For the Q3 2023, Clearwater Paper reported net sales of $520 million compared to net sales of $539 million for the Q3 2022. Net income for the Q3 2023 was $37 million, or $2.17 per diluted share, compared to net income for the Q3 2022 of $21 million, or $1.21 per diluted share.
On a non-GAAP basis, Clearwater Paper reported adjusted net income in the Q3 2023 of $37 million, or $2.19 per diluted share, compared to Q3 2022 adjusted net income of $31 million, or $1.83 per diluted share.
Adjusted EBITDA for the Q3 2023 was $81 million, compared to the Q3 2022 Adjusted EBITDA of $77 million.
Results for the first nine months of 2023
For the first nine months of 2023, Clearwater Paper reported net sales of $1.6 billion, a slight increase compared to the first nine months of 2022. Net income for the first nine months of 2023 was $90 million, or $5.29 per diluted share, compared to net income for the first nine months of 2022 of $52 million, or $3.04 per diluted share.
On a non-GAAP basis, Clearwater Paper reported adjusted net income in the first nine months of 2023 of $92 million, or $5.37 per diluted share, compared to the first nine months of 2022 adjusted net income of $68 million, or $3.96 per diluted share.
Adjusted EBITDA for the first nine months of 2023 was $218 million, compared to the first nine months of 2022 Adjusted EBITDA of $199 million.
“We had an outstanding Q3 which came in at the higher end of our expectations, driven by good operational performance in both businesses and continued strength in tissue. Demand remained strong in tissue, while we balanced paperboard supply and demand to manage inventory levels,” said Arsen Kitch, President and CEO. “We continued to focus on our financial flexibility by reducing net debt by $69 million in the quarter, for a total reduction of $416 million since 2020.”
“We are optimistic that our strong performance in tissue will continue into next year, driven by stable demand and improved cost structure. We also expect a gradual recovery in paperboard volumes starting in 2024. The refinancing of our 2025 notes will improve our financial flexibility and position us to continue to invest in our business and take advantage of strategic opportunities as they arise,” continued Kitch.
Clearwater Paper Corporation isa premier supplier of quality tissue and bleached paperboard products.
