IT Tech Packaging Clocks 39% Revenue Growth In Q4

• IT Tech Packaging Inc (NYSE: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.