Home / Knowledge / News / Textiles / PGI reports marginal fall in Q1 sales
PGI reports marginal fall in Q1 sales
10
May '13
Polymer Group, Inc. reported results of operations for the first quarter ended March 30, 2013.

First Quarter 2013 Highlights:

- Overall Results Consistent with Expectations

Business fundamentals demonstrate incremental improvement

Raw material cost volatility and competitive pricing environment created expected headwind

New growth initiatives support focus on global economic leadership and cost optimization

- Revenue Up Sequentially on Strength of Europe and Asia

Net sales for the first quarter of 2013 were $287.1 million compared with $295.2 million for the first quarter of 2012 and $273.7 million for the fourth quarter of 2012.

Net sales in Europe grew 3.4% compared with the prior year as underlying demand stabilized in industrial markets along with increased demand for wipes.  Net sales in Asia increased 4.2% compared with the prior year primarily driven by the healthcare market.  Lower volumes and reduced selling prices in the Americas, particularly in Latin America, reduced segment net sales by 7.8%.

Total sales volumes decreased 1.6% compared with the prior year and increased 1.2% over the fourth quarter of 2012 driven by demand in the industrial and wipes markets.  

- Profitability Reflects Raw Material Volatility in Americas and Benefit of Cost Improvement Initiatives

Gross profit was $45.9 million during the first quarter of 2013 compared with $53.2 million in the prior year, primarily driven by lower net selling prices, higher cost of raw materials and lower volumes, partially offset by reduced labor costs reflecting the positive benefits of 2012 plant consolidation activity.  Gross profit was $45.7 million in the fourth quarter of 2012.

PGI's chief executive officer, Veronica (Ronee) M. Hagen, stated, "Consistent with our outlook for the first half of the year, we are experiencing incremental gains in the fundamentals of our business. 

"The raw material cost volatility and a competitive pricing environment provided headwinds, as expected.  However, we are gaining momentum with our new investment underway in Asia, extension of our economic leadership in all markets and execution of global cost optimization, all of which are now supported by new growth initiatives in each segment."

Polymer Group

Must ReadView All

Textiles | On 19th Jan 2017

Pakistan imposes duty on Indian fine cotton yarn

A provisional countervailing duty ranging from Rs 26.89 to Rs 55.8 a...

Textiles | On 19th Jan 2017

Union Budget: Textile sector expects excise duty revisions

Excise duty on man-made fibres should be reduced to bring it on par...

Union textiles minister Smriti Irani at the inauguration of IIGF in New Delhi with textiles secretary Rashmi Verma and other dignitaries. Courtesy: PIB

Apparel/Garments | On 19th Jan 2017

Ministry to reimburse apparel exporters for state levies

The textile ministry has received a sum of Rs 500 crore from the...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search