IPG Has Modest First Quarter

Intertape Polymer Group Inc. (IPG) had revenue of $278.9 million for the first quarter of 2020, an increase of 0.4 per cent over revenue of $277.9 million in the first quarter of 2019. The increase was primarily due to an increase in volume/mix and additional revenue from the Nortech Acquisition and partially offset by lower selling prices. Gross margin for the quarter increased to 21.1 per cent from 20.8 per cent. Net earnings were $14.2 million compared to $10.5 million last year and adjusted net earnings were $12.9 million compared to $12.2 million. Adjusted EBITDA decreased two per cent to $37.5 million year-over-year.