For the 2Q 2021, Clearwater Paper reported net sales of $406 million, a 15% decrease compared to net sales of $481 million for the 2Q 2020.
Net loss for the 2Q 2021 was $52 million, or $3.10 per diluted share, compared to net income for the 2Q 2020 of $23 million, or $1.36 per diluted share.
Adjusted EBITDA for the quarter was $15 million, compared to the 2Q 2020 Adjusted EBITDA of $79 million. Additionally, Clearwater Paper incurred impairment and other closure costs associated with the recently announced closure of its Neenah, Wisconsin facility of $41.7 million.
“We performed better than our initial expectations for the quarter. In paperboard, we continue to experience strong demand and robust backlogs. Tissue demand bottomed out in April as consumers de-stocked pantries and retailers adjusted inventories. Our tissue orders have started to build back to more normal levels since then,” said Arsen Kitch, President and CEO.
For the first six months of 2021, Clearwater Paper reported net sales of $832 million, a 13% decrease compared to net sales of $958 million for the first six months of 2020.
Net loss for the first six months of 2021 was $40 million, or $2.37 per diluted share, compared to net income for the first six months of 2020 of $33 million, or $1.99 per diluted share.
Adjusted EBITDA for the first six months was $69 million, compared to the first six months of 2020 Adjusted EBITDA of $134 million.
Clearwater Paper is a premier supplier of quality tissue and bleached paperboard products.
