Clearwater Paper Posts $0.10 Q3 Loss, Guides Q4 EBITDA to $10-20M as CFO Resigns
CLW sits 61% above its 52-week low of $11.73.
Summary
Clearwater Paper narrowed its Q3 loss to $2 million and hit the middle of its EBITDA guidance, but guided Q4 adjusted EBITDA down to $10-20 million and disclosed CFO Sherri Baker's resignation effective November 13.
Key Events · Earnings and Guidance · CLW
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Q3 Loss Narrows to $2 Million
Net loss of $2 million, or $0.10 per diluted share, versus a $53 million loss in Q3 2025 that included a $48 million goodwill impairment. Net sales fell to $385 million from $399 million on lower pricing.
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Adjusted EBITDA Hits Guidance Range
Adjusted EBITDA from continuing operations was $24.4 million versus $17.8 million a year ago, inside the $20-30 million guidance range, helped by Lewiston outage timing and $17.5 million of additional RWI insurance proceeds.
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Q4 Guidance Steps Down Sharply
Q4 2026 adjusted EBITDA is guided to $10-20 million on lower seasonal shipments and continued Augusta mill disruptions, partly offset by an $8-12 million benefit from price increases.
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CFO Resigns Effective November 13
Sherri Baker informed the company on October 22, 2026 that she will resign as Senior Vice President and Chief Financial Officer, effective at the close of business on November 13, 2026.
Analysis · CLW · Manufacturing
The Q3 loss narrowed sharply to $2 million from $53 million a year ago, and adjusted EBITDA of $24.4 million landed inside the $20-30 million guidance range despite an Augusta mill disruption that has carried into October. What matters more is the outlook: Q4 adjusted EBITDA is guided to just $10-20 million, well below the Q3 run rate, on lower seasonal shipments and continued Augusta outages. Layered on top is the surprise resignation of CFO Sherri Baker effective November 13, which removes the finance chief mid-way through a debt refinancing and margin-recovery effort. Whether investors treat the Q4 step-down as temporary outage noise or a sign the recovery is stalling will drive the stock's reaction.
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At the time of this filing, CLW was trading at $18.89 on NYSE in the Manufacturing sector, with a market capitalization of approximately $310M. The 52-week trading range was $11.73 to $23.59. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.