Intertape Polymer Group Provides Update on 2020 Second Quarter Results
MONTREAL and SARASOTA, Fla., July 13, 2020 (GLOBE NEWSWIRE) -- Intertape Polymer Group Inc. (TSX:ITP) (“IPG” or the “Company”) today announced its preliminary estimated revenue for the three months
ended June 30, 2020.
The Company estimates that its revenue is approximately $267 million for the three months ended June 30, 2020, compared to the outlook range communicated on May 13, 2020 of $235 million to $250 million. With the out-performance of revenue, management also expects adjusted EBITDA(1) to be greater than the top end of the outlook range of $34 million that the Company communicated on May 13, 2020 as well. The Company is providing this preliminary estimated and anticipated disclosure now in an effort to provide greater clarity and transparency to investors and shareholders instead of waiting until its expected August 13, 2020 earnings release date.
“The COVID-19 outbreak has created a great deal of fluidity in the markets. End market demand was stronger than we anticipated in the back half of the second quarter as re-openings continued and de-stocking at distributors appeared to have dissipated,” said Greg Yull, President and CEO of IPG. “Sales were negatively impacted by approximately 10 percent due to the impact of the virus during the second quarter compared to the same period in 2019. As we exited the second quarter and enter the third quarter, we are seeing positive signals and improved confidence in end market demand. However, given the nature of the current situation, short-term trends should not be extrapolated into definitive conclusions. We will continue to monitor demand and update the market on our second quarter call in August as the situation evolves with the virus impacting various regions differently. The health and safety of our employees, the safety and operational status of our facilities and our relationships with customers and suppliers remain priorities.”
These estimates and the estimates of the underlying components thereof, were prepared by, and are the responsibility of, the Company’s management. While these estimates are presented with numerical specificity and considered reasonable by management, actual results may differ. Investors should not place undue reliance on these estimates, and they should not be regarded as a representation that the estimated results will be the same as the actual results. These preliminary financial results are subject to revision until the Company reports its full fiscal second quarter results on August 13, 2020.