Clearwater Paper Corporation (CLW) reported a first-quarter net loss of $882 thousand or $0.04 per share, compared to profit of $3.73 million or $0.16 per share, last year. Net sales rose to $460.82 million from $457.80 million last year.
The company said its first-quarter net loss included $17.1 million in debt retirement costs, $3.5 million in mark-to-market impact of directors' equity-based compensation expense, $0.2 million associated with the closing of the company's Thomaston, Georgia facility and a tax benefit of $9.8 million associated with converting gallons from Alternative Fuel Mixture Tax Credits to Cellulosic Biofuel Producer Credits. Excluding these items, profit was $2.4 million, or $0.11 per share, on an after-tax basis.
On average, four analysts polled by Thomson Reuters expected the company to report profit of $0.65 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $465.77 million for the quarter.
For comments and feedback: editorial@rttnews.com