Clearwater Paper Reports Second Quarter 2023 Results

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.”

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.
details at: https://ir.clearwaterpaper.com/investors/press-releases/news-details/2023/Clearwater-Paper-Reports-Second-Quarter-2023-Results/default.aspx

Related Posts

Harvesting for Metsä Group’s bioproduct mill begins

Harvesting wood for the needs of the bioproduct mill in Äänekoski started today, on 11 August 2017. Until now, wood has been delivered to the old pulp mill and for the test runs of the new mill. The bioproduct mill start-up will begin in mid-August 2017. Buying woodfor the bioproduct mill began already in 2016. Direct harvesting begins today with thinning in the forest of Metsä Group’s owner-member Timo Akselin in Uurainen, Central Finland. The harvesting at the stand was carried out by the Saarijärvi-based Forest-Linna Oy, and the transportation was taken care of by Kuljetus H & H Heinonen Oy, based in Multia. “The start-up of the bioproduct mill is drawing closer, and we can now start increasing the harvesting volumes,” says Juha Mäntylä, EVP, Wood Supply, Metsä Group. Harvesting volumes will increase gradually this and next year. The bioproduct mill will reach its nominal production of 1.3 million tonnes of pulp approximately a year after its start-up. Click Read More below for additional detail.

Canfor Signs Agreement with Peak Renewables to Sell Fort Nelson Tenure

Canfor announced it has reached multi-year $30-million agreements with Peak Renewables involving the sale of the Company’s forest tenure in the Fort Nelson region of British Columbia. The transactions are subject to customary closing conditions, including approval from the BC Minister of Forests. Closing is expected to occur in the first quarter of 2021. The agreements follow Peak Renewables’ purchase of Canfor’s Fort Nelson mill assets in the third quarter of 2020. “I am pleased to have reached an agreement to sell our Fort Nelson tenure to Peak Renewables, a company that is committed to developing a long term plan to rejuvenate the forest industry in the region,” said Don Kayne, President and CEO, Canfor.

Magnolia Table Brings Lynx Paper Into the Kitchen

Millions of fans of Chip and Joanna Gaines, of Magnolia Homes and HGTV’s Fixer Upper fame, are getting a taste of quality from Domtar’s Rothschild Mill this year. That’s because Joanna Gaines’ new cookbook, “Magnolia Table: A Collection of Recipes for Gathering,” was printed on 80-lb. Lynx® paper made at Rothschild Mill. The book, published by HarperCollins, includes personal stories and homestyle recipes of family favorites and classic comfort food from the couple’s new restaurant in Waco, Texas. It has received glowing reviews from lovers of all the Magnolia Homes brand and was a New York Times No. 1 bestseller. Our Rothschild Mill colleagues also received high marks from the publisher; Domtar has worked with HarperCollins for more than 20 years. It’s rewarding to know that our customers and partners value our high-quality Lynx paper and excellent customer service. Click Read More below for additional information.
Back To Top
×Close search
Search