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

Related Posts

WestRock Wins Two Awards at This Year’s Spirit of Alliance Awards

The Georgia Minority Supplier Development Council (GMSDC) recognized supplier diversity champions at the 35th Spirit of Alliance Awards, held on August 25, at the Atlanta Marriott Marquis hotel. The Spirit of Alliance Gala honors the corporations, Minority Business Enterprises (MBEs) and supplier diversity advocates that are setting the standard for small business development and creating opportunities for minority-owned businesses in Georgia. The Spirit of Alliance Awards honors corporations', Minority Business Enterprises (MBEs) and supplier diversity advocates that are setting the standard for small business development and creating opportunities for minority-owned businesses in Georgia. Click Read More below for additional information.

Brazil’s Suzano lost 80,000 tonnes of pulp production during truckers’ protest

Brazilian pulpmaker Suzano Papel e Celulose SA lost about 80,000 tonnes of pulp production and 25,000 tonnes of paper production during a late-May truckers’ strike, the company said in a securities filing on Thursday. For an 11-day period in late May, truckers protesting high fuel prices blocked highways across Brazil, seriously affecting industries ranging from retail to agribusiness to aviation. (Reporting by Gram Slattery)
Back To Top
×Close search
Search