06:32 AM EST, 11/07/2024 (MT Newswires) -- Cascades (CAS.TO) on Thursday reported a third-quarter earnings and revenues beat driven by its Containerboard business.

The company reported adjusted net earnings per common share of $0.27 compared with $0.44 in Q3 2023, but beating a consensus forecast of $0.16 at Capital IQ.

It had sales of $1,201 million compared with $1,198 million in Q3 2023, beating a consensus forecast of $1,183.55 million at Capital IQ.

Hugues Simon, president and CEO, in a statement said: "Sequentially stronger results were driven by our Containerboard business, where higher average selling prices and lower production expenses offset the impact of higher raw material costs. Specialty Products results were stable, with stronger selling prices fully mitigating raw material cost and sales mix headwinds. As forecasted, third quarter Tissue Papers results were lower than the previous quarter due to higher average raw material costs and lower pricing related to the expected changes in the mix of products sold."

Discussing near-term outlook, Simon said, "We expect fourth quarter results in each of our packaging business segments to be stable sequentially, as benefits from lower raw material costs and previously announced selling price increases will be offset by lower seasonal volumes. In Tissue Papers, slightly stronger sequential results are expected to benefit from lower average raw material costs, slightly stronger volumes, and selling price increase tailwinds offset by the impact from seasonal changes in sales mix.

The company's shares rose more than 3% on the TSX yesterday.