Clearwater Paper Corp.’s stock dropped 33 percent in trading Friday, after first-quarter profits didn’t meet analysts’ expectations.
The Spokane-based company’s stock was at $26.85 per share when the market closed Friday, but inched up to $27 per share in after-hours trading.
Clearwater Paper reported first-quarter earnings of $2.6 million, or 16 cents per share, on sales of $437 million. The results, released Thursday, compared with 2017 first-quarter earnings of $7.5 million, or 45 cents per share.
Company officials cited challenging industry conditions, including lower prices for its tissue products and rising costs for wood fiber, pulp, chemicals and transportation. Higher prices for paperboard and productivity improvements partially offset those costs, officials said.
Clearwater makes pulp and paper products, including private label tissue.
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