Clearwater Paper Corporation reported net sales of $425.6 million for the 4Q 2016, down 1.4% compared to net sales of $431.6 million for the 4Q 2015 due primarily to lower paperboard prices and shipment volumes.
Net earnings determined in accordance with generally accepted accounting principles, or GAAP, for the 4Q 2016 were $9.3 million, or $0.56 per diluted share, compared to $11.6 million, or $0.65 per diluted share, for the 4Q 2015.
The decrease in net earnings was due primarily to lower paperboard pricing and shipment volumes and higher costs related to the impact of a fire at the company's Las Vegas facility. These items were partially offset by lower input costs for pulp and transportation.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $49.3 million for the 4Q 2016 compared to $58.2 million for the 4Q 2015. Adjusted EBITDA for the quarter was $54.1 million, down 8.1% compared to 4Q 2015 Adjusted EBITDA of $58.9 million. The $4.8 million decrease in Adjusted EBITDA was a result of the same factors affecting GAAP net earnings in the 4Q 2016.
“We achieved 4Q and full year 2016 results at the high end of our outlook thanks to our team's relentless focus on managing costs while producing and delivering high-quality products to our valued customers,” said Linda K. Massman, president and CEO. “Our priorities for 2017 are to complete what remains of our previously announced strategic projects, integrate our Manchester Industries acquisition and begin work on the newly announced paper machine in Shelby, North Carolina.”
Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, parent roll tissue, bleached paperboard and pulp.
