IT Tech Packaging, Inc. (ITP) on Q1 2021 Results - Earnings Call Transcript

Operator: Hello ladies and gentlemen and welcome to participate in IT Tech Packaging's First Quarter 2021 Earnings Conference Call. At this time, I would like to inform you that this conference is being recorded and that all participants are in a listen-only mode. Joining us today are Mr. Zhenyong Liu, IT Tech Packaging's Chairman and Chief Executive Officer; and Ms. Jing Hao, the Company's Chief Financial Officer. Remarks from both Mr. Liu and Ms. Hao will be delivered in English by interpreters. IT Tech Packaging announced its first quarter 2021 financial results via press release yesterday which can be found on the company's website at www.itpackaging.cn. First, Mr. Liu will brief you on the company's key operational highlights over the first quarter 2021 and then Ms. Hao will review the company's financial results. Janice Wang: Thank you, operator and good morning everyone. Thanks for joining our first quarter 2021 earnings conference call. We continued to making improvements in the sales volume of CMP products for this quarter. Our total revenue had increase of 176.9% to $24.2 million, resulted from 129.4% growth of overall sales volume and a 20.7% increase in average selling prices over all categories of products. The average selling prices of over all categories of products for this quarter increased 11.9% from the fourth quarter 2020. Jing Hao: Thanks everyone for being on the call. Next on behalf of the management team I will summarize some key financial results for the first quarter of 2021. Also I will occasionally refer to specific production lines associated with various products. I will make clear which products I'm referring to. For reference the numbering system for our production lines provided on slide number 17. Now let's look at our financial performance for the first quarter of 2021. Please turn to Slide number 7. For the first quarter of 2021, total revenue increased 176.9% to $24.2 million due to the increase in sales volume of Corrugating medium paper CMP and offset printing paper and increase in average selling prices, ASPs of CMP and tissue paper products. Turning to Slide 8. For the first quarter of 2020, the CMP segment including both regular CMP and light-weight CMP generated revenue of $20.7 million, representing 85.6% of total revenue. $17 million of revenue was from our regular CMP products and $3.7 million was from light-weight CMP. CMP segment volumes significantly increased by 121.1% to 41,296 tonnes, of which 33,626 tonnes were regular CMP and 7,670 tonnes were light-weight CMP. Average selling price or ASP for regular CMP increased by 21.5% to $504 per tonne and ASP for light-weight CMP increased by 18.7% to $489 per tonne. End of Q&A: Operator: Thank you for attending IT Tech Packaging's first quarter 2021 earnings conference call. This concludes our call today and we thank you all for listening in. Good-bye.
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