Clearwater Paper Corporation reported net sales of $426.5 million for the 3Q 2018, which was flat with net sales for the 3Q 2017. 3Q 2018 adjusted net earnings were $22.3 million, compared to 3Q 2017 adjusted net earnings of $5.3 million, as the company said in the press release received by Lesprom Network.
Net earnings determined in accordance with generally accepted accounting principles, or GAAP, for the 3Q 2018 were $34.4 million, or $2.08 per diluted share, compared to net earnings for the 3Q 2017 of $0.9 million, or $0.05 per diluted share. The increase in net earnings was due primarily to a $22.9 million gain on the sale of the company's Ladysmith, Wisconsin manufacturing facility along with higher pricing and record shipment volumes in paperboard, improved operating efficiencies and lower selling, general and administrative expenses.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, were $71.0 million for the 3Q 2018, compared to $31.3 million for the 3Q 2017. Adjusted EBITDA for the quarter was $48.9 million, up 29.9% compared to 3Q 2017 Adjusted EBITDA of $37.6 million.
“We exceeded our expectations for the third quarter due to record paperboard shipments and strong customer demand for paperboard,” said Linda K. Massman, president and CEO. “We are also seeing positive results from the operating model improvements for our tissue business, resulting in lower transportation and warehousing costs.”
Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, parent roll tissue, bleached paperboard and pulp at manufacturing facilities.