Clearwater Paper Reports First Quarter 2024 Results

FIRST QUARTER HIGHLIGHTS
*Strong performance driven by lower input costs and continued strength in tissue
*Continued strong demand in tissue and improved customer demand in paperboard
*Severe weather event resulting in significant disruption to production at the Lewiston site
*Net sales of $496 million, down 6% from the first quarter of last year
*Net income of $17 million, or $1.02 per diluted share, down $7 million from the first quarter of last year
*Reduced net debt by $33 million, repurchased $1 million of outstanding shares with $6 million remaining under program

“Despite the significant weather event that impacted the quarter, we delivered solid results that came in at the higher end of our expectations through strong operational execution,” said Arsen Kitch, president and chief executive officer. “Our Lewiston team did a tremendous job repairing damaged equipment under very difficult conditions and resuming operations.”

Clearwater Paper previously announced that it signed a definitive agreement to acquire from Graphic Packaging International, LLC its Augusta, Georgia bleached paperboard manufacturing facility and associated business for $700 million, subject to adjustments for inventory. The transaction is currently expected to close shortly.
https://ir.clearwaterpaper.com/investors/press-releases/news-details/2024/Clearwater-Paper-Reports-First-Quarter-2024-Results/default.aspx

Related Posts

Stora Enso delivers new low-carbon material for microwavable ready-meal trays

Trayforma by Stora Enso is a new wood fibre-based material composition designed for microwavable food tray packaging. The renewable material is free of PET, has a very low share of PP and a lower carbon footprint compared to traditional meal tray products. The material contains up to 95% wood fibres, making it widely recyclable in most existing carton packaging recycling schemes. Microwavable meals are typically packed in fossil-based PET trays as the material is safe for heating. Stora Enso’s Trayforma material replaces fossil-based plastics with renewable, light-weight paperboard that significantly lowers the carbon footprint of each tray. By changing to recyclable, low-carbon trays, brand owners and retailers selling microwave ready-meals can act on circular economy commitments.

Kruger Announces Newsprint Price Increase

We are announcing a US$70/MT (45 gsm) newsprint price increase to be phased in over two months. The price will increase by US35/MT (45 gsm) effective with shipments on or after April 1, 2018 and a second US$35/MT (45 gsm) will be implemented on shipments on or after May 1, 2018. The transaction price for all other basis weights and other Uncoated Groundwood products (Krubook and Krubrite) will be adjusted accordingly.

Avery Dennison to Acquire Vestcom

Avery Dennison announced that it has signed an agreement to acquire Vestcom, a privately held market-leading provider of pricing and branded labeling solutions at the shelf-edge for retailers and consumer packaged goods companies, for $1.45 billion in a cash transaction, subject to certain closing and post-closing adjustments. Vestcom uses data management capabilities to synthesize and streamline store-level data and deliver item-specific, price-integrated messaging at the shopper’s point of decision. The acquisition is expected to close in the third quarter of 2021, subject to regulatory approvals and other customary closing conditions. Vestcom is headquartered in Little Rock, Arkansas, with roughly $400 million in annual revenue. The company has 11 U.S. production facilities and approximately 1,200 employees, with sales across multiple U.S. retail channels, including grocery, drug, and dollar. Vestcom’s solutions include stackz® pre-cut, pre-sorted self-adhering shelf labels; shelfStrips® shelf-edge planogram displays; adSigns® signage kits; and shelfAdz® branded marketing displays.
Back To Top
×Close search
Search