Clearwater Paper Corporation, a premier supplier of quality consumer tissue and bleached paperboard reported financial results for the Q1 ended March 31, 2024.
For the Q1 2024, Clearwater Paper reported net sales of $496 million compared to net sales of $525 million for the Q1 2023. Net income for the Q1 2024 was $17 million, or $1.02 per diluted share, compared to net income for the Q1 2023 of $24 million, or $1.40 per diluted share.
On a non-GAAP basis, Clearwater Paper reported adjusted net income in the Q1 2024 of $24 million, or $1.43 per diluted share, compared to Q1 2023 adjusted net income of $25 million, or $1.47 per diluted share. Adjusted EBITDA for the Q1 2024 was $62 million, compared to the Q1 2023 Adjusted EBITDA of $66 million.
“Despite the significant weather event that impacted the quarter, we delivered solid results that came in at the higher end of our expectations through strong operational execution,” said Arsen Kitch, President and CEO. “Our Lewiston team did a tremendous job repairing damaged equipment under very difficult conditions and resuming operations."
“We expect continued strength in our tissue performance this year and a recovery in paperboard demand as we believe customer de-stocking is now largely behind us. We are also looking forward to completing the Augusta acquisition and personally welcoming the Augusta team to Clearwater Paper,” continued Kitch.
Clearwater Paper is a premier supplier of private brand tissue. In addition, the company produces paperboard used by quality-conscious printers and packaging converters, and offers services that include custom sheeting, slitting, and cutting.
