What happened

Rebounding from their 0.5% drop in April, shares of Tecnoglass (TGLS 0.78%), an architectural glass manufacturer, soared 84% last month, according to data from S&P Global Market Intelligence

In addition to the announcement of the company's first-quarter 2021 earnings, management's upwardly revised guidance for 2021 and bullish takes on the company's stock from Wall Street inspired investors to pick up shares.

A businessman and businesswoman smile while looking at a financial chart on a computer.

Image source: Getty Images.

So what

Investors had a lot to celebrate in the first week of May. Growing revenue 27% year over year, Tecnoglass smashed analysts' expectations of $98.4 million and reported a company-record $111 million on the top line for Q1 2021. Farther down the income statement, Tecnoglass beat expectations again, reporting adjusted earnings per share (EPS) of $0.35 (another company record), while the Street expected the company to report $0.22.

All-time best performances regarding revenue and adjusted EPS weren't the only glowing spots on the income statement; Tecnoglass set another record as well: gross profit of $45 million. Turning to the cash flow statement, investors found even more reasons to celebrate as Tecnoglass reported operating cash flow of $29 million -- a company best.

Think that the record-breaking performances stopped there? Think again. Tecnoglass reported a company-record $552 million in backlog, representing a 1% increase over its backlog at the same time last year. This strong backlog growth led management to upwardly revise its 2021 guidance. Whereas the company had originally forecast 2021 revenue of about $408 million, it now expects to book $428 million on the top line. Similarly, management raised its 2021 adjusted EBITDA forecast from $105 million to about $120 million.

Two bullish takes on the stock provided additional catalysts for its rise. Shortly after the company reported Q1 2021 earnings, Baird raised its price target from $14 to $18  while maintaining an outperform rating, according to The Fly; similarly, B. Riley hiked its price target from $14 to $17.

Now what

Setting multiple company records, Tecnoglass is off to a strong start in 2021, placing the company on growth investors' radars -- especially in light of the company's record backlog. Despite the stock's rise in May, though, it has tumbled about 10% in June, presenting interested investors with the ability to pick up shares at a discount. Currently, shares are trading at 18.3 times trailing earnings, a steep discount to its five-year average P/E ratio of 27.5.