Home / Knowledge / News / Textiles / PGI Q1'FY14 adjusted EBITDA advances 68.3%
PGI Q1'FY14 adjusted EBITDA advances 68.3%
08
May '14
Polymer Group, Inc. reported results of operations for the first quarter ended March 29, 2014.
 
As previously announced, the Company completed the acquisition of Fiberweb on November 15, 2013 (the "Acquisition Date"), whereby Fiberweb became a wholly-owned subsidiary of the Company. The results of operations of Fiberweb have been included in the Company's operating results since the Acquisition Date.
 
First Quarter 2014 Highlights:
-Net sales for the first quarter increased 47.2% from a year ago and increased 21.7% from the fourth quarter of 2013.
-Adjusted EBITDA for the first quarter increased 68.3% from a year ago and increased 29.0% from the fourth quarter of 2013.
-Fiberweb Acquisition and Growth Investments Lead Year-over-Year and Sequential Improvement
-Integration of Fiberweb and cost optimization realization are ahead of schedule and contributing to volume, net sales and Adjusted EBITDA growth that is expected to continue in 2014.
-New hygiene line in Asia contributing to year-over-year volume and profit growth.
-Economic Leadership in Core Markets and Developing Regions Complements New Growth Opportunities
-Net sales for the first quarter of 2014, excluding Fiberweb, increased 5.7% from a year ago and were consistent with the fourth quarter of 2013 as underlying demand stabilized in the Americas and Europe while Asia continued its strong pace.
-Cost optimization, operational excellence initiatives and manufacturing efficiencies contributed to improvement in profitability.
-Higher raw material cost led to net spread compression in the quarter, but are expected to moderate in the near term.
 
FIRST QUARTER 2014 RESULTS
Net sales were $422.6 million for the first quarter of 2014 compared with $287.1 million for the first quarter of 2013. The increase in net sales was primarily driven by an increase in overall volumes as well as improved pricing and favorable foreign currency impacts of $2.6 million. Net sales in Asia increased 25.2% driven by a strong healthcare market as well as incremental volume from our new hygiene manufacturing line. In addition, net sales in the Americas and Europe increased 39.6% and 83.5%, respectively, as incremental Fiberweb sales and continued contribution from our new spunmelt line in Waynesboro, Va., helped mitigate lower net selling prices and product mix issues in Europe and Asia.
 
Click here to view full results.
 

PGI

Must ReadView All

Apparel/Garments | On 22nd Mar 2017

Amazon India introduces 'A-Z GST Guide' programme

Amazon India has introduced a programme called 'A-Z GST Guide' to...

Textiles | On 22nd Mar 2017

Dyeing textiles with bacteria

As an alternative to toxic synthetic dyes, scientists are exploring...

Courtesy: BCG

Apparel/Garments | On 22nd Mar 2017

Consumption in India to touch $4 trillion by 2025: Report

Consumption in India is likely to triple to $4 trillion by 2025 as...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Yash P. Kotak
Bombay Hemp Company

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

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
March 2017

March 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