Local News - Local News - October 24, 2013
Clearwater Paper Corp., of Spokane, reported today third-quarter net income of $13.3 million, or 60 cents a diluted share, compared with $19.1 million, or 80 cents a share, in the year-earlier period.
The company said its earnings fell due to $17.5 million in planned major maintenance costs.
Third-quarter net sales rose to $487.8 million, compared with $480.2 million in the year-earlier period.
Linda Massman, president and CEO of Clearwater Paper, said in the earnings release, "Our pulp and paperboard segment continues to report excellent results with strong pricing and its second biggest shipment quarter ever, while our consumer products business experienced increased price competition from both brands and private label during the quarter."
Also in the third quarter, Clearwater Paper completed a $50 million accelerated stock buyback program, which was part of the company's previously announced $100 million share buyback program. Separately, the company bought about 327,000 of its shares in open-market transactions for about $15.8 million. Since announcing its buyback program, Clearwater has bought 1.6 million shares for a total of $75.8 million through Sept. 30, and the company expects to use the remaining $24.2 million balance by the end of this month.