IT Tech Packaging Clocks 39% Revenue Growth In Q4

by Shivani Kumaresan, Benzinga Staff Writer

March 15, 2022 10:45 AM | 1 min read | Make a Comment

IT Tech Packaging Inc ITP reported fourth-quarter FY21 sales growth of 38.7% year-on-year, to $45.1 million versus $32.48 million last year.
The revenue increase was primarily driven by the higher sales volume of Corrugating Medium Paper (CMP) products.
The gross profit jumped by 481.8% Y/Y to $4.34 million, and the gross margin expanded 730 basis points to 9.6%.
The operating margin was 4.3%, and operating income for the quarter rose 199% to $1.95 million.
The company held $11.2 million in cash and equivalents as of December 31, 2021.
EBITDA of $8.66 million increased 229% Y/Y.
The company reported EPS of $0.07 versus $(0.06) the previous year.
Price Action: ITP shares are trading higher by 6.29% at $0.21 on the last check Tuesday.