Clearwater Paper Reports Third Quarter 2021 Results
Clearwater Paper Corporation (NYSE:CLW) reported Q3 2021 net income of $2 million, or $0.11 per diluted share, on net sales of $450 million, a 2% decline from Q3 2020. Adjusted EBITDA was $50 million, down from $77 million YoY. The Pulp and Paperboard segment saw a 9% increase in net sales to $237 million, while the Consumer Products segment experienced a 13% decline to $214 million, largely due to inflation and reduced demand. The company reduced net debt by $7 million in the quarter and anticipates continued strength in paperboard despite inflation challenges.
- Reduced net debt by $7 million in Q3 2021.
- Pulp and Paperboard segment net sales increased by 9% in Q3 2021.
- Net income for Q3 2021 decreased by 90% compared to Q3 2020.
- Consumer Products segment net sales dropped 13% in Q3 2021.
THIRD QUARTER HIGHLIGHTS
-
Net income of
$2 million $0.11 -
Adjusted EBITDA of
$50 million -
Reduced net debt by
$7 million $32 million -
Closed
Neenah, Wisconsin tissue facility -
Completed planned major maintenance at Cypress Bend,
Arkansas facility - Tissue demand recovery and paperboard price increases
“We exceeded our expectations in the third quarter with higher tissue demand, continued strength in our paperboard business, and solid operational execution,” said
OVERALL RESULTS
For the third quarter of 2021, Clearwater Paper reported net sales of
For the first nine months of 2021, Clearwater Paper reported net sales of
Pulp and Paperboard Products Segment
Net sales in the Pulp and Paperboard Products segment were
Net sales in the Pulp and Paperboard Products segment were
Paperboard Sales Volumes and Prices:
-
Paperboard sales volumes were 203,439 tons in the third quarter of 2021, a decrease of
1% compared to 205,262 tons in the third quarter of 2020. Paperboard sales volumes were 610,702 tons in the first nine months of 2021, a decrease of1% compared to 614,906 tons in the first nine months of 2020 -
Paperboard average net selling price increased
9% to$1,102 $1,010 5% to$1,062 $1,011
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 76,237 tons in the third quarter of 2021, a decrease of
12% compared to 86,292 tons in the third quarter of 2020. Retail tissue volumes sold were 208,496 tons in the first nine months of 2021, a decrease of23% compared to 272,515 tons in the first nine months of 2020. -
Retail tissue selling prices decreased
1% to$2,732 $2,766 $2,748 $2,741
COMPANY OUTLOOK
“We delivered strong results in the third quarter despite increased inflation across key cost categories in both segments. As we look out into the fourth quarter, we are expecting continued favorable market dynamics in our paperboard business and a realization of benefits from the
WEBCAST INFORMATION
ABOUT CLEARWATER PAPER
Clearwater Paper is a premier supplier of private-branded tissue to major retailers, including grocery, drug, 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 third quarter and first nine months of 2021 and 2020, including adjusted income (loss) 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 factors 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 product demand, cash generation, performance improvements, market conditions, debt reduction, performance improvements, market conditions, and the company's ability to mitigate inflation costs. 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: the impact of the COVID-19 pandemic on our business and operations, our suppliers' operations and our customer demand; competitive pricing pressures for our products, including as a result of increased capacity, as additional manufacturing facilities are operated by our competitors and the impact of foreign currency fluctuations on the pricing of products globally; the loss of, changes in prices in regard to, or reduction in, orders from a significant customer; changes in the cost and availability of wood fiber and wood pulp; changes in transportation costs and disruptions in transportation services; changes in customer product preferences and competitors' product offerings; larger competitors having operational, financial and other advantages; customer acceptance and timing and quantity of purchases of our tissue products, including the existence of sufficient demand for and the quality of tissue produced by the company’s expanded
|
|||||||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
|
|
|
|
|
|
||||||||||||||
|
Quarter Ended |
|
Nine Months Ended |
||||||||||||||||
(In millions, except per-share data) |
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||||||
Net sales |
$ |
450.5 |
|
|
|
$ |
457.4 |
|
|
|
$ |
1,282.8 |
|
|
|
$ |
1,415.9 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||||||
|
398.2 |
|
|
|
378.6 |
|
|
|
1,160.9 |
|
|
|
1,198.3 |
|
|
||||
|
28.3 |
|
|
|
29.3 |
|
|
|
82.5 |
|
|
|
89.4 |
|
|
||||
|
10.2 |
|
|
|
0.3 |
|
|
|
55.1 |
|
|
|
11.9 |
|
|
||||
Total operating costs and expenses |
436.7 |
|
|
|
408.2 |
|
|
|
1,298.5 |
|
|
|
1,299.6 |
|
|
||||
Income (loss) from operations |
13.8 |
|
|
|
49.2 |
|
|
|
(15.6 |
) |
|
|
116.2 |
|
|
||||
Interest expense, net |
(8.9 |
) |
|
|
(12.2 |
) |
|
|
(27.5 |
) |
|
|
(37.0 |
) |
|
||||
Other non-operating expense |
(2.8 |
) |
|
|
(1.9 |
) |
|
|
(7.8 |
) |
|
|
(5.7 |
) |
|
||||
Debt retirement costs |
(0.5 |
) |
|
|
(3.9 |
) |
|
|
(0.5 |
) |
|
|
(4.8 |
) |
|
||||
Total non-operating expense |
(12.2 |
) |
|
|
(17.9 |
) |
|
|
(35.7 |
) |
|
|
(47.5 |
) |
|
||||
Income (loss) before income taxes |
1.7 |
|
|
|
31.3 |
|
|
|
(51.4 |
) |
|
|
68.7 |
|
|
||||
Income tax provision (benefit) |
(0.3 |
) |
|
|
9.9 |
|
|
|
(13.8 |
) |
|
|
14.1 |
|
|
||||
Net income (loss) |
$ |
1.9 |
|
|
|
$ |
21.4 |
|
|
|
$ |
(37.6 |
) |
|
|
$ |
54.5 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss) per common share: |
|
|
|
|
|
|
|
||||||||||||
Basic |
$ |
0.12 |
|
|
|
$ |
1.29 |
|
|
|
$ |
(2.25 |
) |
|
|
$ |
3.29 |
|
|
Diluted |
0.11 |
|
|
|
1.28 |
|
|
|
(2.25 |
) |
|
|
3.27 |
|
|
||||
Average shares outstanding (in thousands): |
|
|
|
|
|
|
|
||||||||||||
Basic |
16,687 |
|
|
|
16,595 |
|
|
|
16,689 |
|
|
|
16,581 |
|
|
||||
Diluted |
16,971 |
|
|
|
16,783 |
|
|
|
16,689 |
|
|
|
16,689 |
|
|
||||
|
|||||||||
Condensed Consolidated Balance Sheets |
|||||||||
(Unaudited) |
|||||||||
|
|
|
|
||||||
(In millions) |
|
|
|
||||||
ASSETS |
|
|
|
||||||
Current assets: |
|
|
|
||||||
Cash and cash equivalents |
$ |
27.8 |
|
|
|
$ |
35.9 |
|
|
Receivables, net |
159.4 |
|
|
|
160.6 |
|
|
||
Inventories |
286.4 |
|
|
|
263.3 |
|
|
||
Other current assets |
10.0 |
|
|
|
15.2 |
|
|
||
Total current assets |
483.6 |
|
|
|
474.9 |
|
|
||
Property, plant and equipment, net |
1,109.6 |
|
|
|
1,191.5 |
|
|
||
Other assets, net |
124.9 |
|
|
|
134.0 |
|
|
||
TOTAL ASSETS |
$ |
1,718.1 |
|
|
|
$ |
1,800.4 |
|
|
|
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||||||
Current liabilities: |
|
|
|
||||||
Current portion of long-term debt |
$ |
1.6 |
|
|
|
$ |
1.7 |
|
|
Accounts payable and accrued liabilities |
255.2 |
|
|
|
243.1 |
|
|
||
Total current liabilities |
256.9 |
|
|
|
244.8 |
|
|
||
Long-term debt |
676.5 |
|
|
|
716.4 |
|
|
||
Liability for pension and other postretirement employee benefits |
81.7 |
|
|
|
80.5 |
|
|
||
Deferred tax liabilities and other long-term obligations |
211.3 |
|
|
|
237.6 |
|
|
||
TOTAL LIABILITIES |
1,226.5 |
|
|
|
1,279.3 |
|
|
||
|
|
|
|
||||||
Common stock |
— |
|
|
|
— |
|
|
||
Additional paid-in capital |
21.7 |
|
|
|
16.6 |
|
|
||
Retained earnings |
521.2 |
|
|
|
558.8 |
|
|
||
Accumulated other comprehensive loss, net of tax |
(51.3 |
) |
|
|
(54.3 |
) |
|
||
Total stockholders' equity |
491.6 |
|
|
|
521.1 |
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
1,718.1 |
|
$ |
1,800.4 |
|
|||
|
|||||||||||||||||||
Consolidated Statements of Cash Flows |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
|
Quarter Ended |
|
Nine Months Ended |
||||||||||||||||
(In millions) |
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||||||
Cash flows from operating activities |
|
|
|
|
|
|
|
||||||||||||
Net income (loss) |
$ |
1.9 |
|
|
|
$ |
21.4 |
|
|
|
$ |
(37.6 |
) |
|
|
$ |
54.5 |
|
|
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: |
|
|
|
|
|
|
|
||||||||||||
Depreciation and amortization |
25.9 |
|
|
|
27.7 |
|
|
|
79.6 |
|
|
|
83.5 |
|
|
||||
Stock-based compensation expense |
3.8 |
|
|
|
2.5 |
|
|
|
6.9 |
|
|
|
7.3 |
|
|
||||
Deferred and other income taxes |
2.4 |
|
|
|
12.8 |
|
|
|
(19.4 |
) |
|
|
23.5 |
|
|
||||
Pension and other postretirement employee benefits |
2.1 |
|
|
|
0.9 |
|
|
|
5.3 |
|
|
|
2.9 |
|
|
||||
Debt retirement costs |
0.5 |
|
|
|
3.9 |
|
|
|
0.5 |
|
|
|
4.8 |
|
|
||||
Non-cash charges associated with mill closure |
— |
|
|
|
— |
|
|
|
37.1 |
|
|
|
— |
|
|
||||
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||||||
(Increase) decrease in accounts receivable |
(12.9 |
) |
|
|
12.8 |
|
|
|
(0.1 |
) |
|
|
(5.7 |
) |
|
||||
(Increase) decrease in inventory |
(3.5 |
) |
|
|
(21.0 |
) |
|
|
(28.3 |
) |
|
|
25.0 |
|
|
||||
(Increase) decrease in other current assets |
0.9 |
|
|
|
0.6 |
|
|
|
5.3 |
|
|
|
(4.8 |
) |
|
||||
Increase (decrease) in accounts payable and accrued liabilities |
(4.8 |
) |
|
|
(5.7 |
) |
|
|
13.8 |
|
|
|
(14.4 |
) |
|
||||
Other, net |
— |
|
|
|
(0.1 |
) |
|
|
1.4 |
|
|
|
(0.6 |
) |
|
||||
Net cash flows provided by operating activities |
16.3 |
|
|
|
55.7 |
|
|
|
64.4 |
|
|
|
176.1 |
|
|
||||
Cash flows from investing activities |
|
|
|
|
|
|
|
||||||||||||
Additions to property, plant and equipment |
(8.9 |
) |
|
|
(9.7 |
) |
|
|
(29.9 |
) |
|
|
(27.5 |
) |
|
||||
Net cash flows used in investing activities |
(8.9 |
) |
|
|
(9.7 |
) |
|
|
(29.9 |
) |
|
|
(27.5 |
) |
|
||||
Cash flows from financing activities |
|
|
|
|
|
|
|
||||||||||||
Borrowings of short-term debt |
— |
|
|
|
— |
|
|
|
— |
|
|
|
108.5 |
|
|
||||
Repayments of short-term debt |
— |
|
|
|
— |
|
|
|
— |
|
|
|
(122.0 |
) |
|
||||
Borrowings of long-term debt |
— |
|
|
|
275.0 |
|
|
|
— |
|
|
|
275.0 |
|
|
||||
Repayments of long-term debt |
(40.5 |
) |
|
|
(317.6 |
) |
|
|
(41.3 |
) |
|
|
(379.0 |
) |
|
||||
Payments for debt issuance costs |
— |
|
|
|
(4.3 |
) |
|
|
— |
|
|
|
(4.3 |
) |
|
||||
Proceeds from sale of stock under employee awards |
— |
|
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
||||
Taxes paid related to net share settlement of equity awards |
— |
|
|
|
— |
|
|
|
(1.7 |
) |
|
|
(0.7 |
) |
|
||||
Other, net |
— |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
||||
Net cash flows used in financing activities |
(40.5 |
) |
|
|
(46.7 |
) |
|
|
(42.5 |
) |
|
|
(122.5 |
) |
|
||||
Increase (decrease) in cash, cash equivalents and restricted cash |
(33.1 |
) |
|
|
(0.6 |
) |
|
|
(8.1 |
) |
|
|
26.1 |
|
|
||||
Cash, cash equivalents and restricted cash at beginning of period |
62.0 |
|
|
|
49.2 |
|
|
|
36.9 |
|
|
|
22.4 |
|
|
||||
Cash, cash equivalents and restricted cash at end of period |
$ |
28.9 |
|
|
|
$ |
48.6 |
|
|
|
$ |
28.9 |
|
|
|
$ |
48.6 |
|
|
|
|||||||||||||||||||
Segment Information |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
|
|
|
|
||||||||||||||||
|
Quarter Ended |
|
Nine Months Ended |
||||||||||||||||
(In millions) |
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||||||
Segment net sales: |
|
|
|
|
|
|
|
||||||||||||
Pulp and Paperboard |
$ |
237.5 |
|
|
|
$ |
217.2 |
|
|
|
$ |
684.6 |
|
|
|
$ |
656.8 |
|
|
Consumer Products |
214.2 |
|
|
|
245.9 |
|
|
|
603.2 |
|
|
|
779.7 |
|
|
||||
Eliminations |
(1.2 |
) |
|
|
(5.6 |
) |
|
|
(5.0 |
) |
|
|
(20.6 |
) |
|
||||
Total segment net sales |
$ |
450.5 |
|
|
|
$ |
457.4 |
|
|
|
$ |
1,282.8 |
|
|
|
$ |
1,415.9 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income (loss): |
|
|
|
|
|
|
|
||||||||||||
Pulp and Paperboard |
$ |
34.6 |
|
|
|
$ |
32.6 |
|
|
|
$ |
72.6 |
|
|
|
$ |
90.8 |
|
|
Consumer Products |
3.7 |
|
|
|
31.5 |
|
|
|
11.5 |
|
|
|
82.9 |
|
|
||||
Corporate and eliminations |
(14.3 |
) |
|
|
(14.6 |
) |
|
|
(44.8 |
) |
|
|
(45.6 |
) |
|
||||
Other operating charges, net 1 |
(10.2 |
) |
|
|
(0.3 |
) |
|
|
(55.1 |
) |
|
|
(11.9 |
) |
|
||||
Income (loss) from operations |
$ |
13.8 |
|
|
|
$ |
49.2 |
|
|
|
$ |
(15.6 |
) |
|
|
$ |
116.2 |
|
|
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-Q filed with the |
|
|
||
| Note: Certain amounts have been reclassified from the prior year presentation to reflect the realignment of Clearwater Paper’s baled pulp sales to record inter-segment sales at market price and the realignment of outside pulp sales to the producing segment. | ||
|
|||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures |
|||||||||||||||||||
Adjusted EBITDA |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
|
|
|
|||||||||||||||||
|
Quarter Ended |
|
Nine Months Ended |
||||||||||||||||
(In millions) |
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||||||
Net income (loss) |
$ |
1.9 |
|
|
|
$ |
21.4 |
|
|
|
$ |
(37.6 |
) |
|
|
$ |
54.5 |
|
|
Add back: |
|
|
|
|
|
|
|
||||||||||||
Income tax provision (benefit) |
(0.3 |
) |
|
|
9.9 |
|
|
|
(13.8 |
) |
|
|
14.1 |
|
|
||||
Interest expense, net |
8.9 |
|
|
|
12.2 |
|
|
|
27.5 |
|
|
|
37.0 |
|
|
||||
Depreciation and amortization expense |
25.9 |
|
|
|
27.7 |
|
|
|
79.6 |
|
|
|
83.5 |
|
|
||||
Other operating charges, net1 |
10.2 |
|
|
|
0.3 |
|
|
|
55.1 |
|
|
|
11.9 |
|
|
||||
Other non-operating expense |
2.8 |
|
|
|
1.9 |
|
|
|
7.8 |
|
|
|
5.7 |
|
|
||||
Debt retirement costs |
0.5 |
|
|
|
3.9 |
|
|
|
0.5 |
|
|
|
4.8 |
|
|
||||
Adjusted EBITDA |
$ |
49.9 |
|
|
|
$ |
77.2 |
|
|
|
$ |
119.0 |
|
|
|
$ |
211.5 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pulp and Paperboard income from operations |
$ |
34.6 |
|
|
|
$ |
32.6 |
|
|
|
$ |
72.6 |
|
|
|
$ |
90.8 |
|
|
Depreciation and amortization expense |
8.9 |
|
|
|
9.2 |
|
|
|
26.9 |
|
|
|
27.6 |
|
|
||||
Pulp and Paperboard Adjusted EBITDA |
$ |
43.5 |
|
|
|
$ |
41.8 |
|
|
|
$ |
99.5 |
|
|
|
$ |
118.5 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer Products income from operations |
$ |
3.7 |
|
|
|
$ |
31.5 |
|
|
|
$ |
11.5 |
|
|
|
$ |
82.9 |
|
|
Depreciation and amortization expense |
15.9 |
|
|
|
17.1 |
|
|
|
49.4 |
|
|
|
51.4 |
|
|
||||
Consumer Products Adjusted EBITDA |
$ |
19.6 |
|
|
|
$ |
48.5 |
|
|
|
$ |
60.9 |
|
|
|
$ |
134.3 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Corporate expenses |
$ |
(14.3 |
) |
|
|
$ |
(14.6 |
) |
|
|
$ |
(44.8 |
) |
|
|
$ |
(45.6 |
) |
|
Depreciation and amortization expense |
1.1 |
|
|
|
1.5 |
|
|
|
3.3 |
|
|
|
4.4 |
|
|
||||
Corporate Adjusted EBITDA |
$ |
(13.1 |
) |
|
|
$ |
(13.1 |
) |
|
|
$ |
(41.4 |
) |
|
|
$ |
(41.3 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Pulp and Paperboard |
$ |
43.5 |
|
|
|
$ |
41.8 |
|
|
|
$ |
99.5 |
|
|
|
$ |
118.5 |
|
|
Consumer Products |
19.6 |
|
|
|
48.5 |
|
|
|
60.9 |
|
|
|
134.3 |
|
|
||||
Corporate |
(13.1 |
) |
|
|
(13.1 |
) |
|
|
(41.4 |
) |
|
|
(41.3 |
) |
|
||||
Adjusted EBITDA |
$ |
49.9 |
|
|
|
$ |
77.2 |
|
|
|
$ |
119.0 |
|
|
|
$ |
211.5 |
|
|
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-Q filed with the |
|
|||||||||||||||||
Reconciliation of Non-GAAP Financial Measures |
|||||||||||||||||
(Unaudited) |
|||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
Quarter Ended |
|
Nine Months Ended |
||||||||||||||
(In millions, except per-share data) |
2021 |
|
|
2020 |
|
2021 |
|
|
2020 |
||||||||
|
|
|
|
|
|
|
|
||||||||||
Adjusted net income (loss): |
|
|
|
|
|
|
|
||||||||||
Net income (loss) |
$ |
1.9 |
|
|
|
$ |
21.4 |
|
|
$ |
(37.6 |
) |
|
|
$ |
54.5 |
|
Add back: |
|
|
|
|
|
|
|
||||||||||
Income tax provision (benefit) |
(0.3 |
) |
|
|
9.9 |
|
|
(13.8 |
) |
|
|
14.1 |
|
||||
Income (loss) before income taxes |
1.7 |
|
|
|
31.3 |
|
|
(51.4 |
) |
|
|
68.7 |
|
||||
|
|
|
|
|
|
|
|
||||||||||
Add back: |
|
|
|
|
|
|
|
||||||||||
Debt retirement costs |
0.5 |
|
|
|
3.9 |
|
|
0.5 |
|
|
|
4.8 |
|
||||
Other operating charges, net |
10.2 |
|
|
|
0.3 |
|
|
55.1 |
|
|
|
11.9 |
|
||||
Adjusted income before tax |
$ |
12.4 |
|
|
|
$ |
35.5 |
|
|
$ |
4.2 |
|
|
|
$ |
85.3 |
|
Normalized income tax provision |
3.1 |
|
|
|
8.9 |
|
|
1.0 |
|
|
|
21.3 |
|
||||
Adjusted net income |
$ |
9.3 |
|
|
|
$ |
26.6 |
|
|
$ |
3.1 |
|
|
|
$ |
64.0 |
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average diluted shares (thousands) |
16,971 |
|
|
|
16,783 |
|
|
16,689 |
|
|
|
16,689 |
|
||||
|
|
|
|
|
|
|
|
||||||||||
Adjusted income per diluted share |
$ |
0.55 |
|
|
|
$ |
1.59 |
|
|
$ |
0.19 |
|
|
|
$ |
3.81 |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
||||||||||
Calculation of net debt: |
|
|
|
|
|
|
|
||||||||||
Current portion long-term debt |
$ |
1.6 |
|
|
|
$ |
1.7 |
|
|
$ |
1.7 |
|
|
|
$ |
1.7 |
|
Long-term debt |
676.5 |
|
|
|
716.2 |
|
|
716.3 |
|
|
|
716.4 |
|
||||
Add back: |
|
|
|
|
|
|
|
||||||||||
Unamortized deferred debt costs |
5.6 |
|
|
|
6.4 |
|
|
6.6 |
|
|
|
6.9 |
|
||||
Less: |
|
|
|
|
|
|
|
||||||||||
Financing leases |
19.5 |
|
|
|
20.0 |
|
|
20.4 |
|
|
|
20.8 |
|
||||
Cash |
27.8 |
|
|
|
60.9 |
|
|
57.1 |
|
|
|
35.9 |
|
||||
Net debt |
$ |
636.4 |
|
|
|
$ |
643.3 |
|
|
$ |
647.1 |
|
|
|
$ |
668.4 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20211102006160/en/
Investors contact:
Solebury Trout
509.344.5906
News media:
509.344.5967
investorinfo@clearwaterpaper.com
Source:
FAQ
What were Clearwater Paper's financial results for Q3 2021?
How did Clearwater Paper's adjusted EBITDA change in Q3 2021?
What is the outlook for Clearwater Paper for Q4 2021?
How did Clearwater Paper perform in its Consumer Products segment in Q3 2021?
What actions has Clearwater Paper taken regarding its debt in 2021?
