CLW Clearwater Paper Corp

$CLW Q4 EBITDA guidance is only $10M–$20M, down from Q3’s $24.4M — nearly a halving. The Augusta mill cannot close its 10–15% production gap. Maintenance in January next year will burn another $12M–$15M, with another $7M–$10M outlay mid-year. It carries $260M in net debt at an 8.25% rate, translating to roughly $25M in annual interest. The $105M acquisition indemnity insurance recovered only $73M before being exhausted. The CFO is leaving next month. At 0.28x PB, it sure looks cheap — only if the machine still runs. 😰

$CLW back under my cost basis! Mr. Market keeps going crazy. Refinancing done, industry cycle recovering done, some short term Augusta problems really scaring Mr. Market off! Wait and see…

$CLW Q3 '26 Earnings Results & Recap • Reported GAAP EPS of -$0.23 up 54.90% YoY • Reported revenue of $384.9M down -3.53% YoY • Clearwater Paper expects 2026 cash paid for capital expenditures to be approximately $55M to $60M; for fourth quarter 2026, Clearwater Paper expects seasonally lower shipments with higher sales prices.