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.