Home Top Movers IT Tech Packaging Inc (ITP) stock surged on Friday, but Why?

IT Tech Packaging Inc (ITP) stock surged on Friday, but Why?

IT Tech Packaging Inc. (ITP) shares gained 3.48% to trade at $0.5645 in after-market on Friday, April 23, 2021. Earlier, ITP stock added 3.10% to close Friday’s session at $0.55. ITP shares have fallen 25.78% over the last 12 months, and they have moved up by 6.96% in the past week. Over the past three months, the stock has lost 30.64%, while over the past six months, it has shed 17.35%.

Let’s see what’s going on with the ITP company


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Completion of Construction in Tissue Paper Production Line

On April 20, 2021, IT Tech Packaging, Inc announced the completion of fundamental constructions on its new tissue paper production line and said that it has also finished the installation of affiliated equipment.

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Qualification for Biomass CHP Project

On April 7, 2021, IT Tech Packaging, Inc. achieved the qualification to supply central heating in industrial parks by utilizing biomass technology.

the procurement bidding process was completed in February 2021 by the company. The project is sufficient to fulfill the ITP internal power and gas demand for paper production, as well as to supply industrial gas to enterprises operating in the industrial parks.

The Company expects to earn a revenue of RMB114.64 million (approximately $17.5 million) per year based on the heating steam’s current market price of RMB220 per ton.

Financial results

On March 23, 2021, IT Tech Packaging Inc reported its unaudited financial results for the fourth quarter and for the fiscal year ended December 31, 2020.

FY-2020 financial highlights

  • For the year ended December 31, 2020, total revenue was $100.9 million compared to $117.6 million for 2019.
  • The total cost of sales was $2 million for FY-2020 compared to $104.0 million for 2019.
  • For the FY-2020 gross profit was $5.7 million compared to $13.7 million for 2019.
  • G&A expenses were $11.2 million for the reported year compared to $9.8 million for 2019.
  • Loss from operations was $5.5 million for the year 2020compared to income from operations of $3.9 million for 2019.
  • ITP suffered a net loss of $5.6 million, or $0.21loss per basic and diluted share for the year 2020 compared to net income of $2.2 million, or earnings of $0.10per basic and diluted share for 2019.

Q4 2020 financial highlights

  • Q4 2020 total revenue was $32.5 million compared to $33.6 million for the same period of last year.
  • The total cost of sales was $31.7 million for the fourth quarter of 2020 compared to $28.0 million for the same period of last year.
  • Total gross profit was $0.7 million for Q4 2020, compared to the gross profit of $5.6 million for the prior-year period.
  • Selling, general and administrative expenses were $2.7 million for the reported quarter compared to $2.4 million for the same period of last year.
  • ITP had a Loss from operations of $0 million for the fourth quarter of 2020, compared to income from operations of $3.2 million for the same period of last year.
  • ITP suffered a net loss of $2.7 million, or $0.06loss per basic and diluted share, for Q4 2020, compared to net income of $2.2 million, or $0.10 per basic and diluted share in Q4 2019.

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Conclusion

There is no recent news or development to justify its gains on Friday. We can assume that ITP stock will continue its positive momentum on Monday as well.

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