Clearwater Paper Reports Second-Quarter 2026 Loss Amid Lower Pricing, Completes Lewiston Maintenance Outage

Clearwater Paper Corporation (NYSE: CLW) reported lower second-quarter 2026 financial results as weaker paperboard pricing offset higher shipment volumes, while the company completed a major planned maintenance outage at its Lewiston, Idaho, facility and continued cost-reduction initiatives.

For the quarter ended June 30, 2026, net sales declined to $375 million, compared with $392 million in the second quarter of 2025. The company reported a net loss of $21 million, or $1.33 per diluted share, versus net income of $3 million, or $0.17 per diluted share, a year earlier. Adjusted EBITDA from continuing operations was negative $8 million, compared with positive $40 million in the prior-year quarter.

According to Clearwater Paper, the earnings decline was primarily driven by lower market pricing and the timing of the Lewiston maintenance outage, although sales volumes increased 8% year over year to 328,722 tons. Average paperboard net selling prices fell 9% to $1,077 per ton from $1,182 per ton in the same period last year.

During the quarter, the company:

• Completed the planned major maintenance outage at its Lewiston, Idaho, paperboard mill on schedule, with a total direct cost of $22 million.

• Restructured its Cypress Bend, Arkansas, facility, reducing approximately 20% of roles and expecting annual savings of $8 million to $12 million.

• Reduced net debt by $59 million during the quarter and $50 million year-to-date, supported by working capital reductions, tax refunds and additional representation and warranty insurance proceeds.

President and Chief Executive Officer Arsen Kitch said the company successfully completed the Lewiston outage while reducing costs at Cypress Bend, achieved significant volume growth both sequentially and year over year, and continued investing in its assets while lowering debt.

For the first six months of 2026, Clearwater Paper reported net sales of $735 million, compared with $770 million in the first half of 2025. The company posted a net loss from continuing operations of $34 million, or $2.13 per diluted share, versus a $2 million loss a year earlier. Adjusted EBITDA from continuing operations was negative $6 million, compared with positive $70 million in the prior-year period.

Looking ahead, Clearwater Paper said it is seeing early signs of improvement in the solid bleached sulfate (SBS) paperboard market, including higher volumes, lower imports and improved operating rates. However, management noted that industry pricing remains below levels required to generate acceptable returns. The company said it will continue focusing on cost reductions, operational execution and implementing previously announced price increases to improve long-term financial performance.