Intertape Polymer sees growth in Q2

MONTREAL — Intertape Polymer Group reported that revenues increased 2.5% to $201.5 million, despite approximately $5 million of lost sales of masking tape and stencil products related to the South Carolina flood. The increase was attributed primarily to additional revenue from the TaraTape acquisition, a decrease in the South Carolina Commissioning Revenue Reduction, and increased sales volume, partially offset by a decrease in average selling price, including the impact of product mix. Gross margin increased to 25.7% from 21.6% primarily due to flood insurance claim settlement proceeds, the company’s manufacturing cost reduction programs, and an increase in the spread between selling prices and lower raw material costs. Net earnings rose $1.9 million to $13.7 million primarily due to an increase in gross profit and additional net earnings in 2016 derived from the Better Packages and TaraTape acquisitions.