BUSINESS

Cascades Inc. records net earnings of $8 million in second quarter

08/08/2013 06:16 EDT | Updated 10/08/2013 05:12 EDT
KINGSEY FALLS, Que. - Cascades Inc. (TSX: CAS) says its net earnings amounted to $8 million, or nine cents per share, in the second quarter compared to $5 million, or a nickel a share, in the same period of 2012.

The Quebec-based company says compared to the previous quarter, sales increased by seven per cent to reach $982 million due to favourable foreign exchange rates, higher shipments and higher average selling prices.

When including specific items, operating income amounted to $38 million in comparison to $29 million for the same period of last year.

"As anticipated, our performance was better than what we achieved during the first quarter," said president and CEO Mario Plourde.

"Looking ahead to the remainder of the year, the level of activity in the containerboard sector seems to be increasing as we start the third quarter and should allow us to benefit from better operating performance."`

The Cascade board of directors has declared a quarterly dividend of four cents per share to be paid Sept. 12.