Cascades Inc. Reports Solid Results for Q1 2020

SEATTLE (Scrap Monster):  Cascades, Inc. reported unaudited financial results for the three-month period ending March 31, 2020.

The company reported operating income of $90 million, as compared with an operating loss of $1 million in the prior quarter. The first quarter OBID at $161 million was significantly higher by 112% from Q4 2019. Cascades Inc. reported net earnings per share of $0.24 per share, compared to net loss per share of $0.27 in the previous quarter.

ALSO READ:

Cascades to Supply Recycled Plastic for Medical Visors

Cascades, Inc. Declares Fulll Support to Quebec's New Recycling Program

The adjusted operating income totalled $90 million. It reported adjusted OBID and net earnings per share of $161 million and $0.42 respectively. The sales posted 7% surge from $1,227 million in Q4 2019 to $1,313 million in Q1 2020. As at the end of the quarter, the company’s net debt stood at $2,212 million.

Mr. Mario Plourde, President and Chief Executive Officer stated that the quarterly results are a testament to the dedication and hard work of its employees during the challenging time. Tissue, European Boxboard and specific Specialty Packaging products segments reported notable improvements. The containerboard sales too reported year-on-year jump in sales, he added.

The company has decided to reduce its planned capital expenditures for 2020 from $250 million to nearly $175-$200 million. Meantime, it has decided to maintain its current dividend policy.