Intertape Polymer Group Reports 2021 Third Quarter Results
Third Quarter 2021 Highlights (as compared to third quarter 2020): • Revenue increased 22.5% to $395.6 million primarily due to the impact of higher selling prices in tape, film, woven, and protective packaging products driven by increases in the cost of many raw materials and freight. • Gross margin decreased to 22.0% from 26.0% primarily due to the impact of maintaining dollar spread on higher average selling prices and increased plant operating costs, partially offset by a favourable product volume/mix. • Net earnings attributable to the Company shareholders ("IPG Net Earnings") decreased $1.4 million to $25.3 million ($0.43 basic and $0.42 diluted earnings per share) primarily due to an increase in selling, general and administrative expenses ("SG&A") resulting from an increase in employee- and technology-related costs mainly due to the growth of the business in 2021 and the non-recurrence of cost saving measures implemented in response to COVID-19 related uncertainty in 2020. This unfavourable impact was partially offset by an increase in gross profit.