Revenue Down 9% for Intertape Polymer Group in 2020 Second Quarter
Revenue decreased 9.4% to $267.8 million for Intertape Polymer Group in the second quarter of 2020, primarily due to a decrease in volume/mix and lower selling prices.
Intertape Polymer Group Inc. recently released results for its second quarter ended June 30, 2020. Revenue decreased 9.4% to $267.8 million, primarily due to a decrease in volume/mix and lower selling prices. The decrease in volume/mix was primarily due to the net impact of COVID-19 on demand.
“Demand held up stronger than anticipated in our industrial and retail end markets towards the back half of the second quarter,” said Greg Yull, president and CEO. “This result, together with the continued strong momentum in the e-commerce market, enabled the business to deliver revenue 10% above and adjusted EBITDA 28% above the respective midpoints of the forecast we provided on the first quarter call, which represents a decrease of only 9% in each metric compared to the same period last year. The operational measures we implemented in the face of uncertain demand, which included capacity optimization, inventory management and cost controls, supported improved bottom line results…”