Intertape Polymer gains despite revenue drop

MONTREAL — Intertape Polymer saw first quarter profits rise to $11.8 million, from $11.6 million last year, although revenues declines 5.5% to $189 million. Gross margins fell from 21.4% to 19.6%, impacted by duplicate overhead costs related to the relocation of the company’s South Carolina plant. Meanwhile, international sales suffered from the strength of the U.S. dollar. CEO Greg Yull called the results “in line with expectations,” adding that the end of the quarter saw “a return to more normal levels of demand” across product categories.