Clearwater Paper Corporation reported net sales of $436.7 million for the 2Q 2016, down 1.8% compared to net sales of $444.6 million for the 2Q 2015.
Net earnings determined in accordance with generally accepted accounting principles, or GAAP, for the 2Q 2016 were $20.9 million, or $1.21 per diluted share, compared to $15.6 million, or $0.81 per diluted share, for the 2Q 2015.
Excluding certain items identified in the attached reconciliations to GAAP, 2Q 2016 adjusted net earnings were $23.5 million, or $1.37 per diluted share, compared to 2Q 2015 adjusted net earnings of $14.2 million, or $0.74 per diluted share.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $62.2 million for the 2Q 2016. Adjusted EBITDA for the quarter was $66.3 million, up 31.0% compared to 2Q 2015 Adjusted EBITDA of $50.7 million.
“Clearwater Paper delivered an outstanding second quarter in terms of net earnings and by exceeding the high end of our outlook for Adjusted EBITDA,” said Linda Massman, president and CEO. “Our strong performance was primarily driven by productivity improvements, lower input costs in the pulp and paperboard business and maintaining healthy inventory and customer service levels for consumer products. We completed a successful first half of 2016 by keeping a sharp focus on implementing strategic capital investments and operational efficiencies throughout the company.”
Clearwater Paper Corporation is a pulp and paper product manufacturer.