Cascades Inc. reports its unaudited financial results for the three-month period and the fiscal year ended December 31, 2016. 4Q 2016 sales of $979 million increased by $4 million compared to the same period last year. This reflects higher year-over-year sales volumes in Containerboard and Specialty Products, and a $13 million sales increase generated by recovery and recycling activities.
On an adjusted basis, 4Q 2016 operating income stood at $32 million compared to $47 million in 2015. Adjusted net earnings amounted to $15 million in the 4Q 2016 compared to $22 million for the comparable period in 2015.
Prior-year adjusted net earnings exclude $98 million of specific items, the most notable being $73 million of impairment charges and tax reversals incurred in the European Boxboard segment.
On a sequential basis, sales declined by 4% to $979 million. Adjusted operating income decreased from $55 million in the 3Q 2016 to $32 million to in the 4Q 2016.
Founded in 1964, Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibres.
