Polymer Group shows better margins
Home & Textiles Today Staff -- Home Textiles Today, November 1, 2007
Charlotte, N.C. – Nonwoven materials engineering company Polymer Group (PGI) said operating profitability improved at both its Mooresville, N.C., and Suzhou, China plants during the third quarter, as it nevertheless reported a net loss of $20.9 million, compared to a net loss of $1.5 million for the same period one year ago.
The good news was that sales, margins and gross profit were up, even in the face of rising raw material costs.
Sales of $256.2 million were up 3.1% from $248.6 million last year, while gross profit rose 12.9% to $39.7 million, the company said. Gross margins climbed to 15.5% of sales from 14.1% the prior, a gain of 140 basis points.
PGI ceo Veronica Hagen, said, "Given the third quarter is seasonally the company's weakest period, coupled with the impact of rising raw material costs during the quarter, I am pleased with our overall results and year-over-year growth."
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