Clearwater Paper Reports First Quarter 2024 Results

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
*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.”

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.
https://ir.clearwaterpaper.com/investors/press-releases/news-details/2024/Clearwater-Paper-Reports-First-Quarter-2024-Results/default.aspx

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