Cascades Inc has reported its unaudited financial results for the three-month period ended September 30, 2022.
Sales of $1,174m (compared with $1,119m in Q2 2022 and $1,030m in Q3 2021.) Operating income of $25m (compared with $32m in Q2 2022 and $73m in Q3 2021). Operating income before depreciation and amortization (OIBD) of $92m (compared with $95m in Q2 2022 and $136m in Q3 2021.)
Total capital expenditures, net of disposals, of $121m in Q3 2022 and $333m in the first nine months of 2022, with forecasted 2022 net capital expenditures of $450 – $470m, (including $310 – $330m for the Bear Island containerboard conversion project in Virginia, USA).
Mario Plourde, President and CEO, commented, “Our third quarter performance was in line with expectations notwithstanding the fact that our Tissue segment continued to face unprecedented cost inflation and reduced productivity due to labour scarcity and inefficiencies. In view of the persistent inflationary pressures on costs and current macroeconomic environment, we are taking a conservative approach to our near-term outlook. Accordingly, we expect sequentially stable results in our packaging businesses, with lower raw material cost tailwinds projected to counterbalance lower volumes.”