Cascades Profits Plunged, Revenue Surged in Q3

SEATTLE (Scrap Monster): Cascades, Inc. reported financial results for the three-month period ended September 30, 2021. The impacts on account of inflated costs were partially offset by improved packaging market trends and tissue sector performance. The profits recorded decline during the quarter, whereas revenues surged.

The sales totalled $1,030 million during the quarter. This compares with $956 million in the prior quarter and $1,014 million in the year-ago quarter. The sales surge was mainly driven by better pricing and mix in the packaging segment. The Q3 profits of $32 million were down from $49 million a year before. The profits amounted to 32 cents per share for the quarter, down from 51 cents per share during the corresponding quarter a year before, said the company press release.

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The company witnessed higher raw material costs and inflationary pressures in almost all segments.

The Board of Directors declared a quarterly dividend of $0.12 per common share, which will be paid on 9^th December, 2021 to all shareholders on record as at November 24, 2021.

Mario Plourde, President and CEO, Cascades, Inc. said that the company is encouraged with the results, especially with the sequential improvement in its tissue business. The specialty packaging results reflected solid demand. Looking ahead, the company expects sequentially stable results in Q4 this year, he added.