2024-02-22 17:10:11 ET
CCL Industries Inc. (CCDBF)
Q4 2023 Earnings Conference Call
February 22 2024 7:30 AM ET
Company Participants
Geoff Martin - President & Chief Executive Officer
Sean Washchuk - Senior Vice President & Chief Financial Officer
Conference Call Participants
Hamir Patel - CIBC
Ahmed Abdullah - National Bank of Canada
Stephen MacLeod - BMO Capital Markets
Michael Glen - Raymond James
Walter Spracklin - RBC Capital
Ben Jekic - PI Financial
David McFadgen - Cormark Securities Inc.
Presentation
Operator
Good morning and welcome to CCL Industries Fourth Quarter Investor Update. Please note, that there will be a question-and-answer session after the call. The moderator for today is Mr. Geoff Martin, President and Chief Executive Officer; and joining him is Mr. Sean Washchuk, Senior Vice President and Chief Financial Officer. Please go ahead, gentlemen.
Sean Washchuk
Thanks, Ollie. Welcome everyone to our fourth quarter call. Move everyone to Slide #2, our disclaimer regarding forward-looking information. I'll remind everyone that our business faces known and unknown risks and opportunities. For further details of these key risks, please take a look at our 2022 and 2023 Annual Report, particularly the section Risks and Uncertainties. Our annual and quarterly reports can be found online on the company's website, cclind.com or on the new sedarplus.ca website.
Moving to Slide 3, our summary of financial results. For the fourth quarter of 2023, sales increased 4.7% with 3% acquisition related growth, 2.2% positive impact from currency translation, partially offset by 0.5% organic decline resulting in sales of $1.66 billion compared to $1.59 billion in the fourth quarter of 2022. Operating income was $254.8 million, up 18% excluding foreign currency translation compared to $211.2 million for the 2022 fourth quarter.
Geoff will expand on our segmented operating results of our CCL, Avery, Checkpoint and Innovia segments, momentarily. Corporate expenses were up for the fourth quarter due to an increase in associated expenses for long-term variable compensation. Consolidated EBITDA for the 2023 fourth quarter, excluding the impact of foreign currency translation increased 14% compared to the same period in 2022. Net finance expense was $19.1 million for the fourth quarter of 2023 compared to $17.6 million in the 2022 fourth quarter due to an increase in interest rates on our variable rate debt....
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CCL Industries Inc. (CCDBF) Q4 2023 Earnings Call Transcript