SPOKANE, WA — Clearwater Paper Corporation announced financial results Tuesday for the third quarter of 2025, reporting a net loss largely attributed to a non-cash goodwill impairment charge.
The company reported net sales of $399 million for the quarter ending Sept. 30, a 1% increase from the same period last year, driven by a 3% rise in shipment volumes. That improvement was partially offset by lower pricing and the timing of maintenance downtime at its Lewiston mill.
Clearwater Paper posted a net loss of $53 million, or $3.30 per diluted share, compared to net income of $6 million, or $0.35 per diluted share, in the third quarter of 2024. The company said the results were primarily impacted by a $45 million tax-affected goodwill impairment linked to its acquisitions of Manchester Industries in 2016 and the Augusta, Georgia, facility in 2024.
Adjusted net loss from continuing operations improved to $8 million, compared to an $11 million loss a year earlier. Adjusted EBITDA declined slightly, from $21 million in the third quarter of 2024 to $18 million in this year’s quarter.
CEO Arsen Kitch said the company’s operational performance and cost reduction initiatives supported results despite market challenges.
“We delivered a strong third quarter that was on the upper end of our expected adjusted EBITDA range, driven by higher shipments, improved production, and continued execution of our fixed cost reduction efforts,” Kitch said. He added that the Lewiston team “did an outstanding job” completing a planned major maintenance outage that cost approximately $24 million.
Clearwater Paper said it remains on track to achieve nearly $50 million in fixed cost reductions in 2025 — exceeding a previously stated target of $30–$40 million.
Industry Outlook
The company noted that solid bleached sulfate (SBS) paperboard continues to be in an oversupplied market, pressuring pricing across the sector. While expressing optimism for a recovery, Clearwater Paper said it will focus on reducing costs and maintaining market share in the near term.
Looking ahead, company leaders said Clearwater Paper’s paperboard assets position it well for long-term cash flow and returns as market conditions improve.
A webcast discussing the quarterly results was scheduled for Tuesday afternoon, with a replay available on the company’s website.
