Clearwater Paper Corporation held its 2025 Annual Meeting of Stockholders, where shareholders elected two directors, ratified KPMG LLP as the independent accounting firm, approved executive compensation, and amended the 2017 stock incentive plan. All proposals passed with strong affirmative votes.
CEO Arsen Kitch provided a strategic update, highlighting the 2024 transformation with the May 2024 acquisition of the Augusta paperboard facility, which increased capacity by 75%, and the November 2024 sale of the tissue business for $1.06 billion. Net proceeds from the sale were used to significantly delever the balance sheet.
The company reported 2024 net sales from continuing operations up 22% compared to 2023, with a net loss from continuing operations of $74 million. Adjusted EBITDA from total operations was $182 million. Net debt was reduced by $199 million, resulting in a net leverage ratio of 1.1 times at year-end 2024.
Clearwater Paper repurchased approximately $15 million of outstanding shares between November 2024 and the end of the first quarter of 2025. The company expects SBS demand to grow by another 3% to 5% in 2025, following a 4% increase in 2024.
Management is targeting $30 million to $40 million in cost savings in 2025, with an expected annual run rate benefit of $40 million to $50 million. The company believes its U.S.-focused operations could benefit from tariff uncertainty.
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