Clearwater Paper (CLW) Company Report

Clearwater Paper reported Q3 2025 adjusted EBITDA of $18 million, at the high end of its guidance, and net sales of $399 million. The company recorded a net loss of $54 million, or $3.34 per diluted share, primarily due to a $48 million non-cash goodwill impairment.
The company successfully completed all three planned major maintenance outages for 2025, with the Lewiston outage costing $24 million and Augusta $16 million. Fixed cost reduction initiatives are tracking to $50 million in savings for the year, exceeding original estimates.
For Q4 2025, Clearwater Paper expects adjusted EBITDA between $13 million and $23 million, anticipating slightly lower paperboard shipments and 3%-4% lower production volume due to seasonality.
Initial assumptions for 2026 include revenue of $1.45 billion-$1.55 billion, capital expenditures of $65 million-$75 million, and targeted working capital improvements of over $20 million. The company noted an industry oversupply in SBS, leading to utilization rates in the low 80% range.
A potential $50 million investment to add CUK swing capability to an SBS machine, with an estimated return of over 20%, has been put on hold to prioritize maintaining a strong balance sheet and achieving a target leverage ratio of 1%-2%.

Oct 28, 2025, 9:00 PM

Clearwater Paper Reports Q3 2025 Results, Provides Q4 2025 and 2026 Outlook

CLW

Earnings

Guidance Update

Demand Weakening

Clearwater Paper reported Q3 2025 Adjusted EBITDA of $18 million, at the high end of its guidance, and net sales of $399 million.
The company posted a net loss of $54 million, or $3.34 per diluted share, primarily due to a $48 million non-cash goodwill impairment.
For Q4 2025, Adjusted EBITDA is expected to be between $13 million and $23 million.
A potential $50 million CUK investment decision is on hold to prioritize maintaining a strong balance sheet, with a target leverage ratio of 1% to 2%.
Fixed cost reduction initiatives are tracking to $50 million in savings for the year, exceeding the original estimate of $30 million to $40 million.

Oct 28, 2025, 9:00 PM

Clearwater Paper Reports Q3 2025 Results and Provides Outlook

CLW

Earnings

Guidance Update

New Projects/Investments

Clearwater Paper reported Q3 2025 Adjusted EBITDA of $18 million and net sales of $399 million, but a net loss of $54 million primarily due to a $48 million non-cash goodwill impairment.
The company's fixed cost reduction initiatives are tracking to approximately $50 million in savings for the year, exceeding original estimates.
For Q4 2025, Clearwater Paper expects Adjusted EBITDA to be between $13 million and $23 million.
The company provided an initial 2026 outlook, forecasting revenue of $1.45 billion to $1.55 billion and capital expenditures of $65 million to $75 million, with a target of more than $20 million in working capital improvements.
A potential $50 million CUK investment project, with an estimated return of over 20%, has been put on hold to prioritize balance sheet strength.

Oct 28, 2025, 9:00 PM

Clearwater Reports Q3 2025 Financial Results and Provides Outlook

CLW

Earnings

Guidance Update

Share Buyback

Clearwater (CLW) reported Net Sales from continuing operations of $399 million and an Adjusted EBITDA of $18 million (4% margin) for Q3 2025. The company recorded a Net Loss from continuing operations of $54 million, which included a $45 million non-cash goodwill impairment.
Paperboard sales volumes increased 3% in Q3 2025 compared to Q3 2024, partially offset by a 3% decrease in average pricing.
As of Q3 2025, the company maintained a net leverage ratio of 2.7x and $455 million in available liquidity. Clearwater repurchased $2 million of shares during the quarter, totaling $20 million since the new $100 million authorization in November 2024.
For Q4 2025, Adjusted EBITDA is projected to be between $13 million and $23 million. Initial assumptions for FY 2026 include revenue of $1.45 billion to $1.55 billion and capital expenditures of $65 million to $75 million.

Oct 28, 2025, 9:00 PM

Clearwater Paper Reports Q3 2025 Results

CLW

Earnings

Guidance Update

Share Buyback

Clearwater Paper reported net sales of $399 million in Q3 2025, representing a 1% increase from Q3 2024.
The company recorded a net loss of $53 million, or $3.30 per diluted share, in Q3 2025, primarily due to a $45 million non-cash goodwill impairment.
Adjusted EBITDA from continuing operations was $18 million for Q3 2025, a decrease from $21 million in Q3 2024, despite a 3% increase in sales volumes.
For Q4 2025, the company anticipates Adjusted EBITDA from continuing operations to be between $13 million and $23 million, and repurchased $2 million of shares during Q3 2025.

Oct 28, 2025, 8:07 PM

Clearwater Paper Reports Third Quarter 2025 Results

CLW

Earnings

Guidance Update

Demand Weakening

Clearwater Paper reported net sales of $399 million for the third quarter of 2025, an increase of 1% from the third quarter of 2024, primarily driven by a 3% increase in shipment volumes.
The company posted a net loss of $53 million, or $3.30 per diluted share, for Q3 2025, compared to net income of $6 million, or $0.35 per diluted share, in Q3 2024. This was primarily due to a $45 million non-cash impairment of goodwill.
Adjusted EBITDA from continuing operations was $18 million for Q3 2025, down from $21 million in Q3 2024. The company successfully completed a planned major maintenance outage at its Lewiston, Idaho mill at a direct cost of approximately $24 million and is on track to deliver nearly $50 million in fixed cost reductions in 2025.
Paperboard average net selling price decreased 3% to $1,160 per ton for the third quarter of 2025 compared to the same period in 2024. The company noted that SBS continues to be in an oversupplied position, impacting the broader consumer paperboard market.