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Winpak sees Q1 revenues jump 10 per cent

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Plastic-packaging manufacturer Winpak Ltd. has reported a double-digit increase in revenues and a modest gain in net earnings for the first quarter of 2014.

The Winnipeg-based company, which operates eight production plants in Canada and the United States, said today that revenues for the quarter climbed by 10.7 per cent to $188.1 million from $169.9 million in the first three months of 2013.

But mainly due to reduced gross profit margins, net earnings only grew by 1.1 per cent to $16.2 million from $16.0 million. Earning per share remained unchanged at 25 cents.

The company said most of its product groups enjoyed stronger sales during the quarter. However, a number of factors put the squeeze on profit margins, including higher raw-material costs, competitive pressures on selling prices, and a less favourable product mix.

Winpak produces plastic packaging materials — things like rigid containers, lids, biaxially-oriented nylon film and modified atmosphere packaging — and related packaging machines. It’s products are used primarily for the packaging of perishable foods, beverages and in health-care applications.

 

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