Clearwater Paper Reports Updated Fourth Quarter Guidance
December 22, 2020
SPOKANE, Wash. (News release) -- Clearwater Paper Corporation announced a preliminary update to the company's previous outlook for fourth quarter 2020 Adjusted EBITDA of $52 to $62 million.
Due to significantly greater than expected demand in tissue, strong operating performance, and favorable cost trends, the company now expects Adjusted EBITDA for the fourth quarter of 2020 to be in the range of $71 to $76 million.
"Demand for tissue products increased significantly in November through mid-December. We believe that the recent increase in COVID-19 cases caused a temporary change in consumer buying patterns, which are starting to normalize in later December," said Arsen Kitch, president and chief executive officer. "We now expect our fourth quarter volumes to be above our previous guidance, with shipments exceeding those experienced in the fourth quarter of 2019," Kitch concluded.