Cascades Inc. reports its unaudited financial results for the three month period ended September 30, 2016. Sales of $1,021 million decreased a marginal $5 million compared to the same period last year, as the company said in the press release received by Lesprom Network.
Adjusted operating income decreased from $89 million in the third quarter of 2015 to $55 million in the third quarter of 2016.
Adjusted net earnings amounted to $30 million ($0.32 per share) in the third quarter of 2016 compared to $49 million ($0.52 per share) for the same period in 2015. As reported, net earnings amounted to $20 million ($0.21 per share) in the third quarter of 2016 compared to $22 million ($0.24 per share) in the same period in 2015.
Mr. Mario Plourde, President and Chief Executive Officer, commented: "Our 3Q results were in line with our forecasts for the period. Good execution by our North American operations helped counterbalance the weaker results generated by our European boxboard business during the quarter, which had been expected given the persistent challenging market conditions. On a consolidated basis, this translated into softer financial results year-over-year, consistent with the near-term outlook we provided when we disclosed our second quarter results in August. It is important to highlight that our performance this quarter also includes a total of $6 million of additional costs related to the fire at our Mississauga (Ontario) containerboard mill in August, and the ongoing initiatives we are taking to implement a new ERP platform, transform internal business processes and increase efficiency levels across our business.”