Arrow-right Camera
The Spokesman-Review Newspaper

The Spokesman-Review Newspaper The Spokesman-Review

Spokane, Washington  Est. May 19, 1883
Partly Cloudy Day 78° Partly Cloudy
News >  Business

Clearwater Paper Co. reports second-quarter net loss

Clearwater Paper Co. reported a second-quarter net loss, although the company indicated it performed better than initial expectations.

The Spokane-based company posted a net loss of $52 million for the quarter, or $3.10 per share, compared with net income of $23 million, or $1.36 per share, in the second-quarter of 2020.

“Tissue demand bottomed out in April as consumers de-stocked pantries and retailers adjusted inventories,” Arsen Kitch, Clearwater Paper president and chief executive officer, said in a statement. “Our tissue orders have started to build back to more normal levels since then.”

The company’s paperboard business continues to perform well with favorable market dynamics, Kitch added.

Paperboard average net selling price increased 5% to $1,058 per ton for the second quarter , compared to $1,009 per ton in the second quarter of 2020, according to the company.

Clearwater Paper is working to offset inflation by closing its “high-cost” Neenah, Wisconsin, tissue plant and continuing to focus on operational execution, Kitch said.

The Spokesman-Review Newspaper

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.

Active Person

Subscribe now to get breaking news alerts in your email inbox

Get breaking news delivered to your inbox as it happens.