April 17th, 2024

Cascades reports $57M Q4 loss compared with $27M loss a year earlier

By The Canadian Press on February 22, 2024.

A Cascades plant is seen in Laval, Que. on Wednesday, November 25, 2020. THE CANADIAN PRESS/Paul Chiasson

KINGSEY FALLS, Que. – Cascades Inc. reported a loss of $57 million in its latest quarter compared with a loss of $27 million a year earlier.

The paper and packaging company says its fourth-quarter loss amounted to 57 cents per share compared with a loss of 27 cents per share in the fourth quarter of 2022.

Sales for the quarter totalled $1.14 billion, about the same as a year earlier.

On an adjusted basis, Cascades says it earned five cents per share in its fourth quarter compared with an adjusted profit of 22 cents per share in the fourth quarter of 2022.

Cascades announced earlier this month that will close three plants as part of changes to its containerboard operations that will affect 310 employees.

The company said its corrugated medium mill in Trenton, Ont., that is currently idled will not restart operations, while converting plants in Belleville, Ont., and Newtown, Conn., will close by May 31.

This report by The Canadian Press was first published Feb. 22, 2024.

Companies in this story: (TSX:CAS)

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