SPOKANE, Wash. - Clearwater Paper Corporation (NYSE:CLW), a premier supplier of quality consumer tissue and bleached paperboard today reported financial results for the fourth quarter and year ended December 31, 2023.
2023 FOURTH QUARTER HIGHLIGHTS
- Strong performance driven by solid operational results and continued strength in tissue
- Natural gas disruption impacted Lewiston mill operations in November
- Net income of $18 million, or $1.04 per diluted share and Adjusted EBITDA of $63 million
- Net sales of $513 million, down 3% compared to the fourth quarter of 2022
- Reduced net debt by $32 million, repurchased $3 million of outstanding shares, with $7 million remaining under program
2023 FULL YEAR HIGHLIGHTS
- Outstanding year driven by performance improvement in tissue
- Net income of $108 million, or $6.30 per diluted share and Adjusted EBITDA of $281 million, up $54 million versus 2022
- Net sales of $2.1 billion, flat compared with 2022, strong tissue demand offset softness in paperboard
- Net debt reduction of $89 million, more than $450 million since 2020; completed refinancing of 2014 Notes
- Repurchased $18 million of outstanding shares
Source: Clearwater Paper
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