USA: Polymer Group Posts Q4 Profit After Previous Loss
The South Carolina-based company, which operates 21 manufacturing facilities in 10 countries, also reported a 10.1 per cent year-on-year rise in fourth quarter sales to $197.7m.
Fourth quarter gross profit, meanwhile, rose 47.2 per cent year-on-year to $36.3m.
CEO James Schaeffer said the positive fourth quarter results rounded off a "successful year" for the company.
"We were focused on stabilising and improving the business this year, and those goals were achieved," he said.
"We were able to streamline our business and implement our operational improvement plans which resulted in lower overall costs, and, combined with an improvement in sales, yielded higher profitability."
Polymer Group emerged from Chapter 11 bankruptcy protection in March last year.
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