Clearwater Paper Q3 2026: Augusta Mill Trouble Drags Results
As seen on the 24/7 Wall St. homepage on October 26, 2026.
Q4 adjusted EBITDA guidance of $10 million to $20 million says the recovery stays slow, because an equipment failure at the Augusta mill hit the quarter and management says the problems ran into October. Pricing is finally moving the right way on average selling prices versus Q2, but both EPS and revenue missed expectations.
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Clearwater Paper reported an adjusted loss of $0.23 per diluted share for the third quarter of 2026, missing the consensus estimate, with revenue also falling short of what analysts had expected.
The single biggest culprit was an equipment failure at the Augusta, Georgia mill late in the quarter. The disruption hurt both volumes and costs, though $17.5 million in insurance proceeds cushioned some of the damage. Management was candid that the problems did not stop at the quarter's end, with CEO Arsen Kitch noting the issues carried into October while the company works to restore normal operating conditions.
Average net selling prices improved by $34 per ton versus the second quarter, reflecting the company's first announced price increase gaining traction. Kitch also said the company is making meaningful progress on implementing a second increase, and RISI is forecasting additional pricing improvement later in the quarter and into next year.
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Clearwater guided Q4 2026 adjusted EBITDA to a range of $10 million to $20 million, a narrow band management attributed to lower seasonal shipments, continued fallout from the Augusta disruption, planned maintenance at the Cypress Bend facility, and seasonal energy and transportation costs. Price increase benefits are expected to partially offset those headwinds.
Looking further out, the company sees full-year 2026 revenue at approximately $1.5 billion and expects SBS industry operating rates to climb above 90% by year-end. Net debt was reduced year to date and the quarter generated positive free cash flow, providing some financial footing as the recovery grinds forward.
Mentioned: CLW