Clearwater Paper Reports First Quarter 2020 Results

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SPOKANE, Wash.)--May 5, 2020-- Clearwater Paper Corporation (NYSE:CLW), a premier supplier of quality tissue and bleached paperboard products, today reported financial results for the first quarter of 2020.

HIGHLIGHTS

  • Rapidly implemented health and safety measures and protocols to maintain consistent operations during the COVID-19 outbreak
  • Delivered strong performance in the quarter due to solid execution to meet increased demand for essential tissue and paperboard products in response to COVID-19 pandemic
  • First quarter net income of $10 million, or $0.62 per diluted share and Adjusted EBITDA of $55 million
  • Sixth consecutive quarter of sequential sales growth for the Consumer Products segment
  • First quarter operating cash flow up $42 million versus the first quarter of 2019 driven by working capital changes
  • Available liquidity, including cash on hand, of $234.4 million based upon the March 31, 2020 balance sheet

"We 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 S. Kitch, president and chief executive officer. "Our financial results for the first quarter of 2020 significantly benefited from an increase in demand for our products, particularly in our Consumer Products segment, and strong operational execution by our teams."

OVERALL RESULTS

For the first quarter of 2020, Clearwater Paper reported net sales of $478 million, an 11% increase compared to net sales of $429 million for the first quarter of 2019. Net income for the first quarter of 2020 was $10 million, or $0.62 per diluted share, compared to net income for the first quarter of 2019 of $4 million, or $0.23 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the first quarter 2020 of $10 million, or $0.57 per diluted share, compared to first quarter 2019 adjusted net income of $3 million, or $0.19 per diluted share. Adjusted EBITDA for the quarter was $55 million, compared to first quarter 2019 Adjusted EBITDA of $40 million.

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Source: Clearwater Paper

 

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