Clearwater Paper Corporation (NYSE:CLW) Q2 2023 Earnings Conference Call August 1, 2023 5:00 PM ET
Company Participants
Sloan Bohlen – Investor Relations
Arsen Kitch – President and Chief Executive Office
Becky Barckley – Corporate Controller and Interim Chief Financial Officer
Conference Call Participants
Paul Quinn – RBC Capital Markets
Operator
Thank you for standing by. My name is Dina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Clearwater Paper’s Second Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]
I would like to turn the call over now to Sloan Bohlen, Investor Relations. Sloan, please go ahead.
Sloan Bohlen
Thank you, Dina. Good afternoon, and thank you for joining Clearwater Paper’s second quarter 2023 earnings conference call. Joining me on the call today are Arsen Kitch, President and Chief Executive Officer; and Becky Barckley, Corporate Controller and Interim Chief Financial Officer. Financial results for the second quarter of 2023 were released shortly after today’s market close, along with the filing of our 10-Q. You will find a presentation of supplemental information, including a slide providing the company’s current outlook posted in the Investor Relations page on our website at clearwaterpaper.com.
Additionally, we will be providing certain non-GAAP information in this afternoon’s discussion. A reconciliation of the non-GAAP information to comparable GAAP information is included in the press release and in the supplemental information provided on our website. Please note Slide 2 of the supplemental information covering the forward-looking statements rather than reread this slide, we are going to incorporate it by reference into our prepared remarks.
And with that, let me turn the call over to Arsen.
Arsen Kitch
Good afternoon and thank you for joining us today. As you saw in our press release, we had a great second quarter, which was better than we expected, driven by strong operational execution, lower input costs and improved tissue margins. Slide 3 of our supplementals provides a summary of our consolidated results. We reported net sales of $525 million and adjusted EBITDA of $71 million, which is $8 million higher than the second quarter of last year. Our tissue business drove the improvement by more than doubling its adjusted EBITDA from $19 million in the second quarter of last year to $40 million this year.