Cascades, Inc. Delivered Solid Operating Results in Q3 2019

SEATTLE (Scrap Monster): Cascades, Inc reported financial results for the three-month period ended September 30, 2019. The company continued to deliver solid performance during the quarter.

Cascades reported sales of $1.264 billion, as compared with $1.175 billion in the corresponding third quarter in 2018. The operating income surged higher significantly by 73% from $78 million in Q3 2018 to $135 million in Q3 this year. The net earnings per share too were up from $0.38 to $0.74 over the prior year. The net debt stood at $2.077 billion as at September 30, 2019. The company successfully completed acquisition of Orchid Paper Products during the quarter.

The Board of Directors recommended a quarterly dividend of $0.08 per share , which will be paid on December 5, 2019.

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Commenting on the results, Mr. Mario Plourde, President and CEO said that the company’s solid quarterly results were mainly driven by its improved execution at the operational level, favourable raw material pricing and customary seasonal demand across all segments. The Tissue segment delivered notable financial improvement during the quarter, he noted. On a consolidated basis, the fourth quarter results are likely to see improved results year-on-year, he added.

The operational improvements and recent strategic initiatives will drive future growth, the company press release said. Further, it maintained positive outlook on tissue segment operations.