08:16 AM EDT, 08/28/2024 (MT Newswires) -- Imaflex ( IFLXF ) said Wednesday that its net income in the second quarter surged 684% while revenue jumped 18%.

The company, which provides solutions for the flexible packaging space, booked a net income of $3.4 million, or $0.07 per diluted share, increasing from $438,000, or $0.01 per diluted share.

Revenue climbed to $28.8 million from $24.5 million, driven by volume growth and heightened sales of higher margin offerings.

EBITDA rose 232% to $5.6 million from $1.7 million.

"This solid performance is a direct result of our proven business model, built on innovation and profitable growth," President and CEO Joe Abbandonato said. "Our strategic investments to elevate production capacity, enhance capabilities and drive operational efficiencies are contributing to these results."

For its outlook, Imaflex ( IFLXF ) expects continued strength in the market after a difficult industry downturn, supported by improving markets, growing customer demand and new equipment.

"With our multi-year equipment expansion project nearing completion, we are focused on boosting utilization levels and delivering sustainable, profitable, growth," Abbandonato said. "Collectively, this should have a more meaningful impact on revenues and profitability, while also heightening operational efficiencies."