Last $61.06 USD
Change Today -0.69 / -1.12%
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clearwater paper corp (CLW) Key Developments

Clearwater Paper Corporation Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Adjusted Tax Rate Guidance for the Year 2015

Clearwater Paper Corporation reported unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2014. The company reported net sales of $472.3 million for the fourth quarter of 2014, compared to net sales of $470.2 million for the fourth quarter of 2013. The net loss determined in accordance with generally accepted accounting principles, or GAAP, for the fourth quarter of 2014 was $27.2 million, or $1.39 per diluted share, compared to net earnings of $82.9 million, or $3.87 per diluted share, for the fourth quarter of 2013. The 2014 fourth quarter GAAP net loss included an after-tax loss of $36.3 million associated with the divestiture of the company’s Consumer Products specialty mills, $2.0 million of after-tax intangible asset impairment, $1.3 million of after-tax expense associated with the mark-to-market impact of directors equity-based compensation and $2.5 million of after-tax expense associated with the closing of the company’s Thomaston, Georgia, and Long Island, New York, converting and distribution facilities. Excluding those items, fourth quarter 2014 adjusted net earnings were $15.0 million, or $0.77 per diluted share, compared to fourth quarter 2013 adjusted net earnings of $23.1 million, or $1.09 per diluted share. Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $5.8 million for the fourth quarter of 2014. Adjusted EBITDA of $54.5 million was down 16.7% compared to fourth quarter 2013 Adjusted EBITDA of $65.4 million. The decrease in EBITDA and Adjusted EBITDA was due primarily to higher operating costs associated with fiber, transportation, energy and maintenance, more than offsetting increased average prices and volumes. Loss from operations was $17,768,000 against income of $38,289,000 a year ago. Loss before income taxes was $25,926,000 against earnings of $27,037,000 a year ago. For the year, the company reported net sales of $1,967,139,000 against $1,889,830,000 a year ago. Income from operations was $79,811,000 against $99,328,000 a year ago. Earnings before income taxes were $16,241,000 against $38,234,000 a year ago. Net loss was $2,315,000 or $0.11 per diluted share against earnings of $106,955,000 or $4.80 per diluted share a year ago. Net cash flows from operating activities were $139,100,000 against $136,357,000 a year ago. Additions to plant and equipment were $93,028,000 against $90,593,000 a year ago. Adjusted EBITDA was $238,511,000 against $199,661,000 a year ago. Adjusted net earnings were $69,827,000 or $3.47 per diluted share against $43,581,000 or $1.96 per diluted share a year ago. The company expects its annual GAAP and adjusted tax rates to be approximately 37% for 2015. For 2015, capital expenditures, the pursuit of the CPD cost structure improvements will require more capital investment than recent capital spending levels. So the outlook for capital investment in 2015 is $155 million. The plan includes a previously mentioned $85 million of strategic capital plus $70 million in base maintenance CapEx.

Clearwater Paper Corporation, Q4 2014 Earnings Call, Feb 04, 2015

Clearwater Paper Corporation, Q4 2014 Earnings Call, Feb 04, 2015

Clearwater Paper Corporation Presents at Vertical Research Partners' Paper and Packaging Conference, Nov-19-2014 03:35 PM

Clearwater Paper Corporation Presents at Vertical Research Partners' Paper and Packaging Conference, Nov-19-2014 03:35 PM. Venue: New York, New York, United States.

Clearwater Paper Corporation Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Tax Rate and Capital Expenditures Guidance for the Year 2014; Reports Impairment of Assets for the Third Quarter Ended September 30, 2014

Clearwater Paper Corporation announced unaudited consolidated financial results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net sales of $511,142,000 against $487,845,000 a year ago. Income from operations was $43,978,000 against $18,842,000 a year ago. Earnings before income taxes were $9,988,000 against $8,134,000 a year ago. Net earnings were $6,253,000 or $0.31 per diluted share against $13,317,000 or $0.60 per diluted share a year ago. Adjusted EBITDA was $71,961,000 against $43,100,000 a year ago. Adjusted net earnings were $25,695,000 or $1.28 per diluted share against $6,436,000 or $0.29 per diluted share a year ago. The increase in EBITDA and Adjusted EBITDA was due primarily to strong paperboard markets and pricing as well as increased contribution from the company's through-air-dried, or TAD, expansion. EBITDA was $66,271,000 against $41,022,000 a year ago. Capital expenditures were $26,000,000 in the third quarter. Adjusted operating income was $50,000,000. During the third quarter, the company generated $7,000,000 of cash from operating activities or 1% of net sales, down from 12% in second quarter of 2014 and well below its cash flow model of 11% to 13%. Operating cash flow in the third quarter was impacted by the $19,000,000 make whole payment, a seasonal inventory build in pull plugs and some opportunistic spot buys of hardwood pulp and then timing of receivable collections. For the nine months, the company reported net sales of $1,494,821,000 against $1,419,671,000 a year ago. Income from operations was $97,579,000 against $61,039,000 a year ago. Earnings before income taxes were $42,167,000 against $11,197,000 a year ago. Net earnings were $24,932,000 or $1.21 per diluted share against $24,093,000 or $1.07 per diluted share a year ago. Net cash flows from operating activities were $101,931,000 against $91,540,000 a year ago. Additions to plant and equipment were $54,029,000 against $54,400,000 a year ago. Adjusted EBITDA was $183,988,000 against $134,228,000 a year ago. Adjusted net earnings were $54,850,000 or $2.66 per diluted share against $20,458,000 or $0.91 per diluted share a year ago. EBITDA was $164,118,000 against $128,623,000 a year ago. For the third quarter ended September 30, 2014, the company reported impairment of assets of $890,000. The company expects its annual GAAP and adjusted tax rate to be approximately 38% for 2014. Capital expenditures are now expected to total approximately $95 million in 2014. That is up from prior outlook of $78 million as it is accelerating action on warehousing, converting and distribution efficiencies and other optimization-related activities.

Clearwater Paper Corporation, Q3 2014 Earnings Call, Oct 22, 2014

Clearwater Paper Corporation, Q3 2014 Earnings Call, Oct 22, 2014

 

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