MONTREAL – Intertape Polymer Group says its third-quarter profit plummeted to US$6 million from $14.4 million a year earlier on higher taxes, closure and restructuring costs and a pension charge for its shuttered facility in Brantford, Ont.
The company, which reports in U.S. dollars, said the profit amounted to 10 cents per diluted share for the quarter ended Sept. 30, down from 19 cents per diluted share a year ago.
Excluding one-time items, the Montreal-based maker of packaging products reporting in U.S. dollars says it earned an adjusted profit of $14.3 million or 23 cents per diluted share for the quarter, down from $17.5 million or 28 cents per share a year earlier.
Revenues increased 4.6 per cent to $209.1 million from $199.9 million on higher average selling prices.
Intertape (TSX:ITP) recorded a $1.3-million pension charge resulting from the closure of its last Ontario manufacturing plant in 2011 after a lengthy strike.
The company also absorbed costs related to the relocation and modernization of its operations in Columbia, S.C., to a new location in Blythewood, S.C., just north of the state capital.
In July, the company announced plans to increase its quarter dividend by 50 per cent to 12 cents per share.
