Clearwater Paper Reports Fourth Quarter and Year End 2023 Results; Strategic Update
- Strong Q4 performance with net income of $18 million and Adjusted EBITDA of $63 million
- Full year net income of $108 million and Adjusted EBITDA of $281 million, up $54 million from 2022
- Net sales of $2.1 billion, flat compared to 2022, driven by strong tissue demand
- Reduction of net debt by $89 million and repurchase of $18 million of outstanding shares
- Acquisition of Augusta, Georgia bleached paperboard facility expected to contribute $140-150 million in Adjusted EBITDA annually by 2026
- None.
Insights
The acquisition of the Augusta, Georgia bleached paperboard manufacturing facility by Clearwater Paper Corporation represents a significant strategic move in the paper industry. The transaction, valued at $700 million, is poised to add substantial capacity to Clearwater Paper's operations, with an estimated additional Adjusted EBITDA of $140-150 million annually by the end of 2026. This indicates a forward-looking EBITDA multiple of approximately 4.7-5, based on the purchase price, which could be considered favorable if the projected synergies are realized.
Investors will be scrutinizing the deal's impact on leverage, considering the company's recent net debt reduction of $89 million and the repurchase of $18 million in outstanding shares. The reduction of more than $450 million in net debt since 2020 and the refinancing of 2014 Notes reflect a focused deleveraging strategy, which could be affected by the financing of this acquisition. The market will likely analyze the terms of the acquisition financing, the interest coverage ratio post-transaction and the company's ability to maintain its commitment to reducing leverage while integrating the new facility.
Clearwater Paper's acquisition of the Augusta facility is a strategic endeavor to enhance its market position as an independent supplier of paperboard in North America. The reported strong performance in tissue demand, which helped offset the softness in paperboard, underscores the importance of diversification within the company's product portfolio.
Market trends indicate a steady demand for consumer tissue products, which may continue to drive the company's revenue. However, the slight decrease in net sales year-over-year, despite strong tissue demand, raises questions about price dynamics and market competition. The company's ability to achieve volume and cost synergies through the acquisition will be critical in a market where operational efficiency and cost management are key to maintaining competitive advantage.
The acquisition's timing suggests Clearwater Paper is capitalizing on strategic growth opportunities despite potential economic headwinds. The company's operational results, including the ability to reduce net debt and repurchase shares, indicate a robust financial position that could withstand the capital expenditure of the acquisition.
However, the natural gas disruption at the Lewiston mill highlights the vulnerability of the sector to supply chain and commodity price fluctuations. The impact of such disruptions on operational costs and the subsequent effect on the company's margins will be an area of interest for stakeholders. Additionally, with the transaction expected to close in the second quarter of 2024, there is a window in which regulatory and economic conditions could shift, potentially affecting the deal's final terms and its expected contributions to EBITDA.
2023 FOURTH QUARTER HIGHLIGHTS
- Strong performance driven by solid operational results and continued strength in tissue
-
Natural gas disruption impacted
Lewiston mill operations in November -
Net income of
$18 million $1.04 $63 million -
Net sales of
$513 million 3% compared to the fourth quarter of 2022 -
Reduced net debt by
$32 million $3 million $7 million
2023 FULL YEAR HIGHLIGHTS
- Outstanding year driven by performance improvement in tissue
-
Net income of
$108 million $6.30 $281 million $54 million -
Net sales of
$2.1 billion -
Net debt reduction of
$89 million $450 million -
Repurchased
$18 million
STRATEGIC UPDATES
Clearwater Paper announced today that it has signed a definitive agreement to acquire from Graphic Packaging its
“After a thorough strategic review, we’ve determined that the
The company will explore strategic options for its tissue business as it intends to focus on growth in paperboard.
1
|
As there is uncertainty in connection with calculating the adjustments necessary to prepare reconciliations from Adjusted EBITDA to the comparable GAAP financial measure, the Company is unable to reconcile the Adjusted EBITDA projections without unreasonable efforts. Therefore, no reconciliation is being provided at this time. These items could result in significant adjustments from the most comparable GAAP measure. |
FOURTH QUARTER AND FULL YEAR RESULTS
“We had a great year, driven by a significant improvement in our tissue margins and strong operational execution across both businesses. Tissue demand remained strong, and we benefited from favorable input costs. Paperboard demand was soft, but our team did a great job of balancing supply with demand to manage inventories," said Arsen Kitch, president and chief executive officer. “We maintained our focus on cash flow generation, and have reduced our net debt by more than
For the fourth quarter of 2023, Clearwater Paper reported net sales of
For the full year 2023, 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 188,018 tons in the fourth quarter of 2023, a decrease of
1% compared to 188,999 tons in the fourth quarter of 2022. Paperboard sales volumes were 751,520 tons for the year ended 2023 compared to 814,556 tons for the year ended 2022.
-
Paperboard average net selling price decreased
9% to$1,297 $1,429 1% to$1,375 $1,356
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 81,475 tons in the fourth quarter of 2023, an increase of
1% compared to 80,766 tons in the fourth quarter of 2022. Retail tissue volumes sold were 317,582 tons for the year ended of 2023, an increase of3% compared to 309,735 tons for 2022.
-
Retail tissue average net selling prices increased
3% to$3,187 $3,095 6% to$3,200 $3,010
COMPANY OUTLOOK
“We anticipate continued strength in our tissue business in 2024 and believe that paperboard demand will recover in the second half of the year. We also look forward to completing the
Clearwater Paper Corporation will discuss these results during an earnings conference call that begins at 2:00 p.m. Pacific Time on Wednesday, February 21, 2024. A live webcast and accompanying supplemental information will be available on the company's website. A replay of the conference call will be available on the website beginning at 5:00 p.m. Pacific Time the same day.
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 2023 and 2022, including adjusted income and Adjusted EBITDA. Because these amounts are not in accordance with GAAP, reconciliations to net income as determined in accordance with GAAP are included in the tables at the end of this press release. The company presents these non-GAAP metrics 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: the proposed transaction between Graphic Packaging and the company; the expected timing and structure of the proposed transaction; the ability of the parties to complete the proposed transaction considering the various closing conditions; product demand; cost structure improvements; the company’s expectations regarding the paperboard and tissue markets; operational and financial performance; the redemption of the company’s notes; the company’s financial flexibility; the company’s continued investment in its business; the company’s exploration and ability to take advantage of strategic opportunities as they arise, and the company’s focus on cash flow generation and inventory management. These forward-looking statements are based on management’s current expectations, estimates, assumptions and projections that are subject to change. The company’s actual results of operations may differ materially from those expressed or implied by the forward-looking statements contained in this press release. Factors that could cause or contribute to such material differences in actual results include, but are not limited to: competitive pricing pressures for the company’s 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
Clearwater Paper Corporation |
|||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
(In millions, except per share data) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net sales |
$ |
512.8 |
|
|
$ |
526.7 |
|
|
$ |
2,082.8 |
|
|
$ |
2,080.1 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of sales |
|
437.4 |
|
|
|
491.4 |
|
|
|
1,752.0 |
|
|
|
1,823.4 |
|
Selling, general and administrative expenses |
|
36.8 |
|
|
|
33.5 |
|
|
|
148.3 |
|
|
|
133.0 |
|
Other operating charges, net |
|
2.9 |
|
|
|
1.2 |
|
|
|
5.3 |
|
|
|
9.7 |
|
Total operating costs and expenses |
|
477.2 |
|
|
|
526.1 |
|
|
|
1,905.7 |
|
|
|
1,966.2 |
|
Income from operations |
|
35.7 |
|
|
|
0.6 |
|
|
|
177.1 |
|
|
|
113.9 |
|
Interest expense, net |
|
(8.0 |
) |
|
|
(7.3 |
) |
|
|
(30.0 |
) |
|
|
(34.6 |
) |
Debt retirement costs |
|
(3.1 |
) |
|
|
— |
|
|
|
(3.1 |
) |
|
|
(0.5 |
) |
Other non-operating expense (income) |
|
(0.2 |
) |
|
|
(1.4 |
) |
|
|
0.1 |
|
|
|
(5.7 |
) |
Total non-operating expense |
|
(11.3 |
) |
|
|
(8.8 |
) |
|
|
(33.0 |
) |
|
|
(40.9 |
) |
Income (loss) before income taxes |
|
24.4 |
|
|
|
(8.2 |
) |
|
|
144.2 |
|
|
|
73.1 |
|
Income tax provision (benefit) |
|
6.8 |
|
|
|
(2.3 |
) |
|
|
36.4 |
|
|
|
27.0 |
|
Net income (loss) |
$ |
17.6 |
|
|
$ |
(5.9 |
) |
|
$ |
107.7 |
|
|
$ |
46.0 |
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per common share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.06 |
|
|
$ |
(0.35 |
) |
|
$ |
6.39 |
|
|
$ |
2.71 |
|
Diluted |
|
1.04 |
|
|
|
(0.34 |
) |
|
|
6.30 |
|
|
|
2.68 |
|
Average shares outstanding (in thousands): |
|
|
|
|
|
|
|
||||||||
Basic |
|
16,638 |
|
|
|
16,974 |
|
|
|
16,863 |
|
|
|
16,985 |
|
Diluted |
|
16,867 |
|
|
|
17,204 |
|
|
|
17,091 |
|
|
|
17,181 |
|
Clearwater Paper Corporation |
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Condensed Consolidated Balance Sheets |
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(Unaudited) |
||||||
|
|
|
||||
(In millions) |
December 31, 2023 |
December 31, 2022 |
||||
Assets |
|
|
||||
Current assets: |
|
|
||||
Cash and cash equivalents |
$ |
42.0 |
|
$ |
53.7 |
|
Receivables, net |
|
184.5 |
|
|
188.8 |
|
Inventories, net |
|
319.8 |
|
|
324.0 |
|
Other current assets |
|
17.9 |
|
|
19.9 |
|
Total current assets |
|
564.1 |
|
|
586.3 |
|
Property, plant and equipment, net |
|
990.1 |
|
|
1,017.1 |
|
Other assets, net |
|
117.6 |
|
|
100.1 |
|
Total Assets |
$ |
1,671.8 |
|
$ |
1,703.5 |
|
|
|
|
||||
Liabilities and Stockholders' Equity |
|
|
||||
Current liabilities: |
|
|
||||
Current portion of long-term debt |
$ |
0.8 |
|
$ |
0.9 |
|
Accounts payable and accrued liabilities |
|
285.1 |
|
|
311.1 |
|
Total current liabilities |
|
286.0 |
|
|
312.0 |
|
Long-term debt |
|
462.3 |
|
|
564.9 |
|
Liability for pension and other postretirement employee benefits |
|
55.7 |
|
|
58.2 |
|
Deferred tax liabilities and other long-term obligations |
|
199.1 |
|
|
196.4 |
|
Total Liabilities |
|
1,003.0 |
|
|
1,131.5 |
|
|
|
|
||||
Common Stock |
|
— |
|
|
— |
|
Additional paid-in capital |
|
14.9 |
|
|
28.5 |
|
Retained earnings |
|
684.5 |
|
|
576.8 |
|
Accumulated other comprehensive loss, net of tax |
|
(30.7 |
) |
|
(33.3 |
) |
Total Stockholders' Equity |
|
668.8 |
|
|
572.1 |
|
Total Liabilities and Stockholders' Equity |
$ |
1,671.8 |
|
$ |
1,703.5 |
|
Clearwater Paper Corporation |
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Consolidated Statements of Cash Flows |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
(In millions) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Operating Activities |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
17.6 |
|
|
$ |
(5.9 |
) |
|
$ |
107.7 |
|
|
$ |
46.0 |
|
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
24.7 |
|
|
|
25.9 |
|
|
|
98.6 |
|
|
|
103.3 |
|
Equity-based compensation expense |
|
3.0 |
|
|
|
3.1 |
|
|
|
9.9 |
|
|
|
12.7 |
|
Deferred taxes |
|
(7.6 |
) |
|
|
(2.2 |
) |
|
|
(14.9 |
) |
|
|
(7.9 |
) |
Defined benefit pension and other postretirement employee benefits |
|
(0.5 |
) |
|
|
0.8 |
|
|
|
(2.0 |
) |
|
|
3.0 |
|
Amortization of deferred debt costs and debt retirement |
|
3.4 |
|
|
|
0.2 |
|
|
|
4.4 |
|
|
|
2.0 |
|
Loss on sale or impairment associated with assets |
|
0.7 |
|
|
|
0.3 |
|
|
|
2.1 |
|
|
|
6.1 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
(Increase) decrease in accounts receivable |
|
(9.2 |
) |
|
|
0.7 |
|
|
|
(1.3 |
) |
|
|
(16.9 |
) |
(Increase) decrease in inventory |
|
14.1 |
|
|
|
2.8 |
|
|
|
4.0 |
|
|
|
(46.3 |
) |
(Increase) decrease in other current assets |
|
(7.8 |
) |
|
|
(8.0 |
) |
|
|
0.8 |
|
|
|
(2.4 |
) |
Increase (decrease) in accounts payable and accrued liabilities |
|
25.6 |
|
|
|
(0.8 |
) |
|
|
(21.3 |
) |
|
|
49.2 |
|
Other, net |
|
1.5 |
|
|
|
0.4 |
|
|
|
2.6 |
|
|
|
1.5 |
|
Net cash flows provided by operating activities |
|
65.6 |
|
|
|
17.4 |
|
|
|
190.7 |
|
|
|
150.2 |
|
|
|
|
|
|
|
|
|
||||||||
Investing Activities |
|
|
|
|
|
|
|
||||||||
Additions to property, plant and equipment |
|
(25.2 |
) |
|
|
(13.5 |
) |
|
|
(73.7 |
) |
|
|
(33.5 |
) |
Net cash flows used in investing activities |
|
(25.2 |
) |
|
|
(13.5 |
) |
|
|
(73.7 |
) |
|
|
(33.5 |
) |
|
|
|
|
|
|
|
|
||||||||
Financing Activities |
|
|
|
|
|
|
|
||||||||
Borrowings on long-term debt |
|
210.0 |
|
|
|
— |
|
|
|
222.0 |
|
|
|
— |
|
Repayments of long-term debt |
|
(312.9 |
) |
|
|
(0.1 |
) |
|
|
(325.6 |
) |
|
|
(80.9 |
) |
Taxes paid related to net share settlement of equity awards |
|
— |
|
|
|
— |
|
|
|
(4.7 |
) |
|
|
(2.5 |
) |
Repurchases of common stock |
|
(2.8 |
) |
|
|
— |
|
|
|
(17.9 |
) |
|
|
(5.0 |
) |
Payments for debt issuance costs |
|
(2.9 |
) |
|
|
(0.9 |
) |
|
|
(3.1 |
) |
|
|
(0.9 |
) |
Other, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.8 |
|
Net cash flows used in financing activities |
|
(108.6 |
) |
|
|
(1.0 |
) |
|
|
(129.4 |
) |
|
|
(88.6 |
) |
|
|
|
|
|
|
|
|
||||||||
Increase (decrease) in cash, cash equivalents and restricted cash |
|
(68.3 |
) |
|
|
2.9 |
|
|
|
(12.4 |
) |
|
|
28.2 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
110.2 |
|
|
|
51.5 |
|
|
|
54.4 |
|
|
|
26.2 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
42.0 |
|
|
$ |
54.4 |
|
|
$ |
42.0 |
|
|
$ |
54.4 |
|
Clearwater Paper Corporation |
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Segment Information |
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(Unaudited) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
(In millions) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Segment net sales: |
|
|
|
|
|
|
|
||||||||
Pulp and Paperboard |
$ |
251.3 |
|
|
$ |
273.5 |
|
|
$ |
1,063.7 |
|
|
$ |
1,136.3 |
|
Consumer Products |
|
262.0 |
|
|
|
254.1 |
|
|
|
1,023.4 |
|
|
|
950.2 |
|
Eliminations |
|
(0.5 |
) |
|
|
(0.9 |
) |
|
|
(4.3 |
) |
|
|
(6.4 |
) |
Total segment net sales |
$ |
512.8 |
|
|
$ |
526.7 |
|
|
$ |
2,082.8 |
|
|
$ |
2,080.1 |
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss): |
|
|
|
|
|
|
|
||||||||
Pulp and Paperboard |
$ |
27.3 |
|
|
$ |
17.5 |
|
|
$ |
169.1 |
|
|
|
183.5 |
|
Consumer Products |
|
31.1 |
|
|
$ |
1.6 |
|
|
|
91.7 |
|
|
|
11.3 |
|
Corporate and eliminations |
|
(19.8 |
) |
|
|
(17.3 |
) |
|
|
(78.3 |
) |
|
|
(71.1 |
) |
Other operating charges, net 1 |
|
(2.9 |
) |
|
|
(1.2 |
) |
|
|
(5.3 |
) |
|
|
(9.7 |
) |
Income from operations |
$ |
35.7 |
|
|
$ |
0.6 |
|
|
$ |
177.1 |
|
|
$ |
113.9 |
|
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 SEC for the year ended December 31, 2023 for the detailed breakout of the annual amount. |
Clearwater Paper Corporation |
|||||||||||||||
Reconciliation of Non-GAAP Financial Measures |
|||||||||||||||
Adjusted EBITDA |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
(In millions) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) |
$ |
17.6 |
|
|
$ |
(5.9 |
) |
|
$ |
107.7 |
|
|
$ |
46.0 |
|
Add back: |
|
|
|
|
|
|
|
||||||||
Income tax provision (benefit) |
|
6.8 |
|
|
|
(2.3 |
) |
|
|
36.4 |
|
|
|
27.0 |
|
Interest expense, net |
|
8.0 |
|
|
|
7.3 |
|
|
|
30.0 |
|
|
|
34.6 |
|
Depreciation and amortization expense |
|
24.7 |
|
|
|
25.9 |
|
|
|
98.6 |
|
|
|
103.3 |
|
Other operating charges, net1 |
|
2.9 |
|
|
|
1.2 |
|
|
|
5.3 |
|
|
|
9.7 |
|
Other non-operating expense (income) |
|
0.2 |
|
|
|
1.4 |
|
|
|
(0.1 |
) |
|
|
5.7 |
|
Debt retirement costs |
|
3.1 |
|
|
|
— |
|
|
|
3.1 |
|
|
|
0.5 |
|
Adjusted EBITDA |
$ |
63.3 |
|
|
$ |
27.8 |
|
|
$ |
281.0 |
|
|
$ |
226.9 |
|
|
|
|
|
|
|
|
|
||||||||
Pulp and Paperboard segment income |
$ |
27.3 |
|
|
$ |
17.5 |
|
|
$ |
169.1 |
|
|
$ |
183.5 |
|
Depreciation and amortization expense |
|
9.5 |
|
|
|
9.2 |
|
|
|
37.4 |
|
|
|
37.0 |
|
Adjusted EBITDA Pulp and Paperboard segment |
$ |
36.8 |
|
|
$ |
26.7 |
|
|
$ |
206.4 |
|
|
$ |
220.4 |
|
|
|
|
|
|
|
|
|
||||||||
Consumer Products segment income |
$ |
31.1 |
|
|
$ |
1.6 |
|
|
$ |
91.7 |
|
|
$ |
11.3 |
|
Depreciation and amortization expense |
|
14.6 |
|
|
|
16.0 |
|
|
|
58.8 |
|
|
|
62.9 |
|
Adjusted EBITDA Consumer Products segment |
$ |
45.7 |
|
|
$ |
17.6 |
|
|
$ |
150.5 |
|
|
$ |
74.2 |
|
|
|
|
|
|
|
|
|
||||||||
Corporate and other expenses |
$ |
(19.8 |
) |
|
$ |
(17.3 |
) |
|
$ |
(78.3 |
) |
|
$ |
(71.1 |
) |
Depreciation and amortization expense |
|
0.6 |
|
|
|
0.8 |
|
|
|
2.4 |
|
|
|
3.4 |
|
Corporate Adjusted EBITDA |
$ |
(19.2 |
) |
|
$ |
(16.6 |
) |
|
$ |
(75.9 |
) |
|
$ |
(67.7 |
) |
|
|
|
|
|
|
|
|
||||||||
Pulp and Paperboard segment |
$ |
36.8 |
|
|
$ |
26.7 |
|
|
$ |
206.4 |
|
|
$ |
220.4 |
|
Consumer Products segment |
|
45.7 |
|
|
|
17.6 |
|
|
|
150.5 |
|
|
|
74.2 |
|
Corporate and other |
|
(19.2 |
) |
|
|
(16.6 |
) |
|
|
(75.9 |
) |
|
|
(67.7 |
) |
Adjusted EBITDA |
$ |
63.3 |
|
|
$ |
27.8 |
|
|
$ |
281.0 |
|
|
$ |
226.9 |
|
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 SEC for the year ended December 31, 2023 for the detailed breakout of the annual amount. |
Clearwater Paper Corporation |
||||||||||||
Reconciliation of Non-GAAP Financial Measures |
||||||||||||
Adjusted Net Income |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|||||||||
(In millions, except per share data) |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
Net income (loss) |
$ |
17.6 |
|
$ |
(5.9 |
) |
|
$ |
107.7 |
|
$ |
46.0 |
Add back: |
|
|
|
|
|
|
|
|||||
Income tax provision (benefit) |
|
6.8 |
|
|
(2.3 |
) |
|
|
36.4 |
|
|
27.0 |
Income (loss) before income taxes |
|
24.4 |
|
|
(8.2 |
) |
|
|
144.2 |
|
|
73.1 |
|
|
|
|
|
|
|
|
|||||
Add back: |
|
|
|
|
|
|
|
|||||
Debt retirement costs |
|
3.1 |
|
|
— |
|
|
|
3.1 |
|
|
0.5 |
Other operating charges, net |
|
2.9 |
|
|
1.2 |
|
|
|
5.3 |
|
|
9.7 |
Adjusted income (loss) before tax |
|
30.4 |
|
|
(6.9 |
) |
|
|
152.5 |
|
|
83.3 |
Normalized income provision (benefit) |
|
7.6 |
|
|
(1.7 |
) |
|
|
38.1 |
|
|
20.8 |
Adjusted net income (loss) |
$ |
22.8 |
|
$ |
(5.2 |
) |
|
$ |
114.4 |
|
$ |
62.5 |
|
|
|
|
|
|
|
|
|||||
Weighted average diluted shares (in thousands) |
|
16,867 |
|
|
17,204 |
|
|
|
17,091 |
|
|
17,181 |
|
|
|
|
|
|
|
|
|||||
Adjusted net income (loss) per share, diluted |
$ |
1.35 |
|
$ |
(0.30 |
) |
|
$ |
6.69 |
|
$ |
3.63 |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||
Calculation of net debt: |
December 31, 2023 |
|
September 30, 2023 |
|
December 31, 2022 |
|
|
|||||
Current portion of long-term debt |
$ |
0.8 |
|
$ |
0.9 |
|
|
$ |
0.9 |
|
|
|
Long-term debt |
|
462.3 |
|
|
564.8 |
|
|
|
564.9 |
|
|
|
Add back: |
|
|
|
|
|
|
|
|||||
Unamortized deferred debt costs |
|
5.1 |
|
|
2.8 |
|
|
|
3.4 |
|
|
|
Less: |
|
|
|
|
|
|
|
|||||
Cash and cash equivalents |
|
42.0 |
|
|
110.2 |
|
|
|
53.7 |
|
|
|
Net debt |
$ |
426.3 |
|
$ |
458.3 |
|
|
$ |
515.5 |
|
|
|
|
|
|
|
|
|
|
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240220873541/en/
Clearwater Paper Corporation
Investors contact:
Sloan Bohlen
Solebury Strategic Communications
509-344-5906
investorinfo@clearwaterpaper.com
News media:
Jules Joy, Director, Corporate Communications
509-344-5967
Julia.joy@clearwaterpaper.com
Source: Clearwater Paper Corporation
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