Intertape Polymer earnings rise in Q4, down for full year

MONTREAL ― Intertape Polymer Group reported net income of $11.68 million ($0.20 per share) for Q4, up from $10.61 million ($0.18) a year earlier. Total revenues came to $291.48 million, up from $287.65 million, largely on the strength of the acquisition in 2018 of Maiweave. Based in Springfield, Ohio, it manufactures engineered coated polyolefin fabrics. For the full fiscal year, Intertape posted profits of $41.22 million ($0.70 per share), a decline from $46.64 million ($0.79) in 2018, due to higher interest and tax expenses. Revenues for the year rose 9.5 percent to $1.15 billion. The acquisition of Maiweave as well as Polyair and Airtrax drove revenues up.