Canadian sustainable packaging firm Cascades has recorded full-year sales of C$4.46bn ($3.29bn) for fiscal 2022 (FY22), an increase of around 12% from C$3.95 ($2.91bn) in fiscal 2021 (FY21).
The company’s operating income for the 12 months to 31 December dropped from C$50m to C$33m against the previous year.
Its net loss per common share was C$0.34, against net earnings per common share (EPS) of C$1.60 in FY21.
Cascades‘ adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the year was C$376m, down from C$389m in the prior year.
During the fourth quarter (Q4) of FY22, Cascades generated C$1.13bn in sales, an increase of 10.2% from C$1.02bn in the same period of FY21.
The company suffered an operating loss of C$20m in Q4, compared with an operating loss of C$90m in Q4 2021.
Its net loss per common share was C$0.27 in the quarter, compared with EPS of C$1.04 a year earlier.
In addition, Cascades’ adjusted EBITDA for Q4 rose from C$62m to C$116m year-on-year.
Cascades president and CEO Mario Plourde said: “We are pleased with our fourth quarter consolidated performance, which showed continued positive momentum in our Tissue Papers segment, and good underlying performance in our packaging segments.
“The wide-ranging profitability and operational initiatives that we have been progressively implementing throughout our operations gained traction as the year progressed, and fuelled the 10.2% consolidated EBITDA (A) margins in Q4.
“We are remaining prudent in our outlook, as macro-economic conditions continue to be challenging and unpredictable, and inflationary pressures on costs, while easing, continue.
“Despite this, we have started 2023 in a good position to drive growth throughout the year. We expect sequentially lower results in our Containerboard segment in Q1.”
Earlier this month, Cascades installed a printing press at its corrugated packaging converting facility in Piscataway, New Jersey.