Intertape Polymer Group, which is headquartered in Sarasota, released its third quarter earnings report, showing a 23% increase in revenue.
The Company “is a recognized leader in the development, manufacture and sale of a variety of self-adhesive and water-activated tapes based on paper and film, shrink and stretch films, protective packaging, woven and non-woven products and packaging machinery for industry and retail use, ”according to a press release on the earnings report.
The company has 32 facilities around the world, including its head office in Montreal, Canada.
In the third quarter, Intertape reported quarterly revenue of $ 395.6 million, but a slight decline in profits, to $ 25.3 million.
Previously: Revenues and Profits Improve at Intertape Polymer Group
The press release attributed the net increase in revenue to “the impact of higher selling prices for tape, film, woven and protective packaging products, driven by the increase in the cost of many raw materials. and freight “.
The decline in profits was attributed to “an increase in selling, general and administrative expenses resulting from increased personnel and technology costs mainly due to the growth of the company in 2021 and the non- recurrence of cost-saving measures implemented in response to COVID-19 uncertainty in 2020. “
“This unfavorable impact was partially offset by an increase in gross margin,” read the press release.
Partly because of the price increases, Intertape Polymer Group has updated its guidance for 2021, where it expects revenue of between $ 1.5 billion and $ 1.54 billion and adjusted profit of $ 245 billion. to $ 255 million.