Cascades Reports Solid Results for the Third Quarter of 2023

Q3 2023 Highlights
*Sales of $1,198 million (compared with $1,168 million in Q2 2023 and $1,174 million in Q3 2022);
*Operating income of $80 million (compared with $64 million in Q2 2023 and $25 million in Q3 2022);
*Net earnings per common share of $0.34 (compared with net earnings per common share of $0.22 in Q2 2023 and a net loss per common share of ($0.02) in Q3 2022);
*Net debt1 of $2,088 million as of September 30, 2023 (compared with $2,076 million as of June 30, 2023).

Mario Plourde, President and CEO, commented: “We are pleased with our solid third quarter results. Sequential sales growth of 2.6% reflects stronger Containerboard volume and more favourable sales mix in Tissue Papers. Quarterly EBITDA (A)1 improved 14%, exceeding expectations, fuelled by a robust 39% increase in Tissue Papers as benefits from lower raw material costs, price increases, and repositioning of this segment’s operational platform and other profitability, efficiency and productivity initiatives undertaken over the past year continued to yield results. Sequentially, raw material costs were a headwind for our packaging businesses, but remained below prior year levels, while production costs were a tailwind. Notwithstanding a less favourable exchange rate, we maintained our net debt levels stable due to strong cash flows from operations and lower capital expenditures during the quarter. Consequently, our leverage ratio1 improved to 3.8x from 4.1x at the end of Q2.”
details at: https://www.cascades.com/en/news/cascades-reports-solid-results-third-quarter-2023#:~:text=The%20third%20quarter%20sales%20of,impact%20for%20all%20business%20segments.

Related Posts

Koehler Paper Sets New Production Speed Record with Voith Paper Machine

Designed as one of the most efficient specialty paper machines in the world, Koehler Paper commissioned Voith's production line 8 at its Kehl mill at the end of October 2019 - after a previous project time of only around two and a half years. Thanks to ongoing optimization, the company recently achieved a groundbreaking level of performance for the production of around 40 gsm base paper at a continuous speed of more than 1,400 m/min. Thanks to intensive cooperation, permanent project support and continuous optimization from Koehler and Voith, the line achieved an average speed of 1,410 m/min over a period of 24 hours as well as a maximum value of 1,432 m/min - a world record for the MG paper machine.

Appvion Receives Court Approval of Sale to Lender Group Led by Franklin Advisers

Appvion, Inc. announced that the U.S. Bankruptcy Court for the District of Delaware approved the sale of substantially all of the Company's assets to a group of its lenders led by Franklin Advisers, Inc. The sale is expected to be completed by the end of May. The Purchaser submitted the previously announced stalking horse bid on February 8, 2018. Under the terms of the executed asset purchase agreement filed with the Bankruptcy Court, the total consideration is approximately $340 million plus the assumption of substantial liabilities, including many of the Company's contractual obligations. The transaction will substantially reduce Appvion's debt from approximately $585 million to less than $175 million and provide additional liquidity to fund the Company's operations. Kevin Gilligan, Chief Executive Officer of Appvion, said, "We are pleased to receive the Court's approval of the sale of our company to a group of our lenders who have been long-term supporters of Appvion. Their continued investment is a vote of confidence in the future of our business." Click Read More below for additional information.

Ahlstrom-Munksjö responds to increasing demand for industrial filtration applications by investing EUR 28 million in its Filtration business

Ahlstrom-Munksjö continues to grow its attractive Filtration business as customer demand increases globally. In the Filtration and Performance business area, the company will invest about EUR 28 million to expand manufacturing capacity as well as product capabilities. The project will start in 2018 and is expected to be completed during the first half of 2020. Fulvio Capussotti, Executive Vice President of Business Area Filtration and Performance, states: “This investment will enable us to create additional capacity in Turin, Italy, and will allow us to support growing demand for high-end filtration materials. Turin is already Ahlstrom-Munksjö’s largest plant globally and this investment will further consolidate our position as one of the leading global platforms for high-performance filtration material development and production. This investment also includes rebuilding and modification of our existing plants in Malmedy, Belgium and in Ställdalen, Sweden. Click Read More below for additional information.
Back To Top
×Close search
Search