Clearwater Paper Corp. has reported a decline in third-quarter earnings compared with the third quarter of 2020.
The Spokane-based tissue and paperboard supplier’s net income for the third quarter was $2 million, or $0.11 per diluted share, compared with net income of $21 million, or $1.28 per diluted share, for the third quarter of 2020.
Although the company reported an increase in tissue demand and strength in its paperboard business in the third quarter, it faced higher paperboard prices, inflation pressure and lower sales volume in its consumer products segment, according to its third-quarter earnings statement.
“As we look out into the fourth quarter, we are expecting continued favorable market dynamics in our paperboard business and a realization of benefits from the Neenah mill closure, offset by higher inflation across key cost areas,” Arsen Kitch, Clearwater Paper’s president and chief executive officer, said in a statement. “We continue to focus on operational execution to mitigate inflation and prioritizing cash flows to reduce net debt.”
Clearwater Paper reported adjusted net income of $3 million, or $0.19 per share in the first nine months of 2021, compared with adjusted net income of $64 million, or $3.81 per diluted share, in the first nine months of 2020.
Clearwater Paper shares closed at $41.44 at the end of Wednesday’s trading day, up 0.78.
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