SPOKANE, Wash. (News release) -- For the Q2 2024, Clearwater Paper Corporation reported net sales of $586 million compared to net sales of $525 million for the Q2 2023. Clearwater Paper reported a net loss for the Q2 2024 of $26 million, or $1.55 per diluted share, compared to net income for the Q2 2023 of $30 million, or $1.75 per diluted share. Adjusted EBITDA for the Q2 2024 was $35 million, compared to the Q2 2023 Adjusted EBITDA of $71 million.

For the first six months of 2024, Clearwater Paper reported net sales of $1.1 billion, a 3% increase compared to net sales of $1 billion for the first six months of 2023. Clearwater Paper reported a net loss for the first six months of 2024 of $9 million, or $0.52 per diluted share, compared to net income for the first six months of 2023 of $54 million, or $3.15 per diluted share. Adjusted EBITDA for the first six months of 2024 was $97 million, compared to the first six months of 2023 Adjusted EBITDA of $137 million.

Arsen Kitch, President and CEO, said: "We remain confident in the long-term fundamentals of the paperboard market and expect gradual demand recovery for the balance of 2024 and into 2025. We currently expect to close the sale of our tissue business in the Q4 2024, subject to customary closing conditions and regulatory approval. Our plan is to use the proceeds to de-lever our balance sheet and continue executing our strategy to grow and diversify our paperboard product portfolio."

On July 22, 2024, the company announced that it has signed definitive agreements to sell its consumer products division (tissue business) to Sofidel America Corp. for $1.06 billion, subject to customary adjustments. The transaction is subject to regulatory approval other customary closing conditions and is currently expected to close in the fourth quarter of 2024.

"We thoroughly explored strategic options for our tissue business and believe that Sofidel will be well positioned to continue investing in these assets for long-term growth," said Kitch. "This is a transformational time for Clearwater paper, and we are looking forward to the next chapter of value creation as we continue our strategy to scale and grow our paperboard business."

Clearwater Paper Corporation is a premier supplier of bleached paperboard and quality consumer tissue.