SPOKANE, Wash. (News release) -- Clearwater Paper Corporation (NYSE:CLW), a premier independent supplier of bleached paperboard to North American converters, today reported financial results for the second quarter ended June 30, 2026.

SECOND QUARTER HIGHLIGHTS

  • Net sales of $375 million versus $392 million in the second quarter of 2025, with lower market pricing partially offset by volume growth of 8%

  • Net loss of $21 million, or $1.33 per diluted share versus net income of $3 million, or $0.17 per diluted share in the second quarter of 2025

  • Negative Adjusted EBITDA from continuing operations of $8 million versus positive $40 million in the second quarter of 2025 primarily driven by lower market pricing and timing of the Lewiston, Idaho planned major maintenance outage

  • Completed Lewiston, Idaho planned major maintenance outage on time and on target at a total direct cost of $22 million

  • Restructured Cypress Bend, Arkansas facility, resulting in a reduction of approximately 20% of roles and expected annual savings of $8 to $12 million

  • Reduced net debt in the quarter by $59 million and $50 million year to date, driven by net working capital reductions, tax refunds and additional representation and warranty insurance proceeds

"We executed well during the second quarter, successfully completing the Lewiston major maintenance outage while reducing costs at our Cypress Bend facility. We delivered significant volume growth sequentially and versus prior year as we continue to maintain and improve share with our key strategic customers. We also significantly reduced our net debt during the quarter while continuing to invest in our assets," said Arsen Kitch, president and chief executive officer.

OVERALL RESULTS

For the second quarter of 2026, Clearwater Paper reported net sales of $375 million, compared to $392 million in the second quarter of 2025. The company reported a net loss from continuing operations of $21 million, or $1.33 per diluted share for the quarter, compared to net income from continuing operations of $4 million, or $0.22 per diluted share, in the prior‑year period. Adjusted EBITDA from continuing operations was negative $8 million for the second quarter of 2026 compared to positive of $40 million in the second quarter of 2025. The decrease in Adjusted EBITDA from continuing operations was due to the timing of our major maintenance outage at our Lewiston facility and reduced sales prices offset by higher sales volumes. The Lewiston outage occurred in the third quarter of 2025 as compared to the second quarter of this year.

Sales volumes and prices:

  • Sales volumes were 328,722 tons in the second quarter of 2026, an increase of 8% compared to 304,713 tons in the second quarter of 2025. Sales volumes were 631,640 tons in the first six months of 2026, an increase of 6% compared to 594,200 tons in the first six months of 2025.

  • Paperboard average net selling price decreased 9% to $1,077 per ton for the second quarter of 2026, compared to $1,182 per ton in the second quarter of 2025. Paperboard average net selling price decreased 8% to $1,089 per ton for the first six months of 2026, compared to $1,185 per ton in the first six months of 2025.

COMPANY OUTLOOK

"We are seeing early signs of improvement in SBS industry conditions, with volume growth, lower imports, and increased operating rates. While RISI has recently reflected an increase in SBS pricing, it remains below levels necessary to generate acceptable returns. We continue to focus on actions within our control, including cost reduction, operational execution, and implementation of previously announced price increases. We believe that these actions will support an improvement in our financial results in the long run," concluded Kitch.