Concerns abated: Earlier revenue mix challenges are no longer emphasized, implying an improved product and sales composition.