Clearwater Paper Corp
For the period ended Oct 22, 2026. Filed Oct 26, 2026.
View on SEC.govAbout this filing
A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Oct 22, 2026 · Filed Oct 26, 2026
Use the contents to explore the available documents and sections.
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 the 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, operational execution, the company’s ability to execute its strategy amid current market conditions, as well as statements regarding the company’s progress in implementing its announced price increases; the recovery of the company’s Augusta mill and the company’s efforts to address underlying reliability issues; the continued recovery of SBS industry conditions; anticipated cost headwinds,including in transportation and chemicals; anticipated pricing trends, including third-party pricing forecasts, the company’s ability to recover cost increases; and the company’s ability to achieve its cross-cycle Adjusted EBITDA margins and cash flows.
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; 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 September 30, | Nine Months Ended September 30, | |||
| (In millions, except per-share data) | 2026 | 2025 | 2026 | 2025 |
| Net sales | $384.9 | $399.0 | $1,120.0 | $1,169.0 |
| Costs and expenses: | ||||
| Cost of sales | 363.7 | 380.3 | 1,110.1 | 1,070.6 |
| Selling, general and administrative expenses | 20.1 | 24.7 | 61.8 | 79.7 |
| Other operating charges, net 1 | (1.4) | 1.5 | (20.1) | 20.4 |
| Goodwill impairment | — | 48.0 | — | 48.0 |
| Total operating costs and expenses | 382.4 | 454.4 | 1,151.8 | 1,218.7 |
| Income (loss) from continuing operations | 2.5 | (55.4) | (31.8) | (49.6) |
| Interest expense, net | (4.8) | (4.7) | (14.8) | (12.0) |
| Early debt extinguishment | (1.1) | — | (1.1) | — |
| Other non-operating expense | (1.1) | (0.3) | (3.4) | (0.9) |
| Total non-operating expense | (7.0) | (5.0) | (19.3) | (12.9) |
| Loss from continuing operations before income taxes | (4.5) | (60.4) | (51.1) | (62.6) |
| Income tax benefit | (2.9) | (6.5) | (15.2) | (6.3) |
| Loss from continuing operations | (1.6) | (53.9) | (35.9) | (56.2) |
| Income (loss) from discontinued operations, net of tax | — | 0.6 | — | (0.7) |
| Net loss | $(1.6) | $(53.3) | $(35.9) | $(56.9) |
| Net loss per common share (basic and diluted): | ||||
| Loss per share from continuing operations - basic | $(0.10) | $(3.34) | $(2.23) | $(3.47) |
| Income (loss) per share from discontinued operations - basic | — | 0.04 | — | (0.04) |
| Net loss per share | $(0.10) | $(3.30) | $(2.23) | $(3.51) |
| Average shares outstanding (in thousands): | ||||
| Basic and diluted | 16,134 | 16,142 | 16,105 | 16,213 |
1 Other operating charges, net consist of amounts unrelated to ongoing core operating activities. Please refer to Note 12 within Clearwater Paper's Form 10-Q filed with the SEC for the period ended September 30, 2026 for the detailed breakout of this amount.
| Clearwater Paper Corporation | ||
|---|---|---|
| Condensed Consolidated Balance Sheets | ||
| (Unaudited) | ||
| (In millions) | September 30, 2026 | December 31, 2025 |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $35.7 | $30.7 |
| Restricted cash for redemption of debt | 276.7 | — |
| Receivables, net | 162.8 | 195.3 |
| Inventories, net | 249.8 | 281.7 |
| Other current assets | 21.4 | 18.3 |
| Total current assets | 746.4 | 526.0 |
| Property, plant and equipment | 2,407.8 | 2,377.9 |
| Accumulated depreciation and amortization | (1,439.1) | (1,376.1) |
| Property, plant and equipment, net | 968.7 | 1,001.8 |
| Other assets, net | 61.1 | 60.4 |
| Total assets | $1,776.2 | $1,588.3 |
| Liabilities and stockholders' equity | ||
| Current liabilities: | ||
| Current portion of long-term debt | $274.7 | $0.6 |
| Accounts payable and accrued liabilities | 231.9 | 215.6 |
| Total current liabilities | 506.6 | 216.2 |
| Long-term debt | 292.7 | 345.5 |
| Liability for pension and other postretirement employee benefits | 45.4 | 49.5 |
| Deferred tax liabilities | 54.1 | 68.2 |
| Other long-term obligations | 83.2 | 83.7 |
| Total liabilities | 982.0 | 763.0 |
| Stockholders' equity: | ||
| Common stock | — | — |
| Additional paid-in capital | 8.0 | 8.3 |
| Treasury stock, at cost | (11.4) | (14.8) |
| Retained earnings | 826.3 | 862.3 |
| Accumulated other comprehensive loss, net of tax | (28.8) | (30.5) |
| Total stockholders' equity | 794.2 | 825.3 |
| Total liabilities and stockholders' equity | $1,776.2 | $1,588.3 |
| Clearwater Paper Corporation | ||||
|---|---|---|---|---|
| Consolidated Statements of Cash Flows | ||||
| (Unaudited) | ||||
| Quarter Ended September 30, | Nine Months Ended September 30, | |||
| (In millions) | 2026 | 2025 | 2026 | 2025 |
| Operating activities | ||||
| Net loss | $(1.6) | $(53.3) | $(35.9) | $(56.9) |
| Adjustments to reconcile net loss to net cash flows provided by operating activities: | ||||
| Goodwill impairment | — | 48.0 | — | 48.0 |
| Depreciation and amortization | 23.3 | 23.8 | 69.9 | 68.7 |
| Equity-based compensation expense | 2.6 | 0.6 | 5.0 | 4.1 |
| Deferred taxes | (3.0) | (6.4) | (14.6) | (7.0) |
| Defined benefit pension and other postretirement employee benefits | (2.0) | — | (1.2) | (0.3) |
| Gain on business divestiture | — | (1.1) | — | (1.1) |
| Amortization of deferred debt costs and debt extinguishment | 1.5 | 0.6 | 2.5 | 1.7 |
| Loss on sale or impairment associated with assets | 1.9 | 2.0 | 1.9 | 5.1 |
| Changes in operating assets and liabilities: | ||||
| Decrease in accounts receivable | (0.2) | 4.2 | 24.5 | 26.8 |
| (Increase) decrease in inventories | 11.3 | — | 30.6 | (25.3) |
| Decrease in other current assets | (2.1) | 5.7 | 2.9 | 9.9 |
| Increase (decrease) in accounts payable and accrued liabilities | (1.6) | 11.4 | 16.1 | (65.0) |
| Other, net | 0.5 | (1.3) | (1.5) | (1.4) |
| Net cash flows provided by operating activities | 30.6 | 33.9 | 100.1 | 7.3 |
| Investing activities | ||||
| Additions to property, plant and equipment, net | (14.7) | (18.3) | (33.4) | (73.9) |
| Adjustment to proceeds from business divestiture | — | (12.1) | — | (12.1) |
| Net cash flows used in investing activities | (14.7) | (30.4) | (33.4) | (86.0) |
| Financing activities | ||||
| Borrowings on long-term debt | 290.0 | 7.0 | 305.0 | 72.0 |
| Repayments of long-term debt | (79.1) | (0.2) | (79.4) | (18.5) |
| Repurchases of common stock | — | (2.1) | (0.1) | (17.2) |
| Other, net | (2.5) | (20.6) | (3.2) | (2.9) |
| Net cash flows (used in) provided by financing activities | 208.4 | (15.9) | 222.3 | 33.5 |
| Increase (decrease) in cash, cash equivalents and restricted cash | 224.3 | (12.3) | 288.9 | (45.2) |
| Cash, cash equivalents and restricted cash at beginning of period | 95.4 | 46.7 | 30.7 | 79.6 |
| Cash, cash equivalents and restricted cash at end of period | $319.6 | $34.4 | $319.6 | $34.4 |
| Clearwater Paper Corporation | ||||
|---|---|---|---|---|
| Reconciliation of Non-GAAP Financial Measures | ||||
| Adjusted EBITDA | ||||
| (Unaudited) | ||||
| Quarter Ended September 30, | Nine Months Ended September 30, | |||
| (In millions) | 2026 | 2025 | 2026 | 2025 |
| Net loss | $(1.6) | $(53.3) | $(35.9) | $(56.9) |
| Add (deduct): | ||||
| Less: income (loss) from discontinued operations, net of tax | — | 0.6 | — | (0.7) |
| Loss from continuing operations | (1.6) | (53.9) | (35.9) | (56.2) |
| Income tax benefit | (2.9) | (6.5) | (15.2) | (6.3) |
| Interest expense, net | 4.8 | 4.7 | 14.8 | 12.0 |
| Goodwill impairment | — | 48.0 | — | 48.0 |
| Depreciation and amortization | 23.3 | 23.8 | 69.9 | 68.7 |
| Other operating charges, net 1 | (1.4) | 1.5 | (20.1) | 20.4 |
| Early debt extinguishment | 1.1 | — | 1.1 | — |
| Other non-operating expense | 1.1 | 0.3 | 3.4 | 0.9 |
| Adjusted EBITDA from continuing operations | $24.4 | $17.8 | $18.0 | $87.4 |
1 Other operating charges, net consist of amounts unrelated to ongoing core operating activities. Please refer to Note 12 within Clearwater Paper's Form 10-Q filed with the SEC for the period ended September 30, 2026 for the detailed breakout of this amount.
| Clearwater Paper Corporation | ||||
|---|---|---|---|---|
| Reconciliation of Non-GAAP Financial Measures | ||||
| (Unaudited) | ||||
| Quarter Ended September 30, | Nine Months Ended September 30, | |||
| (In millions, except per share data) | 2026 | 2025 | 2026 | 2025 |
| Adjusted income (loss) from continuing operations: | ||||
| Net loss | $(1.6) | $(53.3) | $(35.9) | $(56.9) |
| Add (deduct): | ||||
| Less: income (loss) from discontinued operations, net of tax | — | 0.6 | — | (0.7) |
| Loss from continuing operations | (1.6) | (53.9) | (35.9) | (56.2) |
| Add back: | ||||
| Income tax benefit | (2.9) | (6.5) | (15.2) | (6.3) |
| Goodwill impairment | — | 48.0 | — | 48.0 |
| Early debt extinguishment | 1.1 | — | 1.1 | — |
| Other operating charges, net | (1.4) | 1.5 | (20.1) | 20.4 |
| Adjusted income (loss) from continuing operations before tax | (4.9) | (11.0) | (70.1) | 5.8 |
| Normalized income tax provision (benefit)1 | (1.2) | (2.7) | (17.5) | 1.4 |
| Adjusted income (loss) from continuing operations | $(3.7) | $(8.2) | $(52.6) | $4.3 |
| Weighted average diluted shares (thousands) | 16,134 | 16,142 | 16,105 | 16,213 |
| Adjusted income (loss) from continuing operations per diluted share | $(0.23) | $(0.51) | $(3.27) | $0.27 |
1 Calculated at 25% which is an estimate of Clearwater Paper's statutory tax rate
| Calculation of net debt: | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 |
|---|---|---|---|---|
| Current portion long-term debt | $274.7 | $0.6 | $0.6 | $0.6 |
| Long-term debt | 292.7 | 360.5 | 360.5 | 345.5 |
| Add back: | ||||
| Unamortized deferred debt costs | (5.7) | (1.1) | (1.2) | (1.3) |
| Less: | ||||
| Cash and cash equivalents | 35.7 | 95.4 | 36.5 | 30.7 |
| Restricted cash for bond redemption | 276.7 | — | — | — |
| Net debt | $260.7 | $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.