Cascades reports third-quarter loss, sales up from year ago

KINGSEY FALLS, Que. – Cascades Inc. reported a loss in its latest quarter compared with a profit a year ago as its sales rose.

The company says it net loss attributable to shareholders amounted to $2 million or two cents per diluted share for the quarter ended Sept. 30.

The result compared with a profit of $32 million or 32 cents per diluted share a year earlier.

Sales totalled $1.17 billion, up from $1.03 billion in the same quarter last year.

On an adjusted basis, Cascades says it earned 20 cents per share in its latest quarter compared with an adjusted loss of a penny per share in the same quarter last year.

Cascades CEO Mario Plourde says the company’s third-quarter performance was in line with expectations notwithstanding the fact that its tissue segment continued to face unprecedented cost inflation and reduced productivity due to labour scarcity and inefficiencies.

This report by The Canadian Press was first published Nov. 10, 2022.

Companies in this story: (TSX:CAS)