Cascades yesterday announced its unaudited financial results for the three-month period ended September 30, 2015. In comparison with the same period last year, sales increased by 13% to $1,026 million due to a weaker Canadian dollar, higher shipments, mainly in the Tissue Papers and Containerboard groups, and higher average selling prices in the Containerboard Group. These factors more than offset lower average selling prices in the Specialty Products Group.
Operating income, excluding specific items, increased from $49 million in the third quarter of 2014 to $89 million in the third quarter of 2015. The above-mentioned factors explain most of the increase in operating income, while higher raw material costs for our Boxboard Europe Group negatively impacted results. Lower energy and operating costs resulting from improved productivity also positively contributed to operating income.
Mr. Mario Plourde , President and Chief Executive Officer, had the following comments on the most recent quarterly results: "We are pleased with the third quarter results, a result of the good performance of all our groups. Our OIBD of $134 million is a quarterly record. The difficult portfolio rationalization measures and strategic initiatives undertaken over the last few years, combined with better productivity and cost reduction measures in the Tissue Papers Group, have enabled us to benefit more fully from favourable market conditions, particularly in Canada”.
