CLW - Clearwater Paper surges after 'solid' Q1 earnings beat

Clearwater Paper (NYSE:CLW) +23.5% to a three-month high in Friday's trading after Q1 adjusted earnings easily beat expectations, and revenues rose 15% to $488M, as higher pricing in the paperboard and tissue businesses helped offset inflation. Q1 net income rose to $17M, or $0.97/share, from $12M, or $0.71/share, in the year-earlier quarter; Q1 adjusted EBITDA climbed to $59M from $54M a year ago. Q1 paperboard sales volumes fell 3% Y/Y to 201,356 tons, but average net selling price surged 23% to $1,263/ton from $1,028 a year earlier. Clearwater Paper (CLW) said it expects to achieve its debt leverage target sooner than anticipated and is resuming its previously authorized stock buyback program. The company forecasts Q2 adjusted EBITDA of $54M-$64M, in line with $55.7M analyst consensus estimate. KeyBanc analyst Adam Josephson said Clearwater's (CLW) Q1 results were "solid" and noted the company expects to reduce leverage. Clearwater Paper (CLW) shares have lost

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Clearwater Paper surges after 'solid' Q1 earnings beat