Clearwater Paper Corporation (NYSE:CLW), a premier supplier of quality tissue and bleached paperboard products, today reported financial results for the third quarter of 2021.
Third Quarter Highlights:
*Net income of $2 million, or $0.11 per diluted share
*Adjusted EBITDA of $50 million
*Reduced net debt by $7 million in the quarter and $32 million for the first nine months of 2021
*Closed Neenah, Wisconsin tissue facility
*Completed planned major maintenance at Cypress Bend, Arkansas facility
*Tissue demand recovery and paperboard price increases
“We exceeded our expectations in the third quarter with higher tissue demand, continued strength in our paperboard business, and solid operational execution,” said Arsen Kitch, president and chief executive officer. “Our performance improved relative to the second quarter with higher paperboard pricing, greater tissue volumes, and lower planned major maintenance outage expense, partly offset by increased inflation pressure.”
OVERALL RESULTS
For the third quarter of 2021, Clearwater Paper reported net sales of $450 million, a 2% decrease compared to net sales of $457 million for the third quarter of 2020. Net income for the third quarter of 2021 was $2 million, or $0.11 per diluted share, compared to net income for the third quarter of 2020 of $21 million, or $1.28 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the third quarter of 2021 of $9 million, or $0.55 per diluted share, compared to third quarter 2020 adjusted net income of $27 million, or $1.59 per diluted share. Adjusted EBITDA for the quarter was $50 million, compared to the third quarter of 2020 Adjusted EBITDA of $77 million.
For the first nine months of 2021, Clearwater Paper reported net sales of $1.3 billion, a 9% decrease compared to net sales of $1.4 billion for the first nine months of 2020. Net loss for the first nine months of 2021 was $38 million, or $2.25 per diluted share, compared to net income for the first nine months of 2020 of $55 million, or $3.27 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the first nine months of 2021 of $3 million, or $0.19 per diluted share, compared to first nine months of 2020 adjusted net income of $64 million, or $3.81 per diluted share. Adjusted EBITDA for the first nine months of 2021 was $119 million, compared to the first nine months of 2020 Adjusted EBITDA of $211 million.
Pulp and Paperboard Products Segment
Net sales in the Pulp and Paperboard Products segment were $237 million for the third quarter of 2021, up 9% compared to third quarter 2020 net sales of $217 million. Segment operating income for the third quarter of 2021 was $35 million compared to $33 million for the third quarter of 2020. Adjusted EBITDA for the segment was $43 million in the third quarter of 2021, compared to $42 million in the third quarter of 2020. The increase in operating income and Adjusted EBITDA was driven by higher sales prices offset by inflation and higher maintenance outage costs.
Net sales in the Pulp and Paperboard Products segment were $685 million for the first nine months of 2021, up 4% compared to first nine months of 2020 net sales of $657 million. Segment operating income for the first nine months of 2021 was $73 million compared to $91 million for the first nine months of 2020. Adjusted EBITDA for the segment was $99 million in the first nine months of 2021, compared to $118 million in the first nine months of 2020. The decrease in operating income and Adjusted EBITDA was driven by higher maintenance outage costs and inflation which was partially offset with higher sales prices.
further detail at: https://ir.clearwaterpaper.com/investors/press-releases/news-details/2021/Clearwater-Paper-Reports-Third-Quarter-2021-Results/default.aspx