Cascades, Inc, Reported Robust Results In Third Quarter 2020

SEATTLE (Scrap Monster): Cascades, Inc reported unaudited financial results for the three-month period ended September 30, 2020.

The company’s operating income totalled $73 million during the quarter, down significantly by 32% from $108 million in Q3 2019. The operating income before depreciation and amortization (OBID) of $154 million witnessed year-on-year decline by 15%. The net earnings per share recorded decline from $0.45 in Q3 last year to $0.51 in Q3 2020.

Also, the adjusted operating income stood at $81 million. Meantime, the company reported adjusted OBID and net earnings per share of $162 million and $0.50 respectively. The net debt stood at $1,982 million as at the end of the quarter.

The company press release noted that its European Boxboard business announced the acquisition of Papelera del Principado S.A. during the quarter. In October this year, the company announced plans for converting Bear Island, Virginia mill into containerboard. In addition, it announced closure of two tissue production and converting plants in Pennsylvania.

Mario Plourde, President and CEO said that he is please with the company’s consolidated Q3 results. The demand levels for containerboard and sustainable food packaging products remained robust during the quarter, he added.