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, 2026.

FIRST QUARTER HIGHLIGHTS

  • Net sales of $360 million versus $378 million in the first quarter of 2025, with volume up 5%, offset by lower market pricing
  • Net loss of $13 million, or $0.80 per diluted share versus net loss of $6 million, or $0.38 per diluted share in the first quarter of 2025
  • Adjusted EBITDA from continuing operations of $2 million versus $30 million in the first quarter of 2025 primarily due to lower market pricing and severe weather impacts
  • Launched Velora™ a new lightweight folding carton paperboard engineered to deliver dependable performance, higher yield and strong value for everyday packaging
  • Announced restructuring of Cypress Bend, Arkansas facility in April, resulting in reduction of approximately 20% of roles and expected annual savings of $8 to $12 million
  • Received $17 million in additional representation and warranty insurance proceeds, pursuing claims against $50 million of remaining policy limit

"We delivered solid operational execution during the first quarter, with our team doing an outstanding job managing through a severe weather event in the Southeast. We also delivered healthy volume growth that outpaced the market even as we navigated a challenging industry environment," said Arsen Kitch, president and chief executive officer.

OVERALL RESULTS

For the first quarter of 2026, Clearwater Paper reported net sales of $360 million, compared to $378 million in the first quarter of 2025. The company reported a net loss from continuing operations of $13 million, or $0.80 per diluted share for the quarter, compared to a net loss of $6 million, or $0.36 per diluted share, in the prior‑year period. Adjusted EBITDA from continuing operations was $2 million for the first quarter of 2026 compared to $30 million in the first quarter of 2025.

The increase in net loss was primarily driven by lower pricing and the impact of a weather event during the first quarter of 2026, partially offset by insurance proceeds and cost reductions. The decrease in Adjusted EBITDA primarily reflects lower pricing and weather‑related impacts, partially offset by reduced costs.

Sales volumes and prices:

  • Sales volumes were 302,918 tons in the first quarter of 2026, an increase of 5% compared to 289,487 tons in the first quarter of 2025.
  • Paperboard average net selling price decreased 7% to $1,101 per ton for the first quarter of 2026, compared to $1,188 per ton in the first quarter of 2025.

COMPANY OUTLOOK

"We are focused on items within our control, namely reducing costs and maintaining share with our strategic customers, while anticipating an improvement in industry conditions. Today's operating rates and recent increases in input costs are resulting in margins and cash flows that do not support long-term investments in our industry's capital-intensive assets. We believe that a combination of demand growth, lower imports, and changes in net domestic supply will drive a recovery in the medium term," concluded Kitch.