Can Clearwater Paper (NYSE:CLW) Narrow Its Losses? Q3 Net Loss, Debt Refinancing and Price Increases

Sonal Goyal

28 October 2026 12:12 AM AEDT

Can Clearwater Paper (NYSE:CLW) Narrow Its Losses? Q3 Net Loss, Debt Refinancing and Price Increases

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key Highlights

Net sales were $385 million, against $399 million a year earlier.
The net loss narrowed to $2 million, or $0.10 per diluted share, from $53 million.
Adjusted EBITDA from continuing operations was $24 million versus $18 million.
The company refinanced all of its debt and reduced net debt by $56 million year to date.

Clearwater Paper Corporation (NYSE:CLW), a supplier of bleached paperboard to North American converters, reported results for the third quarter ended September 30, 2026 on October 26. Net sales were $385 million and the company recorded a net loss of $2 million, or $0.10 per diluted share, compared with a net loss of $53 million, or $3.30 per diluted share, in the same quarter of 2025.

Quarterly and Nine-Month Results

Net sales declined from $399 million, which the company attributed primarily to lower market pricing. The net loss from continuing operations was $2 million, or $0.10 per share, versus $54 million, or $3.34, a year earlier. Adjusted EBITDA from continuing operations rose to $24 million from $18 million, which the company linked to the timing of the planned maintenance outage at its Lewiston, Idaho facility, partly offset by lower selling prices.

Sales volumes were 322,265 tons, down 1% from 324,198 tons. The average paperboard net selling price fell 4% to $1,111 per ton from $1,160, though it improved by $34 per ton from the second quarter.

For the first nine months, net sales were $1.1 billion versus $1.2 billion. The net loss from continuing operations was $36 million, or $2.23 per share, compared with $56 million, or $3.47. Adjusted EBITDA from continuing operations was $18 million versus $87 million, reflecting a weather event in the first quarter and reduced selling prices, offset by higher volumes. Volumes rose 4% while the average price fell 7% to $1,096 per ton.

Refinancing, Insurance Proceeds and Augusta Disruption

Clearwater executed a refinancing of all its debt, extending maturities, and received $17.5 million in additional representation and warranty insurance proceeds. Net debt fell $56 million year to date, driven by net working capital reductions, tax refunds and the insurance proceeds.

President and CEO Arsen Kitch said the first announced price increase was implemented and progress continues on a second. He also reported a significant operational disruption at the Augusta mill late in the quarter, with the impact largely offset by a portion of the insurance settlements. Issues continued into October as the mill returns to normal operating conditions.

Why This Could Matter

The results relate to items management identified: selling prices, the Lewiston outage timing, the Augusta disruption and the debt refinancing. Kitch said RISI is forecasting improved pricing later in the fourth quarter and into next year, and that cost pressures in transportation and chemicals remain. These are management's stated reference points for the company's progress toward its cross-cycle Adjusted EBITDA margins and cash flows.

Final Perspective

Clearwater's quarter featured a much smaller net loss, higher adjusted EBITDA, lower net sales and a completed debt refinancing. The company held its earnings call at 2:00 p.m. Pacific Time on October 26.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.