SEATTLE (Scrap Monster): Cascades, Inc. declared unaudited financial results for the three-month period ended 30th June, 2022.
The company reported operating income of $32 million, when compared with $23 million in Q2 last year. The operating income before depreciation and amortization (OIBD) too increased from $87 million in Q2 2021 to $95 million in second quarter this year. The net earnings per common share of $0.10 compares with $0.02 in Q2 2021.
The adjusted operating income recorded decline from $34 million in the prior year quarter to $$28 million. The adjusted OBID during the quarter was $91 million, down from $98 million a year before. The adjusted net earnings per common share of $0.10 witnessed improvement from $0.07 in Q2 last year. Meantime, the company recorded net debt of $1,712 million as at the end of second quarter 2022.
The higher selling prices, better sales mix and favourable exchange rates helped boost the company’s profits during the second quarter.
Mario Plourde, President and CEO, Cascades, Inc. noted that its packaging business delivered good sequential performances during the quarter. Commenting on the near-term outlook, he said that the company remains focused on driving benefits from profitability initiatives currently in progress at its Tissue Papers segment.
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