Cascades Inc. Fiscal Year Income Posted Substantial Surge

SEATTLE (Scrap Monster): Cascades Inc. reported unaudited results for the final quarter and full fiscal year ended December 31, 2020.

The company reported sales of $1,284 million in Q4 2020. This compares with $1,275 million in Q3 2020 and $1,227 million in Q4 2019. The operating income during the quarter was $109 million, compared with $73 million in the sequential quarter and operating loss of $1 million in the year-ago quarter. The quarterly OBID of $181 million was up by 18% and 138% from Q3 2020 and Q4 2019 respectively.

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For the full-year 2020, the company reported sales of $5,157 million, compared to $4,996 million in 2019. The operating income surged higher by 40% year-on-year from $261 million to $366 million. Cascades’ net earnings per share soared from $0.77 in 2019 to $2.04 during the previous year.

The net debt as at the end of December 2020 stood at $1,679 million. The adjusted free cash flow of $285 million, or $2.97 per share, in 2020 was significantly higher when compared to $107 million, or $1.14 per share, in 2019.

Mario Plourde, President and CEO noted that the company is pleased with its strong Q4 performance, which was mainly driven by a solid contribution from the Containerboard and Tissue segments. The results demonstrate good operational execution within the context of a challenging environment, he added.