Cascades has reported its unaudited financial results for the three-month period ended 30 June, 2018.
Record sales of $1,179 million(compared to $1,098 million in Q1 2018 (+7%) and $1,130 million in Q2 2017 (+4%))
As reported (including specific items)
Operating income of $73 million(compared to $112 million in Q1 2018 (-35%) and $48 million in Q2 2017 (+52%))
Operating income before depreciation and amortization (OIBD)1 of $131 million(compared to $167 million in Q1 2018 (-22%) and $104 million in Q2 2017 (+26%))
Net earnings per common share of $0.28(compared to net earnings of $0.65 in Q1 2018 and net earnings of $2.70 in Q2 2017)
Adjusted (excluding specific items)2
Operating income of $76 million(compared to $50 million in Q1 2018 (+52%) and $51 million in Q2 2017 (+49%))
OIBD of $134 million(compared to $105 million in Q1 2018 (+28%) and $107 million in Q2 2017 (+25%))
Net earnings per common share of $0.30(compared to net earnings of $0.13 in Q1 2018 and net earnings of $0.25 in Q2 2017)
Net debt2 of $1,586 million as at June 30, 2018 (compared to $1,534 million as at March 31, 2018) and net debt to adjusted OIBD ratio2 at 3.5x on a pro-forma basis3.
Cascades president and CEO Mario Plourde said: : “We are pleased with our consolidated second quarter financial and operating performance. The Containerboard Packaging and European Boxboard divisions benefited from solid market and pricing conditions and delivered strong results that were in line with expectations.
“The Specialty Products division also met expectations in spite of the continued pressure on results from the recovery operations due to lower raw material prices. Results from our Tissue segment were down, reflecting the competitive marketplace and higher virgin pulp and white recycled fibre costs.”
Founded in 1964, Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibres.
The Corporation employs 11,000 employees, who work in more than 90 units located in North America and Europe. With its management philosophy, half a century of experience in recycling, and continuous efforts in research and development as driving forces, Cascades continues to serve its clients with innovative products. Cascades’ shares trade on the Toronto Stock Exchange, under the ticker symbol CAS.
Source: Company Press Release