Intertape Polymer Group Provides Update on 2020 Second Quarter Results

Intertape Polymer Group Inc. (TSX:ITP) (“IPG” or the “Company”) today announced its preliminary estimated revenue for the three months ended June 30, 2020.

The Company estimates that its revenue is approximately $267 million for the three months ended June 30, 2020, compared to the outlook range communicated on May 13, 2020 of $235 million to $250 million. With the outperformance of revenue, management also expects adjusted EBITDA(1) to be greater than the top end of the outlook range of $34 million that the Company communicated on May 13, 2020 as well. The Company is providing this preliminary estimated and anticipated disclosure now in an effort to provide greater clarity and transparency to investors and shareholders instead of waiting until its expected August 13, 2020 earnings release date.

“The COVID-19 outbreak has created a great deal of fluidity in the markets. End market demand was stronger than we anticipated in the back half of the second quarter as re-openings continued and de-stocking at distributors appeared to have dissipated,” said Greg Yull, President and CEO of IPG. “Sales were negatively impacted by approximately 10 percent due to the impact of the virus during the second quarter compared to the same period in 2019. As we exited the second quarter and enter the third quarter, we are seeing positive signals and improved confidence in end market demand. However, given the nature of the current situation, short-term trends should not be extrapolated into definitive conclusions. We will continue to monitor demand and update the market on our second quarter call in August as the situation evolves with the virus impacting various regions differently. The health and safety of our employees, the safety and operational status of our facilities and our relationships with customers and suppliers remain priorities.”

These estimates and the estimates of the underlying components thereof, were prepared by, and are the responsibility of, the Company’s management. While these estimates are presented with numerical specificity and considered reasonable by management, actual results may differ. Investors should not place undue reliance on these estimates, and they should not be regarded as a representation that the estimated results will be the same as the actual results. These preliminary financial results are subject to revision until the Company reports its full fiscal second quarter results on August 13, 2020.
more at: file:///C:/Users/tom.pankow/Downloads/Intertape%20Polymer%20Group%20Provides%20Update%20on%202020%20Second%20Quarter%20Results.pdf

Related Posts

Tetra Prisma® Aseptic 300 Edge redefines consumer experience

Tetra Pak has collaborated with a leading company in the European juices, nectars and soft drinks markets to launch the new Tetra Prisma® Aseptic 300 Edge beverage carton. This innovative portion package stands out on the shelf, with its distinct look and ergonomic design catering to the preference of modern consumers for taller, slimmer packaging. Research1 shows that, with buyers rethinking discretionary spending, a ‘less is more’ design approach is gaining in popularity, characterised by pared back simplicity. Designed for ease of use, the shape of the new paper-based carton package also makes it more comfortable to hold, particularly for smaller hands. Its wide opening ensures a steady flow for easy drinking, while its compact size makes it convenient for on-the-go consumption. Product wastage is minimised by combining the slanted top of the Tetra Prisma® Aseptic 300 Edge carton with a DreamCap™ 26 Pro tethered closure. This helps to prevent litter too, as the cap stays attached to the package; therefore, it can be collected alongside the carton once consumers have enjoyed their drink and put the container in the correct bin for recycling.

Kimberly-Clark Announces Third Quarter 2023 Results

Quarter Highlights *Delivered net sales of $5.1 billion, up 2 percent, with organic sales growth of 5 percent. *Gross margin was 35.8 percent, up 530 basis points versus the prior year, driven by favorable net revenue realization and productivity. *Raised 2023 outlook for organic growth to 4% - 5%, and for adjusted earnings per share growth of 15% - 17%, with adjusted operating margin up 170 basis points at the midpoint versus last year.
Back To Top
×Close search
Search