Revenue Increases Almost 18% for Intertape Polymer Group in 2022 First Quarter
Intertape Polymer Group Inc. (IPG) recently released results for its first quarter ended March 31, 2022. Revenue increased 17.6% to $406.4 million, primarily due to the impact of higher selling prices in tape, film, woven, and protective packaging products driven by increases in the cost of many raw materials and freight.
“The demand environment for our packaging and protective solutions remained strong through Q1 2022 and continues into Q2 as demonstrated by our revenue growth and ability to protect our dollar contribution spread with price increases,” said Greg Yull, president and CEO. “The rapid rise in the cost of raw materials during the past 18 months resulted in price increases of approximately $70 million in Q1 2022 compared to the same period last year for total revenue of more than $406 million. The global supply chain challenges and isolated labor constraints at specific manufacturing facilities impacted our volume/mix growth despite the strong demand.