BRADENTON — Intertape Polymer Group Inc. saw its net earnings grow more than 400 percent in the third quarter compared to same time a year ago.
The film manufacturer reported $12 million in net earnings for the three months that ended Sept. 30, a significant gain from the $2.8 million in the third quarter a year ago, and a net loss of $3.4 million for the second quarter, according to its latest filing.
The gains were fanned by strong gross profits, favorable foreign currency exchange, lower income tax expenses and lower interest, the company said.
Intertape’s gross profits in the third quarter totalled $36.2 million, an increase of 19 percent from the third quarter in 2011 and relatively flat from the second quarter.
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During the quarter, gross margins also went up, debt was reduced and cash flows and working capital increased over last year.
Headquartered in Montreal, Quebec and Bradenton, the company manufactures a variety of film-based pressure sensitive and water adhesive tapes, films, fabrics and packaging systems.
The company employs about 1,800 workers in 19 locations, including a dozen manufacturing facilities in North America and one in Europe.