Clearwater Paper Reports Third Quarter 2023 Results

*Outstanding performance driven by strong operational results and continued market strength in tissue
*Net sales of $520 million, down 3% from the third quarter of last year
*Net income of $37 million, or $2.17 per diluted share
*Adjusted net income of $37 million, $6 million higher than the third quarter of last year
*Adjusted EBITDA of $81 million, $3 million higher than third quarter of last year
*Adjusted EBITDA margin at 15%, up from 14% during the third quarter of last year
*Redeeming 2025 notes in Q4 2023 with a combination of a new term loan, cash on hand, and drawing on existing ABL facility
*Repurchased $5 million of outstanding shares, with $10 million remaining under program
*Reduced net debt by $69 million from second quarter of this year, $416 million since 2020

“We had an outstanding third quarter which came in at the higher end of our expectations, driven by good operational performance in both businesses and continued strength in tissue. Demand remained strong in tissue, while we balanced paperboard supply and demand to manage inventory levels,” said Arsen Kitch, president and chief executive officer. “We continued to focus on our financial flexibility by reducing net debt by $69 million in the quarter, for a total reduction of $416 million since 2020.”
details at: https://ir.clearwaterpaper.com/investors/press-releases/news-details/2023/Clearwater-Paper-Reports-Third-Quarter-2023-Results/default.aspx

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