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Last $60.89 USD
Change Today +0.43 / 0.71%
Volume 62.7K
CLW On Other Exchanges
Symbol
Exchange
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As of 8:04 PM 05/27/15 All times are local (Market data is delayed by at least 15 minutes).

clearwater paper corp (CLW) Key Developments

Clearwater Paper Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Outlook for Second Quarter and Full Year of 2015

Clearwater Paper Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the period, the company’s net sales were $434,026,000 against $484,920,000 a year ago. Income from operations was $15,237,000 against $20,518,000 a year ago. Earnings before income tax were $7,455,000 against $9,784,000 a year ago. Net earnings were $5,757,000 against $6,226,000 a year ago. Diluted net earnings per common share were $0.30 against $0.29 a year ago. Net cash flows from operating activities were $28,052,000 against $35,270,000 a year ago. Additions to plant and equipment were $25,240,000 against $16,239,000 a year ago. EBITDA was $36,245,000 against $42,749,000 a year ago. Adjusted EBITDA was $37,928,000 against $54,748,000 a year ago. The change in Net Sales were primarily due to the sale of the company’s specialty mills in December 2014. The decrease in EBITDA and Adjusted EBITDA was due primarily to scheduled major maintenance at the company’s Lewiston, Idaho, pulp and paperboard facility, lower paperboard shipment volume due to the labor slowdowns at the West Coast shipping ports, and the sale of the company’s specialty mills, which were partially offset by improved pricing for paperboard and higher sales of through-air-dried, or TAD products. Adjusted net earnings were $6,921,000 against $13,902,000 a year ago. Adjusted diluted net earnings per common share were $0.36 against $0.66 a year ago. Capital expenditures were $21 million in the first quarter of 2015, of which, $6 million was spent on strategic projects. Adjusted operating income was $70 million or a 3.9% margin came in at the midpoint of its outlook of 3% to 5%. For the second quarter of 2015, the company expects net sales to be flat to up 2%; adjusted operating margin to be in the range of 4.9% to 6.1%; adjusted SG&A to be flat with first quarter; adjusted corporate spending to be $13 million to $14 million; net interest expense to be about $8 million; and an adjusted tax rate of 36%, plus or minus 2% points. All of these variables combined are expected to result in an EBITDA range of $42 million to $48 million. The company expects its annual GAAP and adjusted tax rates to be approximately 36% for 2015. CapEx for the year is approximately $155 million, of which, $85 million is for strategic projects and $70 million is for maintenance. The company currently expects full year adjusted EBITDA to be in the range of $210 million to $225 million.

Clearwater Paper Corporation Announces Resignation of Jonathan D. Hunter as Controller and Principal Accounting Officer Effective April 10, 2015

On April 1, 2015, Clearwater Paper Corporation's controller and principal accounting officer, Jonathan D. Hunter, notified the company of his decision to resign effective April 10, 2015.

Clearwater Paper Corporation, Q1 2015 Earnings Call, Apr 22, 2015

Clearwater Paper Corporation, Q1 2015 Earnings Call, Apr 22, 2015

Clearwater Paper Corporation, Annual General Meeting, May 04, 2015

Clearwater Paper Corporation, Annual General Meeting, May 04, 2015., at 09:00 Pacific Daylight. Location: Grand Hyatt. Agenda: To consider election of directors; to consider ratification of the appointment of KPMG, LLP as the company's independent registered public accounting firm for 2015; to consider advisory vote to approve named executive officer compensation; and to consider re-approval of the 2008 stock incentive plan.

Clearwater Paper Corporation Provides Earnings Guidance for the Fourth Quarter of 2015

Clearwater Paper Corporation provided earnings guidance for the fourth quarter of 2015. For the quarter, the company’s GAAP net earnings are forecast at $4.5 million to $7.5 million, adjusted EBITDA is expected between $37 million and $43 million, net sales to grow 1% to 3%, operating margins to increase 3% to 5% relative to the prior quarter.

 

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