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, 2022.
2022 FOURTH QUARTER HIGHLIGHTS
*Operational and weather-related issues impacted paperboard operations
*Completed planned major maintenance at the Lewiston, Idaho facility
*Net loss of $6 million, or $0.34 per diluted share and Adjusted EBITDA of $28 million
*Net sales of $527 million, up 8% compared to the fourth quarter of 2021
2022 FULL YEAR HIGHLIGHTS
*Delivered strong performance due to robust demand for paperboard products
*Net income of $46 million
*Net sales of $2.1 billion, up 17% compared to 2021 due to higher pricing and stronger tissue volumes
*Net debt reduction of $108 million in the year, $377 million since 2020
“We had a very good year, with strong results in paperboard and improvements in tissue. We continued to reduce net debt and improved our overall financial flexibility,” said Arsen Kitch, president and chief executive officer. “During the fourth quarter, we were impacted by operational and weather-related issues, which have subsequently been resolved.”
OVERALL RESULTS
For the fourth quarter of 2022, Clearwater Paper reported net sales of $527 million, an 8% increase compared to net sales of $490 million reported in the fourth quarter of 2021. Net loss for the fourth quarter of 2022 was $6 million, or $0.34 per diluted share, compared to net income in the fourth quarter of 2021 of $10 million, or $0.56 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net loss in the fourth quarter of 2022 of $5 million, or $0.30 per diluted share, compared to fourth quarter 2021 adjusted net income of $14 million, or $0.82 per diluted share. Adjusted EBITDA for the quarter was $28 million compared to the fourth quarter of 2021 Adjusted EBITDA of $56 million.
For the full year 2022, Clearwater Paper reported net sales of $2.1 billion, a 17% increase compared to net sales of $1.8 billion for 2021. Net income for the full year was $46 million or $2.68 per diluted share, compared to a net loss for 2021 of $28 million or $1.67 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income for 2022 of $62 million, or $3.63 per diluted share, compared to 2021 adjusted net income of $17 million, or $1.03 per diluted share. Adjusted EBITDA for 2022 was $227 million, compared to 2021 Adjusted EBITDA of $175 million.
details at: https://ir.clearwaterpaper.com/investors/press-releases/news-details/2023/Clearwater-Paper-Reports-Fourth-Quarter-and-Year-End-2022-Results/default.aspx