Cascades, Inc. Witnessed Notable Decline in Operating Income

SEATTLE (Scrap Monster): Cascades, Inc. reported financial results for Q3 this year. The company reported notable progress in the Bear Island project during the quarter.

Cascades Inc. sales totalled $1,174 million, compared with $1,030 million in the same quarter a year before. The operating income of $25 million during the quarter was down significantly from $73 million in Q3 2021. The operating income before depreciation and amortization (OIBD) of $92 million too was down from $136 million in the corresponding quarter a year before.

The adjusted operating income remained flat at $44 million. The adjusted OBID for the quarter was $111 million. The company reported adjusted net earnings per common share of $0.20. As on September 30, 2022, Cascades, Inc. reported net debt of $2,011 million, said the company press release. The Tissue segment results were badly impacted by unprecedented cost inflation and reduced productivity.

The Bear Island project witnessed significant progress during the quarter, with the company preparing for commissioning of certain key equipment. The material delivery issues on account of supply chain constraints led to delay in certain construction milestones. The investment in the project totalled $83 million in Q3 this year.

The company maintained a conservative near-term outlook, primarily in view of the persistent inflationary pressures on costs and current macroeconomic environment.

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