Company with executive offices in Sarasota reports 23% increase in third quarter revenue

Intertape Polymer Group, which has its executive headquarters in Sarasota, released its third quarter earnings report, showing a 23% increase in revenue.

The company "is a recognized leader in the development, manufacture and sale of a variety of paper and film based pressure-sensitive and water-activated tapes, shrink and stretch films, protective packaging, woven and non-woven products and packaging machinery for industrial and retail use," according to a news release on the earnings report.

The company has 32 facilities across the world, including its corporate headquarters in Montreal, Canada.

In the third quarter, Intertape reported quarterly revenue of $395.6 million, but a slight decrease in earnings, to $25.3 million.

Previously: Revenues, profits improve at Intertape Polymer Group

The news release attributed the net increase in revenue 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 decrease in earnings was attributed to "to an increase in selling, general and administrative expenses resulting from an increase in employee- and technology-related costs mainly due to the growth of the business in 2021 and the non-recurrence of cost saving measures implemented in response to COVID-19 related uncertainty in 2020."

"This unfavorable impact was partially offset by an increase in gross profit," the news release reads.

Partially because of price increases, Intertape Polymer Group updated its forecast for 2021 where it expects to have revenue in the range of $1.5 to 1.54 billion and adjusted earnings of $245 to $255 million.

This article originally appeared on Sarasota Herald-Tribune: Sarasota's Intertape Polymer Group reports revenue increase of 23%