Clearwater Paper Reports First Quarter 2023 Results

FIRST QUARTER HIGHLIGHTS
*Solid performance in the quarter, with price realization offsetting inflation
*Strong demand for tissue products, softening demand for paperboard
*Net sales of $525 million, up 8% compared to the first quarter of last year, driven by higher pricing
*Net income of $24 million, or $1.40 per diluted share
*Adjusted EBITDA of $66 million

“Our performance improved relative to the fourth quarter, as we resolved operational issues at our paperboard mills and continued to see higher pricing,” said Arsen Kitch, president and chief executive officer. “Demand for our tissue products remained strong, while demand softened in our paperboard business. Despite uncertain economic conditions, both of our businesses are in markets that have historically been economically resilient.”

OVERALL RESULTS
For the first quarter of 2023, Clearwater Paper reported net sales of $525 million, an 8% increase compared to net sales of $488 million for the first quarter of 2022. Net income for the first quarter of 2023 was $24 million, or $1.40 per diluted share, compared to net income for the first quarter of 2022 of $17 million, or $0.97 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the first quarter of 2023 of $25 million, or $1.47 per diluted share, compared to first quarter 2022 adjusted net income of $18 million, or $1.03 per diluted share. Adjusted EBITDA for the quarter was $66 million, compared to the first quarter of 2022 Adjusted EBITDA of $59 million.
details at: https://ir.clearwaterpaper.com/investors/press-releases/news-details/2023/Clearwater-Paper-Reports-First-Quarter-2023-Results/default.aspx

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