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Cascades announces improved annual net earnings for 2017

Published 02 March 2018

Cascades has reported its unaudited financial results for the three-month period and the fiscal year ended December 31, 2017.

Q4 2017 Highlights

Sales of $1,082 million (compared to $1,103 million in Q3 2017 (-2%) and $979 million in Q4 2016 (+11%))

 

As reported (including specific items)

Operating income of $45 million (compared to $51 million in Q3 2017 (-12%) and $33 million in Q4 2016 (+36%))

OIBD1 of $104 million (compared to $104 million in Q3 2017 and $83 million in Q4 2016 (+25%))

Net earnings per common share of $0.60 (compared to net earnings of $0.35 in Q3 2017 and net earnings of $0.04 in Q4 2016)

Adjusted2 (excluding specific items)

Operating income of $46 million (compared to $53 million in Q3 2017 (-13%) and $32 million in Q4 2016 (+44%))

OIBD of $105 million (compared to $106 million in Q3 2017 (-1%) and $82 million in Q4 2016 (+28%))

Net earnings per common share of $0.14 (compared to net earnings of $0.20 in Q3 2017 and net earnings of $0.16 in Q4 2016)

2017 Annual Highlights

Sales of $4,321 million (compared to $4,001 million in 2016 (+11%))

As reported (including specific items)

Operating income of $175 million (compared to $221 million in 2016 (-21%))

OIBD of $390 million (compared to $413 million in 2016 (-6%))

Net earnings per common share of $5.35 (compared to net earnings of $1.42 in 2016)

Adjusted2 (excluding specific items)

Operating income of $178 million (compared to $211 million in 2016 (-16%))

OIBD of $393 million (compared to $403 million in 2016 (-2%))

Net earnings per common share of $0.72 (compared to net earnings of $1.21 in 2016)

Net debt of $1,522 million as at December 31, 2017 (compared to $1,532 million as at December 31, 2016) and net debt to adjusted OIBD ratio3 of 3.6x, down from 3.8x at year-end 2016.

Cascades president and CEO Mario Plourde said: "Our fourth quarter results reflect year-over-year improvements in shipments, sales, and operating income on a consolidated basis.

“This was driven by solid performances from our containerboard division and European subsidiary Reno de Medici, where more favourable pricing and mix outweighed the impact of higher average raw material costs.”

Founded in 1964, Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibres. The Corporation employs 11,000 employees, who work in more than 90 units located in North America and Europe.



Source: Company Press Release