Clearwater Paper reports first quarter 2024 results

Clearwater Paper previously announced the signing of a definitive agreement to acquire Graphic Packaging International, LLC’s bleached paperboard manufacturing facility in Augusta, Georgia, and associated businesses for $700 million, subject to inventory adjustments. The transaction is expected to close shortly.

First quarter 2024 Clearwater Paper reported net sales of $496 million compared with $525 million for first quarter 2023.

Net income for the first quarter of 2024 was $17 million, or $1.02 per diluted share, compared with $24 million, or $1.40 per diluted share, for the first quarter of 2023. On a non-GAAP basis, Clearwater Paper reported first quarter 2024 adjusted net income of $24 million, or $1.43 per diluted share, compared to first quarter 2023 adjusted net income of $25 million, or $1.47 per diluted share. Adjusted EBITDA for the first quarter of 2024 was $62 million, compared to $66 million for the first quarter of 2023.

 

In the pulp and paperboard segment, net sales were $245 million for the first quarter of 2024, down 12% from the first quarter of 2023. Operating income for the segment was $25 million for the first quarter of 2024, compared with $57 million for the first quarter of 2023. Adjusted EBITDA for the segment was $34 million for the first quarter of 2024, compared with $66 million for the first quarter of 2023.

In the Consumer Products segment, net sales were $253 million for the first quarter of 2024, up 2% from the first quarter of 2023. Segment operating income was $32 million for the first quarter of 2024, compared with $4 million for the first quarter of 2023. Adjusted EBITDA for the segment was $46 million for the first quarter of 2024, compared with $19 million for the first quarter of 2023.Clearwater Paper espera una fortaleza continua en su desempeño en productos de consumo este año y una recuperación en la demanda de cartón. También anticipan completar la adquisición de Augusta.