Highlights include record sales of $1,179 million, an increase of seven per cent over Q1 2018 and four per cent over Q2 2017, and, as reported:
- An operating income of $73 million, compared to $112 million in Q1 2018 and $48 million in Q2 2017
- Operating income before depreciation and amortization (OIBD) of $131 million, compared to $167 million in Q1 2018 and $104 million in Q2 2017
- Net earnings per common share of $0.28, compared to $0.65 in Q1 2018 and $2.70 in Q2 2017
He continued, "Results from our tissue segment were down, reflecting the competitive marketplace and higher virgin pulp and white recycled fibre costs. This was in line with our updated outlook of stronger sales and shipment levels during the period. Transportation costs and availability also presented challenges for our North American operations. On the strategic front, production began ramping up in May at the new containerboard converting facility in New Jersey, on schedule. Existing volumes will continue to be transferred to the site from other facilities, most notably the New York converting asset that will cease production by year-end. In late July, we announced the acquisition of the Bear Island facility in Virginia, and our intention to convert the asset into a state-of-the-art containerboard machine capable of producing lightweight recycled liner and medium. The scope and project plans are expected to be finalized in 2019, subject to board approval, with a targeted production start up in 2021."
Read the full report here.