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Clearwater Paper Corporation reports developments in paperboard packaging products for North American converters. The company produces bleached paperboard used in folding cartons, food service packaging and commercial printing, with recurring updates on shipment volumes, pricing, SBS market conditions and operating performance.
Company news also covers portfolio and mill actions, including Velora lightweight folding carton paperboard, the premium Candesce brand, the Cypress Bend facility and the Augusta mill integration. Other recurring items include quarterly earnings materials, cost-reduction initiatives, capital-structure disclosures, material agreements and governance matters.
Clearwater Paper (NYSE:CLW) reported its Q2 2024 financial results, highlighting strong demand in tissue and improved demand in paperboard. Key points include:
- Net sales of $586 million, up 12% year-over-year
- Net loss of $26 million, or $1.55 per diluted share
- Adjusted EBITDA of $35 million
- Completed acquisition of Augusta paperboard facility
- Signed agreement to sell consumer products division for $1.06 billion
The company expects gradual recovery in paperboard market demand and plans to use proceeds from the tissue business sale to de-lever its balance sheet and grow its paperboard product portfolio.
Clearwater Paper (NYSE: CLW) has announced a definitive agreement to sell its tissue business to Sofidel America for $1.06 billion. This strategic move aims to transform Clearwater Paper into a premier independent supplier of paperboard to North American converters. The transaction, expected to close in late 2024, represents approximately six times the Adjusted EBITDA of Clearwater Paper's tissue segment for the twelve months ending March 31, 2024.
The company anticipates net proceeds of about $850 million, which it plans to use for deleveraging its balance sheet and investing in growth initiatives for its continuing operations. This deal marks a significant step in Clearwater Paper's strategic transformation and is subject to customary closing conditions, including regulatory approval.
Clearwater Paper (NYSE: CLW) has announced the timing for its second quarter 2024 earnings release and conference call. The company will release its Q2 2024 results on Tuesday, August 6, 2024, after market close. A conference call to discuss the results will be held on the same day at 2 p.m. Pacific Time, led by President and CEO Arsen Kitch and CFO Sherri Baker.
Interested parties can register for the conference call using a provided link, which will send confirmation details including dial-in information. Registration is open until the call starts, but it's recommended to register at least a day in advance. Additionally, a webcast and presentation slides will be accessible on Clearwater Paper's investor relations website.
Clearwater Paper (NYSE: CLW) will invest $23 million in a state-of-the-art facial tissue converting line at its Shelby, North Carolina facility. This 400-acre site, which already produces private-branded bathroom tissue, paper towels, napkins, and facial tissue, employs over 600 people. The investment aims to meet rising customer demand, optimize operational efficiency, and maintain high-quality standards. The decision to expand in Shelby is influenced by its strategic location, skilled labor availability, and strong community relationships.
Clearwater Paper (NYSE: CLW) will participate in two upcoming investor conferences. On June 4, 2024, CEO Arsen Kitch will join a fireside chat at Stifel’s 2024 Cross Sector Insight Conference in Boston, starting at 9:45 a.m. ET. The event will be webcast live and accessible through the company's investor relations website. Kitch will also be available for one-on-one and small group meetings.
On June 11, 2024, CEO Arsen Kitch and CFO Sherri Baker will attend the 2024 Wells Fargo Industrials Conference in Chicago, where they will also participate in one-on-one and small group meetings with investors.
Clearwater Paper (NYSE:CLW) has successfully completed the acquisition of the Augusta, Georgia bleached paperboard manufacturing facility from Graphic Packaging International, The terms of the acquisition were announced on February 20, 2024. This strategic acquisition enhances Clearwater Paper's capabilities in paperboard manufacturing, positioning them as a leading independent paperboard supplier in North America.
Clearwater Paper reported financial results for the first quarter of 2024 with net sales of $496 million, down 6% from the same period last year. Despite lower input costs and continued strength in tissue, net income was $17 million, or $1.02 per diluted share, $7 million lower than last year. Adjusted net income was $24 million. The company reduced net debt by $33 million and repurchased $1 million of outstanding shares.
Clearwater Paper signed a definitive agreement to acquire a bleached paperboard manufacturing facility in Augusta, Georgia, for $700 million. The transaction is expected to close shortly. The company expressed confidence in continued tissue performance and a recovery in paperboard demand.
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