CLW
Clearwater Paper Corporation17.97
+0.34+1.93%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A reaffirms woes, delays details
Q&A largely reaffirmed prepared remarks on paperboard oversupply, pricing headwinds, and cost controls, offering scant new details. Management confirmed early customer interest in switching from CRB to cheaper SBS amid pricing arbitrage, but stressed it's nascent. No firm plans on extended curtailments or asset reviews yet—decisions by Q2 end. Buybacks deprioritized behind balance sheet strength and potential CUK investment until free cash flow clarifies. Analysts probed demand inflection and supply fixes; responses stayed cautious and qualitative. No contradictions surfaced. Watch supply actions closely.
Key Stats
Market Cap
289.39MP/E (TTM)
-Basic EPS (TTM)
-4.61Dividend Yield
0%Recent Filings
10-K
FY2025 results
Clearwater Paper's FY2025 net sales climbed 12% y/y to $1.56B, fueled by the Augusta acquisition boosting paperboard shipments 14% to 1.24M tons, though prices dipped 4% while pulp sales rose 46%. Adjusted EBITDA from continuing operations tripled to $107M (6.9% margin) amid cost reductions offsetting lower pricing, yet a $48M goodwill impairment left continuing operations at a $53M loss. Q4 momentum faltered with Hurricane Helene halting Augusta; share repurchases hit $17M. Debt stood at $347M with $408M revolver availability. Early 2026 weather cut ~$20M EBITDA. Cyclical oversupply pressures pricing.
8-K
Adjusted EBITDA triples to $107M
Clearwater Paper reported 2025 net sales of $1.6B, up 12% on 14% volume growth from full-year Augusta operations, yet posted a $53M net loss from continuing operations due to $48M goodwill impairment. Adjusted EBITDA tripled to $107M via $50M+ cost cuts and SG&A down to 6.5% of sales. Early 2026 weather hit Adjusted EBITDA by $20M. Volumes grew, costs shrank.
8-K
Q3 sales up, but impairment stings
Clearwater Paper posted Q3 net sales of $399 million, up 1% from last year on 3% higher shipment volumes, but recorded a $54 million net loss from continuing operations due to a $48 million non-cash goodwill impairment. Adjusted EBITDA from continuing operations dipped to $18 million from $21 million, hit by lower pricing and maintenance outage timing, yet bolstered by cost cuts on track for nearly $50 million savings in 2025. Leadership shuffle: Steve Bowden shifts to Senior VP, Commercial on January 1, 2026. Oversupplied SBS market pressures persist, but assets position for long-term cash flows.
10-Q
Q3 FY2025 results
Clearwater Paper's Q3 2025 net sales edged up 1% year-over-year to $399.0M, driven by higher paperboard volumes, yet gross margin slipped to 5% from 8% amid maintenance outage timing and softer pricing. The quarter took a hit from a $48.0M full goodwill impairment tied to market softness and excess capacity, flipping operating loss to $55.4M from $1.2M last year, while net loss from continuing operations widened to $53.9M, mainly from that charge and higher interest. Year-to-date, sales surged 17% to $1,169.0M on Augusta integration, with Adjusted EBITDA jumping to $87.4M from $26.6M, reflecting cost reductions post-tissue sale. Cash dipped to $34.4M after $73.9M capex and $17.2M stock repurchases, but $213.9M ABL availability cushions liquidity against debt of $336.1M. The Augusta acquisition, closed May 2024 for $708.2M cash, added $610.3M in property and $12.9M goodwill before impairment. Competitive pricing pressures loom large in this softening paperboard market.
8-K
Q2 sales surge to $392M
Clearwater Paper posted Q2 net sales of $392 million, up 14% from last year, fueled by higher volumes from the Augusta mill acquisition on May 1, 2024. Net income from continuing operations swung to $4 million from a $42 million loss, with Adjusted EBITDA jumping to $40 million versus negative $9 million, thanks to cost reductions and outage timing, despite a 3% price drop. The company repurchased $4 million in shares. Yet, industry oversupply lingers.
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