SPOKANE, Wash.-- Clearwater Paper Corporation (NYSE:CLW), a premier supplier of quality tissue and bleached paperboard products, today reported financial results for the first quarter of 2021.
FIRST QUARTER HIGHLIGHTS
- Net income of $12 million, or $0.71 per diluted share
- Adjusted EBITDA of $54 million
- Reduced net debt by $21 million
- Strong demand for paperboard products
“Both of our businesses performed well in the first quarter, despite some headwinds. For paperboard, we experienced strong demand and robust backlogs. The tissue business saw a decrease in demand as consumers de-stocked their pantries and retailers reduced orders to manage their inventories,” said Arsen Kitch, president and chief executive officer. “While the decrease in tissue demand is a short-term phenomenon, we remain focused on generating cash, reducing debt, and driving long-term performance improvements.”
OVERALL RESULTS
For the first quarter of 2021, Clearwater Paper reported net sales of $426 million, an 11% decrease compared to net sales of $478 million for the first quarter of 2020. Net income for the first quarter of 2021 was $12 million, or $0.71 per diluted share, compared to net income for the first quarter of 2020 of $10 million, or $0.62 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the first quarter of 2021 of $12 million, or $0.69 per diluted share, compared to first quarter 2020 adjusted net income of $10 million, or $0.57 per diluted share. Adjusted EBITDA for the quarter was $54 million, compared to the first quarter of 2020 Adjusted EBITDA of $55 million.
Source: Clearwater Paper
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