Clearwater Paper Corporation reported net sales of $429.7 million for the 2Q 2017, down 1.6% compared to net sales of $436.7 million for the 2Q 2016.
Net earnings determined in accordance with generally accepted accounting principles, or GAAP, for the 2Q 2017 were $8 million, compared to net earnings of $20.9 million for the 2Q 2016. The decrease in net earnings was due primarily to a planned bi-annual major maintenance outage at the Company's Arkansas mill in the 2Q 2017 and higher input costs for energy, pulp, chemicals, and packaging supplies.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $45.7 million for the 2Q 2017 compared to $62.2 million for the 2Q 2016.
Adjusted EBITDA for the quarter was $45 million, down 32.1% compared to 2Q 2016 Adjusted EBITDA of $66.3 million. The $21.3 million decrease in adjusted EBITDA was primarily a result of the same major maintenance and higher input costs affecting GAAP net earnings in the 2Q 2017.
"We achieved solid 2Q results that were in line with our quarterly outlook," said Linda K. Massman, president and CEO. "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.”
Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, parent roll tissue, bleached paperboard and pulp.
