Clearwater Paper Corp
For the period ended Jul 28, 2026. Filed Jul 28, 2026.
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Jul 28, 2026 · Filed Jul 28, 2026
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Contents
EX-99.1 · FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS
This press release contains certain “forward-looking” statements within the meaning of Section 27A of Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding the company’s expectations about the outlook for the next quarter, industry supply and demand conditions, pricing trends, market recovery timing, operating performance, cost reduction initiatives, restructuring outcomes, insurance recoveries, operational execution, import conditions, market share, and the company’s ability to execute its strategy and strengthen customer relationships amid current market conditions. The company’s actual results of operations may differ materially from those expressed or implied by the forward-looking statements contained in this press release. Factors that could cause or contribute to such material differences in actual results include, but are not limited to: our inability to realize the expected benefits of the Augusta, Georgia paperboard manufacturing facility acquisition, including anticipated financial results, due to integration challenges or other factors; unexpected costs, charges or expenses resulting from the sale of our consumer products division (tissue business) and the related restructuring initiatives; competitive pricing pressures for our products arising from capacity additions, demand reduction and market conditions; the loss of, changes in prices for, or reduction in, orders from significant customers; changes in customer preferences, industry consolidation and vertical integration; changes in the cost and availability of wood fiber, pulp, energy, chemicals, packaging and transportation services; cyclical industry conditions and broader U.S. and global economic conditions; manufacturing or operating disruptions; labor disruptions; reliance on a limited number of suppliers and service providers; cyber-security risks; environmental liabilities and litigation, including PFAS-related claims involving our Augusta facility; our ability to execute our growth, expansion and operational efficiency initiatives and capital projects; changes in expenses, required contributions or withdrawal costs associated with our pension plans; our ability to attract and retain qualified personnel; our ability to service our debt obligations and comply with debt covenants; changes in banking relationships or credit ratings; and changes in laws, regulations or industry standards affecting our business, as well as other risks discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2025. The forward-looking statements are made as of the date of this press release and the company does not undertake to update any forward-looking statements based on new developments or changes in the company’s expectations after the date of this press release.
| Clearwater Paper Corporation | ||||
|---|---|---|---|---|
| Consolidated Statements of Operations | ||||
| (Unaudited) | ||||
| Quarter Ended June 30, | Six Months Ended June 30, | |||
| (In millions, except per-share data) | 2026 | 2025 | 2026 | 2025 |
| Net sales | $374.8 | $391.8 | $735.1 | $770.0 |
| Costs and expenses: | ||||
| Cost of sales | 385.2 | 348.8 | 746.4 | 690.3 |
| Selling, general and administrative expenses | 21.1 | 26.1 | 41.7 | 55.0 |
| Other operating charges, net 1 | (7.5) | 7.1 | (18.7) | 18.9 |
| Total operating costs and expenses | 398.7 | 382.1 | 769.4 | 764.2 |
| Income (loss) from continuing operations | (23.9) | 9.8 | (34.3) | 5.8 |
| Interest expense, net | (5.1) | (3.9) | (10.0) | (7.3) |
| Other non-operating expense | (1.1) | (0.3) | (2.3) | (0.6) |
| Total non-operating expense | (6.2) | (4.2) | (12.3) | (7.9) |
| Income (loss) from continuing operations before income taxes | (30.1) | 5.5 | (46.6) | (2.1) |
| Income tax provision (benefit) | (8.6) | 1.9 | (12.3) | 0.1 |
| Income (loss) from continuing operations | (21.5) | 3.6 | (34.3) | (2.3) |
| Loss from discontinued operations, net of tax | — | (0.9) | — | (1.3) |
| Net income (loss) | $(21.5) | $2.7 | $(34.3) | $(3.6) |
| Net income (loss) per common share (basic and diluted): | ||||
| Income (loss) per share from continuing operations - basic | $(1.33) | $0.22 | $(2.13) | $(0.14) |
| Loss per share from discontinued operations -basic | — | (0.06) | — | (0.08) |
| Net income (loss) per share - basic | $(1.33) | $0.17 | $(2.13) | $(0.22) |
| Income (loss) per share from continuing operations - diluted | $(1.33) | $0.22 | $(2.13) | $(0.14) |
| Loss per share from discontinued operations - diluted | — | (0.06) | — | (0.08) |
| Net income (loss) per share - diluted | $(1.33) | $0.17 | $(2.13) | $(0.22) |
| Average shares outstanding (in thousands): | ||||
| Basic | 16,126 | 16,220 | 16,090 | 16,297 |
| Diluted | 16,126 | 16,241 | 16,090 | 16,297 |
1 Other operating charges, net consist of amounts unrelated to ongoing core operating activities. Please refer to Note 11 within Clearwater Paper's Form 10-Q filed with the SEC for the period ended June 30, 2026 for the detailed breakout of this amount.
| Clearwater Paper Corporation | ||
|---|---|---|
| Condensed Consolidated Balance Sheets | ||
| (Unaudited) | ||
| (In millions) | June 30, 2026 | December 31, 2025 |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $95.4 | $30.7 |
| Receivables, net | 162.9 | 195.3 |
| Inventories, net | 260.8 | 281.7 |
| Other current assets | 13.0 | 18.3 |
| Total current assets | 532.0 | 526.0 |
| Property, plant and equipment | 2,397.7 | 2,377.9 |
| Accumulated depreciation and amortization | (1,419.0) | (1,376.1) |
| Property, plant and equipment, net | 978.7 | 1,001.8 |
| Other assets, net | 60.6 | 60.4 |
| Total assets | $1,571.4 | $1,588.3 |
| Liabilities and stockholders' equity | ||
| Current liabilities: | ||
| Current portion of long-term debt | $0.6 | $0.6 |
| Accounts payable and accrued liabilities | 231.6 | 215.6 |
| Total current liabilities | 232.3 | 216.2 |
| Long-term debt | 360.5 | 345.5 |
| Liability for pension and other postretirement employee benefits | 48.4 | 49.5 |
| Deferred tax liabilities | 56.9 | 68.2 |
| Other long-term obligations | 79.2 | 83.7 |
| Total liabilities | 777.3 | 763.0 |
| Stockholders' equity: | ||
| Common stock | — | — |
| Additional paid-in capital | 7.3 | 8.3 |
| Treasury stock, at cost | (11.8) | (14.8) |
| Retained earnings | 828.0 | 862.3 |
| Accumulated other comprehensive loss, net of tax | (29.3) | (30.5) |
| Total stockholders' equity | 794.1 | 825.3 |
| Total liabilities and stockholders' equity | $1,571.4 | $1,588.3 |
| Clearwater Paper Corporation | ||||
|---|---|---|---|---|
| Consolidated Statements of Cash Flows | ||||
| (Unaudited) | ||||
| Quarter Ended June 30, | Six Months Ended June 30, | |||
| (In millions) | 2026 | 2025 | 2026 | 2025 |
| Operating activities | ||||
| Net income (loss) | $(21.5) | $2.7 | $(34.3) | $(3.6) |
| Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: | ||||
| Depreciation and amortization | 23.2 | 23.0 | 46.6 | 45.0 |
| Equity-based compensation expense | 1.7 | 2.5 | 2.4 | 3.5 |
| Deferred taxes | (8.1) | 1.7 | (11.6) | (0.6) |
| Defined benefit pension and other postretirement employee benefits | 0.3 | (0.1) | 0.8 | (0.2) |
| Amortization of deferred debt costs | 0.5 | 0.6 | 1.1 | 1.1 |
| Loss on sale or impairment associated with assets | — | 3.0 | — | 3.1 |
| Changes in operating assets and liabilities: | ||||
| Decrease in accounts receivable | 27.4 | 11.5 | 24.8 | 22.6 |
| (Increase) decrease in inventories | 7.0 | (26.2) | 19.4 | (25.3) |
| Decrease in other current assets | 5.0 | 4.0 | 4.9 | 4.2 |
| Increase (decrease) in accounts payable and accrued liabilities | 33.2 | (52.4) | 17.6 | (76.4) |
| Other, net | 0.3 | 1.6 | (2.1) | (0.1) |
| Net cash flows provided by (used in) operating activities | 69.0 | (28.2) | 69.5 | (26.7) |
| Investing activities | ||||
| Additions to property, plant and equipment, net | (9.6) | (22.9) | (18.7) | (55.6) |
| Net cash flows used in investing activities | (9.6) | (22.9) | (18.7) | (55.6) |
| Financing activities | ||||
| Borrowings on long-term debt | — | 65.0 | 15.0 | 65.0 |
| Repayments of long-term debt | (0.1) | (18.2) | (0.2) | (18.3) |
| Repurchases of common stock | (0.1) | (4.2) | (0.1) | (15.1) |
| Other, net | (0.2) | 11.1 | (0.8) | 17.8 |
| Net cash flows (used in) provided by financing activities | (0.4) | 53.7 | 13.9 | 49.3 |
| Increase (decrease) in cash and cash equivalents | 58.9 | 2.6 | 64.6 | (33.0) |
| Cash and cash equivalents at beginning of period | 36.5 | 44.0 | 30.7 | 79.6 |
| Cash and cash equivalents at end of period | $95.4 | $46.7 | $95.4 | $46.7 |
| Clearwater Paper Corporation | ||||
|---|---|---|---|---|
| Reconciliation of Non-GAAP Financial Measures | ||||
| Adjusted EBITDA | ||||
| (Unaudited) | ||||
| Quarter Ended June 30, | Six Months Ended June 30, | |||
| (In millions) | 2026 | 2025 | 2026 | 2025 |
| Net income (loss) | $(21.5) | $2.7 | $(34.3) | $(3.6) |
| Add (deduct): | ||||
| Less: loss from discontinued operations, net of tax | — | (0.9) | — | (1.3) |
| Income (loss) from continuing operations | (21.5) | 3.6 | (34.3) | (2.3) |
| Income tax provision (benefit) | (8.6) | 1.9 | (12.3) | 0.1 |
| Interest expense, net | 5.1 | 3.9 | 10.0 | 7.3 |
| Depreciation and amortization | 23.2 | 23.0 | 46.6 | 45.0 |
| Other operating charges, net 1 | (7.5) | 7.1 | (18.7) | 18.9 |
| Other non-operating expense | 1.1 | 0.3 | 2.3 | 0.6 |
| Adjusted EBITDA from continuing operations | $(8.2) | $39.9 | $(6.4) | $69.6 |
1 Other operating charges, net consist of amounts unrelated to ongoing core operating activities. Please refer to Note 11 within Clearwater Paper's Form 10-Q filed with the SEC for the period ended June 30, 2026 for the detailed breakout of this amount.
| Clearwater Paper Corporation | ||||
|---|---|---|---|---|
| Reconciliation of Non-GAAP Financial Measures | ||||
| (Unaudited) | ||||
| Quarter Ended June 30, | Six Months Ended June 30, | |||
| (In millions, except per share data) | 2026 | 2025 | 2026 | 2025 |
| Adjusted income (loss) from continuing operations: | ||||
| Net income (loss) | $(21.5) | $2.7 | $(34.3) | $(3.6) |
| Add (deduct): | ||||
| Less: loss from discontinued operations, net of tax | — | (0.9) | — | (1.3) |
| Income (loss) from continuing operations | (21.5) | 3.6 | (34.3) | (2.3) |
| Add back: | ||||
| Income tax provision (benefit) | (8.6) | 1.9 | (12.3) | 0.1 |
| Other operating charges, net | (7.5) | 7.1 | (18.7) | 18.9 |
| Adjusted income (loss) from continuing operations before tax | (37.6) | 12.7 | (65.2) | 16.8 |
| Normalized income tax (benefit) provision1 | (9.4) | 3.2 | (16.3) | 4.2 |
| Adjusted income (loss) from continuing operations | $(28.2) | $9.5 | $(48.9) | $12.6 |
| Weighted average diluted shares (thousands) | 16,126 | 16,241 | 16,090 | 16,297 |
| Adjusted income (loss) from continuing operations per diluted share | $(1.75) | $0.58 | $(3.04) | $0.77 |
1 Calculated at 25% which is an estimate of Clearwater Paper's statutory tax rate
| Calculation of net debt: | June 30, 2026 | March 31, 2026 | December 31, 2025 |
|---|---|---|---|
| Current portion long-term debt | $0.6 | $0.6 | $0.6 |
| Long-term debt | 360.5 | 360.5 | 345.5 |
| Add back: | |||
| Unamortized deferred debt costs | (1.1) | (1.2) | (1.3) |
| Less: | |||
| Cash and cash equivalents | 95.4 | 36.5 | 30.7 |
| Net debt | $266.8 | $325.8 | $316.7 |
Clearwater Paper Corporation
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.