Clearwater Paper Reports Third Quarter 2022 Results

Clearwater Paper Corporation (NYSE:CLW), a premier supplier of quality tissue and bleached paperboard products, today reported financial results for the third quarter and nine months ended September 30, 2022.

THIRD QUARTER HIGHLIGHTS
*Delivered strong performance in the quarter, with price realization helping offset inflation
*Net sales of $539 million, up 20% compared to the third quarter of last year
*Net income of $21 million, or $1.21 per diluted share
*Adjusted EBITDA of $77 million
*Continued to reduce net debt, with nearly $106 million reduced year to date

“We had an excellent third quarter, which exceeded our expectations with strong volumes, pricing and operational performance,” said Arsen Kitch, president and chief executive officer. “While paperboard demand and pricing remained strong, our tissue performance continued to improve with higher pricing helping to offset the impact of inflation.”

For the third quarter of 2022, Clearwater Paper reported net sales of $539 million, a 20% increase compared to net sales of $450 million for the third quarter of 2021. Net income for the third quarter of 2022 was $21 million, or $1.21 per diluted share, compared to net income for the third quarter of 2021 of $2 million, or $0.11 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the third quarter of 2022 of $31 million, or $1.83 per diluted share, compared to third quarter 2021 adjusted net income of $9 million, or $0.55 per diluted share. Adjusted EBITDA for the quarter was $77 million, compared to the third quarter of 2021 Adjusted EBITDA of $50 million.

For the first nine months of 2022, Clearwater Paper reported net sales of $1.6 billion, a 21% increase compared to net sales of $1.3 billion for the first nine months of 2021. Net income for the first nine months of 2022 was $52 million, or $3.04 per diluted share, compared to net loss for the first nine months of 2021 of $38 million, or $2.25 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the first nine months of 2022 of $68 million, or $3.96 per diluted share, compared to first nine months of 2021 adjusted net income of $3 million, or $0.19 per diluted share. Adjusted EBITDA for the first nine months was $199 million, compared to the first nine months of 2021 Adjusted EBITDA of $119 million.
details at: https://ir.clearwaterpaper.com/investors/press-releases/news-details/2022/Clearwater-Paper-Reports-Third-Quarter-2022-Results/default.aspx

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