Cascades Reports Results for the Fourth Quarter and Full Year 2022

Cascades Inc. (TSX: CAS) reports its unaudited financial results for the three-month period and fiscal year ended December 31, 2022.

Q4 2022 Highlights
Sales of $1,135 million (compared with $1,174 million in Q3 2022 and $1,028 million in Q4 2021)
As reported
*Operating loss of $(20) million (compared with $25 million in Q3 2022 and $(90) million in Q4 2021)
*Net loss per common share of $(0.27) (compared with a net loss per common share of ($0.02) in Q3 2022 and net earnings per common share of $1.04 in Q4 2021)
*Adjusted (excluding specific items1)
*Earnings before interest, taxes, depreciation and amortization (EBITDA (A)) of $116 million (compared with $111 million in Q3 2022 and $62 million in Q4 2021)
*Net earnings per common share of $0.22 (compared with net earnings per common share of $0.20 in Q3 2022 and a net loss per common share of ($0.09) in Q4 2021)

2022 Annual Highlights
Sales of $4,466 million (compared with $3,956 million in 2021)
As reported
*Operating income of $33 million (compared with $50 million in 2021)
*Net loss per common share of $(0.34) (compared with net earnings per common share of $1.60 in 2021)
Adjusted (excluding specific items1)
*Earnings before interest, taxes, depreciation and amortization (EBITDA (A)) of $376 million (compared with $389 million in 2021)
*Net earnings per common share of $0.37 (compared with net earnings per common share of $0.26 in 2021)
*Net debt1 of $1,966 million as of December 31, 2022 (compared with $2,011 million as of September 30, 2022). Net debt to adjusted EBITDA (A) ratio1 of 5.2x, down from 6.2x as of September 30, 2022.
*Total capital expenditures, net of disposals, of $149 million in Q4 2022 and $482 million in 2022. Forecasted 2023 net capital expenditures of approximately $325 million, including $175 million for the Bear Island containerboard conversion project in Virginia, USA.

Mario Plourde, President and CEO, commented: “We are pleased with our fourth quarter consolidated performance, which showed continued positive momentum in our Tissue Papers segment, and good underlying performance in our packaging segments. The wide-ranging profitability and operational initiatives that we have been progressively implementing throughout our operations gained traction as the year progressed, and fuelled the 10.2% consolidated EBITDA (A) margins in Q4. Our operations have faced more than $475 million of production, raw material, freight and energy cost headwinds within the span of the calendar year 2022 alone, and our teams have done an excellent job at executing multiple countermeasures. These have taken longer in our Tissue Papers segment, where price rebalancing takes time to be realized, but we are encouraged by the progress being made and expect continued benefits to be generated from operational and profitability initiatives across our operations.
details at: https://www.newswire.ca/news-releases/cascades-reports-results-for-the-fourth-quarter-and-full-year-2022-876983961.html

Related Posts

Sonoco Announces Changes to Board of Directors

Sonoco announced that two members of the Company’s Board of Directors will be leaving. Marc D. Oken, 75, chairman and founder of Falfurrias Capital Partners, a Charlotte, N.C., private equity firm, has reached the Board’s mandatory retirement age and will not stand for reelection at the Company’s 2022 Annual General Meeting. Oken joined the board in 2006 and serves on the Company’s Executive Committee as well as the Executive Compensation, Audit and Corporate Governance and Nominating committees. In addition, Lloyd M. Yates, 61, who was recently named President and Chief Executive Officer of NiSource, Inc. (NYSE: NI), a Merrillville, IN, energy holding company, extended his resignation to Sonoco’s Board, effective March 1, 2022. Yates served on Sonoco’s Board since 2019 and is a member of Audit, Financial Policy and Employee and Public Responsibility committees. Yate’s resignation was not the result of any disagreement between Yates and the Company, its management, board of directors or any committee thereof, or with respect to any matter relating to the Company’s operation, policies or practices.

Why Pregis’ New Phantom Mask Is An All-in-One Protective Plastic Film Solution

Pregis’ new Phantom Mask protective film solution offers unparalleled protection for plastic sheeting while eliminating adhesive transference and decreasing waste. Plastic is a part of our future. Everything, from kitchen utensils to complex scientific instruments, is made of the stuff. It’s found in equipment exploring the bottom of our oceans, and in technology probing the outer bounds of our solar system. Plastics technology is driving innovation in automobiles and airplanes, and home goods and healthcare. But while the things we make out of plastic grow, evolve, and improve, many parts of the plastics manufacturing chain are mired in “yesterday’s approaches.”

Pregis expands Inspyre™ product line with new mailer; increases support of environmental nonprofit organization

Pregis® announces the expansion of its Inspyre™ product line with the new Inspyre™ Mailer, amplifying its contributions to help fight water insecurities in communities around the world. Inspyre™ packaging is a brand member of 1% for the Planet, with one percent of the product line’s sales funding Uzima, a charity that makes and distributes water filters that provide clean drinking water to people in need. The Inspyre mailer offers an efficient, lightweight, and sustainable way to ship non-fragile items and soft goods such as apparel, linens, in direct-to-consumer e-commerce applications. Made with a minimum of 30 percent recycled content, the new Inspyre poly mailer offers customers a unique packaging solution that contributes to sustainability goals and positive change. The mailer, available in fanfold and roll stock, runs through Pregis Sharp automated bagging systems, which can increase throughput by four times that of manual packing applications, helping fulfillment centers maximize efficiency and minimize labor constraints.
Back To Top
×Close search
Search