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

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