Clearwater Paper reports narrower Q3 loss amid mill disruptions

Clearwater Paper Corporation reported a net loss of $1.6 million for the third quarter ended September 30, a significant reduction from the $53.3 million loss recorded during the same period last year. The previous year's results included a $48 million goodwill impairment.

Net sales for the quarter fell to $384.9 million, missing analyst consensus estimates. Despite the decline in sales, adjusted EBITDA from continuing operations rose to $24.4 million, up from $17.8 million in the prior year, aided by the timing of maintenance at the company’s Lewiston mill.

CEO Arsen Kitch noted that operational disruptions at the Augusta mill impacted volumes and costs, though these effects were partially offset by $17.5 million in insurance proceeds. The company also recently entered a new credit agreement with AgWest Farm Credit, consisting of a $275 million term loan and a $200 million revolving credit facility, intended to provide a more stable funding base.