Clearwater Paper Corporation (NYSE:CLW),a premier supplier of quality tissue and bleached paperboard products, today reported financial results for the second quarter and first six months of 2020.
SECOND QUARTER HIGHLIGHTS
*Delivered strong performance due to continued elevated demand for tissue products and solid operational execution
*Net income of $23 million, or $1.36 per diluted share, and Adjusted EBITDA of $79 million
*Net debt reduction of over $100 million and liquidity improved to $264 million
“We continue to remain focused on two priorities – the health and safety of our employees and continuing to safely operate our facilities to meet the needs of our customers,” said Arsen Kitch, president and chief executive officer. “In the second quarter, we achieved a quarterly record Adjusted EBITDA due to elevated demand and production in tissue, stable paperboard performance and lower input costs, which resulted in strong free cash flow used to reduce our net debt.”
OVERALL RESULTS
For the second quarter of 2020, Clearwater Paper reported net sales of $480 million, a 6% increase compared to net sales of $452 million for the second quarter of 2019. Net income for the second quarter of 2020 was $23 million, or $1.36 per diluted share, compared to net loss for the second quarter of 2019 of $0.4 million, or $0.03 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the second quarter of 2020 of $28 million, or $1.67 per diluted share, compared to second quarter 2019 adjusted net income of $2 million, or $0.15 per diluted share. Adjusted EBITDA for the quarter was $79 million, compared to the second quarter of 2019 Adjusted EBITDA of $44 million.
For the first six months of 2020, Clearwater Paper reported net sales of $958 million, a 9% increase compared to net sales of $881 million for the first six months of 2019. Net income for the first six months of 2020 was $33 million, or $1.99 per diluted share, compared to net income for the first six months of 2019 of $3 million, or $0.21 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the first six months of 2020 of $37 million, or $2.24 per diluted share, compared to the first six months of 2019 adjusted net income of $6 million, or $0.34 per diluted share. Adjusted EBITDA for the first six months of 2020 was $134 million, compared to the first six months of 2019 Adjusted EBITDA of $84 million.
more detail at: https://ir.clearwaterpaper.com/investors/press-releases/news-details/2020/Clearwater-Paper-Reports-Second-Quarter-2020-Results/default.aspx