It Tech Packaging Stock Price, News & Analysis

IT Tech Packaging (NYSE American: ITP) reported its unaudited financial results for Q3 2020, revealing a revenue increase of 1.3% to $33.4 million, driven by rising sales of tissue products and CMP. However, gross profit plummeted by 52.2% to $2.57 million, with gross margin decreasing to 7.7%. Operating income fell 94.7% to $0.18 million, and the company posted a net loss of $0.52 million. Despite growth in tissue paper sales by 53.4%, offset printing paper revenue dropped by 12.9%, reflecting challenges in the market.

IT Tech Packaging, Inc. (NYSE American: ITP) announced its preliminary financial results for Q3 2020, reporting $33.4 million in total revenue, a 1.3% increase over Q3 2019. The company achieved a historic sales volume of 74,126 tonnes, with paper product sales growing despite flat revenue year-over-year. However, gross profit plummeted 52.2% to $2.6 million, and the net loss reached $(0.5) million. The increase in raw material costs, particularly recycled paper, has significantly impacted profitability. The company plans to control costs and expand market share moving forward.

IT Tech Packaging, Inc. (NYSE MKT: ITP) announced a successful radiation incident emergency drill conducted by Baoding City Ecological Environment Bureau on October 23, 2020, at its Hebei Baoding Dongfang Paper Milling Co., Ltd. The drill aimed to enhance the company's emergency response capabilities and provide employees with practical experience in a safe setting. CEO Zhenyong Liu emphasized the company's commitment to environmental protection and responsible management of safety protocols. Founded in 1996, ITP focuses on producing recycled paper products, strategically located in North China.

IT Tech Packaging, Inc. (NYSE MKT: ITP) announced its participation in The 8th All In Print China Exhibition in Shanghai, marking a significant event for the printing and packaging sector post-COVID-19. CEO Zhenyong Liu highlighted the industry's recovery and the company's commitment to enhancing production technologies and product quality. ITP is positioned strategically in North China, benefiting from regional industrial activities and a substantial market base. The company continues to leverage recycled materials in its diverse paper product offerings.

IT Tech Packaging, Inc. (NYSE American: ITP) has announced ongoing negotiations with a key customer in Shandong Province, which is among its top five clients. This collaboration aims for increased orders of diverse paper products in the upcoming quarters, with contracts expected to be finalized by year-end. The CEO, Zhenyong Liu, highlighted the recovery of the Chinese economy post-COVID-19, noting that top clients in printing and packaging are experiencing heightened demand and backlogs, leading to an increase in purchase orders.

IT Tech Packaging, Inc. (NYSE American: ITP) reported its second quarter financial results for 2020, revealing a 21.6% decline in revenue to $26.4 million, largely due to decreased sales volumes and average selling prices for paper products. Notably, offset printing paper revenue fell by 79.8%, while tissue paper products saw a 100.2% increase in revenue. The company experienced a net loss of $1.0 million compared to a profit of $0.5 million in Q2 2019. Operating income dropped to a loss of $0.8 million, primarily attributed to rising SG&A expenses. Despite challenges, the company anticipates stabilization in average selling prices as the economy recovers.

IT Tech Packaging, Inc. (NYSE American: ITP) announced the results of its 2020 Annual General Meeting of Stockholders held on July 23, 2020. Stockholders elected three Class II directors to serve until 2022, ratified WWC, P.C. as the independent accountants for fiscal year 2020, conducted an advisory vote on executive compensation, and approved a reduction in the exercise price of outstanding warrants. The Company, based in North China, specializes in diversified paper products and face masks, strategically located to leverage the large market in the Beijing-Tianjin region.

IT Tech Packaging, Inc. (ITP) reported its preliminary second quarter 2020 results, showing total revenue of $26.4 million, a 21.6% decline from $33.6 million in Q2 2019. Notable changes include a 74.5% drop in offset printing paper sales volume, while tissue paper products saw a 130% increase. Gross profit fell by 12.0% to $2.6 million. The company also launched a face mask business, generating $0.8 million in revenue from sales of 6.3 million masks. Management anticipates further stabilization in orders as the economy recovers.

IT Tech Packaging, Inc. (NYSE American: ITP) announced plans for a Biomass Combined Heat and Power (CHP) project at its production base in Wei County, Hebei, China. The project covers 80,373 square meters and is part of the Hebei Province's 13th Five-Year Biomass Power Generation Program. Construction is expected to finish by the end of 2021. It aims to install two 75 t/h biomass boilers and two 4.5 MW turbines, projected to generate 56.45 million kWh of electricity and provide annual revenues of RMB42.9 million, alongside heating steam generating RMB114.64 million annually.