Clearwater Paper Corporation reports third-quarter 2025 financial results

Clearwater Paper Corporation, an independent leading supplier of bleached board to North American converters, reported financial results for the third quarter ended September 30, 2025.

Net sales reached $399 million, a 1 % increase compared to the third quarter of 2024, mainly driven by a 3 % increase in shipment volumes, partially offset by lower selling prices. The company reported a net loss of $53 million, or $3.30 per diluted share, compared with a net gain of $6 million, or $0.35 per diluted share, in the same quarter of 2024, primarily due to a non-cash goodwill impairment of $45 million.

Adjusted net loss from continuing operations was $8 million, or $0.51 per diluted share, compared to an adjusted loss of $11 million, or $0.64 per diluted share, in the third quarter of 2024. Adjusted EBITDA from continuing operations was $18 million, versus $21 million in the same period in 2024.

The major planned maintenance shutdown at the Lewiston, Idaho plant was successfully completed with a direct cost of approximately $24 million. The company highlighted benefits from its fixed-cost reduction measures, projecting nearly $50 million in total savings for 2025, exceeding the initial target of $30–$40 million.

“We had a solid third quarter, placing us at the high end of our projected adjusted EBITDA range, driven by higher shipments, improved production, and the ongoing execution of our fixed-cost reduction initiatives,” said Arsen Kitch, President and CEO. “Our Lewiston team also did an exceptional job completing the major maintenance shutdown as planned.”

GENERAL AND YEAR-TO-DATE RESULTS

For the third quarter of 2025, Clearwater Paper reported net sales of $399 million, compared to $393 million in Q3 2024. Net loss from continuing operations was $54 million, or $3.34 per diluted share, compared to $11 million, or $0.64 per diluted share, in 2024. The increase in net loss was mainly due to a $48 million goodwill impairment charge (45 million after taxes), with no cash impact.

Adjusted EBITDA from continuing operations was $18 million, compared to $21 million in Q3 2024, reflecting the timing of the planned Lewiston shutdown and lower selling prices, offset by higher shipment volumes, lower input costs, and ongoing cost reduction activities.

For the first nine months of 2025, net sales totaled $1.2 billion, compared with $997 million in the same period of 2024. Net loss from continuing operations was $56 million ($3.47 per diluted share), mainly due to the goodwill impairment, versus $54 million ($3.27 per diluted share) for the same period in 2024. Adjusted EBITDA from continuing operations reached $87 million, driven by higher shipment volumes and cost reduction benefits, partially offset by lower selling prices.

 

SALES VOLUMES AND PRICES

Third-quarter shipment volumes totaled 324,198 tons, a 3 % increase from 314,320 tons in Q3 2024. For the first nine months of 2025, volumes reached 918,399 tons, up 19 % compared to 774,207 tons in the same period of 2024.

The average net selling price of board decreased 3 % in the third quarter to $1,160 per ton and 4 % for the first nine months to $1,176 per ton.

COMPANY OUTLOOK

“SBS continues to have excess supply, which we believe also affects the overall consumer board market. While we remain optimistic about the recovery, we are focused on what we can control: reducing fixed costs and maintaining market share. We believe our high-quality assets are well positioned to generate significant cash flows and solid long-term capital returns,” Kitch concluded.

WEBCAST INFORMATION

Clearwater Paper Corporation will present these results during a conference call at 2:00 p.m. Pacific Time on October 28, 2025. The live webcast and additional information will be available on the company website, and the recording will be accessible from 5:00 p.m. Pacific Time the same day.