Sylvamo to Suspend Russian Operations

For the first quarter of 2023, Clearwater Paper reported net sales of $525 million, an 8% increase compared to net sales of $488 million for the first quarter of 2022. Net income for the first quarter of 2023 was $24 million, or $1.40 per diluted share, compared to net income for the first quarter of 2022 of $17 million, or $0.97 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the first quarter of 2023 of $25 million, or $1.47 per diluted share, compared to first quarter 2022 adjusted net income of $18 million, or $1.03 per diluted share.

Sappi Chief Executive Officer Steve Binnie, commenting on the group’s performance, said: “Sappi has delivered another strong set of results with profits up 6% year-on-year. I am very pleased with the growth of the dissolving wood pulp (DWP) and speciality packaging businesses. Furthermore our initiatives to reduce variable costs and the benefits of lower interest charges were able to help mitigate higher paper pulp prices and a stronger Rand/Dollar exchange rate during the reporting period. “Capital expenditure in 2018 is expected to increase to US$450 million as we continue the conversions in both Europe and North America, complete the Saiccor and Ngodwana debottlenecking and start the upgrade of the Saiccor wood-yard. The increase in expansionary capital spending during 2018 is focused on higher margin growth segments including dissolving wood pulp and speciality packaging. This will position us for stronger profitability from 2019 onwards.” Click Read More below for additional information.

Key highlights Q1 *Organic* and currency-neutral sales growth of 6% *Market-related downtime in several mills due to customers’ destocking and expectations of weaker market conditions *Prices increased for liquid board and speciality paper, were stable for graphic paper and cartonboard, and decreased for other product categories *All-time high input costs. Quarterly data Q1 *Net sales increased by 55% to SEK 11,495 million (7,397), whereof Billerud North America accounted for SEK 3,311 million (–) *Operating profit was SEK 806 million (1,189) *Net profit was SEK 639 million (884)