SPOKANE, Wash. - Clearwater Paper Corporation (NYSE:CLW), a premier supplier of quality consumer tissue and bleached paperboard today reported financial results for the first quarter ended March 31, 2024.
FIRST QUARTER HIGHLIGHTS
- Strong performance driven by lower input costs and continued strength in tissue
- Continued strong demand in tissue and improved customer demand in paperboard
- Severe weather event resulting in significant disruption to production at the Lewiston site
- Net sales of $496 million, down 6% from the first quarter of last year
- Net income of $17 million, or $1.02 per diluted share, down $7 million from the first quarter of last year
- Adjusted net income of $24 million, $1 million lower than the first quarter of last year
- Adjusted EBITDA of $62 million, $4 million lower than first quarter of last year
- Reduced net debt by $33 million, repurchased $1 million of outstanding shares with $6 million remaining under program
“Despite the significant weather event that impacted the quarter, we delivered solid results that came in at the higher end of our expectations through strong operational execution,” said Arsen Kitch, president and chief executive officer. “Our Lewiston team did a tremendous job repairing damaged equipment under very difficult conditions and resuming operations."
PAPERBOARD FACILITY ACQUISITION UPDATE
Clearwater Paper previously announced that it signed a definitive agreement to acquire from Graphic Packaging International, LLC its Augusta, Georgia bleached paperboard manufacturing facility and associated business for $700 million, subject to adjustments for inventory. The transaction is currently expected to close shortly.
OVERALL RESULTS
For the first quarter of 2024, Clearwater Paper reported net sales of $496 million compared to net sales of $525 million for the first quarter of 2023. Net income for the first quarter of 2024 was $17 million, or $1.02 per diluted share, compared to net income for the first quarter of 2023 of $24 million, or $1.40 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the first quarter of 2024 of $24 million, or $1.43 per diluted share, compared to first quarter 2023 adjusted net income of $25 million, or $1.47 per diluted share. Adjusted EBITDA for the first quarter of 2024 was $62 million, compared to the first quarter of 2023 Adjusted EBITDA of $66 million.
Source: Clearwater Paper
