Cascades Inc. has reported its results for the three-month period ended September 30, 2023.
Sales reached $1,198m, up on the same period last year ($1,174m Q3 2022). Operating income was also up, at $80m ($25m in Q3 2022), as was EBITDA at $161m ($111m in Q3 2022).
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 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.”