Cascades Inc. reports its unaudited financial results for the three-month period and the fiscal year ended December 31, 2017. Sales of $1,082 million increased by $103 million, or 11% compared to the same period last year, as the company said in the press release received by Lesprom Network.
This was driven by the consolidation of results from the Greenpac Mill beginning in the 2Q, improvements realized in pricing and sales mix in all of the Corporation's business segments with the exception of tissue, and improved volumes in the European boxboard and tissue segments.
4Q 2017 operating income stood at $45 million, a notable improvement from the $33 million generated last year. This increase is largely attributable to the consolidation of Greenpac and a more favourable pricing and sales mix in the containerboard segment.
On an adjusted basis, 4Q operating income stood at $46 million, versus $32 million in the prior year.
Cascades generated net earnings of $57 million, or $0.60 per common share in the 4Q 2017, versus net earnings of $4 million, or $0.04 per common share in the comparable period of 2016.
On an adjusted basis, the Corporation generated net earnings of $13 million, or $0.14 per common share, during the last three months of 2017. This compares to net earnings of $15 million or $0.16 per common share in the same period of 2016.
Mario Plourde, President and CEO, commented: "Our 4Q results reflect year-over-year improvements in shipments, sales, and operating income on a consolidated basis. This was driven by solid performances from our containerboard division and European subsidiary Reno de Medici, where more favourable pricing and mix outweighed the impact of higher average raw material costs. In the case of containerboard, results also benefited from the consolidation of the Greenpac Mill results beginning in the 2Q 2017.”
Founded in 1964, Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibres.
