SPOKANE, Wash. - Clearwater Paper Corporation (NYSE:CLW), a premier supplier of quality tissue and bleached paperboard products, today reported financial results for the second quarter and six months ended June 30, 2023.
SECOND QUARTER HIGHLIGHTS
- Net sales of $525 million, slightly below the second quarter of last year
- Net income of $30 million, or $1.75 per diluted share
- Adjusted net income of $30 million, $11 million higher than the second quarter of last year
- Adjusted EBITDA of $71 million, $8 million higher than second quarter of last year
- Adjusted EBITDA margin at 13.6%, up from 12% during the second quarter of last year
- Reduced net debt by $25 million from first quarter of this year
- Repurchased $8 million of outstanding shares, with $15 million remaining under program
“We had a stronger than expected second quarter, with solid operational performance and lower than expected costs for key inputs such as pulp, energy, and transportation. Tissue demand remained strong, while paperboard was soft as consumer spending slowed and customers continued to manage inventories,” said Arsen Kitch, president and chief executive officer. “We continued to focus on cash flow generation and were able to reduce our net debt by $25 million and repurchase 263 thousand shares of our stock.”
OVERALL RESULTS
For the second quarter of 2023, Clearwater Paper reported net sales of $525 million compared to net sales of $526 million for the second quarter of 2022. Net income for the second quarter of 2023 was $30 million, or $1.75 per diluted share, compared to net income for the second quarter of 2022 of $15 million, or $0.86 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the second quarter of 2023 of $30 million, or $1.74 per diluted share, compared to second quarter 2022 adjusted net income of $19 million, or $1.11 per diluted share. Adjusted EBITDA for the second quarter of 2023 was $71 million, compared to the second quarter of 2022 Adjusted EBITDA of $63 million.
For the first six months of 2023, Clearwater Paper reported net sales of $1.1 billion, a 3% increase compared to net sales of $1.0 billion for the first six months of 2022. Net income for the first six months of 2023 was $54 million, or $3.15 per diluted share, compared to net income for the first six months of 2022 of $31 million, or $1.83 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the first six months of 2023 of $55 million, or $3.21 per diluted share, compared to first six months of 2022 adjusted net income of $36 million, or $2.13 per diluted share. Adjusted EBITDA for the first six months of 2023 was $137 million, compared to the first six months of 2022 Adjusted EBITDA of $122 million.
Source: Clearwater Paper
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