Clearwater Paper Reports Fourth Quarter and Year End 2022 Results
Clearwater Paper Corporation (NYSE:CLW) reported Q4 and full-year 2022 financial results. Q4 net sales were $527 million, up 8% year-over-year, with a net loss of $6 million. Full-year net sales reached $2.1 billion, a 17% increase, driven by strong paperboard demand and higher pricing. Adjusted EBITDA for Q4 was $28 million, a decline from $56 million in Q4 2021, while full-year adjusted EBITDA improved to $227 million from $175 million in 2021. Operational challenges impacted Q4 performance. Despite a net loss in Q4, the company achieved significant net income of $46 million for the year. The outlook for 2023 focuses on enhancing operational performance.
- Full-year net sales of $2.1 billion, up 17% from 2021, driven by higher pricing and stronger tissue volumes.
- Net income for 2022 was $46 million, contrasting with a net loss of $28 million in 2021.
- Adjusted EBITDA improved to $227 million for 2022, up from $175 million in 2021.
- Net debt reduction of $108 million in 2022, totaling $377 million since 2020.
- Q4 net loss of $6 million, compared to net income of $10 million in Q4 2021.
- Adjusted EBITDA for Q4 fell to $28 million from $56 million in Q4 2021, driven by operational issues.
- Paperboard sales volumes decreased by 11% in Q4 2022 compared to Q4 2021.
2022 FOURTH QUARTER HIGHLIGHTS
- Operational and weather-related issues impacted paperboard operations
-
Completed planned major maintenance at the
Lewiston, Idaho facility -
Net loss of
$6 million $0.34 $28 million -
Net sales of
$527 million 8% compared to the fourth quarter of 2021
2022 FULL YEAR HIGHLIGHTS
- Delivered strong performance due to robust demand for paperboard products
-
Net income of
$46 million -
Adjusted EBITDA of
$227 million -
Net sales of
$2.1 billion 17% compared to 2021 due to higher pricing and stronger tissue volumes -
Net debt reduction of
$108 million $377 million
“We had a very good year, with strong results in paperboard and improvements in tissue. We continued to reduce net debt and improved our overall financial flexibility,” said
OVERALL RESULTS
For the fourth quarter of 2022, Clearwater Paper reported net sales of
For the full year 2022, Clearwater Paper reported net sales of
Pulp and Paperboard Segment
Net sales in the Pulp and Paperboard segment were
Net sales in the Pulp and Paperboard segment were
Pulp and Paperboard Sales Volumes and Prices:
-
Paperboard sales volumes were 188,999 tons in the fourth quarter of 2022, a decrease of
11% compared to 211,503 tons in the fourth quarter of 2021. Paperboard sales volumes were 814,556 tons for the year ended 2022 compared to 822,206 tons for the year ended 2021. -
Paperboard average net selling price increased
23% to$1,429 $1,164 25% to$1,356 $1,088
Consumer Products Segment
Net sales in the Consumer Products segment were
Net sales in the Consumer Products segment were
Retail Tissue Sales Volumes and Prices:
-
Retail tissue volumes sold were 80,766 tons in the fourth quarter of 2022, a increase of
2% compared to 79,491 tons in the fourth quarter of 2021. Retail tissue volumes sold were 309,735 tons for the year ended of 2022, a increase of8% compared to 287,987 tons for 2021. -
Retail tissue average net selling prices increased
9% to$3,095 $2,831 9% to$3,010 $2,771
COMPANY OUTLOOK
“Our focus in 2023 is on improving our operational performance while continuing to generate strong free cash flows,” said
WEBCAST INFORMATION
ABOUT CLEARWATER PAPER
Clearwater Paper is a premier supplier of private brand tissue to major retailers, including grocery, club, mass merchants, and discount stores. In addition, the company produces bleached paperboard used by quality-conscious printers and packaging converters, and offers services that include custom sheeting, slitting, and cutting. Clearwater Paper's employees build shareholder value by developing strong relationships through quality and service.
USE OF NON-GAAP MEASURES
In this press release, the company presents certain non-GAAP financial information for the fourth quarter and full year 2022 and 2021, including adjusted net income (loss), adjusted net income (loss) per diluted share and Adjusted EBITDA. Because these amounts are not in accordance with GAAP, reconciliations to net income (loss) as determined in accordance with GAAP are included in the tables at the end of this press release. The company presents these non-GAAP amounts because management believes they assist investors and analysts in comparing the company's performance across reporting periods on a consistent basis by excluding items that the company does not believe are indicative of its core operating performance. In addition, the company uses Adjusted EBITDA: (i) as a factor in evaluating management’s performance when determining incentive compensation, (ii) to evaluate the effectiveness of the company's business strategies, and (iii) because the company's credit agreement and the indentures governing the company's outstanding notes use metrics similar to Adjusted EBITDA to measure the company's compliance with certain covenants.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding inflation, our expectations regarding the paperboard and tissue markets, operational and financial performance, cash flow generation and ability to execute into the first quarter and 2023. These forward-looking statements are based on current expectations, estimates, assumptions, and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to: competitive pricing pressures for our products, including as a result of capacity additions, demand reduction and the impact of foreign currency fluctuations on the pricing of products globally; changes in the
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Consolidated Statements of Operations |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(In millions, except per share data) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net sales |
$ |
526.7 |
|
|
$ |
489.8 |
|
|
$ |
2,080.1 |
|
|
$ |
1,772.6 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of sales |
|
491.4 |
|
|
|
429.1 |
|
|
|
1,823.4 |
|
|
|
1,590.0 |
|
Selling, general and administrative expenses |
|
33.5 |
|
|
|
30.5 |
|
|
|
133.0 |
|
|
|
112.9 |
|
Other operating charges, net |
|
1.2 |
|
|
|
2.6 |
|
|
|
9.7 |
|
|
|
57.7 |
|
Total operating costs and expenses |
|
526.1 |
|
|
|
462.2 |
|
|
|
1,966.2 |
|
|
|
1,760.6 |
|
Income from operations |
|
0.6 |
|
|
|
27.6 |
|
|
|
113.9 |
|
|
|
12.0 |
|
Interest expense, net |
|
(7.3 |
) |
|
|
(8.9 |
) |
|
|
(34.6 |
) |
|
|
(36.4 |
) |
Debt retirement costs |
|
— |
|
|
|
(0.5 |
) |
|
|
(0.5 |
) |
|
|
(1.0 |
) |
Other non-operating expense |
|
(1.4 |
) |
|
|
(2.6 |
) |
|
|
(5.7 |
) |
|
|
(10.4 |
) |
Total non-operating expense |
|
(8.8 |
) |
|
|
(12.0 |
) |
|
|
(40.9 |
) |
|
|
(47.7 |
) |
Income (loss) before income taxes |
|
(8.2 |
) |
|
|
15.6 |
|
|
|
73.1 |
|
|
|
(35.7 |
) |
Income tax provision (benefit) |
|
(2.3 |
) |
|
|
6.1 |
|
|
|
27.0 |
|
|
|
(7.7 |
) |
Net income (loss) |
$ |
(5.9 |
) |
|
$ |
9.6 |
|
|
$ |
46.0 |
|
|
$ |
(28.1 |
) |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per common share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.35 |
) |
|
$ |
0.57 |
|
|
$ |
2.71 |
|
|
$ |
(1.67 |
) |
Diluted |
|
(0.34 |
) |
|
|
0.56 |
|
|
|
2.68 |
|
|
|
(1.67 |
) |
Average shares outstanding (in thousands): |
|
|
|
|
|
|
|
||||||||
Basic |
|
16,974 |
|
|
|
16,761 |
|
|
|
16,985 |
|
|
|
16,767 |
|
Diluted |
|
17,204 |
|
|
|
17,149 |
|
|
|
17,181 |
|
|
|
16,767 |
|
|
||||||
Condensed Consolidated Balance Sheets |
||||||
(Unaudited) |
||||||
|
|
|
||||
(In millions) |
|
|
||||
Assets |
|
|
||||
Current assets: |
|
|
||||
Cash and cash equivalents |
$ |
53.7 |
|
$ |
25.2 |
|
Receivables, net |
|
188.8 |
|
|
167.4 |
|
Inventories, net |
|
324.0 |
|
|
277.7 |
|
Other current assets |
|
19.9 |
|
|
16.9 |
|
Total current assets |
|
586.3 |
|
|
487.2 |
|
Property, plant and equipment, net |
|
1,017.1 |
|
|
1,081.8 |
|
Other assets, net |
|
100.1 |
|
|
121.1 |
|
Total Assets |
$ |
1,703.5 |
|
$ |
1,690.1 |
|
|
|
|
||||
Liabilities and Stockholders' Equity |
|
|
||||
Current liabilities: |
|
|
||||
Current portion of long-term debt |
$ |
0.9 |
|
$ |
1.6 |
|
Accounts payable and accrued liabilities |
|
311.1 |
|
|
252.5 |
|
Total current liabilities |
|
312.0 |
|
|
254.1 |
|
Long-term debt |
|
564.9 |
|
|
637.6 |
|
Liability for pension and other postretirement employee benefits |
|
58.2 |
|
|
73.6 |
|
Deferred tax liabilities and other long-term obligations |
|
196.4 |
|
|
213.1 |
|
Total Liabilities |
|
1,131.5 |
|
|
1,178.3 |
|
|
|
|
||||
Common Stock |
|
— |
|
|
— |
|
Additional paid-in capital |
|
28.5 |
|
|
23.6 |
|
Retained earnings |
|
576.8 |
|
|
530.7 |
|
Accumulated other comprehensive loss, net of tax |
|
(33.3 |
) |
|
(42.6 |
) |
Total Stockholders' Equity |
|
572.1 |
|
|
511.7 |
|
Total Liabilities and Stockholders' Equity |
$ |
1,703.5 |
$ |
1,690.1 |
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|
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Consolidated Statements of Cash Flows |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(In millions) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Operating Activities |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
(5.9 |
) |
|
$ |
9.6 |
|
|
$ |
46.0 |
|
|
$ |
(28.1 |
) |
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
25.9 |
|
|
|
25.4 |
|
|
|
103.3 |
|
|
|
105.0 |
|
Equity-based compensation expense |
|
3.1 |
|
|
|
2.2 |
|
|
|
12.7 |
|
|
|
9.1 |
|
Deferred taxes |
|
(2.2 |
) |
|
|
9.7 |
|
|
|
(7.9 |
) |
|
|
(9.7 |
) |
Defined benefit pension and other postretirement employee benefits |
|
0.8 |
|
|
|
1.9 |
|
|
|
3.0 |
|
|
|
7.2 |
|
Amortization of deferred debt costs and debt retirement |
|
0.2 |
|
|
|
0.9 |
|
|
|
2.0 |
|
|
|
2.8 |
|
(Gain) loss on sale or impairment associated with assets |
|
0.3 |
|
|
|
(1.4 |
) |
|
|
6.1 |
|
|
|
35.7 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
(Increase) decrease in accounts receivable |
|
0.7 |
|
|
|
(5.2 |
) |
|
|
(16.9 |
) |
|
|
(5.3 |
) |
(Increase) decrease in inventory |
|
2.8 |
|
|
|
8.1 |
|
|
|
(46.3 |
) |
|
|
(20.2 |
) |
Increase in other current assets |
|
(8.0 |
) |
|
|
(7.0 |
) |
|
|
(2.4 |
) |
|
|
(1.7 |
) |
Increase (decrease) in accounts payable and accrued liabilities |
|
(0.8 |
) |
|
|
(11.9 |
) |
|
|
49.2 |
|
|
|
1.9 |
|
Other, net |
|
0.4 |
|
|
|
(0.2 |
) |
|
|
1.5 |
|
|
|
(0.2 |
) |
Net cash flows provided by operating activities |
|
17.4 |
|
|
|
32.1 |
|
|
|
150.2 |
|
|
|
96.4 |
|
|
|
|
|
|
|
|
|
||||||||
Investing Activities |
|
|
|
|
|
|
|
||||||||
Additions to property, plant and equipment |
|
(13.5 |
) |
|
|
(8.5 |
) |
|
|
(33.5 |
) |
|
|
(38.4 |
) |
Net proceeds from divested assets |
|
— |
|
|
|
13.3 |
|
|
|
— |
|
|
|
13.3 |
|
Net cash flows provided by (used in) investing activities |
|
(13.5 |
) |
|
|
4.8 |
|
|
|
(33.5 |
) |
|
|
(25.1 |
) |
|
|
|
|
|
|
|
|
||||||||
Financing Activities |
|
|
|
|
|
|
|
||||||||
Repayments of long-term debt |
|
(0.1 |
) |
|
|
(39.7 |
) |
|
|
(80.9 |
) |
|
|
(81.0 |
) |
Taxes paid related to net share settlement of equity awards |
|
— |
|
|
|
— |
|
|
|
(2.5 |
) |
|
|
(1.7 |
) |
Repurchases of common stock |
|
— |
|
|
|
— |
|
|
|
(5.0 |
) |
|
|
— |
|
Payments for debt issuance costs |
|
(0.9 |
) |
|
|
— |
|
|
|
(0.9 |
) |
|
|
— |
|
Other, net |
|
— |
|
|
|
0.2 |
|
|
|
0.8 |
|
|
|
0.7 |
|
Net cash flows used in financing activities |
|
(1.0 |
) |
|
|
(39.5 |
) |
|
|
(88.6 |
) |
|
|
(82.0 |
) |
|
|
|
|
|
|
|
|
||||||||
Increase (decrease) in cash, cash equivalents and restricted cash |
|
2.9 |
|
|
|
(2.6 |
) |
|
|
28.2 |
|
|
|
(10.7 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
51.5 |
|
|
|
28.9 |
|
|
|
26.2 |
|
|
|
36.9 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
54.4 |
|
|
$ |
26.2 |
|
|
$ |
54.4 |
|
|
$ |
26.2 |
|
|
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Segment Information |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(In millions) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Segment net sales: |
|
|
|
|
|
|
|
||||||||
Pulp and Paperboard |
$ |
273.5 |
|
|
$ |
261.3 |
|
|
$ |
1,136.3 |
|
|
$ |
946.0 |
|
Consumer Products |
|
254.1 |
|
|
|
231.8 |
|
|
|
950.2 |
|
|
|
835.0 |
|
Eliminations |
|
(0.9 |
) |
|
|
(3.3 |
) |
|
|
(6.4 |
) |
|
|
(8.4 |
) |
Total segment net sales |
$ |
526.7 |
|
|
$ |
489.8 |
|
|
$ |
2,080.1 |
|
|
$ |
1,772.6 |
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss): |
|
|
|
|
|
|
|
||||||||
Pulp and Paperboard |
$ |
17.5 |
|
|
$ |
53.1 |
|
|
$ |
183.5 |
|
|
|
125.7 |
|
Consumer Products |
|
1.6 |
|
|
$ |
(7.5 |
) |
|
|
11.3 |
|
|
|
4.0 |
|
Corporate and eliminations |
|
(17.3 |
) |
|
|
(15.3 |
) |
|
|
(71.1 |
) |
|
|
(60.1 |
) |
Other operating charges, net 1 |
$ |
(1.2 |
) |
|
|
(2.6 |
) |
|
|
(9.7 |
) |
|
|
(57.7 |
) |
Income from operations |
$ |
0.6 |
|
|
$ |
27.6 |
|
|
$ |
113.9 |
|
|
$ |
12.0 |
|
1 |
Other operating charges, net consist of amounts unrelated to ongoing core operating activities. Please refer to Note 8 within Clearwater Paper's Form 10-K filed with the |
|
|||||||||||||||
Reconciliation of Non-GAAP Financial Measures |
|||||||||||||||
Adjusted EBITDA |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(In millions) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net income (loss) |
$ |
(5.9 |
) |
|
$ |
9.6 |
|
|
$ |
46.0 |
|
|
$ |
(28.1 |
) |
Add back: |
|
|
|
|
|
|
|
||||||||
Income tax provision (benefit) |
|
(2.3 |
) |
|
|
6.1 |
|
|
|
27.0 |
|
|
|
(7.7 |
) |
Interest expense, net |
|
7.3 |
|
|
|
8.9 |
|
|
|
34.6 |
|
|
|
36.4 |
|
Depreciation and amortization expense |
|
25.9 |
|
|
|
25.4 |
|
|
|
103.3 |
|
|
|
105.0 |
|
Other operating charges, net1 |
|
1.2 |
|
|
|
2.6 |
|
|
|
9.7 |
|
|
|
57.7 |
|
Other non-operating expense |
|
1.4 |
|
|
|
2.6 |
|
|
|
5.7 |
|
|
|
10.4 |
|
Debt retirement costs |
|
— |
|
|
|
0.5 |
|
|
|
0.5 |
|
|
|
1.0 |
|
Adjusted EBITDA |
$ |
27.8 |
|
|
$ |
55.6 |
|
|
$ |
226.9 |
|
|
$ |
174.6 |
|
|
|
|
|
|
|
|
|
||||||||
Pulp and Paperboard segment income |
$ |
17.5 |
|
|
$ |
53.1 |
|
|
$ |
183.5 |
|
|
$ |
125.7 |
|
Depreciation and amortization expense |
|
9.2 |
|
|
|
8.8 |
|
|
|
37.0 |
|
|
|
35.7 |
|
Adjusted EBITDA Pulp and Paperboard segment |
$ |
26.7 |
|
|
$ |
61.9 |
|
|
$ |
220.4 |
|
|
$ |
161.4 |
|
|
|
|
|
|
|
|
|
||||||||
Consumer Products segment income (loss) |
$ |
1.6 |
|
|
$ |
(7.5 |
) |
|
$ |
11.3 |
|
|
$ |
4.0 |
|
Depreciation and amortization expense |
|
16.0 |
|
|
|
15.5 |
|
|
|
62.9 |
|
|
|
64.9 |
|
Adjusted EBITDA Consumer Products segment |
$ |
17.6 |
|
|
$ |
8.0 |
|
|
$ |
74.2 |
|
|
$ |
69.0 |
|
|
|
|
|
|
|
|
|
||||||||
Corporate and other expenses |
$ |
(17.3 |
) |
|
$ |
(15.3 |
) |
|
$ |
(71.1 |
) |
|
$ |
(60.1 |
) |
Depreciation and amortization expense |
|
0.8 |
|
|
|
1.1 |
|
|
|
3.4 |
|
|
|
4.4 |
|
Corporate Adjusted EBITDA |
$ |
(16.6 |
) |
|
$ |
(14.3 |
) |
|
$ |
(67.7 |
) |
|
$ |
(55.7 |
) |
|
|
|
|
|
|
|
|
||||||||
Pulp and Paperboard segment |
$ |
26.7 |
|
|
$ |
61.9 |
|
|
$ |
220.4 |
|
|
$ |
161.4 |
|
Consumer Products segment |
|
17.6 |
|
|
|
8.0 |
|
|
|
74.2 |
|
|
|
69.0 |
|
Corporate and other |
|
(16.6 |
) |
|
|
(14.3 |
) |
|
|
(67.7 |
) |
|
|
(55.7 |
) |
Adjusted EBITDA |
$ |
27.8 |
|
|
$ |
55.6 |
|
|
$ |
226.9 |
|
|
$ |
174.6 |
|
1 |
Other operating charges, net consist of amounts unrelated to ongoing core operating activities. Please refer to Note 8 within Clearwater Paper's Form 10-K filed with the |
|
|||||||||||||
Reconciliation of Non-GAAP Financial Measures |
|||||||||||||
Adjusted Net Income |
|||||||||||||
(Unaudited) |
|||||||||||||
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||
(In millions, except per share data) |
|
2022 |
|
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net income (loss) |
$ |
(5.9 |
) |
|
$ |
9.6 |
|
$ |
46.0 |
|
$ |
(28.1 |
) |
Add back: |
|
|
|
|
|
|
|
||||||
Income tax provision (benefit) |
|
(2.3 |
) |
|
|
6.1 |
|
|
27.0 |
|
|
(7.7 |
) |
Income (loss) before income taxes |
|
(8.2 |
) |
|
|
15.6 |
|
|
73.1 |
|
|
(35.7 |
) |
|
|
|
|
|
|
|
|
||||||
Add back: |
|
|
|
|
|
|
|
||||||
Debt retirement costs |
|
— |
|
|
|
0.5 |
|
|
0.5 |
|
|
1.0 |
|
Other operating charges, net |
|
1.2 |
|
|
|
2.6 |
|
|
9.7 |
|
|
57.7 |
|
Adjusted income (loss) before tax |
|
(6.9 |
) |
|
|
18.7 |
|
|
83.3 |
|
|
22.9 |
|
Normalized income provision (benefit) |
|
(1.7 |
) |
|
|
4.7 |
|
|
20.8 |
|
|
5.7 |
|
Adjusted net income (loss) |
$ |
(5.2 |
) |
|
$ |
14.1 |
|
$ |
62.5 |
|
$ |
17.2 |
|
|
|
|
|
|
|
|
|
||||||
Weighted average diluted shares (in thousands) |
|
17,204 |
|
|
|
17,149 |
|
|
17,181 |
|
|
16,767 |
|
|
|
|
|
|
|
|
|
||||||
Adjusted net income (loss) per share, diluted |
$ |
(0.30 |
) |
|
$ |
0.82 |
|
$ |
3.63 |
|
$ |
1.03 |
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
Calculation of net debt: |
|
|
|
|
|
|
|
||||||
Current portion of long-term debt |
$ |
0.9 |
|
|
$ |
1.0 |
|
$ |
1.6 |
|
|
||
Long-term debt |
|
564.9 |
|
|
|
564.9 |
|
|
637.6 |
|
|
||
Add back: |
|
|
|
|
|
|
|
||||||
Unamortized deferred debt costs |
|
3.4 |
|
|
|
3.6 |
|
|
4.8 |
|
|
||
Less: |
|
|
|
|
|
|
|
||||||
Financing leases |
|
24.2 |
|
|
|
24.4 |
|
|
19.1 |
|
|
||
Cash and cash equivalents |
|
53.7 |
|
|
|
50.8 |
|
|
25.2 |
|
|
||
Net debt |
$ |
491.3 |
|
|
$ |
494.2 |
|
$ |
599.8 |
|
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230214005757/en/
Investors contact:
509-344-5906
investorinfo@clearwaterpaper.com
News media:
509-344-5967
shannon.myers@clearwaterpaper.com
Source:
FAQ
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