Clearwater Paper 1Q 2020 Results: Sales 11.4 Percent Higher to $478 million

Clearwater Paper Corporation, a premier supplier of quality tissue and bleached paperboard products, has reported financial results for the first quarter of 2020.Clearwater Paper Corporation, a premier supplier of quality tissue and bleached paperboard products, has reported financial results for the first quarter of 2020.

"We remain focused on two priorities — the health and safety of our employees and continuing to safely operate our facilities to meet the needs of our customers," said Arsen S. Kitch, president and chief executive officer. "Our financial results for the first quarter of 2020 significantly benefited from an increase in demand for our products, particularly in our Consumer Products segment, and strong operational execution by our teams."

For the first quarter of 2020, Clearwater Paper reported net sales of $478 million, an 11 percent increase compared with net sales of $429 million for the first quarter of 2019. Net income for the first quarter of 2020 was $10 million, compared with net income for the first quarter of 2019 of $4 million.

Net sales in the Consumer Products segment were $266 million for the first quarter of 2020, up 19 percent compared with first quarter 2019 net sales of $223 million. In the first quarter of 2020, converted case shipments reached 15.2 million cases, an increase of 23.4 percent compared with 12.3 million cases shipped in the first quarter of 2019, based upon the increased demand as a result of changes in consumer behavior in response to the COVID-19 pandemic and incremental demand based upon new customer programs.

"For the upcoming quarter, our primary focus will remain on the health and safety of our employees while we continue to operate our facilities and service customers. Demand for tissue products is expected to remain elevated as consumers shift to at-home consumption and retailers continue to focus on keeping their shelves stocked. We are also closely monitoring economic conditions and assessing the impact on our business for the balance of the year,” Kitch concluded.

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