Clearwater Paper Corp., of Spokane, reported today second-quarter net income of $11.7 million, or 52 cents a common share, compared with earnings of $21.5 million, or 91 cents a share, in the year-earlier period.
Net sales for the latest quarter were $471 million, down from $473.6 million in the year-earlier quarter.
Linda Massman, Clearwater's president and CEO, said the company's new tissue facility in Shelby, N.C., is ramping up consistent with its expectations, and the company expects its earnings before interest, taxes, depreciation, and amortization (EBITDA) to increase substantially in 2014.
Net sales in the company's consumer products segment in the latest quarter were $289.7 million, up 2.3 percent compared with the year-earlier period. The company said higher selling prices caused the increase, with year-over-year volumes flat.
The pulp and paperboard segment's net sales were $181.3 million for the second quarter, down from $190.5 million in the year-earlier period. The company attributed the decrease to lower paperboard volumes driven by short-term production issues and lower pricing.