Clearwater Paper Reports Fourth Quarter and Year End 2020 Results

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SPOKANE, Wash.-- Clearwater Paper Corporation (NYSE:CLW), a premier supplier of quality consumer tissue and bleached paperboard today reported financial results for the fourth quarter and year ended December 31, 2020.

2020 FOURTH QUARTER HIGHLIGHTS

  • Delivered strong performance due to continued elevated demand for tissue products and solid operational execution
  • Achieved net income of $23 million, or $1.34 per diluted share and Adjusted EBITDA of $72 million
  • Net sales of $453 million, up 4.0% compared to the fourth quarter of 2019
  • Net debt reduction of $58 million

2020 FULL YEAR HIGHLIGHTS

  • Supported our customers and consumers during COVID volatility and delivered net income of $77 million or $4.61 per diluted share and Adjusted EBITDA of $283 million.
  • Net sales of $1.9 billion, up 6.1% compared to 2019
  • Net debt reduction of $200 million

"Our people delivered exceptional results while persevering through significant professional and personal challenges in 2020, and I could not be prouder of the team," said Arsen Kitch, president and chief executive officer. “We delivered an outstanding year by focusing on our people and our customers. Our tissue business navigated through significant demand volatility, built better customer relationships, and ramped the new Shelby paper machine. Our paperboard business maintained stability despite variable end market demand. This performance enabled us to reduce net debt and strengthen our balance sheet.”

OVERALL RESULTS

For the fourth quarter of 2020, Clearwater Paper reported net sales of $453 million, a 4.0% increase compared to net sales of $435 million reported in the fourth quarter of 2019. Net income for the fourth quarter of 2020 was $23 million, or $1.34 per diluted share, compared to net income in the fourth quarter of 2019 of $2 million, or $0.12 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the fourth quarter of 2020 of $25 million, or $1.45 per diluted share, compared to fourth quarter 2019 adjusted net income of $6 million, or $0.37 per diluted share. Adjusted EBITDA for the quarter was $72 million compared to the fourth quarter of 2019 Adjusted EBITDA of $52 million.

For the full year 2020, Clearwater Paper reported net sales of $1.9 billion, a 6.1% increase compared to net sales of $1.8 billion for 2019. Net income for the full year was $77 million in 2020, or $4.61 per diluted share, compared to a net loss for 2019 of $6 million or $0.34 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income for 2020 of $89 million, or $5.30 per diluted share, compared to 2019 adjusted net income of $4 million, or $0.23 per diluted share. Adjusted EBITDA for 2020 was $283 million, compared to 2019 Adjusted EBITDA of $167 million.

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Source: Transcontinental

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