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Clearwater Paper (CLW) investor relations material
Clearwater Paper Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales rose 14% year-over-year to $392M in Q2 2025, driven by the Augusta acquisition and higher shipment volumes, partially offset by lower average pricing and product mix changes.
Net income from continuing operations was $4M, reversing a prior year loss, with Adjusted EBITDA at $40M and a 10.2% margin, reflecting cost reductions and improved operational performance.
SG&A expenses declined nearly 14% year-over-year, now 6.7% of net sales, within the target range.
Completed major maintenance at Cypress Bend mill and advanced integration of the Augusta facility.
Share repurchases totaled $4M in Q2 and $15M–$18M year-to-date under the $100M authorization.
Financial highlights
Q2 2025 net sales: $392M (up 14% year-over-year); net income: $4M; Adjusted EBITDA: $40M; Adjusted EBITDA margin: 10.2%.
Paperboard sales volumes increased 12% to 304,713 tons; average net selling price per ton decreased 3% to $1,182.
Gross margin improved to $43M from a loss last year; operating income was $9.8M.
Net leverage ratio at 1.9x; long-term debt at $328.5M as of June 30, 2025.
Cash and cash equivalents at quarter end: $46.7M, down from $165.9M at year-end 2024.
Outlook and guidance
Q3 2025 Adjusted EBITDA expected between $10M and $20M, with flat shipments and higher maintenance costs.
FY 2025 revenue projected at $1.5B–$1.6B, with $30M–$40M in fixed cost savings and $80M–$90M in capital expenditures.
Major maintenance costs of $45M–$50M expected for the year; tariffs and new tax legislation not expected to materially impact 2025.
Focus remains on operational execution, cost reduction, and customer retention amid industry oversupply.
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