Clearwater Paper Corp. on Thursday reported third-quarter results bolstered by the strong performance of its consumer products operations.
Clearwater said net income reached $46.2 million, or $3.92 a share, compared with the $900,000, or 8 cents a share, earned when it was part of Potlatch Corp., which in December 2008 spun off its pulp-based operations and the Lewiston sawmill.
The 2009 results excluded $16.5 million in tax credits related to company use of alternative fuels – the liquid residue of the pulp-making process. The credits expire at the end of the year.
Net sales for the quarter improved to $331.5 million from $328.7 million a year ago.
Consumer products, mainly tissue paper, contributed $32.1 million to net income based on $140.2 million in net sales, a 7 percent improvement on last year’s $130.6 million.
Net sales for pulp and paperboard softened 6 percent year over year to $185.5 million, but added $10.6 million to Clearwater’s bottom line if the tax credit is excluded.
Net wood product sales, at $21.3 million, sank 9 percent compared with 2008 and yielded a $4.2 million net loss.