SPOKANE, WA – Clearwater Paper Corporation today reported financial results for the second quarter and six months ended June 30th. Among the highlights were net sales of $525 million, slightly below the second quarter of last year; adjusted net income of $30 million, which is $11 million higher than the second quarter of last year; reduced net debt by $25 million from the first quarter of this year; and the company repurchased $8 million of outstanding shares, with $15 million remaining under the program.
Arsen Kitch, President and Chief Executive Officer, says the company had a stronger-than-expected second quarter, with solid operational performance and lower-than-expected costs for key inputs such as pulp, energy, and transportation.
For the first six months of 2023, 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 2022. Net income for the first six months of 2023 was $54 million compared to net income for the first six months of 2022 of $31 million.
