Intertape says demand strong as COVID closures lifted, Q2 revenue above estimate

MONTREAL, Ont. — Intertape Polymer Group Inc. says its second-quarter revenue was substantially above its expectations due to strong demand as customers resumed activity following their COVID closures.

According to Intertape's preliminary estimate, revenue for the three months ended June 30 was US$267 million — 6.8 per cent above the high end of its May 13 estimate.

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It says the result implies that its adjusted earnings will also best the top end of its estimate range.

The company manufacturers a variety of products used for packaging, including tapes and films.

The company had experienced a 10 per cent year-over-year decline in sales over the first part of the quarter to May 8 because of the COVID slowdown.

Intertape withdrew its full-year guidance in May because of the uncertain environment, but estimated it would have between US$235 million and US$250 million of revenue in the second quarter.

This report by The Canadian Press was first published July 13, 2020.

Companies in this story: (TSX:ITP)

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