Clearwater Paper reports decline in earnings

Clearwater Paper has reported net earnings of $8.04m in its second quarter compared with $20.9m for the same time last year.

Net earnings for the six months ended 30 June 2017 were $15.5m compared with $39.3m the same time a year earlier.

EBITDA was $45.7m for the second quarter of 2017 compared to $62.2m a year earlier.

Linda K. Massman, president and chief executive, said: “We achieved solid second quarter results that were in line with our quarterly outlook.

“The positive impacts to the quarter included higher prices and a stronger sales mix for paperboard, which were offset by higher external pulp pricing and lower consumer product shipment volumes, as parent rolls were used to build needed inventory.”

Net sales in the consumer products segment were $231.9m for the second quarter of 2017, down 6.5% from $247.9m.

This decrease was due to lower parent roll sales resulting from the shutdown of two higher cost paper machines at the Neenah, Wisconsin mill at the end of 2016 and a 1.7% decrease in retail tonnes sold.

Total tissue sales volumes of 91,450 tonnes in the second quarter of 2017 decreased by 7.7% and converted product cases shipped were 12.7m, down 3.9%, each compared to the second quarter of 2016.

Average tissue net selling prices increased 1.6% to $2,533 per tonne in the second quarter of 2017, compared to the second quarter of 2016.

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