Why Clearwater Paper's Stock Plunged
Shares of Clearwater Paper Corporation (NYSE: CLW) fell as much as 19% in trading on Tuesday after reporting third-quarter 2022 financial results. The stock closed down 16.7% on the day.
Revenue was up 20% in the quarter to $539 million, and net income was $21 million, or $1.21 per share. Revenue was slightly above estimates, and adjusted earnings per share (which pulls out one-time items) of $1.83 per share was well over the $1.52 that analysts expected.
The outlook for the fourth quarter was a little more muted. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to be $38 million to $48 million, below the $77 million in the third quarter, on higher costs and lower volumes, due to seasonality.
Source Fool.com
