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 23rd May 2017

Gap Inc earns $3.4 bn in net sales in Q1 FY17

Gap Inc's net sales for the first quarter of fiscal year 2017 were...

Textiles | On 23rd May 2017

Grasim's VSF business net revenue up 12% in Q4 FY17

The viscose staple fibre (VSF) business of Grasim Industries has...

Apparel/Garments | On 23rd May 2017

Apparel, footwear use may rise by 63% in 2030: Report

The apparel and footwear consumption is projected to rise by 63 per...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Eamonn Tighe
Nature Works LLC

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


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