Cascades Posted Net Loss in Q1 FY24
Paper Recycling | 2024-05-14 11:58:44
The net debt increased from CAD$ 1.88 billion as of 31st December, 2023 to CAD$ 2.02 billion as of 31st March, 2024.
By Paul Ploumis
SEATTLE (Scrap Monster): Cascades- the Canadian packaging major reported results for the initial quarter of the current year.
The company reported a net loss of CAD$ 20 million in Q1 FY24, upon comparison with net loss of CAD$ 75 million during the corresponding quarter a year before. Cascades’ adjusted EBITDA for the quarter stood at CAD$ 103 million, significantly down from CAD$ 134 million in Q1 2023. The company announced a turnaround quarter, posting operating income of CAD$ 9 million, when compared with operating loss of CAD$ 80 million in the prior year quarter, said the company press release.
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Cascades, Inc. Witnessed Notable Decline in Operating Income
Cascades’ sales recorded decline from CAD$ 1.3 billion in Q1 FY23 to CAD$ 1.10 billion in the three-month period ending 31st March, 2024.
The net debt increased from CAD$ 1.88 billion as of 31st December, 2023 to CAD$ 2.02 billion as of 31st March, 2024.
Commenting on the results, Mario Plourde, President and CEO, Cascades noted that the Q1 results met the company’s expectations, in the midst of escalated raw material prices and ongoing inflationary pressure on operational costs. Tissue Papers segment witnessed strong performance, sequentially.
Looking ahead, the company expects stronger consolidated Q2 FY24 results, driven by improved performance from Containerboard segment and robust results from Tissue Papers and Specialty Packaging segments.
