BAODING, China, Nov. 15, 2024 /PRNewswire/ — IT Tech Packaging Inc. (NYSE American: ITP) (“IT Tech Packaging” or the “Company”), a prominent producer and distributor of varied paper merchandise in North China, these days introduced its unaudited monetary effects for the 9 and 3 months ended September 30, 2024.

3rd Quarter 2024 Unaudited Monetary Effects

• Income greater by means of 59.03% to roughly $25.08 million as in comparison to the similar duration of endmost generation. This was once basically because of the rise of gross sales quantity of corrugating medium paper (“CMP”), partly offset by means of the trim in reasonable promoting costs (“ASP”) of CMP.
• Improper benefit greater by means of 1351.37% to roughly $1.92 million as in comparison to the similar duration of endmost generation. Overall improper benefit margin greater by means of 8.61 proportion level to 7.64%.
• Loss from operations was once roughly $1.46 million, in comparison to roughly $2.48 million for a similar duration of endmost generation.
• Web loss was once roughly $1.97 million, or loss in step with percentage of $0.20, in comparison to web lack of roughly $1.98 million, or loss in step with percentage of $0.20, for a similar duration of endmost generation.
• Profits earlier than hobby, taxes, depreciation and amortization (“EBITDA”) was once roughly $2.03 million, in comparison to$1.69 million for a similar duration of endmost generation.

Income

For the 3rd quarter of 2024, overall income greater by means of 59.03%, to roughly $25.08 million from roughly $15.77 million for a similar duration of endmost generation. This was once basically because of the rise of gross sales quantity of corrugating medium paper (“CMP”), partly offset by means of the trim in reasonable promoting costs (“ASP”) of CMP.

Refer to desk summarizes income, quantity and ASP by means of product for the 3rd quarter of 2024 and 2023, respectively:

Income from CMP, together with each ordinary CMP and light-Weight CMP, greater by means of 62.38%, to roughly $25.04 million and accounted for 99.85% of overall income for the 3rd quarter of 2024, in comparison to roughly $15.42 million, or 97.79% of overall income for a similar duration of endmost generation. The Corporate offered 74,884 tonnes of CMP at an ASP of $334/tonne all through the 3rd quarter of 2024, in comparison to 44,396 tonnes at an ASP of $347/tonne in the similar duration of endmost generation.

Of the whole CMP gross sales, income from ordinary CMP greater by means of 74.93%, to roughly $20.91 million for the 3rd quarter of 2024, in comparison to income of roughly $11.95 million for a similar duration of endmost generation. The Corporate offered 62,121 tonnesof ordinary CMP at an ASP of $337/tonne all through the 3rd quarter of 2024, in comparison to 34,186 tonnes at an ASP of $350/tonne for a similar duration of endmost generation. Income from lightweight CMP greater by means of 19.16%, to roughly $4.13 million for the 3rd quarter of 2024, in comparison to income of roughly $3.47 million for a similar duration of endmost generation. The Corporate offered 12,763 tonnes of lightweight CMP at an ASP of $324/tonne for the 3rd quarter of 2024, in comparison to 10,210 tonnes at an ASP of $340/tonne for a similar duration of endmost generation.

Income from offset printing paper was once $null for the 3 months ended September 30, 2024, when put next with income of $0.07 million for a similar duration of endmost generation. The Corporate offered 170 tonnes of offset printing paper at an ASP of $407/tonne within the 3rd quarter of 2023.

Income from tissue paper merchandise was once $null for the 3rd quarter of 2024, in comparison to $0.26 million for the 3rd quarter of 2023. The Corporate offered 241 tonnes of tissue paper merchandise at an ASP of $1,096/tonne all through the 3rd quarter of 2023.

Income from face mask was once $null for the 3rd quarter of 2024, in comparison to $0.02 nillion for a similar duration of endmost generation. The Corporate offered 507 thousand items of face mask all through the 3rd quarter of 2023.

Improper Benefit and Improper Margin

Overall price of gross sales greater by means of 45.46%, to roughly $23.16 million for the 3rd quarter of 2024 from roughly $15.92 million for a similar duration of endmost generation.  This was once basically because of the rise in gross sales lot of CMP, partly offset by means of the trim of the unit subject material price of CMP merchandise. Prices of gross sales in step with tonne for ordinary CMP, lightweight CMP, offset printing paper, and tissue paper merchandise had been $311, $300, $null and $null, respectively, for the 3rd quarter of 2024, in comparison to $325, $365, $377 and $4,143 respectively, for a similar duration of endmost generation.

Overall improper benefit was once roughly $1.92 million for the 3rd quarter of 2024, evaluate to the improper lack of roughly $0.15 million for a similar duration of endmost generation on account of elements described above. Total improper benefit margin was once 7.64% for the 3rd quarter of 2024, in comparison to improper loss margin of 0.97% for a similar duration of endmost generation. Improper benefit(loss) margins for ordinary CMP, lightweight CMP, offset printing paper, tissue paper merchandise and face masks merchandise had been 7.54%, 7.33%, n/a, n/a and n/a, respectively, for the 3rd quarter of 2024, in comparison to 7.01%, -7.47%, 7.53%, -278.10% and -15.75%, respectively, for a similar duration of endmost generation.

Promoting, Common and Administrative Bills

Promoting, basic and administrative bills (“SG&A”) greater by means of 44.83%, to roughly $3.38 million for the 3rd quarter of 2024 from roughly $2.33 million for a similar duration of endmost generation.

Loss from Operations

Loss from operations was once roughly $1.46 million for the 3rd quarter of 2024, a trim of 41.07%, from loss from operations of roughly $2.48 million for a similar duration of endmost generation. Running loss margin was once 5.84% for the 3rd quarter of 2024, in comparison to working loss margin of 15.75% for a similar duration of endmost generation.

Web Loss

Web loss was once roughly $1.97 million, or loss in step with percentage of $0.20, for the 3rd quarter of 2024, in comparison to web lack of roughly $1.98 million, or loss in step with percentage of $0.20, for a similar duration of endmost generation.

EBITDA

EBITDA was once roughly $2.03 million for the 3rd quarter of 2024, in comparison to roughly $1.69 million for a similar duration of endmost generation.

Word 1: Non-GAAP Monetary Measures

Along with our U.S. GAAP effects, this press reduce features a dialogue of EBITDA, a non-GAAP monetary measure as outlined by means of the Securities and Trade Fee (“SEC”). The Corporate defines EBITDA as web source of revenue earlier than hobby, source of revenue taxes, depreciation and amortization. EBITDA is a key measure worn by means of control to guage our effects and produce strategic selections. Control believes this measure turns out to be useful to buyers as a result of it’s a hallmark of operational efficiency. As a result of no longer all firms utility similar calculations, the Corporate’s presentation of EBITDA is probably not similar to in a similar fashion titled measures of alternative firms, and will have to no longer be seen as an backup to measures of monetary efficiency or adjustments in money flows calculated in keeping with the U.S. GAAP.

Reconciliation of Web Source of revenue to EBITDA

(Quantities expressed in US$)

9 Months Ended September 30, 2024 Unaudited Monetary Effects

Income

For the 9 months ended September 30, 2024, overall income lowered by means of 11.26%, to roughly $58.20 million from roughly $65.58 million for a similar duration of endmost generation. This was once basically because of the trim in ASP of CMP, partly offset by means of the rise in gross sales lot of ordinary CMP.

Refer to desk summarizes income, quantity and ASP by means of product for the 9 months ended September 30, 2024 and 2023, respectively:

Income from CMP, together with each ordinary CMP and light-Weight CMP, lowered by means of 5.44%, to roughly $58.08 million and accounted for 99.81% of overall income for the 9 months ended September 30, 2024, in comparison to roughly $61.43 million, or 93.66% of overall income for a similar duration of endmost generation. The Corporate offered 168,919 tonnes of CMP at an ASP of $344/tonne in 9 months ended September 30, 2024, in comparison to 167,018 tonnes at an ASP of $368/tonne in the similar duration of endmost generation.

Of the whole CMP gross sales, income from ordinary CMP lowered by means of 3.39%, to roughly $48.64 million for the 9 months ended September 30, 2024, in comparison to income of roughly $50.35 million for a similar duration of endmost generation. The Corporate offered 140,574 tonnesof ordinary CMP at an ASP of $346/tonne all through the 9 months ended September 30, 2024, in comparison to 135,912 tonnes at an ASP of $370/tonne for a similar duration of endmost generation. Income from lightweight CMP lowered by means of 14.76%, to roughly $9.44 million for the 9 months ended September 30, 2023, in comparison to income of roughly $11.07 million for a similar duration of endmost generation. The Corporate offered 28,345 tonnes of lightweight CMP at an ASP of $333/tonne all through the 9 months ended September 30, 2023, in comparison to 31,106 tonnes at an ASP of $356/tonne for a similar duration of endmost generation.

Income from offset printing paper was once $null for the 9 months ended September 30, 2024, in comparison to $3.23 million for a similar duration of endmost generation. The Corporate offered 5,573tonnes of offset printing paper at an ASP of $579/tonne within the 9 months ended September 30, 2023.

Income from tissue paper merchandise was once $null for the 9 months ended September 30, 2024, in comparison to $0.83million for a similar duration of endmost generation. The Corporate offered 726 tonnes of tissue paper merchandise at an ASP of $1,145/tonne all through the 9 months ended September 30, 2023.

Income from face mask was once $null for the 9 months ended September 30, 2024, in comparison to $0.10 million for a similar duration of endmost generation. The Corporate offered 3,023 thousand items of face mask all through the 9 months ended September 30, 2023.

Improper Benefit and Improper Margin

Overall price of gross sales lowered by means of 18.85%, to roughly $52.61 million for the 9 months ended September 30, 2024 from roughly $64.83 million for a similar duration of endmost generation. This was once basically because of the trim within the unit subject material prices of CMP.  Prices of gross sales in step with tonne for ordinary CMP, lightweight CMP, offset printing paper, and tissue paper merchandise had been $313, $302, n/a and n/a, respectively, for the 9 months ended September 30, 2024, in comparison to $351, $350, $564 and $4,107, respectively, for a similar duration of endmost generation.

Overall improper benefit was once roughly $5.58 million for the 9 months ended September 30, 2024, evaluate to the improper benefit of roughly $0.75 million for a similar duration of endmost generation on account of elements described above. Total improper margin was once 9.59% for the 9 months ended September 30, 2024, in comparison to 1.14% for a similar duration of endmost generation. Improper benefit(loss) margins for ordinary CMP, lightweight CMP, offset printing paper, tissue paper merchandise and face masks merchandise had been 9.44%, 9.33%, n/a, n/a and n/a, respectively, for the 9 months ended September 30, 2024, in comparison to 5.26%, 1.68%, 2.53%, -258.64% and -9.26%, respectively, for a similar duration of endmost generation.

Promoting, Common and Administrative Bills

Promoting, basic and administrative bills (“SG&A”) greater by means of 62.51%, to roughly $10.00 million for the 9 months ended September 30, 2024 from roughly $6.15 million for a similar duration of endmost generation.

Loss from Operations

Loss from operations was once roughly $4.42 million for the 9 months ended September 30, 2024, a trim of 23.50%, from loss from operations of roughly $5.78 million for a similar duration of endmost generation. Running loss margin was once 7.59% for the 9 months ended September 30, 2024, in comparison to working loss margin of 8.81% for a similar duration of endmost generation.

Web Loss

Web loss was once roughly $5.80 million, or loss in step with percentage of $0.58, for the 9 months ended September 30, 2024, in comparison to web lack of roughly $5.96 million, or loss in step with percentage of $0.59, for a similar duration of endmost generation.

EBITDA

EBITDA was once roughly $5.94 million for the 9 months ended September 30, 2024, in comparison to roughly $5.73 million for a similar duration of endmost generation.

Word 1: Non-GAAP Monetary Measures

Along with our U.S. GAAP effects, this press reduce features a dialogue of EBITDA, a non-GAAP monetary measure as outlined by means of the Securities and Trade Fee (“SEC”). The Corporate defines EBITDA as web source of revenue earlier than hobby, source of revenue taxes, depreciation and amortization. EBITDA is a key measure worn by means of control to guage our effects and produce strategic selections. Control believes this measure turns out to be useful to buyers as a result of it’s a hallmark of operational efficiency. As a result of no longer all firms utility similar calculations, the Corporate’s presentation of EBITDA is probably not similar to in a similar fashion titled measures of alternative firms, and will have to no longer be seen as an backup to measures of monetary efficiency or adjustments in money flows calculated in keeping with the U.S. GAAP.

Reconciliation of Web Source of revenue to EBITDA

(Quantities expressed in US$)

Money, Liquidity and Monetary Place

As of September 30, 2024, the Corporate had money and storage balances, temporary debt (together with storage loans, modern portion of long-term loans from credit score union and homogeneous birthday celebration loans), and long-term debt (together with homogeneous birthday celebration loans) of roughly $4.41million, $5.95million and $4.57 million, respectively, in comparison to roughly $3.92million, $8.03million and $4.50 million, respectively, as of December 31, 2023.

Web accounts receivable was once roughly $1.73 million as of September 30, 2024, in comparison to $0.58 million as of December 31, 2023. Web stock was once roughly $5.73 million as of September 30, 2024, in comparison to roughly $3.56 million as of December 31, 2023. As of September 30, 2023, the Corporate had modern property of roughly $32.97 million and modern liabilities of roughly$20.75 million, to bring about a operating capital of roughly $12.22 million. This was once in comparison to modern property of roughly $28.36 million and modern liabilities of roughly $21.42 million, to bring about a operating capital of roughly $6.94 million as of December 31, 2023.

Web money supplied by means of working actions was once roughly $2.83 million for the 9 months ended September 30, 2024, in comparison to roughly $7.49 million for a similar duration of endmost generation. Web money worn in making an investment actions was once roughly $0.32 million for the 9 months ended September 30, 2024, in comparison to roughly $9.21 million for a similar duration of endmost generation. Web money supplied by means of financing actions was once roughly $2.11 million for the 9 months ended September 30, 2024, in comparison to roughly $2.00 million for a similar duration of endmost generation.

About IT Tech Packaging, Inc.

Based in 1996, IT Tech Packaging, Inc. is a prominent producer and distributor of varied paper merchandise and single-use face mask in North China. The use of recycled paper as its number one uncooked subject material (except for its tissue paper merchandise), ITP produces and distributes 3 sections of paper merchandise: corrugating medium paper, offset printing paper and tissue paper merchandise. With manufacturing primarily based in Baoding and Xingtai in North China’s Hebei Province, ITP is situated strategically related to the Beijing and Tianjin patch, house to a rising bottom of commercial and production actions and one of the vital greatest markets for paper merchandise intake within the nation. ITP has been indexed at the NYSE American since December 2009. For more info, please seek advice from: http://www.itpackaging.cn/.

Ahead-looking Observation

This reduce contains “forward-looking statements” throughout the which means of Category 27A of the Securities Employment of 1933, as amended, and Category 21E of the Securities Trade Employment of 1934, as amended. Ahead-looking statements give our modern expectancies, opinion, trust or forecasts of date occasions and function. A observation recognized by means of the utility of forward-looking phrases together with “will,””may,””expects,””projects,””anticipates,””plans,””believes,””estimate,””should,” and likely of the alternative foregoing statements could also be deemed forward-looking statements. Those forward-looking statements are matter to various dangers, uncertainties and guesses, together with marketplace and alternative situations. Extra striking details about the Corporate and the chance elements that can impact the belief of forward-looking statements is about forth within the Corporate’s filings with the SEC. Traders and safety holders are suggested to learn those paperwork sovereign of price at the SEC’s internet web page at http://www.sec.gov.  The Corporate undertakes disagree legal responsibility to replace one of these forward-looking statements next the occasion hereof to adapt to original effects or adjustments in expectancies, apart from as required by means of legislation.

For more info, please touch:

E mail: [email protected] 
Tel: +86 312 8698215

SOURCE IT Tech Packaging, Inc.

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Virtual Media
Shops

270k+
Newshounds
Opted In