Cascades Reports Results for the Second Quarter of 2022

Q2 2022 Highlights
Sales of $1,119 million (compared with $1,038 million in Q1 2022 and $956 million in Q2 2021)
Operating income (loss) of $32 million (compared with $(4) million in Q1 2022 and $23 million in Q2 2021)
Operating income before depreciation and amortization (OIBD) of $95 million (compared with $56 million in Q1 2022 and $87 million in Q2 2021)
Net earnings per common share of $0.10 (compared with net loss per common share of ($0.15) in Q1 2022 and net earnings per common share of $0.02 in Q2 2021)

Mario Plourde, President and CEO, commented: “Our packaging businesses delivered good sequential performances in the second quarter, with improved pricing and sales mix, higher volumes, and lower raw material costs in the case of Containerboard outweighing the impact of continued cost inflation. Sequentially, results in our Tissue Papers business highlight the momentum being generated by the profitability initiatives underway. While pricing and mix improvements realized to date helped to mitigate the unprecedented headwinds on the cost side, these initiatives are trailing the pace of the current high inflation environment. These initiatives remain on track to generate important contributions in the back half of 2022, and are being closely monitored and regularly adapted to address the changing cost environment.

We continued to advance the Bear Island project in the quarter. The capital investments for this project, which totaled $81 million in the second quarter and $145 million year-to-date, combined with lower consolidated financial results, has resulted in an increase in our leverage in the second quarter. As we have previously stated, this trend is expected to reverse with improved business performance through the remainder of 2022 and throughout 2023 as well as the positive contribution from this facility following its start-up.”
details at: https://www.newswire.ca/news-releases/cascades-reports-results-for-the-second-quarter-of-2022-859105519.html

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