Clearwater Paper Reports Fourth Quarter and Year End 2023 Results; Strategic Update
2023 Fourth Quarter Highlights *Strong performance driven by solid operational results and continued strength in tissue *Natural gas disruption impacted Lewiston mill operations in November *Net income of $18 million, or $1.04 per diluted share and Adjusted EBITDA of $63 million *Net sales of $513 million, down 3% compared to the fourth quarter of 2022 *Reduced net debt by $32 million. 2023 Full Year Highlights *Outstanding year driven by performance improvement in tissue *Net income of $108 million, or $6.30 per diluted share and Adjusted EBITDA of $281 million, up $54 million versus 2022 *Net sales of $2.1 billion, flat compared with 2022, strong tissue demand offset softness in paperboard *Net debt reduction of $89 million, more than $450 million since 2020; completed refinancing of 2014 Notes *Repurchased $18 million of outstanding shares