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Clearwater Paper revises outlook amid higher maintenance costs

SPOKANE, Wash (News release) -- Clearwater Paper updated its outlook for the fourth quarter and full year 2022.

Due to higher-than-expected major maintenance related costs at the company's Lewiston, Idaho mill, and other operational issues, the company now expects adjusted EBITDA for the fourth quarter of 2022 to be in the range of $28M-$34M and full year 2022 adjusted EBITDA of $227M-$233M.

The company has completed the planned major maintenance outage at Lewiston and the mill is operating normally. With the completion of the outage in Lewiston, the company now intends to perform its next planned major maintenance outage at that site in early 2024, in conjunction with the recovery boiler tube replacement project.

The other operational issues, particularly at the company's Cypress Bend, Arkansas mill, have been identified and are being addressed.

As a result, based on current assumptions, the company expects to incur ~$28M of lower major maintenance related expenses and other impacts in 2023 compared to 2022.

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