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

Important Business Announcement from Boise Paper

Effective with shipments October 9, 2017, Boise Paper will raise prices by $2/cwt on all private label and branded office papers, printing papers, and converting papers. All minimums, up-charges and shipping policies remain unchanged. Please contact your Boise Paper sales representative with any questions regarding these changes.

Sappi Europe joins Intergraf as an associate member strengthening industry collaboration and innovation

Sappi Europe recently announced that it has now joined Intergraf’s group of 22 national member associations and 15 associate members across 25 countries, which will further its role in promoting the European print industry. In the evolving print industry, Sappi strongly believes in the role of print for the next generation of readers, and for brands. People are hardwired to hold print—72% of people prefer printed material versus a digital version. It is viewed as 200% more intimate—people feel more valued when receiving printed mail over e-mail, and twice as likely to feel positive toward the sender. The return on investment speaks volumes—60% of people look up a brand online after receiving printed materials. With declining print volumes, Sappi acknowledges that the paper industry must provide value beyond the product by aligning with projects and organisations that further the unique strengths of the European printing industry.

Sappi encourages innovation by supporting one of the first Graphic Arts Industry Hackathons

Sappi has joined forces with VIGC (Flemish Innovation Center for the Graphic Communication) and EY in their endeavor to launch one of the first Graphic Arts Industry Hackathons. A Hackathon is a method of creative problem solving designed to boost disruptive innovation. The target of this event is to create synergies, foster innovation and trigger ideas that will future-proof the print industry by tackling and contributing solutions to its most pressing challenges. These categories being covered are: Commercial Print, Packaging & Labels, Publishing and Industrial Printing. The hackathon will take place on 12th and 13th of October, 2020, in a virtual format, thus enabling global participation. Startups, scale-ups, students, creatives and all industry enthusiasts are encouraged to join. Registrations can be done here: https://vigc.thefactory.works
Back To Top
×Close search
Search