Home / Knowledge / News / Textiles / Polymer Group Q2 sales fall marginally to 1.5%
Polymer Group Q2 sales fall marginally to 1.5%
08
Aug '13
Polymer Group, Inc. reported results of operations for the second quarter and six months ended June 29, 2013.

Second Quarter 2013 Highlights:

Sequential Profit Increase Driven by Favorable Raw Material Environment and Improved Fundamentals

-  Favorable trends in Asia and improvement in the Americas complemented by stabilization in key end markets in Europe.

- Higher net spreads amidst favorable raw material trends.

- 2012 cost improvement initiatives providing positive impacts on results.

- Focused on economic leadership and leveraging growth in all segments.

Revenue Increases on Strength of Asia and Benefits from Growth Investments

- Net sales for the second quarter of 2013 were $291.5 million compared with $296.2 million for the second quarter of 2012 and $287.1 million for the first quarter of 2013.

- Net sales in Asia increased 16.4% compared with the prior year primarily driven by the healthcare market.  Installation of new hygiene manufacturing line completed in May 2013.

- Net sales in Europe decreased 4.0% compared with the prior year as underlying demand stabilized in industrial markets, offset by reductions in the Hygiene market.  Lower volumes and reduced selling prices in the Americas reduced segment net sales by 3.7%.

Profitability Up on Lower Raw Materials and Cost Improvement Initiatives

- Gross profit was $50.4 million during the second quarter of 2013 compared with $46.4 million in the prior year and $45.9 million in the first quarter of 2013.

- Improvement in profitability was primarily driven by higher net spreads as well as reduced labor costs from the positive benefits of 2012 cost reduction initiatives.

PGI's Chief Executive Officer, J. Joel Hackney Jr., stated, "The solid business fundamentals we have cited for some time were once again evident in the sequential improvement in revenue and profitability.  Our strategy is to maintain economic leadership and leverage the growth in all segments, and I'm pleased with the execution and commitment demonstrated across our global platform. 

"We have sustained momentum from favorable demand trends in Asia and stabilization in several end markets in the Americas and Europe, as well as the incremental contributions from our previous growth investments, amidst the challenges from raw material volatility and the competitive environment.  As we accelerate the product growth strategies in each segment, we expect further leveraging of our previous cost improvement initiatives."

Click here to read full results

Polymer Group


Must ReadView All

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Johan Berlin
InvestKonsult Sweden AB

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search