Clearwater Paper(CLW) - 2023 Q1 - Quarterly Report

Financial Performance - Net sales increased by 8% to $525.4 million for the quarter ended March 31, 2023, compared to $488.2 million for the same quarter in 2022[44] - Net income for the quarter ended March 31, 2023, was $23.8 million, or $1.40 per diluted share, up from $16.6 million, or $0.97 per diluted share, in the prior year[44] - Adjusted EBITDA for the quarter ended March 31, 2023, was $65.7 million, compared to $58.9 million for the same quarter in 2022, reflecting an increase of 11.3%[52] Segment Performance - In the Pulp and Paperboard segment, sales increased by 4.7% to $278.8 million, with operating income rising by 13.6% to $57.1 million[55] - The Consumer Products segment saw sales rise by 11.4% to $248.3 million, with operating income increasing by 353.3% to $4.2 million[58] Expenses and Cash Flow - Corporate expenses for the quarter ended March 31, 2023, were $20.4 million, up from $17.8 million in the same period last year, primarily due to business process improvement projects[60] - Net cash flows used in operating activities for the quarter ended March 31, 2023, were $9.1 million, a decrease from $41.1 million in the same quarter of 2022[67] - Net cash flows used in investing activities for the quarter ended March 31, 2023, were $21.5 million, compared to $7.9 million in the prior year[68] - During the quarter ended March 31, 2023, net cash used for financing activities was $6.3 million, including $1.7 million for stock repurchases[69] Capital Expenditures - The company expects cash paid for capital expenditures in 2023 to be approximately $70 million to $80 million[68]