Clearwater Paper Corporation has said its third quarter results “exceeded expectations”, with price realisation helping offset inflation.
Net sales increased by 20% to $539m compared to net sales of $450m for the third quarter of 2021.
Net income for the third quarter of 2022 was $21m compared to $2m y-o-y, while adjusted EBITDA for the quarter was $77m compared $50m in the third quarter of 2021.
Arsen Kitch, President and Chief Executive, said: “We had an excellent third quarter, which exceeded our expectations with strong volumes, pricing and operational performance.
“While paperboard demand and pricing remained strong, our tissue performance continued to improve with higher pricing helping to offset the impact of inflation.”
For the first nine months of 2022, Clearwater Paper reported net sales of $1.6bn, a 21% increase compared to net sales of $1.3bn for the first nine months of 2021.
Net income for that period was $52m compared to a net loss for the first nine months of 2021 of $38m.
Impacting the first nine months of 2021, Clearwater Paper incurred impairment and other closure costs associated with the closure of the company’s Neenah, Wisconsin-based facility of $47.1m and as well as planned major maintenance at its paperboard facilities.
Net sales in the Pulp and Paperboard Products segment were $301m for the third quarter of 2022, up 27% compared to third quarter 2021 net sales of $237m.
In the Consumer Products Segment, net sales were $241m for the third quarter of 2022, up 13% compared to the third quarter 2021 net sales of $214m.
Segment operating income for the third quarter of 2022 was $5m compared to operating income of $4m in the third quarter of 2021.
Net sales in the Consumer Products segment were $696m for the first nine months of 2022, up 15% compared to net sales of $603m in the first nine months of 2021.
Retail tissue volumes sold were 76,938 US tons in the third quarter of 2022 compared to 76,237 tons in the third quarter of 2021.
Retail tissue volumes sold were 228,968 tons in the first nine months of 2022, an increase of 10% compared to 208,496 tons in the first nine months of 2021.
Retail tissue selling prices increased 13% to $3,082 per ton in the third quarter of 2022, compared to $2,732 per ton in the third quarter of 2021.
Retail tissue selling prices increased 8% to 2,980 per ton in the first nine months of 2022, compared to $2,748 per ton in the first nine months of 2021.
Kitch added: “During previous periods of economic uncertainty demand for our products was relatively resilient. “In today’s economic environment, our continued focus is on operational performance
while offsetting the impact of inflation. “We are continuing to improve our financial flexibility to take advantage of opportunities to create shareholder value.”
