For the Q3 2024, Clearwater Paper Corporation reported net sales from total operations of $644 million compared to $520 million for the Q3 2023.
Clearwater Paper reported net income from total operations for the Q3 2024 of $6 million, or $0.35 per diluted share compared to $37 million, or $2.17 per diluted share in the Q3 2023.
Adjusted EBITDA from total operations was $64 million compared to Q3 2023 of $81 million. The decrease in Adjusted EBITDA from total operations was primarily driven by lower sales prices and the residual impacts of the company's planned major maintenance outage at its Lewiston, Idaho facility offset by higher sales volume due to the inclusion of its Augusta facility.
For the first nine months of 2024, Clearwater Paper reported net sales from total operations of $1.7 billion, a 10% increase compared to $1.6 billion for the first nine months of 2023. Clearwater Paper reported a net loss from total operations for the first nine months of 2024 of $3 million, or $0.17 per diluted share, compared to net income from total operations for the first nine months of 2023 of $90 million, or $5.29 per diluted share.
Adjusted EBITDA from total operations for the first nine months of 2024 was $160 million, compared to the first nine months of 2023 of $218 million. The decrease in Adjusted EBITDA from total operations was primarily driven by lower sales prices and the impacts of the company's planned major maintenance outage at its Lewiston Idaho facility, partially offset by lower input costs.
“We delivered a strong Q3, even as we dealt with the impact of Hurricane Helene at our Augusta, Georgia and Shelby, North Carolina facilities,” said Arsen Kitch, president and CEO. “We are also pleased that we closed on the sale of our tissue business and are now well positioned to execute on our strategy of building a premier paperboard company that is focused on servicing independent converters in North America.”
“While we are currently experiencing challenging SBS industry conditions, we remain confident in the long-term fundamentals of paperboard packaging. We are taking actions to reduce our costs to ensure that we deliver strong cash flows regardless of where we are in the industry cycle. We used proceeds from the sale of our tissue business to de-lever our balance sheet and position ourselves to take advantage of opportunities to grow and diversify our paperboard product portfolio.”
Clearwater Paper is a premier independent supplier of paperboard packaging products to North American converters.
