Clearwater Paper Corp. on Wednesday reported net sales of $480.2 million for the third quarter of 2012, down 4.2 percent from the same time a year ago.
Company officials say that was due primarily to the sale of the company’s sawmill in the fourth quarter of last year.
Net earnings were $19.1 million for the quarter, compared to $8.6 million in 2011.
Clearwater chairman and CEO Gordon Jones cited strong Pulp and Paperboard results during the quarter, and added that a new paper machine at Shelby, North Carolina, remains on track to be operational in the fourth quarter.
In the Pulp and Paperboard segment, net sales of $187.3 million dollars for the third quarter were down 13.3 percent from a year ago, primarily due to the divestiture of the company’s sawmill last November and a reduction in the sale of external pulp due to increased internal usage. Operating income for the quarter increased by more than 31 percent to $34.4 million, thanks to lower operating costs and no major maintenance.
Net sales in the Consumer Products segment were $293 million, up nearly 3 percent because of higher all around volumes, which more than offset a slight decline in net selling price per ton. Operating income for the third quarter of 2012 more than doubled to $18.5 million due to higher net sales and lower operating costs. (Clearwater Paper)
