Clearwater Paper Reports First Quarter 2022 Results

Clearwater Paper Corporation (NYSE:CLW), a premier supplier of quality tissue and bleached paperboard products, today reported financial results for the first quarter ended March 31, 2022.

FIRST QUARTER HIGHLIGHTS
*Delivered strong performance due to continued strength in the paperboard business and improvements in tissue
*Higher pricing in both businesses helping to offset inflation
*Net sales of $488 million, up 15% compared to the first quarter of last year
*Net income of $17 million, or $0.97 per diluted share
*Adjusted EBITDA of $59 million
*Reduced net debt by $31 million in the quarter

“Our performance in the first quarter exceeded our expectations due to strong operational execution and improved pricing in both businesses,” said Arsen Kitch, president and chief executive officer. “Our paperboard business continued to experience strong demand and pricing, and we were able to produce and sell more volume than anticipated. Our tissue volumes stabilized, and pricing improved, which drove performance improvement relative to the fourth quarter of last year.”

OVERALL RESULTS
For the first quarter of 2022, Clearwater Paper reported net sales of $488 million, a 15% increase compared to net sales of $426 million for the first quarter of 2021. Net income for the first quarter of 2022 was $17 million, or $0.97 per diluted share, compared to net income for the first quarter of 2021 of $12 million, or $0.71 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the first quarter of 2022 of $18 million, or $1.03 per diluted share, compared to first quarter 2021 adjusted net income of $12 million, or $0.69 per diluted share. Adjusted EBITDA for the quarter was $59 million, compared to the first quarter of 2021 Adjusted EBITDA of $54 million.
details at: https://ir.clearwaterpaper.com/investors/press-releases/news-details/2022/Clearwater-Paper-Reports-First-Quarter-2022-Results/default.aspx

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