Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Clearwater Paper Corp | clw-20210225.htm |
| EX-99.2 - EX-99.2 - Clearwater Paper Corp | earningsmaterialsq4final.htm |
| EX-99.1 - EX-99.1 PRESS RELEASE - Clearwater Paper Corp | clw-2020x12318kpressrelease.htm |
Exhibit 99.3
Unaudited reclassified summary segment financial information for Clearwater paper
The following unadjusted reclassified summary segment financial information is provided to reflect the realignment of Clearwater Paper’s baled pulp sales to record inter-segment sales at market price and the realignment of outside pulp sales to the producing segment effective during the first quarter of 2021. Clearwater Paper did not review results in this method for any of these prior periods and will begin to report comparative results under the new method effective with the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.This summary segment financial information is unaudited and subject to adjustment in future public filings.
Reporting segment data on a quarterly basis for the years ended December 31, 2020 and 2019 and on the annual basis for the years ended December 31, 2020, 2019 and 2018 presented in the tables below:
| 2020 | 2019 | ||||||||||||||||||||||||||||
| (In millions) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||||
| Segment net sales: | |||||||||||||||||||||||||||||
| Consumer Products | $ | 262.5 | $ | 271.3 | $ | 245.9 | $ | 238.9 | $ | 223.1 | $ | 222.8 | $ | 227.9 | $ | 228.7 | |||||||||||||
| Pulp and Paperboard | 223.1 | 216.5 | 217.2 | 220.4 | 212.1 | 235.4 | 223.6 | 214.3 | |||||||||||||||||||||
| Eliminations | (7.8) | (7.2) | (5.6) | (6.4) | (6.4) | (6.1) | (6.2) | (7.6) | |||||||||||||||||||||
| Total segment net sales | $ | 477.9 | $ | 480.6 | $ | 457.4 | $ | 452.9 | $ | 428.8 | $ | 452.0 | $ | 445.2 | $ | 435.5 | |||||||||||||
| Operating income (loss): | |||||||||||||||||||||||||||||
| Consumer Products | $ | 14.6 | $ | 36.8 | $ | 31.5 | $ | 27.6 | $ | 1.3 | $ | (5.0) | $ | (4.3) | $ | 2.1 | |||||||||||||
| Pulp and Paperboard | 26.2 | 32.0 | 32.6 | 33.7 | 29.4 | 33.4 | 17.0 | 34.8 | |||||||||||||||||||||
| Corporate | (13.4) | (17.6) | (14.6) | (17.3) | (16.6) | (12.7) | (13.2) | (14.5) | |||||||||||||||||||||
| Other operating charges, net | (8.6) | (3.0) | (0.3) | (2.1) | 0.3 | (0.4) | (1.9) | (4.3) | |||||||||||||||||||||
| Income (loss) from operations | $ | 18.8 | $ | 48.2 | $ | 49.2 | $ | 41.9 | $ | 14.4 | $ | 15.3 | $ | (2.4) | $ | 18.1 | |||||||||||||
| EBITDA | |||||||||||||||||||||||||||||
| Consumer Products | $ | 31.9 | $ | 53.9 | $ | 48.5 | $ | 44.7 | $ | 16.0 | $ | 12.4 | $ | 14.7 | $ | 20.7 | |||||||||||||
| Pulp and Paperboard | 35.5 | 41.2 | 41.8 | 42.8 | 38.9 | 42.9 | 28.2 | 44.0 | |||||||||||||||||||||
| Corporate | (12.0) | (16.2) | (13.1) | (16.0) | (15.0) | (11.1) | (11.4) | (13.0) | |||||||||||||||||||||
| Adjusted EBITDA | $ | 55.4 | $ | 78.9 | $ | 77.2 | $ | 71.6 | $ | 39.9 | $ | 44.2 | $ | 31.5 | $ | 51.7 | |||||||||||||
| EBITDA Margin | |||||||||||||||||||||||||||||
| Consumer Products | 12 | % | 20 | % | 20 | % | 19 | % | 7 | % | 6 | % | 6 | % | 9 | % | |||||||||||||
| Pulp and Paperboard | 16 | % | 19 | % | 19 | % | 19 | % | 18 | % | 18 | % | 13 | % | 21 | % | |||||||||||||
| Overall | 12 | % | 16 | % | 17 | % | 16 | % | 9 | % | 10 | % | 7 | % | 12 | % | |||||||||||||
| Revenue disclosure: | |||||||||||||||||||||||||||||
| Retail Tissue | $ | 248.0 | $ | 260.4 | $ | 238.6 | $ | 228.7 | $ | 204.6 | $ | 210.5 | $ | 215.3 | $ | 215.2 | |||||||||||||
| Non-retail Tissue | 13.9 | 10.2 | 6.9 | 10.1 | 18.5 | 12.3 | 12.4 | 13.3 | |||||||||||||||||||||
| Paperboard | 210.7 | 203.6 | 207.4 | 206.7 | 202.5 | 225.7 | 215.0 | 203.6 | |||||||||||||||||||||
| Pulp | 10.9 | 11.1 | 8.1 | 11.1 | 6.7 | 7.7 | 6.9 | 9.4 | |||||||||||||||||||||
| Other | 2.1 | 2.5 | 2.1 | 2.6 | 2.9 | 2.0 | 1.9 | 1.5 | |||||||||||||||||||||
| Eliminations | (7.8) | (7.2) | (5.6) | (6.4) | (6.4) | (6.1) | (6.2) | (7.6) | |||||||||||||||||||||
| $ | 477.9 | $ | 480.6 | $ | 457.4 | $ | 452.9 | $ | 428.8 | $ | 452.0 | $ | 445.2 | $ | 435.5 | ||||||||||||||
| Year ended December 31 | |||||||||||
| (In millions) | 2020 | 2019 | 2018 | ||||||||
| Segment net sales: | |||||||||||
| Consumer Products | $ | 1,018.5 | $ | 902.5 | $ | 882.6 | |||||
| Pulp and Paperboard | 877.1 | 885.4 | 862.6 | ||||||||
| Eliminations | (27.0) | (26.3) | (21.1) | ||||||||
| Total segment net sales | $ | 1,868.6 | $ | 1,761.5 | $ | 1,724.2 | |||||
| Operating income (loss): | |||||||||||
| Consumer Products | $ | 110.6 | $ | (5.9) | $ | (0.3) | |||||
| Pulp and Paperboard | 124.5 | 114.6 | 131.5 | ||||||||
| Corporate | (62.9) | (57.0) | (51.5) | ||||||||
| Goodwill impairment | — | — | (195.1) | ||||||||
| Other operating charges, net | (14.0) | (6.3) | 17.5 | ||||||||
| Income (loss) from operations | $ | 158.1 | $ | 45.4 | $ | (97.9) | |||||
| EBITDA | |||||||||||
| Consumer Products | $ | 179.1 | $ | 63.8 | $ | 57.5 | |||||
| Pulp and Paperboard | 161.3 | 154.0 | 169.3 | ||||||||
| Corporate | (57.2) | (50.5) | (45.2) | ||||||||
| Adjusted EBITDA | $ | 283.2 | $ | 167.3 | $ | 181.6 | |||||
| EBITDA Margin | |||||||||||
| Consumer Products | 18 | % | 7 | % | 7 | % | |||||
| Pulp and Paperboard | 18 | % | 17 | % | 20 | % | |||||
| Overall | 15 | % | 9 | % | 11 | % | |||||
| Revenue disclosure: | |||||||||||
| Retail Tissue | $ | 975.7 | $ | 845.6 | $ | 794.4 | |||||
| Non-retail Tissue | 41.1 | 56.5 | 88.2 | ||||||||
| Paperboard | 828.3 | 848.4 | 835.5 | ||||||||
| Pulp | 41.2 | 30.7 | 23.2 | ||||||||
| Other | 9.2 | 6.7 | 3.9 | ||||||||
| Eliminations | (26.7) | (26.3) | (21.1) | ||||||||
| $ | 1,868.6 | $ | 1,761.5 | $ | 1,724.2 | ||||||