Cascades Reports Results for the Fourth Quarter and Full Year 2023

Q4 2023 Highlights
*Sales of $1,138 million (compared with $1,198 million in Q3 2023 and $1,135 million in Q4 2022);
*Operating loss of $(24) million (compared with operating income of $80 million in Q3 2023 and operating loss of $(20) million in Q4 2022);
*Net loss per common share of ($0.57) (compared with net earnings per common share of $0.34 in Q3 2023 and a net loss per common share of ($0.27) in Q4 2022);
*Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A)1) of $122 million (compared with $161 million in Q3 2023 and $116 million in Q4 2022);
*Adjusted net earnings per common share1 of $0.05 (compared with $0.44 in Q3 2023 and $0.22 in Q4 2022).

2023 Annual Highlights
*Sales of $4,638 million (compared with $4,466 million in 2022);
*Operating income of $40 million (compared with $33 million in 2022);
*Net loss per common share of ($0.76) (compared with ($0.34) in 2022);
*Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A)1) of $558 million (compared with $376 million in 2022);
*Adjusted net earnings per common share1 of $1.08 (compared with $0.37 in 2022);
*Net debt1 of $1,882 million as of December 31, 2023 (compared with $1,966 million as of December 31, 2022). Net debt to EBITDA (A) ratio1 of 3.4x, down from 5.2x as of December 31, 2022;
*Total capital expenditures, net of disposals, of $46 million in Q4 2023 and $343 million in 2023. The Corporation’s 2024 forecasted net capital expenditures of approximately $175 million is unchanged.

Discussing results for the fiscal year 2023, Mario Plourde, President and CEO, commented: “We are pleased with our strong annual performance in 2023, with our operations generating a 4% increase in sales and a 48% increase in EBITDA (A)1 levels compared to the prior year. Our Tissue Papers segment drove these stronger results, generating $182 million of EBITDA (A)1 in 2023, a significant improvement from last year that reflects the hard work done over the past two years.”

Mario Plourde, President and CEO, continued: “In the fourth quarter of 2023, our Tissue Papers and Specialty Packaging businesses generated good results, meeting expectations. We are pleased with the continued strong performance of our Tissue segment, which generated an EBITDA (A)1 margin of 15.6% in the quarter, a testament to the benefits derived by the significant repositioning and profitability initiatives that have been implemented across this business. The Containerboard segment continued to deliver solid volume of corrugated converted products. However, fourth quarter results in this segment were below expectations. Sequential performance of this business was impacted by lower average selling prices, higher costs and lower parent roll shipments, the latter of which underscores this segment’s lower integration rate and also reflects the planned 49,000 short tons of maintenance and economic downtime taken during the period. Notwithstanding lower consolidated profitability, we reduced our net debt levels due to strong cash flows from operations and lower capital expenditures during the quarter. Consequently, our leverage ratio1 improved to 3.4x from 3.8x at the end of Q3.”
details at: https://www.newswire.ca/news-releases/cascades-reports-results-for-the-fourth-quarter-and-full-year-2023-883654038.html

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