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Cascades reports $1M Q2 profit, down from $22M in same quarter last year
KINGSEY FALLS, Que. — Cascades Inc. reported its second-quarter profit fell compared with a year ago as its sales edged higher.
The tissue paper and packaging maker says its net earnings amounted to $1 million or a penny per diluted share for the quarter, down from $22 million or 22 cents per diluted share a year ago.
Sales for the quarter totalled $1.18 billion, up from $1.17 billion in the same quarter last year.
The company says the increase was driven by a favourable sales mix and a favourable impact from foreign exchange.
However, it says the gains were largely offset by lower selling prices in its tissue and containerboard business and lower volumes primarily in its tissue papers business.
On an adjusted basis, Cascades says it earned eight cents per share in its latest quarter, down from an adjusted profit of 27 cents per share a year ago.
This report by The Canadian Press was first published Aug. 8, 2024.
Companies in this story: (TSX:CAS)
