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

Textiles | On 20th Jul 2017

Provide safety net for cotton growers: Congress to Trump

A bipartisan Congressional coalition has called attention of...

Courtesy: ITMF

Textiles | On 20th Jul 2017

ITMF'17 themed on tech, trade, climate in disruptive times

The International Textile Manufacturers Federation (ITMF), an...

Textiles | On 20th Jul 2017

RIL’s Q1 FY18 petrochemicals revenue up 22.9% y-o-y

Reliance Industries Limited (RIL) has reported its financial...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mike Hoffman
Gildan Activewear SRL

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

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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

July 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

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

Yes No

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

Yes No

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


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



X