SPOKANE, Wash. (News release) -- Clearwater Paper Corporation (NYSE:CLW), a premier independent supplier of bleached paperboard to North American converters, reported financial results for the first quarter ended March 31, 2025.

FIRST QUARTER HIGHLIGHTS

• Net sales of $378 million, up 46% primarily due to incremental volume from our Augusta acquisition
• Net loss from continuing operations of $6 million, or $0.36 per diluted share compared net loss of $2 million, or $0.12 per diluted share
• Net loss of $6 million, or $0.38 per diluted share compared to net income of $17 million, or $1.03 per diluted share
• Adjusted EBITDA of $30 million compared to $14 million of Adjusted EBITDA in the first quarter last year
• Repurchased $11 million of outstanding shares
• Starting to see benefits from fixed cost reduction actions

"We delivered a strong first quarter, with improved operational execution, lower cost structure, and higher shipments," said Arsen Kitch, president and chief executive officer. "Our team also successfully completed the integration of the Augusta mill and is now focused on fully capturing volume and cost synergies by the end of 2026."

OVERALL RESULTS

For the first quarter of 2025, Clearwater Paper reported net sales of $378 million compared to $259 million for the first quarter of 2024. Clearwater Paper reported net loss from continuing operations in the first quarter of 2025 of $6 million, or $0.36 per diluted share compared to net loss from continuing operations of $2 million, or $0.12 per diluted share for the first quarter of 2024. Adjusted EBITDA was $30 million compared to $14 million in the first quarter of 2024. The increase in Adjusted EBITDA was primarily driven by higher sales volume due to the inclusion of our Augusta facility, the absence of a significant weather event at our Lewiston, Idaho facility that negatively impacted the first quarter of 2024 and benefits from our cost reduction plan, offset by lower sales prices.

Sales volumes and prices:

• Sales volumes were 289,487 tons in the first quarter of 2025, an increase of 55% compared to 187,303 tons in the first quarter of 2024.
• Paperboard average net selling price decreased 7% to $1,188 per ton for the first quarter of 2025, compared to $1,284 per ton in the first quarter of 2024.

COMPANY OUTLOOK

"We started to see benefits from our fixed cost reduction efforts during the first quarter and expect additional savings as we progress throughout the year. With continued improving demand, we remain optimistic about the long-term prospects of paperboard packaging and expect to benefit from consumer and customer preferences for sustainable products," concluded Kitch.