Intertape Polymer Group Reports 2020 Third Quarter Results

• Quarterly revenue increased 10% to $323.0 million
• Quarterly IPG Net Earnings increased 113% to $26.7 million
• Quarterly IPG Adjusted Net Earnings(1) increased 80% to $31.5 million
• Quarterly adjusted EBITDA(1) increased 40% to $64.5 million
• Quarterly cash flows from operating activities increased 40% to $67.5 million
• Quarterly free cash flows(1) increased 52% to $59.2 million

Intertape Polymer Group Inc. (TSX:ITP) (“IPG” or the “Company”) today released results for its third quarter ended September 30, 2020. All amounts in this press release are denominated in US dollars (“USD”) unless otherwise indicated and all percentages are calculated on unrounded numbers. For more information, refer to the Company’s management’s discussion and analysis (“MD&A”) and unaudited interim condensed consolidated financial statements and notes thereto as of and for the three and nine months ended September 30, 2020.

“The pandemic has impacted businesses differently depending on the markets they serve. What is becoming clear to us, is the structural change underway in e-commerce. Increased demand in e-commerce and building & construction as well as a return to positive performance in most of our other end markets drove increased growth in both our top and bottom line results and our ability to generate cash flows,” said Greg Yull, President and CEO of IPG. “These results were underpinned by strong plant performance, effective management of the spread between selling prices and raw materials costs and proactive cost reductions in the face of the pandemic. With the increased cash flows, we continued to prioritize debt repayment in the quarter which reduced our total leverage ratio by more than 0.6 of a turn to approximately 2.7 times. As part of our disciplined approach to capital allocation, we have increased our dividend by 6.8% to $0.63 cents per share on an annualized basis, which demonstrates our confidence in the cash generation of the business. Moving into the fourth quarter, we continue to experience consistent demand with a strong order book as we enter the peak season for e-commerce retail.”

Third Quarter 2020 Highlights (as compared to third quarter 2019):
• Revenue increased 10.0% to $323.0 million primarily due to increased demand in products with significant ecommerce end market exposure including water-activated tape and protective packaging.
• Gross margin increased to 26.0% from 21.8% primarily due to effective management of the spread between selling prices and combined raw material and freight costs, and favorable plant performance from both increased production to meet demand and continued cost savings initiatives implemented in the prior quarter.
• Net earnings attributable to the Company shareholders (“IPG Net Earnings”) increased $14.2 million to $26.7 million ($0.45 basic and diluted earnings per share) primarily due to an increase in gross profit, partially offset by an increase in selling, general and administrative expenses (“SG&A”) due to an increase in the fair value of cash-settled sharebased compensation and an increase in income tax expense mainly driven by improved profitability in 2020.
more detail at: file:///C:/Users/tom.pankow/Downloads/Intertape%20Polymer%20Group%20Reports%202020%20Third%20Quarter%20Results.pdf

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