Clearwater Paper reported 1Q net earnings of $5.6 million
May 06, 2011. Clearwater Paper Corporation reported net earnings of $5.6 million for the 1Q 2011, compared to net earnings of $0.5 million for the 1Q 2010.
May 06, 2011. /Lesprom Network/. Clearwater Paper Corporation reported net earnings of $5.6 million for the 1Q 2011, compared to net earnings of $0.5 million for the 1Q 2010. Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $41.7 million compared to $22.4 million in the 1Q 2010, as the company said in a press release received by Lesprom Network.
The pulp and paperboard segment's net sales of $196.6 million for the 1Q 2011 were up 2% compared to 1Q 2010 net sales of $192.8 million. Operating income for the quarter rose to $15.6 million, compared to an operating loss of $7.9 million for the 1Q 2010.
"We are on schedule and on budget with the build out of our tissue facilities at Shelby, North Carolina,” said Gordon Jones, Chairman, President and CEO. “The converting equipment and warehousing is being brought up to speed and we are continuing work related to the paper machine.
“As a result of the integration, we expect synergies to partially offset some of the higher pulp and transportation costs we have been experiencing in our tissue business, and we have announced our intention to raise tissue prices to help further offset these cost increases.
“Despite the cost challenges, we remain positive about both of our segments for the rest of 2011,” concluded Jones.
Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, parent roll tissue, machine glazed tissue, bleached paperboard, pulp and wood products at 14 manufacturing locations in the U.S. and Canada. The company also produces bleached paperboard used by quality-conscious printers and packaging converters.