Cascades' 1Q 2020 sales of $1,313 million grew by $83 million, or 7%, compared with the same period last year.
Cascades generated an operating income before depreciation and amortization (OIBD) of $161 million in the 1Q 2020, which is net of a $10 million expected credit loss provision taken on accounts receivable amounts across the Corporation's business segments in relation to the current uncertainty caused by the pandemic. This compares with the $139 million generated in the same period last year, an increase of $22 million.
For the 3-month period ended March 31, 2020, the Corporation posted net earnings of $22 million, or $0.24 per share, compared to net earnings of $24 million, or $0.26 per share, in the same period of 2019.
Mario Plourde, President and CEO, commented: "Our 1Q results are a testament to the dedication and hard work of every one of our employees during these challenging times. We are very proud of their commitment to support our customers and communities by ensuring that our facilities meet the heightened demand for the essential tissue and packaging products we produce. Within this difficult context, 1Q sales increased 7% from the prior quarter. Containerboard sales increased year-over-year, as higher volumes and a beneficial exchange rate offset the impacts from a less favourable sales mix and lower average selling price. Sales in European Boxboard decreased slightly year-over-year largely due to lower average selling prices, while lower sales in Specialty Products reflect a business divestiture and mill closure in 2019.”
Founded in 1964, Cascades offers sustainable, innovative and value-added packaging, hygiene and recovery solutions.
