Stock Monitor: Schweitzer-Mauduit Intl. Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 28, 2018 / Active-Investors.com has just released a free earnings report on Clearwater Paper Corp. (NYSE: CLW) ("Clearwater"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=CLW. Clearwater reported its fourth quarter fiscal 2017 operating and financial results on February 05, 2018. The maker of pulp-based products exceeded revenue estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Schweitzer-Mauduit International, Inc. (NYSE: SWM), which also belongs to the Consumer Goods sector as the Company Clearwater Paper. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Clearwater Paper most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=CLW
Earnings Highlights and Summary
Clearwater's Q4 2017 net sales grew 2.6% to $436.7 million compared to net sales of $425.6 million for Q4 2016, primarily due to a 4.6% improvement in paperboard average selling price and a 5.4% increase in paperboard shipment volumes, both largely attributable to the Manchester Industries acquisition. The Company's reported numbers topped analysts' estimates by $7.47 million.
For Q4 2017, Clearwater's earnings before interest, taxes, depreciation, and amortization (EBITDA) were $52.2 million compared to $49.3 million for Q4 2016. The Company's adjusted EBITDA for the reported quarter was $57.5 million, up 6.3% compared to adjusted EBITDA of $54.1 million in the prior year's same quarter, primarily due to higher paperboard pricing and volumes, improved consumer product mix, and lower general maintenance costs.
Clearwater's GAAP net earnings were $80.9 million, or $4.88 per diluted share, for Q4 2017 compared to net earnings of $9.3 million, or $0.56 per diluted share, for Q4 2016. The increase in net earnings primarily consisted of a benefit related to recent tax law changes. Excluding this tax benefit and certain other non-core items, the Company's reported quarter adjusted net earnings were $14.4 million, or $0.87 per diluted share, versus adjusted net earnings of $13.8 million, or $0.82 per diluted share, for the year earlier comparable quarter. Clearwater's earnings fell short of Wall Street's expectations of $0.88 per share.
Segment Results
During Q4 2017, Clearwater's net sales in the Consumer Products segment were $234.7 million, down 3.1% compared to Q4 2016 net sales of $242.1 million, primarily due to lower parent roll sales resulting from the shutdown of the two higher cost paper machines at the Neenah, Wisconsin mill at the end of 2016 and a 3.3% drop in retail tons sold in the reported quarter.
For Q4 2017, the Consumer Products segment's operating income and margin decreased to $7.5 million and 3.2% compared to $13.8 million and 5.7%, respectively, in Q4 2016. The segment's reported quarter adjusted operating income and margin of $11.4 million and 4.9% were down from $17.0 million and 7.0% for the year earlier corresponding quarter. Adjusted EBITDA for the segment decreased from $32.0 million in Q4 2016 to $25.8 million in Q4 2017, due to higher input costs for external pulp, transportation, and packaging supplies.
During Q4 2017, Clearwater's total tissue sales volumes of 87,313 tons dropped 9.9% and converted product cases shipped were 12.7 million, down 1.7%, each compared to Q4 2016. The average tissue net selling prices increased 6.2% or $155 per ton on a y-o-y basis in Q4 2017, due to improved product mix.
Clearwater's net sales in the Pulp and Paperboard segment were $202.1 million for Q4 2017, up 10.2% compared to net sales of $183.4 million in Q4 2016. The increase was primarily due to higher paperboard prices and shipment volume, including sales from the operations of Manchester Industries acquired in December 2016.
For Q4 2017, the segment's operating income increased $7.0 million to $34.6 million compared to operating income of $27.6 million for Q4 2016. Pulp and paperboard's operating margin increased to 17.1% in the reported quarter from 15.0% in the prior year's same quarter. Adjusted EBITDA for the segment was $44.5 million in Q4 2017 compared to $35.0 million in Q4 2016. These increases were primarily due to lower costs for wood fiber, lower maintenance costs at Arkansas, lower wage and benefits expense, and lower operating supply costs.
Paperboard's sales volumes increased 5.4% to 210,098 tons in Q4 2017 compared to 199,415 tons in Q4 2016. Paperboard's net selling prices increased 4.6% to $962 per ton on a y-o-y basis.
Cash Matters
For FY17, Clearwater generated $178 million in operating cash flow versus $173 million in FY16. The Company ended Q4 2017 with $60 million unrestricted cash and had $137 million available under its revolver facility.
Stock Performance Snapshot
February 27, 2018 - At Tuesday's closing bell, Clearwater Paper's stock marginally declined 0.65%, ending the trading session at $38.00.
Volume traded for the day: 101.14 thousand shares, which was above the 3-month average volume of 98.90 thousand shares.
After yesterday's close, Clearwater Paper's market cap was at $625.40 million.
Price to Earnings (P/E) ratio was at 23.03.
The stock is part of the Consumer Goods sector, categorized under the Paper & Paper Products industry.
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