In section Market Quotes
Cascades has begun searching for a new chief financial officer as Allan Hogg plans to retire in the second half of next year, ending a 16-year tenure as the Canadian packaging and tissue-products company’s finance chief.
The company said the succession process begins immediately. Hogg joined Cascades in 1990 and held several leadership roles before becoming CFO in 2010.
The announcement came as Cascades reported third-quarter net earnings of C$30 million, or C$0.30 a share, up C$1 million and C$0.01 a share, respectively, from a year earlier. Adjusted earnings were C$0.33 a share, below the C$0.39 average estimate of analysts surveyed by FactSet.
Quarterly sales rose 2.3% from a year earlier to C$1.27 billion. Analysts had expected C$1.29 billion. Higher average selling prices supported sales, while tariff-related disruptions and cost inflation continued to weigh on the company, Cascades said.
Cascades shares fell 7% in morning trading, trimming a gain of about 35% so far this year.
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