Cascades Announces Results for the Fourth Quarter and Full Year 2018

Cascades Inc. (TSX: CAS) reports its unaudited financial results for the three-month period and the fiscal year ended December 31, 2018 .

Q4 2018 Highlights
• Sales of $1,196 million (compared to $1,175 million in Q3 2018 (+2%) and $1,082 million in Q4 2017 (+11%))
• As reported (including specific items) • Operating loss of $33 million (compared to operating income of $78 million in Q3 2018 (-142%) and $45 million in Q4 2017 (-173%))
• OIBD 1 of $37 million (compared to $139 million in Q3 2018 (-73%) and $104 million in Q4 2017 (-64%))
• Net loss per share of $0.69 (compared to net earnings of $0.38 in Q3 2018 and net earnings of $0.60 in Q4 2017)
• Adjusted 2 (excluding specific items) • Operating income of $43 million (compared to $76 million in Q3 2018 (-43%) and $46 million in Q4 2017 (-7%))
• OIBD of $113 million (compared to $137 million in Q3 2018 (-18%) and $105 million in Q4 2017 (+8%))
• Net earnings per share of $0.00 (compared to net earnings of $0.40 in Q3 2018 and net earnings of $0.14 in Q4 2017)
• Impairment charge of $75 million ( $0.60 per share net of income taxes) recorded on certain fixed assets in the Tissue Papers segment
• Business acquisitions completed in European Boxboard and Specialty Products segments

2018 Annual Highlights
• Sales of $4,649 million (compared to $4,321 million in 2017 (+8%))
• As reported (including specific items) • Operating income of $230 million (compared to $175 million in 2017 (+31%))
• OIBD of $474 million (compared to $390 million in 2017 (+22%))
• Net earnings per share of $0.62 (compared to net earnings of $5.35 in 2017)
• Adjusted 2 (excluding specific items) • Operating income of $245 million (compared to $178 million in 2017 (+38%))
• OIBD of $489 million (compared to $393 million in 2017 (+24%))
• Net earnings per share of $0.83 (compared to net earnings of $0.72 in 2017)
• Authorized credit facility increased to incorporate a US$175 million seven-year term loan with no additional assets required as security
• Net debt of $1,769 million as at December 31, 2018 (compared to $1,522 million as at December 31, 2017 ) and net debt to adjusted OIBD ratio 3 of 3.5x, down from 3.6x at year-end 2017.

Mr. Mario Plourde , President and Chief Executive Officer, commented: “Before commenting on the results, I would like to highlight the fact that Cascades is delivering record annual performance in terms of adjusted OIBD and Health & Safety. I also would like to take this opportunity to thank all of our employees, customers, business partners and stakeholders for their ongoing contribution and support.

Containerboard Packaging results point to continued solid fundamentals in the fourth quarter, with sequential performance reflecting customary seasonal changes in sales mix and volumes in the last three months of the year, in addition to scheduled downtime for maintenance and to complete capital projects. European Boxboard, via our equity position in Reno de Medici S.p.A., generated good results during the period driven by a higher average selling price, lower raw material prices, and the acquisition of Barcelona Cartonboard SAU at the end of October. The Specialty Products segment generated lower results in the last three months of the year, reflecting a lower contribution from the recovery sub-segment.
more detail at: https://www.cascades.com/en/media-centre/press-releases-and-news/press-release/2019/6238/cascades-announces-results-for-the-fourth-quarter-and-full-year-2018

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