Cascades reports 4Q sales of $979 million
(Canada, 7 March, 2017) Cascades Inc. 4Q 2016 sales of $979 million increased by $4 million compared to the same period last year. This reflects higher year-over-year sales volumes in Containerboard and Specialty Products, and a $13 million sales increase generated by recovery and recycling activities.
On an adjusted basis, 4Q 2016 operating income stood at $32 million compared to $47 million in 2015.
Adjusted net earnings amounted to $15 million in the 4Q 2016 compared to $22 million for the comparable period in 2015. Prior-year adjusted net earnings exclude $98 million of specific items, the most notable being $73 million of impairment charges and tax reversals incurred in the European Boxboard segment.
Net earnings amounted to $4 million in the 4Q 2016 compared to a net loss of $76 million in the same period in 2015.
Mr. Mario Plourde , President and CEO, commented: “We finished our financial year with positive results, in spite of a 4Q that was below our expectations. Among the factors that impacted 4Q results on a sequential basis, the most notable was longer market related and maintenance downtime in our tissue and containerboard segments, which hindered both volume and operating cost levels of these divisions. On a year-over-year basis, sales remained stable, driven by increased sales from recovery and recycling activities and better volumes in our Containerboard Packaging and Specialty Products groups, which counterbalanced the continued weakness in Europe and softer containerboard pricing following the onset of pricing weakness at the beginning of 2016.”
Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibres. (Source: press release)
Cover Image courtesy Cascades