Clearwater Paper Corporation (NYSE:CLW) Q2 2024 Earnings Conference Call August 6, 2024 5:00 PM ET

Company Participants

Sloan Bohlen - Investor Relations
Arsen Kitch - President and CEO
Sherri Baker - Senior Vice President and CFO

Conference Call Participants

Matthew McKellar - RBC Capital Markets

Operator

Thank you for standing by. My name is Celine, and I will be your conference operator today. At this time, I would like to welcome everyone to the Clearwater Paper Second Quarter 2024 Earnings Call -- Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker remarks, there will be a question-and-answer session. [Operator Instructions]

Thank you. I would now like to turn the call over to Sloan Bohlen, Investor Relations. Please go ahead.

Sloan Bohlen

Thank you, Celine. Good afternoon. And thank you for joining Clearwater Papers second quarter 2024 earnings conference call. Joining me on the call today are Arsen Kitch, President and Chief Executive Officer; and Sherri Baker, Senior Vice President and Chief Financial Officer.

Financial results for the second quarter 2024 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 on the Investor Relations page of our website at clearwaterpaper.com.

Additionally, we will be providing certain non-GAAP information in this afternoon’s discussion. The 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 our supplemental information covering forward-looking statements. Rather than rereading this slide, we’re going to incorporate it by reference into our prepared remarks.

With that, let me turn the call over to Arsen.

Arsen Kitch

Thank you, everyone, for joining us and good afternoon. Let me start with a few comments regarding our recent strategic announcements. As we previously discussed, we believe that both of our businesses require scale to be able to grow and invest, especially given the capital-intensive nature of our industry.

We took a big step in that direction in our Paperboard business by acquiring the Augusta facility from Graphic Packaging. That acquisition closed on May 1st, and we’re in the process of integrating the facility into our network and starting to capture synergies.

We took another major step by announcing the agreement to sell our Tissue business to Sofidel America, which is expected to close in the fourth quarter of this year, subject to satisfaction of customary closing conditions, including regulatory approval.