Clearwater Paper Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Tax Rate Guidance for 2017
For the six months, the company reported net sales of $867,188,000 against $873,875,000 a year ago. Income from operations was $40,223,000 against $77,927,000 a year ago. Earnings before income taxes were $24,507,000 against $62,888,000 a year ago. Net earnings were $15,552,000 against $39,310,000 a year ago. Diluted net earnings per common share were $0.94 against $2.26 a year ago. EBITDA was $93,835,000 against $121,101,000 a year ago. Adjusted EBITDA was $94,343,000 against $126,402,000 a year ago. Adjusted net earnings were $18,658,000 against $42,732,000 a year ago. Adjusted net earnings per diluted share were $1.12 against $2.46 a year ago. Net cash flows from operating activities were $103,599,000 against $96,415,000 a year ago. Additions to plant and equipment were $85,709,000 against $57,394,000 a year ago.
The company expects its GAAP and adjusted tax rate for 2017 to be approximately 34% plus or minus two percentage points. Expected CapEx for the year is approximately $250 million, of which $100 million is for the new paper machine in Shelby, $90 million for strategic projects, and $60 million is for maintenance CapEx.