Clearwater Paper Posts 23-Cent Adjusted Loss Per Share in Q3
CLW sits 64% above its 52-week low of $11.73.
Summary
Clearwater Paper reported a third-quarter adjusted loss of 10 cents a share, extending the losses that have defined this year. The company lost $21.5 million in Q2 as lower paperboard prices and a major maintenance outage crushed margins, so a Q3 loss points to no quick fix in the core paperboard business. The September refinancing of the entire debt stack with a new $475 million credit facility bought breathing room on the balance sheet, but it does not change the earnings problem. The headline gives only the per-share adjusted loss, with no revenue, volume or guidance detail, so the size of the miss versus expectations is not yet clear.
At the time of this announcement, CLW was trading at $19.22 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 news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.