Clearwater Paper Corporation
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Let's analyse Clearwater Paper Corporation together

Penke I guess you are interested in Clearwater Paper Corporation. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Clearwater Paper Corporation. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of Clearwater Paper Corporation (30 sec.)

What can you expect buying and holding a share of Clearwater Paper Corporation? (30 sec.)

How much money do you get?

$0.00

When do you have the money?

1 year

How often do you get paid?

5.0%

What is your share worth?

Current worth

$39.65

Expected worth in 1 year

$46.04

How sure are you?

70.0%

+ What do you gain per year?

Total Gains per Share

$6.40

Return On Investment

16.0%

For what price can you sell your share?

Current Price per Share

$40.00

Expected price per share

$37.60 - $46.34

How sure are you?

50%

1. Valuation of Clearwater Paper Corporation (5 min.)

Live pricePrice per Share (EOD)

$40.00

Book Value per Share

$39.65

Intrinsic Value Per Share

$-37.53 - $84.50

Total Value Per Share

$2.11 - $124.14

My calculation of the intrinsic value of Clearwater Paper Corporation is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($0.52) 3Y: ($1.47) TTM: ($1.74)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.05) 3Y: ($-0.10) TTM: ($0.54)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$1.10	$6.28	$0.56 - $6.70
2	$0.74	$13.13	$-0.96 - $7.49
3	$-0.89	$20.53	$-2.49 - $8.29
4	$-3.67	$28.43	$-4.01 - $9.09
5	$-7.46	$36.79	$-5.53 - $9.89
6	$-12.13	$45.59	$-7.06 - $10.69
7	$-17.57	$54.79	$-8.58 - $11.49
8	$-23.67	$64.36	$-10.10 - $12.29
9	$-30.36	$74.27	$-11.62 - $13.09
10	$-37.53	$84.50	$-13.15 - $13.89

2. Growth of Clearwater Paper Corporation (5 min.)

Is Clearwater Paper Corporation growing?

	Current year	Previous year	Grow	Grow %
How rich?	$668.7m	$554m	$76.9m	12.2%

How much money is Clearwater Paper Corporation making?

	Current year	Previous year	Grow	Grow %
Making money	$26.9m	$11.5m	$15.4m	57.3%
Net Profit Margin	5.2%	2.2%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Clearwater Paper Corporation (5 min.)

4. Comparing to competitors in the Paper & Paper Products industry (5 min.)

Industry Rankings (Paper & Paper Products)

Richest
#29 / 119

Most Revenue
#36 / 119

Most Profit
#32 / 119

Most Efficient
#49 / 119

What can you expect buying and holding a share of Clearwater Paper Corporation? (5 min.)

Welcome investor! Clearwater Paper Corporation's management wants to use your money to grow the business. In return you get a share of Clearwater Paper Corporation.

What can you expect buying and holding a share of Clearwater Paper Corporation?

First you should know what it really means to hold a share of Clearwater Paper Corporation. And how you can make/lose money.

Speculation

The Price per Share of Clearwater Paper Corporation is $40.00. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of Clearwater Paper Corporation.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Clearwater Paper Corporation, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $39.65. Based on the TTM, the Book Value Change Per Share is $1.60 per quarter. Based on the YOY, the Book Value Change Per Share is $0.85 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.00 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Clearwater Paper Corporation.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	1.04	2.6%	1.59	4.0%	0.67	1.7%	0.58	1.5%	0.36	0.9%
Usd Book Value Change Per Share	1.26	3.2%	1.60	4.0%	0.85	2.1%	0.69	1.7%	0.28	0.7%
Usd Dividend Per Share	0.00	0.0%	0.00	0.0%	0.02	0.1%	0.00	0.0%	0.00	0.0%
Usd Total Gains Per Share	1.26	3.2%	1.60	4.0%	0.87	2.2%	0.69	1.7%	0.29	0.7%
Usd Price Per Share	36.12	-	34.28	-	34.27	-	31.49	-	41.40	-
Price to Earnings Ratio	8.65	-	5.82	-	-0.70	-	2.06	-	24.74	-
Price-to-Total Gains Ratio	28.64	-	22.20	-	-525.44	-	-79.37	-	3.83	-
Price to Book Ratio	0.91	-	0.92	-	1.06	-	1.02	-	1.43	-
Price-to-Total Gains Ratio	28.64	-	22.20	-	-525.44	-	-79.37	-	3.83	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	40
Number of shares	25

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.00	0.00
Usd Book Value Change Per Share	1.60	0.69
Usd Total Gains Per Share	1.60	0.69
Gains per Quarter (25 shares)	39.98	17.34
Gains per Year (25 shares)	159.93	69.35

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	0	160	150	0	69	59
2	0	320	310	1	138	128
3	0	480	470	1	207	197
4	0	640	630	2	276	266
5	0	800	790	2	345	335
6	0	960	950	2	414	404
7	0	1120	1110	3	483	473
8	0	1279	1270	3	552	542
9	0	1439	1430	4	621	611
10	0	1599	1590	4	689	680

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	10.0	2.0	0.0	83.3%	16.0	4.0	0.0	80.0%	34.0	6.0	0.0	85.0%	62.0	7.0	0.0	89.9%
Book Value Change Per Share	4.0	0.0	0.0	100.0%	9.0	3.0	0.0	75.0%	16.0	4.0	0.0	80.0%	28.0	12.0	0.0	70.0%	44.0	23.0	2.0	63.8%
Dividend per Share	0.0	0.0	4.0	0.0%	2.0	0.0	10.0	16.7%	2.0	0.0	18.0	10.0%	2.0	0.0	38.0	5.0%	2.0	0.0	67.0	2.9%
Total Gains per Share	4.0	0.0	0.0	100.0%	9.0	3.0	0.0	75.0%	16.0	4.0	0.0	80.0%	28.0	12.0	0.0	70.0%	44.0	23.0	2.0	63.8%

Fundamentals of Clearwater Paper Corporation

About Clearwater Paper Corporation

https://www.clearwaterpaper.com
Paper & Paper Products
3100
601 West Riverside, Spokane, WA, United States, 99201
Google Maps Bing Maps

Clearwater Paper Corporation manufactures and supplies bleached paperboards, and consumer and parent roll tissues in the United States and internationally. It operates through Pulp and Paperboard, and Consumer Products segments. The Pulp and Paperboard segment manufactures and markets bleached paperboard; Solid Bleached Sulfate paperboard that is used to produce folding cartons, liquid packaging, cups and plates, blister and carded packaging, and top sheet and commercial printing items; and hardwood and softwood pulp, as well as offers services that include custom sheeting, slitting, and cutting. It sells its products to carton converters, folding carton converters, merchants, and commercial printers. The Consumer Products segment provides a line of at-home tissue products, including bath tissues, paper towels, facial tissues, and napkins; recycled fiber value grade products; and away-from-home tissues. This segment sells its products to retailers, including grocery, club, mass merchants, and discount stores. The company was incorporated in 2005 and is based in Spokane, Washington.

Fundamental data was last updated by Penke on 2024-04-13 09:44:03.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a profit.
Using its assets, the company is less efficient in making profit.
Using its investors money, the company is inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating less efficient.
The company is less efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is able to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is able to pay all its debts by selling its assets.
The company is just able to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is cheap.
Based on the earnings, the company is cheap.
Based on how much money comes from the company's main activities, the company is cheap.

1.1. Profitability of Clearwater Paper Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Clearwater Paper Corporation earns for each $1 of revenue.

Above 10% is considered healthy but always compare Clearwater Paper Corporation to the Paper & Paper Products industry mean.
A Net Profit Margin of 3.4% means that $0.03 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Clearwater Paper Corporation:

The MRQ is 3.4%. The company is making a profit. +1
The TTM is 5.2%. The company is making a profit. +1

Trends

Current period		Compared to		+/-
MRQ	3.4%	TTM	5.2%	-1.7%
TTM	5.2%	YOY	2.2%	+2.9%
TTM	5.2%	5Y	1.9%	+3.3%
5Y	1.9%	10Y	1.2%	+0.6%

Compared to industry (Paper & Paper Products)

Period	Company	Industry (mean)	+/-
MRQ	3.4%	2.8%	+0.6%
TTM	5.2%	3.8%	+1.4%
YOY	2.2%	6.3%	-4.1%
5Y	1.9%	5.3%	-3.4%
10Y	1.2%	4.6%	-3.4%

Measures how much net profit Clearwater Paper Corporation earns for each $1 of revenue.

Revenue is the amount of profit Clearwater Paper Corporation generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Clearwater Paper Corporation earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Clearwater Paper Corporation to the Paper & Paper Products industry mean.
Can be used to compare companies within the Paper & Paper Products industry.

You typically want a high profit margin. This means that for each $1 in sales, Clearwater Paper Corporation makes more profit. This shows the investor how efficiently Clearwater Paper Corporation is operating in general and compared to other companies in the same industry. Clearwater Paper Corporation operates in the Paper & Paper Products industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Clearwater Paper Corporation. If profit margins remain low (compared to the Paper & Paper Products industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Clearwater Paper Corporation is 0.03. This means that Clearwater Paper Corporation earned $0.03 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Paper & Paper Products industry is 2.8%.
What is the trend?
The trend is important because it shows you how Clearwater Paper Corporation is performing over time. The most recent quarter might be important if Clearwater Paper Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Clearwater Paper Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Clearwater Paper Corporation with other companies in the same industry (Paper & Paper Products).
Net profit margin should rise over the years.
Can be influenced when Clearwater Paper Corporation sells assets (profit will increase while costs remain the same).
It won’t show what part of Clearwater Paper Corporation is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Clearwater Paper Corporation

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Clearwater Paper Corporation = 17,600
Total revenue MRQ Clearwater Paper Corporation = 512,900
$17,600 / $512,900 = 0.03 or 3.4%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Clearwater Paper Corporation is using its assets to generate profit.

Above 5% is considered healthy but always compare Clearwater Paper Corporation to the Paper & Paper Products industry mean.
1.1% Return on Assets means that Clearwater Paper Corporation generated $0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Clearwater Paper Corporation:

The MRQ is 1.1%. Using its assets, the company is less efficient in making profit.
The TTM is 1.6%. Using its assets, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	1.1%	TTM	1.6%	-0.5%
TTM	1.6%	YOY	0.7%	+0.9%
TTM	1.6%	5Y	0.6%	+1.0%
5Y	0.6%	10Y	0.4%	+0.2%

Compared to industry (Paper & Paper Products)

Period	Company	Industry (mean)	+/-
MRQ	1.1%	1.1%	0.0%
TTM	1.6%	1.2%	+0.4%
YOY	0.7%	2.4%	-1.7%
5Y	0.6%	1.8%	-1.2%
10Y	0.4%	1.5%	-1.1%

Shows how efficient Clearwater Paper Corporation is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Clearwater Paper Corporation to the Paper & Paper Products industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Clearwater Paper Corporation is using its resources to generate profit. If the return on assets (1.1%) from Clearwater Paper Corporation are higher than the Paper & Paper Products mean (1.1%) that means Clearwater Paper Corporation is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Clearwater Paper Corporation is 1.1%. This means the company generated $0.01 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Paper & Paper Products industry is 1.1%.
What is the trend?
The trend is important because it shows you how Clearwater Paper Corporation is performing over time. The most recent quarter might be important if Clearwater Paper Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Clearwater Paper Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Clearwater Paper Corporation

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Clearwater Paper Corporation = 17,600
Total assets MRQ (balance sheet) from Clearwater Paper Corporation = 1,671,800
17,600 / 1,671,800 = 0.01 or 1.1%

ROA is an important ratio as it will tell you how effectively Clearwater Paper Corporation is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Clearwater Paper Corporation is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Clearwater Paper Corporation to the Paper & Paper Products industry mean.
2.6% Return on Equity means Clearwater Paper Corporation generated $0.03 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Clearwater Paper Corporation:

The MRQ is 2.6%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 4.3%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	2.6%	TTM	4.3%	-1.7%
TTM	4.3%	YOY	2.1%	+2.2%
TTM	4.3%	5Y	1.7%	+2.6%
5Y	1.7%	10Y	0.9%	+0.8%

Compared to industry (Paper & Paper Products)

Period	Company	Industry (mean)	+/-
MRQ	2.6%	2.1%	+0.5%
TTM	4.3%	2.2%	+2.1%
YOY	2.1%	4.5%	-2.4%
5Y	1.7%	3.1%	-1.4%
10Y	0.9%	3.2%	-2.3%

Shows how efficient Clearwater Paper Corporation is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Clearwater Paper Corporation to the Paper & Paper Products industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Paper & Paper Products industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Clearwater Paper Corporation is 2.6%. This means Clearwater Paper Corporation generated $0.03 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Paper & Paper Products industry is 2.1%.
What is the trend?
The trend is important because it shows you how Clearwater Paper Corporation is performing over time. The most recent quarter might be important if Clearwater Paper Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Clearwater Paper Corporation up to 10 years back (depending if Clearwater Paper Corporation existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Clearwater Paper Corporation

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Clearwater Paper Corporation = 17,600
Shareholders equity (balance sheet) MRQ Clearwater Paper Corporation = 668,700
17,600 / 668,700 = 0.03 or 2.6%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Clearwater Paper Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Clearwater Paper Corporation is operating .

Measures how much profit Clearwater Paper Corporation makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Clearwater Paper Corporation to the Paper & Paper Products industry mean.
An Operating Margin of 7.5% means the company generated $0.08 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Clearwater Paper Corporation:

The MRQ is 7.5%. The company is operating less efficient.
The TTM is 8.7%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	7.5%	TTM	8.7%	-1.2%
TTM	8.7%	YOY	5.4%	+3.3%
TTM	8.7%	5Y	5.6%	+3.1%
5Y	5.6%	10Y	5.4%	+0.1%

Compared to industry (Paper & Paper Products)

Period	Company	Industry (mean)	+/-
MRQ	7.5%	7.5%	+0.0%
TTM	8.7%	4.2%	+4.5%
YOY	5.4%	8.2%	-2.8%
5Y	5.6%	7.3%	-1.7%
10Y	5.4%	6.8%	-1.4%

Measures how efficient Clearwater Paper Corporation is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Clearwater Paper Corporation to the Paper & Paper Products industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Clearwater Paper Corporation is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Clearwater Paper Corporation is 7.5%. This means that Clearwater Paper Corporation earned $0.08 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Paper & Paper Products industry is 7.5%.
What is the trend?
The trend is important because it shows you how Clearwater Paper Corporation is performing over time. The most recent quarter might be important if Clearwater Paper Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Clearwater Paper Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Clearwater Paper Corporation

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Clearwater Paper Corporation = 35,600
Total revenue MRQ Clearwater Paper Corporation = 512,900
$35,600 / $512,900 = 0.08 or 7.5%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Clearwater Paper Corporation is keeping operating costs low.

Below 1 is considered healthy (always compare to Paper & Paper Products industry mean).
An Operation Ratio of 0.93 means that the operating costs are $0.93 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Clearwater Paper Corporation:

The MRQ is 0.925. The company is less efficient in keeping operating costs low.
The TTM is 0.914. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	0.925	TTM	0.914	+0.012
TTM	0.914	YOY	0.942	-0.029
TTM	0.914	5Y	0.941	-0.027
5Y	0.941	10Y	0.942	-0.001

Compared to industry (Paper & Paper Products)

Period	Company	Industry (mean)	+/-
MRQ	0.925	1.521	-0.596
TTM	0.914	1.457	-0.543
YOY	0.942	1.247	-0.305
5Y	0.941	1.299	-0.358
10Y	0.942	1.185	-0.243

Measures how efficient Clearwater Paper Corporation is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Clearwater Paper Corporation to the Paper & Paper Products industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Clearwater Paper Corporation is 92.5%. This means that Clearwater Paper Corporation earned $0.93 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Paper & Paper Products industry is 1.52.
What is the trend?
The trend is important because it shows you how Clearwater Paper Corporation is performing over time. The most recent quarter might be important if Clearwater Paper Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Clearwater Paper Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Clearwater Paper Corporation

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(437,400 +37,100) \ 512,900 = 0.93

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Clearwater Paper Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Clearwater Paper Corporation is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Paper & Paper Products industry mean).
A Current Ratio of 1.97 means the company has $1.97 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Clearwater Paper Corporation:

The MRQ is 1.972. The company is able to pay all its short-term debts. +1
The TTM is 2.190. The company is able to pay all its short-term debts. +1

Trends

Current period		Compared to		+/-
MRQ	1.972	TTM	2.190	-0.218
TTM	2.190	YOY	1.912	+0.278
TTM	2.190	5Y	1.858	+0.332
5Y	1.858	10Y	1.746	+0.112

Compared to industry (Paper & Paper Products)

Period	Company	Industry (mean)	+/-
MRQ	1.972	1.648	+0.324
TTM	2.190	1.610	+0.580
YOY	1.912	1.533	+0.379
5Y	1.858	1.541	+0.317
10Y	1.746	1.358	+0.388

Measures if Clearwater Paper Corporation is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Paper & Paper Products industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Clearwater Paper Corporation if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Clearwater Paper Corporation is 1.97. This means Clearwater Paper Corporation has $1.97 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Paper & Paper Products industry is 1.65.
What is the trend?
The trend is important because it shows you how Clearwater Paper Corporation is performing over time. The most recent quarter might be important if Clearwater Paper Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Clearwater Paper Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Clearwater Paper Corporation

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
564,100 \ 286,000) = 1.97

The current ratio measures if Clearwater Paper Corporation is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Clearwater Paper Corporation is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Clearwater Paper Corporation does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Clearwater Paper Corporation is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Clearwater Paper Corporation is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Clearwater Paper Corporation to the Paper & Paper Products industry mean.
A Quick Ratio of 0.79 means the company can pay off $0.79 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Clearwater Paper Corporation:

The MRQ is 0.791. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.887. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.791	TTM	0.887	-0.095
TTM	0.887	YOY	0.808	+0.079
TTM	0.887	5Y	0.776	+0.111
5Y	0.776	10Y	0.740	+0.035

Compared to industry (Paper & Paper Products)

Period	Company	Industry (mean)	+/-
MRQ	0.791	0.677	+0.114
TTM	0.887	0.653	+0.234
YOY	0.808	0.805	+0.003
5Y	0.776	0.735	+0.041
10Y	0.740	0.660	+0.080

Measures if Clearwater Paper Corporation is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Clearwater Paper Corporation to the Paper & Paper Products industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Clearwater Paper Corporation can pay off its short term debts. This shows if Clearwater Paper Corporation can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Clearwater Paper Corporation is 0.79. This means that Clearwater Paper Corporation can pay off $0.79 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Paper & Paper Products industry is 0.68.
What is the trend?
The trend is important because it shows you how Clearwater Paper Corporation is performing over time. The most recent quarter might be important if Clearwater Paper Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Clearwater Paper Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example Clearwater Paper Corporation

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Clearwater Paper Corporation: (42,000 + 0 +184,300) / 286,000 = 0.79

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of Clearwater Paper Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Clearwater Paper Corporation assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Clearwater Paper Corporation to Paper & Paper Products industry mean.
A Debt to Asset Ratio of 0.60 means that Clearwater Paper Corporation assets are financed with 60.0% credit (debt) and the remaining percentage (100% - 60.0%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Clearwater Paper Corporation:

The MRQ is 0.600. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.629. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.600	TTM	0.629	-0.029
TTM	0.629	YOY	0.674	-0.045
TTM	0.629	5Y	0.705	-0.076
5Y	0.705	10Y	0.700	+0.005

Compared to industry (Paper & Paper Products)

Period	Company	Industry (mean)	+/-
MRQ	0.600	0.475	+0.125
TTM	0.629	0.463	+0.166
YOY	0.674	0.478	+0.196
5Y	0.705	0.486	+0.219
10Y	0.700	0.518	+0.182

Measures how much % of Clearwater Paper Corporation assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Clearwater Paper Corporation than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Clearwater Paper Corporation to Paper & Paper Products industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Clearwater Paper Corporation is 0.60. This means means that Clearwater Paper Corporation is financed with 60.0% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Paper & Paper Products industry is 164.8%.
What is the trend?
The trend is important because it shows you how Clearwater Paper Corporation is performing over time. The most recent quarter might be important if Clearwater Paper Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Clearwater Paper Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Clearwater Paper Corporation has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Clearwater Paper Corporation

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
1,003,100 \ 1,671,800 = 60.0% or 0.60.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Clearwater Paper Corporation is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Clearwater Paper Corporation to the Paper & Paper Products industry mean.
A Debt to Equity ratio of 150.0% means that company has $1.50 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Clearwater Paper Corporation:

The MRQ is 1.500. The company is just able to pay all its debts with equity.
The TTM is 1.702. The company is just able to pay all its debts with equity.

Trends

Current period		Compared to		+/-
MRQ	1.500	TTM	1.702	-0.202
TTM	1.702	YOY	2.073	-0.370
TTM	1.702	5Y	2.495	-0.793
5Y	2.495	10Y	2.400	+0.095

Compared to industry (Paper & Paper Products)

Period	Company	Industry (mean)	+/-
MRQ	1.500	0.898	+0.602
TTM	1.702	0.864	+0.838
YOY	2.073	0.921	+1.152
5Y	2.495	0.975	+1.520
10Y	2.400	1.173	+1.227

Measures if Clearwater Paper Corporation is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Clearwater Paper Corporation is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Clearwater Paper Corporation is 1.50. This means that Clearwater Paper Corporation can pay off $1.50 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Paper & Paper Products industry is 0.90.
What is the trend?
The trend is important because it shows you how Clearwater Paper Corporation is performing over time. The most recent quarter might be important if Clearwater Paper Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Clearwater Paper Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Clearwater Paper Corporation

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
1,003,100 \ 668,700 = 1.50 or 150.0%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Clearwater Paper Corporation

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Clearwater Paper Corporation generates.

Above 15 is considered overpriced but always compare Clearwater Paper Corporation to the Paper & Paper Products industry mean.
A PE ratio of 8.65 means the investor is paying $8.65 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Clearwater Paper Corporation:

The EOD is 9.584. Based on the earnings, the company is underpriced. +1
The MRQ is 8.654. Based on the earnings, the company is underpriced. +1
The TTM is 5.822. Based on the earnings, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	9.584	MRQ	8.654	+0.930
MRQ	8.654	TTM	5.822	+2.832
TTM	5.822	YOY	-0.697	+6.519
TTM	5.822	5Y	2.057	+3.766
5Y	2.057	10Y	24.745	-22.688

Compared to industry (Paper & Paper Products)

Period	Company	Industry (mean)	+/-
EOD	9.584	6.634	+2.950
MRQ	8.654	5.597	+3.057
TTM	5.822	5.474	+0.348
YOY	-0.697	8.511	-9.208
5Y	2.057	8.419	-6.362
10Y	24.745	11.019	+13.726

Measures how much money you pay for each share for every $1 in earnings Clearwater Paper Corporation generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Clearwater Paper Corporation to the Paper & Paper Products industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Clearwater Paper Corporation is 8.65. This means the investor is paying $8.65 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Paper & Paper Products industry is 5.60.
What is the trend?
The trend is important because it shows you how Clearwater Paper Corporation is performing over time. The most recent quarter might be important if Clearwater Paper Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Clearwater Paper Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Clearwater Paper Corporation

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 16,867 = EPS
PE ratio MRQ = 8.65

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Clearwater Paper Corporation:

The EOD is 4.165. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 3.761. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is 1.294. Based on how much money comes from the company's main activities, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	4.165	MRQ	3.761	+0.404
MRQ	3.761	TTM	1.294	+2.466
TTM	1.294	YOY	17.903	-16.608
TTM	1.294	5Y	10.590	-9.296
5Y	10.590	10Y	3.729	+6.861

Compared to industry (Paper & Paper Products)

Period	Company	Industry (mean)	+/-
EOD	4.165	3.712	+0.453
MRQ	3.761	3.416	+0.345
TTM	1.294	3.598	-2.304
YOY	17.903	4.143	+13.760
5Y	10.590	4.508	+6.082
10Y	3.729	3.939	-0.210

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Clearwater Paper Corporation is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Paper & Paper Products industry mean).
A PB ratio of 0.91 means the investor is paying $0.91 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Clearwater Paper Corporation:

The EOD is 1.009. Based on the equity, the company is underpriced. +1
The MRQ is 0.911. Based on the equity, the company is cheap. +2
The TTM is 0.920. Based on the equity, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	1.009	MRQ	0.911	+0.098
MRQ	0.911	TTM	0.920	-0.009
TTM	0.920	YOY	1.056	-0.135
TTM	0.920	5Y	1.016	-0.095
5Y	1.016	10Y	1.434	-0.418

Compared to industry (Paper & Paper Products)

Period	Company	Industry (mean)	+/-
EOD	1.009	0.992	+0.017
MRQ	0.911	0.919	-0.008
TTM	0.920	0.934	-0.014
YOY	1.056	1.108	-0.052
5Y	1.016	1.132	-0.116
10Y	1.434	1.277	+0.157

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Clearwater Paper Corporation.

3.1. Institutions holding Clearwater Paper Corporation

Institutions are holding 94.521% of the shares of Clearwater Paper Corporation.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	BlackRock Inc	16.52	0.0025	2723145	20426	0.7558
2023-12-31	Dimensional Fund Advisors, Inc.	8.536	0.0148	1407064	-8630	-0.6096
2023-12-31	T. Rowe Price Investment Management,Inc.	8.1071	0.0314	1336360	-722715	-35.099
2023-12-31	Vanguard Group Inc	7.2902	0.001	1201708	79972	7.1293
2023-12-31	State Street Corporation	3.9712	0.0012	654601	24343	3.8624
2023-12-31	Pictet Asset Manangement SA	3.5694	0.0234	588377	12941	2.2489
2023-12-31	Amvescap Plc.	2.7476	0.0039	452904	32545	7.7422
2023-12-31	Millennium Management LLC	2.383	0.0061	392816	143524	57.5726
2023-12-31	Geode Capital Management, LLC	2.1395	0.0013	352676	9153	2.6645
2023-12-31	American Century Companies Inc	2.0826	0.0085	343286	59140	20.8132
2023-12-31	Charles Schwab Investment Management Inc	1.9771	0.003	325904	4185	1.3008
2023-12-31	Bridgeway Capital Management, LLC	1.732	0.2212	285509	-22591	-7.3324
2023-12-31	Wasatch Advisors Inc.	1.6642	0.0546	274333	274333	0
2023-12-31	Morgan Stanley - Brokerage Accounts	1.5431	0.0008	254356	72689	40.0122
2023-12-31	Ameriprise Financial Inc	1.3339	0.0024	219874	4257	1.9743
2023-09-30	Jacobs Levy Equity Management, Inc.	1.1402	0.0404	187955	-1334	-0.7047
2023-12-31	Northern Trust Corp	1.1122	0.0012	183335	-659	-0.3582
2023-12-31	Goldman Sachs Group Inc	1.0104	0.0005	166556	65265	64.4332
2023-12-31	Bank of New York Mellon Corp	0.8847	0.0011	145838	-1266	-0.8606
2023-12-31	Acadian Asset Management LLC	0.8344	0.0193	137549	-29916	-17.864
Total		70.5788	0.4386	11634146	+15662	+0.1%

3.2. Funds holding Clearwater Paper Corporation

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-03-28	iShares Core S&P Small-Cap ETF	6.7516	0.0611	1122159	1600	0.1428
2024-03-28	Pacer US Small Cap Cash Cows 100 ETF	6.1973	0.463	1030035	3640	0.3546
2023-12-31	T. Rowe Price Small-Cap Value	4.7841	0.2716	795152	-477127	-37.5018
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.9246	0.0012	486081	0	0
2023-12-31	T. Rowe Price U.S. SC Value Eq Tr-Z	2.4656	0.2997	409792	-153361	-27.2326
2024-03-28	iShares Russell 2000 ETF	2.42	0.0269	402222	7104	1.7979
2024-03-29	Avantis US Small Cap Value ETF	2.0942	0.1403	348061	0	0
2024-02-29	DFA US Core Equity 1 I	1.5463	0.03	257009	0	0
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.5271	0.0098	253818	-267	-0.1051
2024-02-29	DFA US Small Cap Value I	1.4688	0.0624	244129	-4227	-1.702
2024-03-28	Invesco S&P SmallCap Value with Momt ETF	1.4542	1.3348	241701	0	0
2024-03-28	iShares S&P Small-Cap 600 Value ETF	1.2276	0.1235	204028	-1996	-0.9688
2024-02-29	DFA US Targeted Value I	1.0306	0.0521	171284	0	0
2024-03-29	Schwab Fundamental US Small Company ETF	1.0048	0.0876	167001	947	0.5703
2024-01-31	Fidelity Small Cap Index	0.9924	0.0219	164937	2285	1.4048
2024-03-28	iShares Russell 2000 Value ETF	0.9321	0.054	154921	2728	1.7925
2024-03-28	SPDR® Portfolio S&P 600 Sm Cap ETF	0.877	0.0606	145757	150	0.103
2024-02-29	Vanguard Tax-Managed Small Cap Adm	0.7785	0.0572	129398	0	0
2024-02-29	DFA US Small Cap I	0.703	0.0296	116836	0	0
2024-03-28	SPDR® S&P 600 Small Cap Value ETF	0.7	0.1275	116352	0	0
Total		41.8798	3.3148	6960673	-618524	-8.9%

3.3. Insider Transactions

Insiders are holding 2.583% of the shares of Clearwater Paper Corporation.

Date	Owner	Type	Amount	Price
2023-08-04	Michael S Gadd	SELL	6182	35.68
2023-05-23	Rebecca Anne Barckley	SELL	2506	33
2023-05-05	Michael S Gadd	SELL	6126	32.09
2023-04-14	Michael John Murphy	SELL	2681	32.88

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Clearwater Paper Corporation compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	1.261	1.599	-21%	0.852	+48%	0.689	+83%	0.284	+344%
Book Value Per Share	-	-	39.645	37.254	+6%	32.373	+22%	30.912	+28%	29.786	+33%
Current Ratio	-	-	1.972	2.190	-10%	1.912	+3%	1.858	+6%	1.746	+13%
Debt To Asset Ratio	-	-	0.600	0.629	-5%	0.674	-11%	0.705	-15%	0.700	-14%
Debt To Equity Ratio	-	-	1.500	1.702	-12%	2.073	-28%	2.495	-40%	2.400	-37%
Dividend Per Share	-	-	-	-	0%	0.020	-100%	0.004	-100%	0.002	-100%
Eps	-	-	1.043	1.590	-34%	0.674	+55%	0.581	+80%	0.360	+190%
Free Cash Flow Per Share	-	-	2.401	1.736	+38%	1.709	+40%	1.253	+92%	0.520	+362%
Free Cash Flow To Equity Per Share	-	-	-4.043	-0.180	-96%	0.413	-1080%	0.038	-10629%	-0.215	-95%
Gross Profit Margin	-	-	1.000	1.002	0%	1.212	-17%	0.996	+0%	0.990	+1%
Intrinsic Value_10Y_max	-	-	84.497	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-37.531	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	6.277	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	1.096	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	20.529	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-0.895	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	36.794	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-7.458	-	-	-	-	-	-	-	-
Market Cap	659356000.000	+8%	609236040.000	580536867.500	+5%	586517342.500	+4%	531476166.000	+15%	731297309.133	-17%
Net Profit Margin	-	-	0.034	0.052	-34%	0.022	+54%	0.019	+83%	0.012	+177%
Operating Margin	-	-	0.075	0.087	-14%	0.054	+39%	0.056	+35%	0.054	+38%
Operating Ratio	-	-	0.925	0.914	+1%	0.942	-2%	0.941	-2%	0.942	-2%
Pb Ratio	1.009	+10%	0.911	0.920	-1%	1.056	-14%	1.016	-10%	1.434	-36%
Pe Ratio	9.584	+10%	8.654	5.822	+49%	-0.697	+108%	2.057	+321%	24.745	-65%
Price Per Share	40.000	+10%	36.120	34.278	+5%	34.268	+5%	31.493	+15%	41.401	-13%
Price To Free Cash Flow Ratio	4.165	+10%	3.761	1.294	+191%	17.903	-79%	10.590	-64%	3.729	+1%
Price To Total Gains Ratio	31.713	+10%	28.637	22.201	+29%	-525.439	+1935%	-79.370	+377%	3.827	+648%
Quick Ratio	-	-	0.791	0.887	-11%	0.808	-2%	0.776	+2%	0.740	+7%
Return On Assets	-	-	0.011	0.016	-33%	0.007	+56%	0.006	+86%	0.004	+179%
Return On Equity	-	-	0.026	0.043	-39%	0.021	+25%	0.017	+55%	0.009	+194%
Total Gains Per Share	-	-	1.261	1.599	-21%	0.873	+45%	0.694	+82%	0.286	+341%
Usd Book Value	-	-	668700000.000	630925000.000	+6%	554000000.000	+21%	521187700.000	+28%	515675700.000	+30%
Usd Book Value Change Per Share	-	-	1.261	1.599	-21%	0.852	+48%	0.689	+83%	0.284	+344%
Usd Book Value Per Share	-	-	39.645	37.254	+6%	32.373	+22%	30.912	+28%	29.786	+33%
Usd Dividend Per Share	-	-	-	-	0%	0.020	-100%	0.004	-100%	0.002	-100%
Usd Eps	-	-	1.043	1.590	-34%	0.674	+55%	0.581	+80%	0.360	+190%
Usd Free Cash Flow	-	-	40500000.000	29275000.000	+38%	29200000.000	+39%	21208550.000	+91%	9238275.000	+338%
Usd Free Cash Flow Per Share	-	-	2.401	1.736	+38%	1.709	+40%	1.253	+92%	0.520	+362%
Usd Free Cash Flow To Equity Per Share	-	-	-4.043	-0.180	-96%	0.413	-1080%	0.038	-10629%	-0.215	-95%
Usd Market Cap	659356000.000	+8%	609236040.000	580536867.500	+5%	586517342.500	+4%	531476166.000	+15%	731297309.133	-17%
Usd Price Per Share	40.000	+10%	36.120	34.278	+5%	34.268	+5%	31.493	+15%	41.401	-13%
Usd Profit	-	-	17600000.000	26925000.000	-35%	11500000.000	+53%	9862000.000	+78%	6350850.000	+177%
Usd Revenue	-	-	512900000.000	520700000.000	-1%	520025000.000	-1%	478278000.000	+7%	461862225.000	+11%
Usd Total Gains Per Share	-	-	1.261	1.599	-21%	0.873	+45%	0.694	+82%	0.286	+341%
	EOD	+4 -4	MRQ	TTM	+13 -21	YOY	+27 -9	5Y	+30 -6	10Y	+28 -8

4.2. Fundamental Score

Let's check the fundamental score of Clearwater Paper Corporation based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	9.584
Price to Book Ratio (EOD)	Between	0-1	1.009
Net Profit Margin (MRQ)	Greater than	0	0.034
Operating Margin (MRQ)	Greater than	0	0.075
Quick Ratio (MRQ)	Greater than	1	0.791
Current Ratio (MRQ)	Greater than	1	1.972
Debt to Asset Ratio (MRQ)	Less than	1	0.600
Debt to Equity Ratio (MRQ)	Less than	1	1.500
Return on Equity (MRQ)	Greater than	0.15	0.026
Return on Assets (MRQ)	Greater than	0.05	0.011
Total			5/10 (50.0%)

Create your own Stock Scanner

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4.3. Technical Score

Let's check the technical score of Clearwater Paper Corporation based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	43.710
Ma 20	Greater than	Ma 50	41.810
Ma 50	Greater than	Ma 100	38.927
Ma 100	Greater than	Ma 200	37.137
Open	Greater than	Close	40.100
Total			4/5 (80.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
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Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

		2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Other Assets		84,700	-84,600	100	112,600	112,700	-112,600	100	-200	-100

Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	1,671,800
Total Liabilities	1,003,100
Total Stockholder Equity	668,700

	As reported
Total Liabilities	1,003,100
Total Stockholder Equity	+ 668,700
Total Assets	= 1,671,800

Assets

Total Assets	1,671,800
Total Current Assets	564,100
Long-term Assets	1,107,800

Total Current Assets

Total Current Assets (as reported)	564,100
Cash And Cash Equivalents	42,000
Net Receivables	184,300
Inventory	319,800
Other Current Assets	18,000
Total Current Assets (calculated)	564,100
+/-	0

Long-term Assets

Long-term Assets (as reported)	1,107,800
Property Plant Equipment	990,200
Goodwill	35,100
Long-term Assets Other	117,600
Long-term Assets (calculated)	1,142,900
+/-	35,100

Liabilities & Shareholders' Equity

Total Current Liabilities	286,000
Long-term Liabilities	717,100
Total Stockholder Equity	668,700

Total Current Liabilities

Total Current Liabilities (as reported)	286,000
Short-term Debt	16,200
Short Long Term Debt	800
Accounts payable	163,900
Other Current Liabilities	285,200
Total Current Liabilities (calculated)	466,100
+/-	180,100

Long-term Liabilities

Long-term Liabilities (as reported)	717,100
Long term Debt	462,300
Capital Lease Obligations	15,400
Long-term Liabilities (calculated)	477,700
+/-	239,400

Total Stockholder Equity

Total Stockholder Equity (as reported)	668,700
Retained Earnings	684,500
Accumulated Other Comprehensive Income	-30,700
Other Stockholders Equity	14,900
Total Stockholder Equity (calculated)	668,700
+/-	0

Other

Cash and Short Term Investments	42,000
Common Stock Shares Outstanding	16,867
Current Deferred Revenue	-179,300
Liabilities and Stockholders Equity	1,671,800
Net Debt	436,500
Net Invested Capital	1,131,800
Net Working Capital	278,100
Property Plant and Equipment Gross	2,979,900
Short Long Term Debt Total	478,500

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

> Total Assets

741,418
0
0
0
696,094
679,647
679,544
696,094
683,266
678,413
772,658
873,288
947,463
968,268
975,268
1,003,333
1,545,336
1,574,698
1,588,861
1,570,692
1,571,318
1,583,967
1,583,063
1,626,902
1,633,456
1,706,631
1,698,908
1,733,351
1,744,825
1,736,189
1,720,555
1,678,569
1,585,928
1,541,121
1,562,537
1,551,533
1,527,369
1,499,214
1,526,732
1,547,814
1,684,342
1,664,933
1,678,589
1,729,011
1,802,252
1,811,912
1,919,397
1,980,095
1,788,118
1,928,278
1,955,847
1,881,077
1,877,700
1,896,800
1,841,500
1,826,900
1,800,400
1,803,900
1,750,900
1,718,100
1,690,100
1,683,100
1,712,700
1,703,600
1,703,500
1,690,500
1,705,000
1,737,000
1,671,800

1,671,800

1,737,000

1,705,000

1,690,500

1,703,500

1,703,600

1,712,700

1,683,100

1,690,100

1,718,100

1,750,900

1,803,900

1,800,400

1,826,900

1,841,500

1,896,800

1,877,700

1,881,077

1,955,847

1,928,278

1,788,118

1,980,095

1,919,397

1,811,912

1,802,252

1,729,011

1,678,589

1,664,933

1,684,342

1,547,814

1,526,732

1,499,214

1,527,369

1,551,533

1,562,537

1,541,121

1,585,928

1,678,569

1,720,555

1,736,189

1,744,825

1,733,351

1,698,908

1,706,631

1,633,456

1,626,902

1,583,063

1,583,967

1,571,318

1,570,692

1,588,861

1,574,698

1,545,336

1,003,333

975,268

968,268

947,463

873,288

772,658

678,413

683,266

696,094

679,544

679,647

696,094

741,418

> Total Current Assets

0
0
0
0
245,774
237,538
242,502
245,774
289,579
291,786
388,180
495,164
572,291
595,522
603,755
631,511
589,459
605,804
595,987
569,091
545,331
527,418
495,139
501,931
468,466
547,277
546,456
578,334
575,401
575,581
560,872
508,144
526,577
479,333
491,813
468,320
426,937
392,847
412,063
399,889
446,495
413,558
395,982
423,285
452,789
436,677
451,133
492,527
443,947
486,820
519,136
464,260
465,800
520,900
484,400
492,000
474,900
500,400
498,600
483,600
487,200
507,500
557,200
570,200
586,300
567,900
592,100
627,000
564,100

564,100

627,000

592,100

567,900

586,300

570,200

557,200

507,500

487,200

483,600

498,600

500,400

474,900

492,000

484,400

520,900

465,800

464,260

519,136

486,820

443,947

492,527

451,133

436,677

452,789

423,285

395,982

413,558

446,495

399,889

412,063

392,847

426,937

468,320

491,813

479,333

526,577

508,144

560,872

575,581

575,401

578,334

546,456

547,277

468,466

501,931

495,139

527,418

545,331

569,091

595,987

605,804

589,459

631,511

603,755

595,522

572,291

495,164

388,180

291,786

289,579

245,774

242,502

237,538

245,774

Cash And Cash Equivalents

170
0
0
0
9
10
9
9
3,218
2,852
3,561
2,649
2,824
17,261
12,997
21,507
18,928
19,092
34,476
21,071
8,439
24,544
17,215
19,564
12,579
9,538
1,180
20,929
23,675
24,042
22,481
13,578
27,331
29,796
11,465
13,417
5,610
2,228
9,395
331
23,001
15,995
8,519
8,478
15,738
12,064
53,278
76,150
22,484
12,160
41,800
7,815
20,000
60,800
48,200
47,500
35,900
57,100
60,900
27,800
25,200
36,400
69,500
50,800
53,700
16,700
41,700
110,200
42,000

42,000

110,200

41,700

16,700

53,700

50,800

69,500

36,400

25,200

27,800

60,900

57,100

35,900

47,500

48,200

60,800

20,000

7,815

41,800

12,160

22,484

76,150

53,278

12,064

15,738

8,478

8,519

15,995

23,001

331

9,395

2,228

5,610

13,417

11,465

29,796

27,331

13,578

22,481

24,042

23,675

20,929

1,180

9,538

12,579

19,564

17,215

24,544

8,439

21,071

34,476

19,092

18,928

21,507

12,997

17,261

2,824

2,649

3,561

2,852

3,218

170

Short-term Investments

0
0
0
0
0
132,412
0
0
10,800
12,977
73,185
146,003
187,926
233,000
319,967
335,168
126,095
140,139
92,000
85,001
55,001
25,000
20,000
37,000
20,000
85,000
80,000
89,000
70,000
59,000
59,000
0
50,000
11,000
60,000
10,000
250
2,270
2,270
0
0
0
0
0
0
0
0
1,080
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1,080

2,270

250

10,000

60,000

11,000

50,000

59,000

70,000

89,000

80,000

85,000

20,000

37,000

20,000

25,000

55,001

85,001

92,000

140,139

126,095

335,168

319,967

233,000

187,926

146,003

73,185

12,977

10,800

132,412

Net Receivables

0
0
0
0
95,193
94,525
102,210
95,193
104,030
95,052
146,369
180,082
195,801
167,147
110,130
114,171
163,689
155,292
194,159
195,336
186,189
194,091
185,207
187,505
174,971
167,532
178,307
176,899
169,377
174,032
175,395
180,784
135,169
133,949
141,090
153,857
153,903
135,554
143,805
142,018
156,783
146,083
136,284
150,524
162,347
156,441
127,510
145,918
151,820
175,074
177,915
164,650
159,400
207,000
191,900
179,500
160,600
134,900
143,900
159,500
167,400
172,300
187,200
180,400
188,800
186,300
196,600
173,100
184,300

184,300

173,100

196,600

186,300

188,800

180,400

187,200

172,300

167,400

159,500

143,900

134,900

160,600

179,500

191,900

207,000

159,400

164,650

177,915

175,074

151,820

145,918

127,510

156,441

162,347

150,524

136,284

146,083

156,783

142,018

143,805

135,554

153,903

153,857

141,090

133,949

135,169

180,784

175,395

174,032

169,377

176,899

178,307

167,532

174,971

187,505

185,207

194,091

186,189

195,336

194,159

155,292

163,689

114,171

110,130

167,147

195,801

180,082

146,369

95,052

104,030

95,193

102,210

94,525

95,193

Other Current Assets

9,973
0
0
0
10,046
10,591
8,646
10,046
17,180
20,644
76,746
20,826
15,979
20,114
16,837
15,389
52,426
56,391
51,748
42,327
51,631
39,061
35,094
33,427
29,450
36,422
35,635
38,066
44,561
49,258
39,122
31,325
27,451
33,918
30,978
29,363
9,331
9,376
7,659
5,414
8,682
10,776
7,866
6,450
8,661
8,740
8,132
6,105
3,399
12,237
10,118
7,960
3,600
12,600
9,000
8,600
15,100
15,300
10,900
9,900
16,900
17,000
12,800
12,200
19,800
19,400
13,400
10,400
18,000

18,000

10,400

13,400

19,400

19,800

12,200

12,800

17,000

16,900

9,900

10,900

15,300

15,100

8,600

9,000

12,600

3,600

7,960

10,118

12,237

3,399

6,105

8,132

8,740

8,661

6,450

7,866

10,776

8,682

5,414

7,659

9,376

9,331

29,363

30,978

33,918

27,451

31,325

39,122

49,258

44,561

38,066

35,635

36,422

29,450

33,427

35,094

39,061

51,631

42,327

51,748

56,391

52,426

15,389

16,837

20,114

15,979

20,826

76,746

20,644

17,180

10,046

8,646

10,591

10,046

9,973

> Long-term Assets

0
0
0
0
450,320
442,109
437,042
450,320
393,687
386,627
384,478
378,124
375,172
372,746
371,513
371,822
955,877
968,894
992,874
1,001,601
1,025,987
1,056,549
1,087,924
1,124,971
1,164,990
1,159,354
1,152,452
1,155,017
1,169,424
1,160,608
1,159,683
1,170,425
1,059,351
1,061,788
1,070,724
1,083,213
1,100,432
1,106,367
1,114,669
1,147,925
1,237,847
1,251,375
1,282,607
1,305,726
1,349,463
1,375,235
1,468,264
1,487,568
1,344,171
1,441,458
1,436,711
1,416,817
1,411,900
1,375,900
1,357,000
1,335,000
1,325,500
1,303,400
1,252,300
1,234,500
1,202,900
1,175,600
1,155,600
1,133,500
1,117,200
1,122,500
1,112,900
1,109,900
1,107,800

1,107,800

1,109,900

1,112,900

1,122,500

1,117,200

1,133,500

1,155,600

1,175,600

1,202,900

1,234,500

1,252,300

1,303,400

1,325,500

1,335,000

1,357,000

1,375,900

1,411,900

1,416,817

1,436,711

1,441,458

1,344,171

1,487,568

1,468,264

1,375,235

1,349,463

1,305,726

1,282,607

1,251,375

1,237,847

1,147,925

1,114,669

1,106,367

1,100,432

1,083,213

1,070,724

1,061,788

1,059,351

1,170,425

1,159,683

1,160,608

1,169,424

1,155,017

1,152,452

1,159,354

1,164,990

1,124,971

1,087,924

1,056,549

1,025,987

1,001,601

992,874

968,894

955,877

371,822

371,513

372,746

375,172

378,124

384,478

386,627

393,687

450,320

437,042

442,109

450,320

Property Plant Equipment

441,763
0
0
0
413,170
403,837
397,642
413,170
389,867
382,115
377,040
370,911
364,024
358,180
357,151
354,240
654,456
670,098
696,836
707,064
735,566
768,339
801,818
840,981
877,377
871,745
868,365
872,762
884,698
875,955
873,284
878,423
810,987
812,770
823,672
836,758
866,538
873,112
881,975
914,945
945,328
959,511
991,061
1,014,835
1,050,982
1,077,643
1,171,368
1,206,168
1,269,271
1,369,481
1,369,032
1,347,977
1,330,800
1,305,900
1,287,900
1,266,900
1,255,000
1,234,100
1,182,600
1,109,600
1,081,800
1,059,900
1,040,800
1,023,200
1,017,100
1,004,600
1,000,200
993,700
990,200

990,200

993,700

1,000,200

1,004,600

1,017,100

1,023,200

1,040,800

1,059,900

1,081,800

1,109,600

1,182,600

1,234,100

1,255,000

1,266,900

1,287,900

1,305,900

1,330,800

1,347,977

1,369,032

1,369,481

1,269,271

1,206,168

1,171,368

1,077,643

1,050,982

1,014,835

991,061

959,511

945,328

914,945

881,975

873,112

866,538

836,758

823,672

812,770

810,987

878,423

873,284

875,955

884,698

872,762

868,365

871,745

877,377

840,981

801,818

768,339

735,566

707,064

696,836

670,098

654,456

354,240

357,151

358,180

364,024

370,911

377,040

382,115

389,867

413,170

397,642

403,837

413,170

441,763

Goodwill

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
229,533
229,533
229,533
229,533
229,533
229,533
229,533
229,533
229,533
229,533
229,533
229,533
229,533
229,533
229,533
229,533
209,087
209,087
209,087
209,087
209,087
209,087
209,087
209,087
244,283
244,283
244,283
244,283
244,161
244,161
244,161
230,153
35,074
35,074
35,074
35,074
35,100
35,100
0
0
35,100
0
0
0
0
0
0
0
35,100
0
0
0
35,100

35,100

35,074

230,153

244,161

244,283

209,087

229,533

Intangible Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
56,400
54,768
53,000
51,331
49,748
48,117
46,485
44,854
47,753
45,954
44,156
42,467
40,778
37,803
36,208
34,589
24,956
23,715
22,473
21,231
19,990
18,753
17,517
16,280
40,485
38,587
36,513
34,528
32,542
30,592
28,642
25,865
24,080
22,295
20,510
18,725
16,900
16,900
50,400
49,600
13,700
48,000
47,300
0
10,800
0
0
0
0
0
0
0
0

10,800

47,300

48,000

13,700

49,600

50,400

16,900

18,725

20,510

22,295

24,080

25,865

28,642

30,592

32,542

34,528

36,513

38,587

40,485

16,280

17,517

18,753

19,990

21,231

22,473

23,715

24,956

34,589

36,208

37,803

40,778

42,467

44,156

45,954

47,753

44,854

46,485

48,117

49,748

51,331

53,000

54,768

56,400

Long-term Assets Other

0
0
0
0
37,150
38,272
39,400
37,150
3,820
4,512
-7,334
-7,559
11,148
6,761
6,883
7,427
15,488
14,495
13,505
13,673
11,140
10,560
10,088
9,603
10,327
12,122
10,398
10,255
14,415
9,585
9,374
9,224
14,321
9,883
7,394
7,394
4,817
5,415
6,090
7,613
7,751
8,994
10,750
12,080
21,778
22,839
24,093
25,382
15,746
14,608
12,095
15,041
29,100
18,800
18,700
18,500
21,700
21,300
22,400
124,900
121,100
115,700
114,800
110,300
100,100
117,900
112,700
116,200
117,600

117,600

116,200

112,700

117,900

100,100

110,300

114,800

115,700

121,100

124,900

22,400

21,300

21,700

18,500

18,700

18,800

29,100

15,041

12,095

14,608

15,746

25,382

24,093

22,839

21,778

12,080

10,750

8,994

7,751

7,613

6,090

5,415

4,817

7,394

9,883

14,321

9,224

9,374

9,585

14,415

10,255

10,398

12,122

10,327

9,603

10,088

10,560

11,140

13,673

13,505

14,495

15,488

7,427

6,883

6,761

11,148

-7,559

-7,334

4,512

3,820

37,150

39,400

38,272

37,150

> Total Liabilities

407,491
0
0
0
423,274
328,388
337,190
423,274
502,277
481,887
376,088
429,671
583,727
477,171
581,079
474,061
1,076,987
1,098,509
1,096,138
1,080,179
1,086,414
1,102,673
1,080,817
1,100,307
1,092,562
1,215,206
1,201,255
1,236,066
1,139,731
1,151,846
1,165,362
1,137,613
1,088,391
1,074,483
1,075,236
1,091,552
1,052,503
1,031,508
1,043,838
1,076,611
1,214,469
1,191,342
1,195,003
1,242,649
1,226,818
1,231,192
1,328,828
1,351,970
1,361,722
1,496,034
1,521,482
1,455,932
1,445,700
1,452,000
1,370,700
1,330,700
1,279,300
1,267,800
1,262,900
1,226,500
1,178,400
1,153,100
1,168,000
1,134,300
1,131,500
1,098,600
1,090,400
1,088,500
1,003,100

1,003,100

1,088,500

1,090,400

1,098,600

1,131,500

1,134,300

1,168,000

1,153,100

1,178,400

1,226,500

1,262,900

1,267,800

1,279,300

1,330,700

1,370,700

1,452,000

1,445,700

1,455,932

1,521,482

1,496,034

1,361,722

1,351,970

1,328,828

1,231,192

1,226,818

1,242,649

1,195,003

1,191,342

1,214,469

1,076,611

1,043,838

1,031,508

1,052,503

1,091,552

1,075,236

1,074,483

1,088,391

1,137,613

1,165,362

1,151,846

1,139,731

1,236,066

1,201,255

1,215,206

1,092,562

1,100,307

1,080,817

1,102,673

1,086,414

1,080,179

1,096,138

1,098,509

1,076,987

474,061

581,079

477,171

583,727

429,671

376,088

481,887

502,277

423,274

337,190

328,388

423,274

407,491

> Total Current Liabilities

92,265
0
0
0
117,068
121,799
132,631
117,068
275,557
249,076
114,037
119,556
119,708
131,299
121,632
132,872
195,113
208,203
208,190
195,296
154,492
183,667
161,858
181,056
174,733
177,703
167,527
213,218
199,426
214,216
229,171
279,061
223,741
214,380
222,616
252,868
227,927
206,384
215,851
244,374
366,520
340,398
339,998
380,969
419,252
425,468
525,219
448,706
449,295
515,220
543,724
294,993
280,400
290,400
247,500
239,600
244,800
235,300
255,900
256,900
254,100
256,100
300,300
295,100
312,000
265,500
263,500
260,900
286,000

286,000

260,900

263,500

265,500

312,000

295,100

300,300

256,100

254,100

256,900

255,900

235,300

244,800

239,600

247,500

290,400

280,400

294,993

543,724

515,220

449,295

448,706

525,219

425,468

419,252

380,969

339,998

340,398

366,520

244,374

215,851

206,384

227,927

252,868

222,616

214,380

223,741

279,061

229,171

214,216

199,426

213,218

167,527

177,703

174,733

181,056

161,858

183,667

154,492

195,296

208,190

208,203

195,113

132,872

121,632

131,299

119,708

119,556

114,037

249,076

275,557

117,068

132,631

121,799

117,068

92,265

Short-term Debt

0
0
0
0
0
0
0
0
159,086
140,000
0
0
0
9,933
0
9,933
760
760
15,215
11,987
0
0
0
0
0
0
0
0
0
0
0
47,047
593,026
0
0
0
593,041
6,005
13,012
13,012
135,000
130,000
108,000
110,000
155,000
168,500
160,000
100,000
120,833
212,216
235,000
58,000
17,900
58,100
1,600
1,700
17,000
17,300
17,700
17,700
1,600
17,600
16,000
14,800
900
900
14,800
15,500
16,200

16,200

15,500

14,800

900

14,800

16,000

17,600

1,600

17,700

17,300

17,000

1,700

1,600

58,100

17,900

58,000

235,000

212,216

120,833

100,000

160,000

168,500

155,000

110,000

108,000

130,000

135,000

13,012

6,005

593,041

593,026

47,047

11,987

15,215

760

9,933

140,000

159,086

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
593,026
0
0
0
593,041
0
13,012
13,012
727,907
130,000
701,024
703,757
751,984
765,421
756,686
0
0
212,216
235,000
58,000
16,500
58,100
1,600
1,700
1,700
1,700
1,700
1,600
1,600
1,600
1,000
1,000
900
900
900
900
800

800

900

1,000

1,600

1,700

1,600

58,100

16,500

58,000

235,000

212,216

756,686

765,421

751,984

703,757

701,024

130,000

727,907

13,012

593,041

593,026

Accounts payable

33,079
0
0
0
36,711
113,828
0
129,440
66,353
99,990
104,951
110,470
40,715
121,366
111,699
122,939
91,688
197,694
93,297
84,288
65,040
89,969
77,691
78,704
75,949
76,719
79,662
111,898
108,192
114,965
136,104
135,326
122,856
129,971
122,918
143,734
128,045
111,157
116,909
145,475
128,106
133,466
139,833
189,940
169,293
180,394
271,781
264,811
228,059
198,289
183,663
141,458
149,600
146,800
137,500
140,500
143,400
151,900
149,900
171,400
168,300
173,000
207,200
189,000
213,000
179,100
169,700
164,800
163,900

163,900

164,800

169,700

179,100

213,000

189,000

207,200

173,000

168,300

171,400

149,900

151,900

143,400

140,500

137,500

146,800

149,600

141,458

183,663

198,289

228,059

264,811

271,781

180,394

169,293

189,940

139,833

133,466

128,106

145,475

116,909

111,157

128,045

143,734

122,918

129,971

122,856

135,326

136,104

114,965

108,192

111,898

79,662

76,719

75,949

78,704

77,691

89,969

65,040

84,288

93,297

197,694

91,688

122,939

111,699

121,366

40,715

110,470

104,951

99,990

66,353

129,440

113,828

36,711

33,079

Other Current Liabilities

54,967
0
0
0
117,068
7,971
132,631
117,068
116,471
109,076
114,037
119,556
78,993
121,366
121,632
122,939
9,749
207,443
4,074
4,605
89,452
93,698
84,167
102,352
98,784
100,984
87,865
101,320
91,234
99,251
93,067
87,995
100,885
84,409
99,698
109,134
99,882
83,331
98,942
79,575
96,468
69,566
84,878
74,459
88,052
69,202
86,943
77,675
94,160
13,462
100,561
73,900
91,900
85,500
108,400
97,400
73,900
100
73,900
54,900
100
65,500
77,100
91,300
98,100
85,500
262,600
260,000
285,200

285,200

260,000

262,600

85,500

98,100

91,300

77,100

65,500

100

54,900

73,900

100

73,900

97,400

108,400

85,500

91,900

73,900

100,561

13,462

94,160

77,675

86,943

69,202

88,052

74,459

84,878

69,566

96,468

79,575

98,942

83,331

99,882

109,134

99,698

84,409

100,885

87,995

93,067

99,251

91,234

101,320

87,865

100,984

98,784

102,352

84,167

93,698

89,452

4,605

4,074

207,443

9,749

122,939

121,632

121,366

78,993

119,556

114,037

109,076

116,471

117,068

132,631

7,971

117,068

54,967

> Long-term Liabilities

0
0
0
0
306,206
206,589
204,559
306,206
226,720
232,811
262,051
310,115
464,019
345,872
459,447
341,189
881,874
890,306
887,948
884,883
931,922
919,006
918,959
919,251
917,829
1,037,503
1,033,728
1,022,848
940,305
937,630
936,191
858,552
864,650
860,103
852,620
838,684
824,576
825,124
827,987
832,237
847,949
850,944
855,005
861,680
807,566
805,724
803,609
903,264
912,427
980,814
977,758
1,160,939
1,165,300
1,161,600
1,123,200
1,091,100
1,034,500
1,032,500
1,007,000
969,600
924,300
897,000
867,700
839,200
819,500
833,100
826,900
827,600
717,100

717,100

827,600

826,900

833,100

819,500

839,200

867,700

897,000

924,300

969,600

1,007,000

1,032,500

1,034,500

1,091,100

1,123,200

1,161,600

1,165,300

1,160,939

977,758

980,814

912,427

903,264

803,609

805,724

807,566

861,680

855,005

850,944

847,949

832,237

827,987

825,124

824,576

838,684

852,620

860,103

864,650

858,552

936,191

937,630

940,305

1,022,848

1,033,728

1,037,503

917,829

919,251

918,959

919,006

931,922

884,883

887,948

890,306

881,874

341,189

459,447

345,872

464,019

310,115

262,051

232,811

226,720

306,206

204,559

206,589

306,206

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
523,583
523,638
523,694
523,752
523,810
523,872
523,933
650,000
650,000
650,000
650,000
650,000
650,000
575,000
575,000
575,000
575,000
575,000
568,987
569,179
569,371
569,563
569,755
569,947
570,139
570,331
570,524
570,716
570,908
671,100
671,292
671,484
671,676
866,702
884,500
883,900
827,900
785,500
716,400
716,300
716,200
676,500
637,600
617,700
589,900
564,900
564,900
564,900
564,800
564,800
0

564,800

564,900

589,900

617,700

637,600

676,500

716,200

716,300

716,400

785,500

827,900

883,900

884,500

866,702

671,676

671,484

671,292

671,100

570,908

570,716

570,524

570,331

570,139

569,947

569,755

569,563

569,371

569,179

568,987

575,000

650,000

523,933

523,872

523,810

523,752

523,694

523,638

523,583

Capital Lease Obligations Min Short Term Debt

0
0
0
0
0
0
0
0
-159,086
-140,000
0
0
0
-9,933
0
-9,933
-760
-760
-15,215
-11,987
0
0
0
0
0
0
0
0
0
0
0
-47,047
-593,026
0
0
0
-593,041
-6,005
-13,012
-13,012
-135,000
-130,000
-108,000
-110,000
-155,000
-168,500
-160,000
-100,000
-120,833
-104,415
-129,653
44,098
83,600
4,600
58,500
55,600
52,600
49,300
-1,700
-1,600
14,500
-1,600
-1,000
-1,000
11,100
13,900
-900
-900
-800

-800

-900

13,900

11,100

-1,000

-1,600

14,500

-1,600

-1,700

49,300

52,600

55,600

58,500

4,600

83,600

44,098

-129,653

-104,415

-120,833

-100,000

-160,000

-168,500

-155,000

-110,000

-108,000

-130,000

-135,000

-13,012

-6,005

-593,041

-593,026

-47,047

-11,987

-15,215

-760

-9,933

-140,000

-159,086

Long-term Liabilities Other

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
288,911
289,646
338,870
325,913
324,621
324,407
333,772
199,711
196,581
187,410
165,407
107,402
105,015
103,909
178,016
116,719
114,835
113,531
137,471
87,609
86,465
85,991
126,022
80,577
79,442
78,440
118,514
70,934
69,504
67,759
119,953
76,507
74,903
177,369
93,900
154,200
156,100
153,100
160,000
130,600
78,500
81,700
73,600
72,800
72,100
-100
58,200
57,800
57,200
0
0

57,200

57,800

58,200

-100

72,100

72,800

73,600

81,700

78,500

130,600

160,000

153,100

156,100

154,200

93,900

177,369

74,903

76,507

119,953

67,759

69,504

70,934

118,514

78,440

79,442

80,577

126,022

85,991

86,465

87,609

137,471

113,531

114,835

116,719

178,016

103,909

105,015

107,402

165,407

187,410

196,581

199,711

333,772

324,407

324,621

325,913

338,870

289,646

288,911

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
75,454
71,599
69,358
69,341
70,528
70,972
60,124
58,358
60,774
66,253
124,898
126,726
128,270
127,393
111,634
111,226
110,289
100,884
118,118
123,032
127,762
132,850
152,172
157,601
162,081
169,410
118,528
5,309
5,043
4,677
121,182
0
0
116,868
121,300
123,600
139,300
152,500
158,100
185,600
212,300
211,300
213,100
206,500
205,700
0
196,400
210,400
205,000
0
0

205,000

210,400

196,400

205,700

206,500

213,100

211,300

212,300

185,600

158,100

152,500

139,300

123,600

121,300

116,868

121,182

4,677

5,043

5,309

118,528

169,410

162,081

157,601

152,172

132,850

127,762

123,032

118,118

100,884

110,289

111,226

111,634

127,393

128,270

126,726

124,898

66,253

60,774

58,358

60,124

70,972

70,528

69,341

69,358

71,599

75,454

> Total Stockholder Equity

333,927
0
0
0
272,820
351,259
342,354
272,820
180,989
196,526
396,570
443,617
363,736
491,097
394,189
529,272
468,349
476,189
492,723
490,513
484,904
481,294
502,246
526,595
540,894
491,425
497,653
497,285
605,094
584,343
555,193
540,956
497,537
466,638
487,301
459,981
474,866
467,706
482,894
471,203
469,873
473,591
483,586
486,362
575,434
580,720
590,569
628,125
426,396
432,244
434,365
425,145
432,000
444,800
470,800
496,200
521,100
536,100
488,000
491,600
511,700
530,000
544,700
569,300
572,000
591,900
614,600
648,500
668,700

668,700

648,500

614,600

591,900

572,000

569,300

544,700

530,000

511,700

491,600

488,000

536,100

521,100

496,200

470,800

444,800

432,000

425,145

434,365

432,244

426,396

628,125

590,569

580,720

575,434

486,362

483,586

473,591

469,873

471,203

482,894

467,706

474,866

459,981

487,301

466,638

497,537

540,956

555,193

584,343

605,094

497,285

497,653

491,425

540,894

526,595

502,246

481,294

484,904

490,513

492,723

476,189

468,349

529,272

394,189

491,097

363,736

443,617

396,570

196,526

180,989

272,820

342,354

351,259

272,820

333,927

Common Stock

0
0
0
0
321,648
0
390,643
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
656,587
604,657
608,434
605,789
663,187
640,952
610,882
595,444
568,400
535,944
554,963
526,042
530,414
522,599
537,616
524,166
521,626
524,943
534,812
537,331
2
2
2
2
2
2
2
2
0
0
2
2
2
2
2
2
2
2
2
2
2
2
2
2
0

537,331

534,812

524,943

521,626

524,166

537,616

522,599

530,414

526,042

554,963

535,944

568,400

595,444

610,882

640,952

663,187

605,789

608,434

604,657

656,587

390,643

321,648

Retained Earnings Total Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
275,406
284,051
295,553
299,279
320,768
339,832
359,684
358,802
370,460
383,777
466,639
472,865
485,318
491,571
464,324
470,081
485,678
508,742
520,307
538,753
559,617
560,518
569,861
577,376
585,413
537,329
618,254
633,706
640,667
675,111
487,339
491,176
490,752
479,779
481,700
492,100
514,800
536,300
558,800
570,900
519,200
521,200
530,700
547,300
562,000
0
576,800
600,600
630,300
0
0

630,300

600,600

576,800

562,000

547,300

530,700

521,200

519,200

570,900

558,800

536,300

514,800

492,100

481,700

479,779

490,752

491,176

487,339

675,111

640,667

633,706

618,254

537,329

585,413

577,376

569,861

560,518

559,617

538,753

520,307

508,742

485,678

470,081

464,324

491,571

485,318

472,865

466,639

383,777

370,460

358,802

359,684

339,832

320,768

299,279

295,553

284,051

275,406

Accumulated Other Comprehensive Income

-30,700

-33,500

-33,400

-33,300

-39,100

-40,300

-41,400

-42,600

-51,300

-50,500

-52,400

-54,300

-54,000

-55,800

-57,700

-59,500

-63,489

-64,775

-66,109

-67,348

-52,702

-54,080

-55,416

-43,983

-50,969

-51,226

-51,352

-51,753

-52,963

-54,722

-54,893

-55,548

-66,061

-67,662

-69,306

-70,863

-54,488

-55,689

-56,609

-58,093

-108,504

-110,781

-113,232

-115,693

-110,702

-112,223

-113,463

-115,265

-97,343

-94,806

-95,763

-98,352

-117,242

-118,792

-120,038

-126,962

-121,699

-123,368

-125,000

-126,149

-48,289

-48,558

-48,828

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
312,122
313,807
315,965
306,827
312,519
318,168
326,901
316,854
318,791
327,793
326,546
327,417
329,884
333,871
334,074
333,009
336,431
341,130
340,095
341,493
343,155
345,164
347,080
347,757
349,589
0
1,161
2,428
3,980
5,714
6,403
7,175
8,386
8,853
9,800
10,400
11,800
13,900
16,600
17,600
19,300
21,700
23,600
24,100
23,000
25,700
28,500
24,700
17,700
15,100
0

15,100

17,700

24,700

28,500

25,700

23,000

24,100

23,600

21,700

19,300

17,600

16,600

13,900

11,800

10,400

9,800

8,853

8,386

7,175

6,403

5,714

3,980

2,428

1,161

349,589

347,757

347,080

345,164

343,155

341,493

340,095

341,130

336,431

333,009

334,074

333,871

329,884

327,417

326,546

327,793

318,791

316,854

326,901

318,168

312,519

306,827

315,965

313,807

312,122

Treasury Stock

-400,192

-395,317

-381,518

-365,158

-357,649

-329,990

-323,832

-267,148

-230,000

-204,322

-159,332

-130,000

-105,783

-80,819

-71,001

-30,000

-20,705

-18,819

-11,350

-10,003

Other Stockholders Equity

0
0
0
0
0
399,817
0
272,820
307,522
321,526
519,938
308,697
308,618
308,559
309,876
311,178
310,821
310,468
312,122
303,804
304,615
295,477
293,700
297,463
296,901
245,853
237,972
222,010
196,546
168,085
125,562
103,871
104,074
65,861
69,283
17,298
10,105
-16,156
-22,003
-36,354
-48,237
-52,435
-50,603
-537,329
1,161
2,428
3,980
5,714
6,403
7,175
8,386
8,853
9,800
10,400
11,800
13,900
16,600
17,600
19,300
21,700
23,600
24,100
23,000
25,700
28,500
24,700
17,700
15,100
14,900

14,900

15,100

17,700

24,700

28,500

25,700

23,000

24,100

23,600

21,700

19,300

17,600

16,600

13,900

11,800

10,400

9,800

8,853

8,386

7,175

6,403

5,714

3,980

2,428

1,161

-537,329

-50,603

-52,435

-48,237

-36,354

-22,003

-16,156

10,105

17,298

69,283

65,861

104,074

103,871

125,562

168,085

196,546

222,010

237,972

245,853

296,901

297,463

293,700

295,477

304,615

303,804

312,122

310,468

310,821

311,178

309,876

308,559

308,618

308,697

519,938

321,526

307,522

272,820

399,817

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Accounts Payable	163,900	213,000	168,300	143,400	149,600	228,059	169,293	128,106	128,045	122,856	108,192	75,949	65,040	91,688	40,715	66,353	36,711	33,079
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	-30,700	-33,300	-42,600	-54,300	-59,500	-67,348	-43,983	-51,753	-55,548	-70,863	-58,093	-115,693	-115,265	-98,352	-126,962	-126,149	-48,828	-47,454
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	15,400	12,000	16,100	69,600	101,500	27,419	26,460	23,152	0	0	0	0	0	0	0	0	0	0
Capital Stock	0	0	0	0	0	2	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	28,500	23,600	16,600	9,800	6,403	1,161	347,080	340,095	334,074	326,546	326,901	315,965	0	0	0	0	0
Cash	42,000	53,700	25,200	35,900	20,000	22,484	15,738	23,001	5,610	27,331	23,675	12,579	8,439	18,928	2,824	3,218	9	170
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	42,000	53,700	25,200	35,900	20,000	22,484	15,738	23,001	5,860	77,331	93,675	32,579	63,440	145,023	190,750	14,018	9	170
Common Stock	0	2	2	2	2	2	2	521,626	530,414	568,400	663,187	656,587	1	1	1	1	321,648	381,381
Common Stock Shares Outstanding	17,091	17,181	16,767	16,724	16,533	16,487	16,556	17,106	18,820	20,130	22,264	23,614	23,952	23,670	23,540	22,709	22,710	22,710
Common Stock Total Equity	0	0	0	0	0	2	2	2	2	2	2	2	1	1	1	1	321,648	381,381
Current Deferred Revenue	105,615	0	84,100	0	0	6,243	6,907	6,946	0	0	0	0	0	83,167	59,127	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	196,400	213,100	158,100	121,300	121,182	118,528	152,172	118,118	111,634	124,898	60,124	69,358	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	35,100	35,100	35,100	35,100	35,100	35,074	244,161	244,283	209,087	209,087	229,533	229,533	229,533	229,533	0	0	0	0
Intangible Assets	0	8,600	10,800	13,700	16,900	24,080	32,542	40,485	19,990	24,956	40,778	47,753	49,748	56,400	0	0	0	0
Inventory	319,800	324,000	277,700	263,300	281,400	266,244	266,043	258,029	255,573	286,626	267,788	231,466	244,071	228,321	169,761	154,351	140,526	135,302
Liabilities And Stockholders Equity	1,671,800	1,703,500	1,690,100	1,800,400	1,877,700	1,788,118	1,802,252	1,684,342	1,527,369	1,585,928	1,744,825	1,633,456	1,571,318	1,545,336	947,463	683,266	696,094	741,418
Long Term Debt	462,300	564,900	637,600	716,400	884,500	671,292	570,524	569,755	568,987	575,000	650,000	523,933	523,694	538,314	148,285	0	100,000	100,000
Long Term Debt Total	0	564,900	637,600	716,400	884,500	671,292	570,524	569,755	568,987	575,000	650,000	523,933	523,694	0	0	0	0	0
Long Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	436,500	512,100	614,000	751,800	948,000	769,641	709,786	681,754	563,377	547,669	626,325	511,354	515,255	553,264	161,219	159,102	102,084	100,873
Net Invested Capital	1,131,800	1,137,800	1,150,900	1,239,200	1,312,400	1,218,521	1,300,958	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	184,300	188,800	167,400	160,600	159,400	151,820	162,347	156,783	153,903	135,169	169,377	174,971	186,189	163,689	195,801	104,030	95,193	113,973
Net Tangible Assets	0	572,000	511,800	472,300	380,000	367,242	298,731	185,088	245,789	263,494	334,783	263,608	205,623	0	0	0	0	0
Net Working Capital	278,100	274,300	233,100	230,100	185,400	-5,348	33,537	79,975	199,010	302,836	375,975	293,733	390,839	394,346	456,167	14,022	128,706	167,153
Non Current Assets Total	1,107,800	1,117,200	1,202,900	1,325,500	1,411,900	1,344,171	1,349,463	1,237,847	1,100,432	1,059,351	1,169,424	1,164,990	1,025,987	955,877	371,588	393,687	450,320	482,000
Non Current Liabilities Other	0	58,200	73,600	160,000	93,900	119,953	118,514	126,022	137,471	178,016	165,407	333,772	338,870	0	0	0	0	0
Non Current Liabilities Total	717,100	819,500	924,300	1,034,500	1,165,300	912,427	807,566	847,949	824,576	864,650	940,305	917,829	931,922	881,874	337,057	226,720	306,206	315,226
Non Currrent Assets Other	117,600	100,100	82,700	18,500	24,300	15,746	21,778	7,751	4,817	9,583	9,927	10,327	11,140	15,488	-5,362	-10,952	37,150	40,237
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	-100	76,100	110,300	87,000	29,100	15,700	21,778	7,751	4,817	14,321	14,415	10,327	11,140	15,488	11,148	3,820	37,150	40,237
Other Current Assets	18,000	19,800	16,900	15,100	3,600	3,399	8,661	8,682	9,331	27,451	44,561	29,450	51,631	52,426	15,979	17,180	10,046	9,973
Other Current Liab	285	98,100	100	84,400	112,900	94,160	88,052	96,468	99,882	100,885	91,234	98,784	89,452	9,749	9,933	116,471	117,068	92,265
Other Liab	0	218,600	286,700	263,800	215,200	219,600	210,582	255,042	231,535	178,016	165,407	333,772	338,870	282,496	315,734	224,883	131,386	131,893
Other Stockholder Equity	14,900	28,500	23,600	16,600	9,800	6,403	1,161	-48,237	10,105	104,074	196,546	296,901	304,615	310,821	308,618	307,522	0	0
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	2,979,900	1,017,100	1,081,800	1,255,000	1,330,800	1,269,271	1,050,982	945,328	866,538	810,987	884,698	877,377	735,566	654,456	364,024	389,867	413,170	441,763
Property Plant And Equipment Net	990,200	1,017,100	1,081,800	1,255,000	1,330,800	1,269,271	1,050,982	945,328	866,538	810,987	884,698	877,377	735,566	654,456	364,024	389,867	413,170	441,763
Property Plant Equipment	0	1,017,100	1,081,800	1,191,500	1,257,700	1,269,271	1,050,982	945,328	866,538	810,987	884,698	877,377	735,566	654,456	364,024	389,867	413,170	441,763
Retained Earnings	684,500	576,800	530,700	558,800	481,700	487,339	618,254	569,861	520,307	464,324	466,639	359,684	295,553	255,879	182,079	-385	0	0
Retained Earnings Total Equity	0	576,800	530,700	558,800	481,700	487,339	618,254	569,861	520,307	464,324	466,639	359,684	295,553	0	0	0	0	0
Short Long Term Debt	800	900	1,600	1,700	16,500	120,833	155,000	135,000	593,041	593,026	0	0	0	0	0	0	0	0
Short Long Term Debt Total	478,500	565,800	639,200	787,700	968,000	792,125	725,524	704,755	568,987	575,000	650,000	523,933	523,694	572,192	164,043	162,320	102,093	101,043
Short Term Debt	16,200	900	1,600	17,000	17,900	120,833	155,000	135,000	593,041	593,026	0	0	0	10,509	9,933	159,086	0	0
Short Term Investments	0	0	0	0	0	0	0	0	250	50,000	70,000	20,000	55,001	126,095	187,926	10,800	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	1,671,800	1,703,500	1,690,100	1,800,400	1,877,700	1,788,118	1,802,252	1,684,342	1,527,369	1,585,928	1,744,825	1,633,456	1,571,318	1,545,336	947,463	683,266	696,094	741,418
Total Current Assets	564,100	586,300	487,200	474,900	465,800	443,947	452,789	446,495	426,937	526,577	575,401	468,466	545,331	589,459	575,875	289,579	245,774	259,418
Total Current Liabilities	286,000	312,000	254,100	244,800	280,400	449,295	419,252	366,520	227,927	223,741	199,426	174,733	154,492	195,113	119,708	275,557	117,068	92,265
Total Liab	1,003,100	1,131,500	1,178,400	1,279,300	1,445,700	1,361,722	1,226,818	1,214,469	1,052,503	1,088,391	1,139,731	1,092,562	1,086,414	1,076,987	456,765	502,277	423,274	407,491
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	668,700	572,000	511,700	521,100	432,000	426,396	575,434	469,873	474,866	497,537	605,094	540,894	484,904	468,349	490,698	180,989	272,820	333,927
Treasury Stock	0	0	0	0	0	0	0	-395,317	-329,990	-230,000	-130,000	-30,000	-11,350	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31
Accounts Payable	163,900	164,800	169,700	179,100	213,000	189,000	207,200	173,000	168,300	171,400	149,900	151,900	143,400	140,500	137,500	146,800	149,600	141,458	183,663	198,289	228,059	264,811	271,781	180,394	169,293	189,940	139,833	133,466	128,106	145,475	116,909	111,157	128,045	143,734	122,918	129,971	122,856	135,326	136,104	114,965	108,192	111,898	79,662	76,719	75,949	78,704	77,691	89,969	65,040	84,288	93,297	197,694	91,688	122,939	111,699	121,366	40,715	110,470	104,951	99,990	66,353	129,440	0	113,828	36,711	0	0	0	33,079
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	-30,700	-33,500	-33,400	-33,400	-33,300	-39,100	-40,300	-41,400	-42,600	-51,300	-50,500	-52,400	-54,300	-54,000	-55,800	-57,700	-59,500	-63,489	-64,775	-66,109	-67,348	-52,702	-54,080	-55,416	-43,983	-50,969	-51,226	-51,352	-51,753	-52,963	-54,722	-54,893	-55,548	-66,061	-67,662	-69,306	-70,863	-54,488	-55,689	-56,609	-58,093	-108,504	-110,781	-113,232	-115,693	-110,702	-112,223	-113,463	-115,265	-97,343	-94,806	-95,763	-98,352	-117,242	-118,792	-120,038	-126,962	-121,699	-123,368	-125,000	-126,149	0	-48,289	-48,558	-48,828	0	0	0	0
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	15,400	14,600	13,900	14,800	12,000	13,800	15,000	16,000	16,100	16,100	16,000	66,600	69,600	57,300	60,100	62,700	101,500	102,098	105,347	107,801	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	15,100	17,700	24,700	28,500	25,700	23,000	24,100	23,600	21,700	19,300	17,600	16,600	13,900	11,800	10,400	9,800	8,853	8,386	7,175	6,403	5,714	3,980	2,428	1,161	0	349,589	347,757	347,080	345,164	343,155	341,493	340,095	341,130	336,431	333,009	334,074	333,871	329,884	327,417	326,546	327,793	318,791	316,854	326,901	318,168	312,519	306,827	315,965	313,807	312,122	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash	42,000	110,200	41,700	16,700	53,700	50,800	69,500	36,400	25,200	27,800	60,900	57,100	35,900	47,500	48,200	60,800	20,000	7,815	41,800	12,160	22,484	76,150	53,278	12,064	15,738	8,478	8,519	15,995	23,001	331	9,395	2,228	5,610	13,417	11,465	29,796	27,331	13,578	22,481	24,042	23,675	20,929	1,180	9,538	12,579	19,564	17,215	24,544	8,439	21,071	34,476	19,092	18,928	21,507	12,997	17,261	2,824	2,649	3,561	2,852	3,218	9	9	10	9	0	0	0	170
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	42,000	110,200	41,700	16,700	53,700	50,800	69,500	36,400	25,200	27,800	60,900	57,100	35,900	47,500	48,200	60,800	20,000	7,815	41,800	12,160	22,484	76,150	53,278	12,064	15,738	8,478	8,519	15,995	23,001	331	9,395	2,228	5,860	23,417	71,465	40,796	77,331	13,578	81,481	83,042	93,675	109,929	81,180	94,538	32,579	56,564	37,215	49,544	63,440	106,072	126,476	159,231	145,023	356,675	332,964	250,261	190,750	148,652	76,746	15,829	14,018	9	9	132,422	9	0	0	0	0
Common Stock	0	2	2	2	2	2	2	2	2	2	2	2	2	2	2	0	0	2	2	2	2	2	2	2	2	537,331	534,812	524,943	521,626	524,166	537,616	522,599	530,414	526,042	554,963	535,944	568,400	595,444	610,882	640,952	663,187	605,789	608,434	604,657	656,587	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	0	390,643	0	321,648	0	0	0	0
Common Stock Shares Outstanding	16,867	16,895	16,958	17,036	17,204	17,093	17,078	17,073	17,149	16,971	16,685	16,979	16,595	16,783	16,686	16,615	16,556	16,539	16,539	16,563	16,491	16,564	16,555	16,577	16,568	16,567	16,590	16,642	16,781	17,060	17,234	17,603	17,891	19,091	19,294	19,465	19,565	20,100	20,517	21,219	21,401	22,228	22,558	22,884	23,532	23,700	23,697	23,417	23,079	23,591	23,708	23,678	23,026	23,584	23,555	23,534	22,918	23,560	23,454	23,027	22,709	22,709	22,709	22,709	22,600	22,600	22,600	22,600	0
Common Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	1	1	1	1	1	1	1	1	1	1	1	1	0	1	1	0	390,643	0	321,648	0	0	0	0
Current Deferred Revenue	-179,300	-179,400	-183,600	0	0	0	0	0	84,100	12,900	14,400	66,000	10,500	0	0	0	21,000	21,635	24,500	91,253	6,243	6,220	6,495	7,372	6,907	6,570	7,287	7,366	6,946	6,312	0	5,891	0	0	0	0	0	8,693	0	0	0	0	0	0	0	0	0	0	0	94,416	95,604	0	92,916	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	205,000	210,400	196,400	0	205,700	206,500	213,100	211,300	212,300	185,600	158,100	152,500	139,300	123,600	121,300	116,868	0	0	121,182	4,677	5,043	5,309	118,528	169,410	162,081	157,601	152,172	132,850	127,762	123,032	118,118	100,884	110,289	111,226	111,634	127,393	128,270	126,726	124,898	66,253	60,774	58,358	60,124	70,972	70,528	69,341	69,358	71,599	75,454	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	35,100	0	0	0	35,100	0	0	0	0	0	0	0	35,100	0	0	35,100	35,100	35,074	35,074	35,074	35,074	230,153	244,161	244,161	244,161	244,283	244,283	244,283	244,283	209,087	209,087	209,087	209,087	209,087	209,087	209,087	209,087	229,533	229,533	229,533	229,533	229,533	229,533	229,533	229,533	229,533	229,533	229,533	229,533	229,533	229,533	229,533	229,533	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	10,800	0	47,300	48,000	13,700	49,600	50,400	16,900	16,900	18,725	20,510	22,295	24,080	25,865	28,642	30,592	32,542	34,528	36,513	38,587	40,485	16,280	17,517	18,753	19,990	21,231	22,473	23,715	24,956	34,589	36,208	37,803	40,778	42,467	44,156	45,954	47,753	44,854	46,485	48,117	49,748	51,331	53,000	54,768	56,400	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory	319,800	333,300	340,400	345,500	324,000	326,800	287,700	281,800	277,700	286,400	282,900	293,100	263,300	256,400	235,300	240,500	281,400	282,395	287,863	285,909	266,244	263,274	262,213	259,432	266,043	257,833	243,313	240,704	258,029	252,126	248,934	243,419	255,573	261,683	248,280	270,670	286,626	282,457	264,874	269,249	267,788	253,440	251,334	248,785	231,466	224,435	237,623	244,722	244,071	225,356	223,604	234,890	228,321	145,276	143,824	158,000	169,761	145,604	143,228	160,261	154,351	140,526	127,257	0	140,526	0	0	0	135,302
Liabilities And Stockholders Equity	1,671,800	1,737,000	1,705,000	1,690,500	1,703,500	1,703,600	1,712,700	1,683,100	1,690,100	1,718,100	1,750,900	1,803,900	1,800,400	1,826,900	1,841,500	1,896,800	1,877,700	1,881,077	1,955,847	1,928,278	1,788,118	1,980,095	1,919,397	1,811,912	1,802,252	1,729,011	1,678,589	1,664,933	1,684,342	1,547,814	1,526,732	1,499,214	1,527,369	1,551,533	1,562,537	1,541,121	1,585,928	1,678,569	1,720,555	1,736,189	1,744,825	1,733,351	1,698,908	1,706,631	1,633,456	1,626,902	1,583,063	1,583,967	1,571,318	1,570,692	1,588,861	1,574,698	1,545,336	1,003,333	975,268	968,268	947,463	873,288	772,658	678,413	683,266	696,094	679,544	679,647	696,094	0	0	0	0
Long Term Debt	462,300	564,800	564,800	564,900	564,900	564,900	589,900	617,700	637,600	676,500	716,200	716,300	716,400	785,500	827,900	883,900	884,500	866,702	671,676	671,484	671,292	671,100	570,908	570,716	570,524	570,331	570,139	569,947	569,755	569,563	569,371	569,179	568,987	575,000	575,000	575,000	575,000	575,000	650,000	650,000	650,000	650,000	650,000	650,000	523,933	523,872	523,810	523,752	523,694	523,638	523,583	537,985	538,314	148,429	148,379	148,332	148,285	148,241	148,197	0	0	100,000	0	0	100,000	0	0	0	100,000
Long Term Debt Total	0	564,800	564,800	564,900	564,900	564,900	589,900	617,700	637,600	676,500	716,200	716,300	716,400	785,500	827,900	883,900	884,500	866,702	671,676	671,484	671,292	671,100	570,908	570,716	570,524	570,331	570,139	569,947	569,755	569,563	569,371	569,179	568,987	575,000	575,000	575,000	575,000	575,000	650,000	650,000	650,000	650,000	650,000	650,000	523,933	523,872	523,810	523,752	523,694	523,638	523,583	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	436,500	470,100	537,900	549,100	512,100	528,900	536,400	598,900	614,000	666,400	673,000	727,500	751,800	797,000	841,400	943,900	948,000	983,458	935,070	944,187	769,641	720,280	677,630	727,152	709,786	671,853	669,620	683,952	681,754	582,244	559,976	572,956	563,377	561,583	563,535	545,204	547,669	608,469	627,519	625,958	626,325	629,071	648,820	640,462	511,354	504,308	554,030	546,768	515,255	502,567	504,322	519,653	520,146	147,005	135,382	147,245	145,461	150,215	148,424	137,148	159,102	99,991	2,004	-10	102,084	0	0	0	0
Net Invested Capital	1,131,800	1,214,200	1,180,300	1,157,700	1,137,800	1,135,200	1,135,600	1,149,300	1,150,900	1,169,700	1,205,900	1,254,100	1,239,200	1,283,400	1,300,300	1,386,800	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	184,300	173,100	196,600	186,300	188,800	180,400	187,200	172,300	167,400	159,500	143,900	134,900	160,600	179,500	191,900	207,000	159,400	164,650	177,915	175,074	151,820	145,918	127,510	156,441	162,347	150,524	136,284	146,083	156,783	142,018	143,805	135,554	153,903	153,857	141,090	133,949	135,169	180,784	175,395	174,032	169,377	176,899	178,307	167,532	174,971	187,505	185,207	194,091	186,189	195,336	194,159	155,292	163,689	114,171	110,130	167,147	195,801	180,082	146,369	95,052	104,030	95,193	102,210	94,525	95,193	0	0	0	0
Net Tangible Assets	0	648,500	614,500	592,000	572,000	569,200	544,700	529,900	511,800	491,600	440,800	488,100	472,300	446,500	420,400	393,500	380,000	371,346	378,781	374,875	367,242	372,107	317,766	305,967	298,731	207,551	202,790	190,721	185,088	289,669	300,679	285,170	245,789	278,932	308,237	290,994	263,494	329,084	342,358	370,509	334,783	344,470	350,337	345,372	263,608	252,208	226,228	203,644	205,623	209,649	210,190	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	278,100	366,100	328,600	302,400	274,300	275,100	256,900	251,400	233,100	226,700	242,700	265,100	230,100	252,400	236,900	230,500	185,400	169,267	-24,588	-28,400	-5,348	43,821	-74,086	11,209	33,537	42,316	55,984	73,160	79,975	155,515	196,212	186,463	199,010	215,452	269,197	264,953	302,836	229,083	331,701	361,365	375,975	365,116	378,929	369,574	293,733	320,875	333,281	343,751	390,839	373,795	387,797	397,601	394,346	498,639	482,123	464,223	452,583	375,608	274,143	42,710	14,022	128,706	109,871	115,739	128,706	0	0	0	0
Non Current Assets Total	1,107,800	1,109,900	1,112,900	1,122,500	1,117,200	1,133,500	1,155,600	1,175,600	1,202,900	1,234,500	1,252,300	1,303,400	1,325,500	1,335,000	1,357,000	1,375,900	1,411,900	1,416,817	1,436,711	1,441,458	1,344,171	1,487,568	1,468,264	1,375,235	1,349,463	1,305,726	1,282,607	1,251,375	1,237,847	1,147,925	1,114,669	1,106,367	1,100,432	1,083,213	1,070,724	1,061,788	1,059,351	1,170,425	1,159,683	1,160,608	1,169,424	1,155,017	1,152,452	1,159,354	1,164,990	1,124,971	1,087,924	1,056,549	1,025,987	1,001,601	992,874	968,894	955,877	371,822	371,513	372,746	375,172	378,124	384,478	386,627	393,687	450,320	437,042	442,109	450,320	0	0	0	0
Non Current Liabilities Other	0	0	57,200	57,800	58,200	-100	72,100	72,800	73,600	81,700	78,500	130,600	160,000	153,100	156,100	154,200	93,900	177,369	74,903	76,507	119,953	67,759	69,504	70,934	118,514	78,440	79,442	80,577	126,022	85,991	86,465	87,609	137,471	113,531	114,835	116,719	178,016	103,909	105,015	107,402	165,407	187,410	196,581	199,711	333,772	324,407	324,621	325,913	338,870	289,646	288,911	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	717,100	827,600	826,900	833,100	819,500	839,200	867,700	897,000	924,300	969,600	1,007,000	1,032,500	1,034,500	1,091,100	1,123,200	1,161,600	1,165,300	1,160,939	977,758	980,814	912,427	903,264	803,609	805,724	807,566	861,680	855,005	850,944	847,949	832,237	827,987	825,124	824,576	838,684	852,620	860,103	864,650	858,552	936,191	937,630	940,305	1,022,848	1,033,728	1,037,503	917,829	919,251	918,959	919,006	931,922	884,883	887,948	890,306	881,874	341,189	459,447	345,872	464,019	310,115	262,051	232,811	226,720	306,206	204,559	206,589	306,206	0	0	0	0
Non Currrent Assets Other	117,600	116,200	112,700	117,900	100,100	110,300	114,800	115,700	121,100	124,900	22,400	21,300	21,700	18,500	18,700	18,800	29,100	15,041	12,095	14,608	15,746	25,382	24,093	22,839	21,778	12,080	10,750	8,994	7,751	7,613	6,090	5,415	4,817	7,394	7,394	9,883	14,321	9,224	9,374	9,585	14,415	10,255	10,398	12,122	10,327	9,603	10,088	10,560	11,140	13,673	13,505	14,495	15,488	7,427	6,883	6,761	11,148	-7,559	-7,334	4,512	3,820	37,150	39,400	38,272	37,150	0	0	0	0
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	-100	100	112,700	100	84,700	-100	-100	115,700	121,100	124,900	22,400	100	87,000	-100	100	18,800	29,100	15,041	12,095	14,608	15,746	25,382	24,093	22,839	298,481	290,891	291,546	291,864	292,519	232,980	232,694	233,255	233,894	246,455	247,052	249,018	248,364	292,002	286,399	284,653	284,726	282,255	284,087	287,609	287,613	283,990	286,106	288,210	290,421	294,537	296,038	298,796	301,421	17,582	14,362	14,566	11,148	7,213	7,438	4,512	3,820	40,863	0	0	37,150	0	0	0	40,237
Other Current Assets	18,000	10,400	13,400	19,400	19,800	12,200	12,800	17,000	16,900	9,900	10,900	15,300	15,100	8,600	9,000	12,600	3,600	7,960	10,118	12,237	3,399	6,105	8,132	8,740	8,661	6,450	7,866	10,776	8,682	5,414	7,659	9,376	9,331	29,363	30,978	33,918	27,451	31,325	39,122	49,258	44,561	38,066	35,635	36,422	29,450	33,427	35,094	39,061	51,631	42,327	51,748	56,391	52,426	15,389	16,837	20,114	15,979	20,826	76,746	20,644	17,180	10,046	8,646	10,591	10,046	0	0	0	9,973
Other Current Liab	285,200	260,000	262,600	85,500	98,100	91,300	77,100	65,500	100	54,900	73,900	100	73,900	97,400	108,400	85,500	91,900	73,900	100,561	13,462	94,160	77,675	86,943	69,202	88,052	74,459	84,878	69,566	96,468	79,575	98,942	83,331	99,882	109,134	99,698	84,409	100,885	87,995	93,067	99,251	91,234	101,320	87,865	100,984	98,784	102,352	84,167	93,698	89,452	4,605	4,074	207,443	9,749	122,939	121,632	121,366	78,993	119,556	114,037	109,076	116,471	117,068	132,631	7,971	117,068	0	0	0	54,967
Other Liab	0	262,800	0	268,100	218,600	274,400	277,800	279,300	286,700	293,100	290,700	265,200	263,800	248,300	235,200	215,000	215,200	206,737	214,512	214,991	213,716	206,834	206,923	208,803	118,514	121,939	122,785	123,396	126,022	129,824	130,854	132,913	137,471	162,800	167,331	173,877	178,016	156,159	157,921	160,904	165,407	306,595	322,954	329,145	333,772	299,071	299,200	300,415	338,870	289,646	288,911	285,084	282,496	310,002	311,068	317,578	315,734	282,034	227,936	226,499	224,883	131,520	0	0	131,386	0	0	0	131,893
Other Stockholder Equity	14,900	15,100	17,700	24,700	28,500	25,700	23,000	24,100	23,600	21,700	19,300	17,600	16,600	13,900	11,800	10,400	9,800	8,853	8,386	7,175	6,403	5,714	3,980	2,428	1,161	-537,329	-50,603	-52,435	-48,237	-36,354	-22,003	-16,156	10,105	17,298	69,283	65,861	104,074	103,871	125,562	168,085	196,546	222,010	237,972	245,853	296,901	297,463	293,700	295,477	304,615	303,804	312,122	310,468	310,821	311,178	309,876	308,559	308,618	308,697	519,938	321,526	307,522	272,820	0	399,817	0	0	0	0	0
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	2,979,900	2,972,000	2,957,100	2,938,400	1,017,100	2,968,600	1,040,800	1,059,900	1,081,800	0	1,182,600	1,234,100	1,255,000	1,266,900	1,287,900	1,305,900	1,330,800	1,347,977	1,369,032	1,369,481	1,269,271	1,206,168	1,171,368	1,077,643	1,050,982	1,014,835	991,061	959,511	945,328	914,945	881,975	873,112	866,538	836,758	823,672	812,770	810,987	878,423	873,284	875,955	884,698	872,762	868,365	871,745	877,377	840,981	801,818	768,339	735,566	707,064	696,836	670,098	654,456	354,240	357,151	358,180	364,024	370,911	377,040	382,115	389,867	413,170	397,642	403,837	413,170	0	0	0	0
Property Plant And Equipment Net	990,200	993,700	1,000,200	1,004,600	1,017,100	1,023,200	1,040,800	1,059,900	1,081,800	1,109,600	1,182,600	1,234,100	1,255,000	1,266,900	1,287,900	1,305,900	1,330,800	1,347,977	1,369,032	1,369,481	1,269,271	1,206,168	1,171,368	1,077,643	1,050,982	1,014,835	991,061	959,511	945,328	914,945	881,975	873,112	866,538	836,758	823,672	812,770	810,987	878,423	873,284	875,955	884,698	872,762	868,365	871,745	877,377	840,981	801,818	768,339	735,566	707,064	696,836	670,098	654,456	354,240	357,151	358,180	364,024	370,911	377,040	382,115	389,867	413,170	397,642	403,837	413,170	0	0	0	0
Property Plant Equipment	0	993,800	1,000,200	1,004,600	1,017,100	1,023,200	1,040,700	1,059,900	1,081,800	1,109,600	1,182,600	1,173,200	1,191,500	1,200,900	1,219,700	1,235,500	1,257,700	1,273,474	1,293,694	1,292,002	1,269,271	1,206,168	1,171,368	1,077,643	1,050,982	1,014,835	991,061	959,511	945,328	914,945	881,975	873,112	866,538	836,758	823,672	812,770	810,987	878,423	873,284	875,955	884,698	872,762	868,365	871,745	877,377	840,981	801,818	768,339	735,566	707,064	696,836	670,098	654,456	354,240	357,151	358,180	364,024	370,911	377,040	382,115	389,867	395,293	0	0	413,170	0	0	0	441,763
Retained Earnings	684,500	666,900	630,300	600,600	576,800	582,700	562,000	547,300	530,700	521,200	519,200	570,900	558,800	536,300	514,800	492,100	481,700	479,779	490,752	491,176	487,339	675,111	640,667	633,706	618,254	537,329	585,413	577,376	569,861	560,518	559,617	538,753	520,307	508,742	485,678	470,081	464,324	491,571	485,318	472,865	466,639	383,777	370,460	358,802	359,684	339,832	320,768	299,279	295,553	284,051	275,406	261,483	255,879	218,093	203,104	182,537	182,079	134,919	0	-385	-385	0	0	0	0	0	0	0	0
Retained Earnings Total Equity	0	0	630,300	600,600	576,800	0	562,000	547,300	530,700	521,200	519,200	570,900	558,800	536,300	514,800	492,100	481,700	479,779	490,752	491,176	487,339	675,111	640,667	633,706	618,254	537,329	585,413	577,376	569,861	560,518	559,617	538,753	520,307	508,742	485,678	470,081	464,324	491,571	485,318	472,865	466,639	383,777	370,460	358,802	359,684	339,832	320,768	299,279	295,553	284,051	275,406	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	800	900	900	900	900	1,000	1,000	1,600	1,600	1,600	1,700	1,700	1,700	1,700	1,600	58,100	16,500	58,000	235,000	212,216	0	0	756,686	765,421	751,984	703,757	701,024	130,000	727,907	13,012	13,012	0	593,041	0	0	0	593,026	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	478,500	580,300	579,600	565,800	565,800	579,700	605,900	635,300	639,200	694,200	733,900	784,600	787,700	844,500	889,600	1,004,700	968,000	991,273	976,870	956,347	792,125	796,430	730,908	739,216	725,524	680,331	678,139	699,947	704,755	582,575	569,371	575,184	568,987	575,000	575,000	575,000	575,000	622,047	650,000	650,000	650,000	650,000	650,000	650,000	523,933	523,872	571,245	571,312	523,694	523,638	538,798	538,745	539,074	168,512	148,379	164,506	148,285	152,864	151,985	140,000	162,320	100,000	2,013	0	102,093	0	0	0	0
Short Term Debt	16,200	15,500	14,800	900	900	14,800	16,000	17,600	1,600	17,700	17,700	17,300	17,000	1,700	1,600	58,100	17,900	58,000	235,000	212,216	120,833	100,000	160,000	168,500	155,000	110,000	108,000	130,000	135,000	13,012	13,012	6,005	593,041	0	0	0	593,026	47,047	0	0	0	0	0	0	0	0	0	0	0	11,987	15,215	760	760	9,933	0	9,933	0	0	0	140,000	159,086	0	0	0	0	0	0	0	0
Short Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,080	0	0	0	0	0	0	0	0	2,270	2,270	250	10,000	60,000	11,000	50,000	0	59,000	59,000	70,000	89,000	80,000	85,000	20,000	37,000	20,000	25,000	55,001	85,001	92,000	140,139	126,095	335,168	319,967	233,000	187,926	146,003	73,185	12,977	10,800	0	0	132,412	0	0	0	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	1,671,800	1,737,000	1,705,000	1,690,500	1,703,500	1,703,600	1,712,700	1,683,100	1,690,100	1,718,100	1,750,900	1,803,900	1,800,400	1,826,900	1,841,500	1,896,800	1,877,700	1,881,077	1,955,847	1,928,278	1,788,118	1,980,095	1,919,397	1,811,912	1,802,252	1,729,011	1,678,589	1,664,933	1,684,342	1,547,814	1,526,732	1,499,214	1,527,369	1,551,533	1,562,537	1,541,121	1,585,928	1,678,569	1,720,555	1,736,189	1,744,825	1,733,351	1,698,908	1,706,631	1,633,456	1,626,902	1,583,063	1,583,967	1,571,318	1,570,692	1,588,861	1,574,698	1,545,336	1,003,333	975,268	968,268	947,463	873,288	772,658	678,413	683,266	696,094	679,544	679,647	696,094	0	0	0	741,418
Total Current Assets	564,100	627,000	592,100	567,900	586,300	570,200	557,200	507,500	487,200	483,600	498,600	500,400	474,900	492,000	484,400	520,900	465,800	464,260	519,136	486,820	443,947	492,527	451,133	436,677	452,789	423,285	395,982	413,558	446,495	399,889	412,063	392,847	426,937	468,320	491,813	479,333	526,577	508,144	560,872	575,581	575,401	578,334	546,456	547,277	468,466	501,931	495,139	527,418	545,331	569,091	595,987	605,804	589,459	631,511	603,755	595,522	572,291	495,164	388,180	291,786	289,579	245,774	242,502	237,538	245,774	0	0	0	0
Total Current Liabilities	286,000	260,900	263,500	265,500	312,000	295,100	300,300	256,100	254,100	256,900	255,900	235,300	244,800	239,600	247,500	290,400	280,400	294,993	543,724	515,220	449,295	448,706	525,219	425,468	419,252	380,969	339,998	340,398	366,520	244,374	215,851	206,384	227,927	252,868	222,616	214,380	223,741	279,061	229,171	214,216	199,426	213,218	167,527	177,703	174,733	181,056	161,858	183,667	154,492	195,296	208,190	208,203	195,113	132,872	121,632	131,299	119,708	119,556	114,037	249,076	275,557	117,068	132,631	121,799	117,068	0	0	0	92,265
Total Liab	1,003,100	1,088,500	1,090,400	1,098,600	1,131,500	1,134,300	1,168,000	1,153,100	1,178,400	1,226,500	1,262,900	1,267,800	1,279,300	1,330,700	1,370,700	1,452,000	1,445,700	1,455,932	1,521,482	1,496,034	1,361,722	1,351,970	1,328,828	1,231,192	1,226,818	1,242,649	1,195,003	1,191,342	1,214,469	1,076,611	1,043,838	1,031,508	1,052,503	1,091,552	1,075,236	1,074,483	1,088,391	1,137,613	1,165,362	1,151,846	1,139,731	1,236,066	1,201,255	1,215,206	1,092,562	1,100,307	1,080,817	1,102,673	1,086,414	1,080,179	1,096,138	1,098,509	1,076,987	474,061	581,079	477,171	583,727	429,671	376,088	481,887	502,277	423,274	337,190	328,388	423,274	0	0	0	407,491
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	668,700	648,500	614,600	591,900	572,000	569,300	544,700	530,000	511,700	491,600	488,000	536,100	521,100	496,200	470,800	444,800	432,000	425,145	434,365	432,244	426,396	628,125	590,569	580,720	575,434	486,362	483,586	473,591	469,873	471,203	482,894	467,706	474,866	459,981	487,301	466,638	497,537	540,956	555,193	584,343	605,094	497,285	497,653	491,425	540,894	526,595	502,246	481,294	484,904	490,513	492,723	476,189	468,349	529,272	394,189	491,097	363,736	443,617	396,570	196,526	180,989	272,820	342,354	351,259	272,820	0	0	0	333,927
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-400,192	-400,192	-395,317	-381,518	-365,158	-357,649	-329,990	-323,832	-267,148	-267,148	-230,000	-230,000	-204,322	-159,332	-130,000	-105,783	-80,819	-71,001	-30,000	-20,705	-18,819	-11,350	-11,350	-10,003	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Begin Period Cash Flow	54,400	26,200	36,900	22,400	24,900	16,738	23,001	5,610	27,331	23,675	12,579	8,439	18,928	2,824	3,218	9	170	133
Capital Expenditures	73,700	33,500	38,400	39,600	140,100	295,708	199,748	155,349	128,902	93,028	90,593	203,776	134,069	46,086	19,328	21,306	20,531	27,505
Cash And Cash Equivalents Changes	0	28,100	-10,700	14,500	-2,500	8,209	-7,263	17,391	-21,721	3,656	11,096	4,140	-10,489	0	0	0	0	0
Cash Flows Other Operating	0	-400	1,100	-12,600	-5,200	4,670	11,188	2,438	1,245	26,059	-4,729	51,222	-81,498	0	0	0	0	0
Change In Cash	-12,400	28,200	-10,700	14,500	-2,500	8,209	-7,263	17,391	-21,721	3,656	11,096	4,140	-10,489	16,104	-394	3,209	-161	37
Change In Working Capital	-17,800	-16,400	-25,300	1,000	-68,500	30,180	11,188	1,680	1,245	-2,710	-4,160	55,457	-79,045	58,303	-26,562	-22,766	37,638	13,891
Change Receivables	0	-16,900	-5,300	6,100	-13,600	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-1,300	-16,900	-5,300	6,100	-13,600	-7,300	5,600	5,600	0	0	0	0	0	0	-18,992	-8,485	18,780	0
Change To Inventory	4,000	-46,300	-20,200	18,100	-21,200	-8,100	-14,800	-14,800	0	0	0	0	0	0	-16,783	-13,960	-6,591	32,086
Change To Liabilities	0	49,200	1,900	-12,000	-28,500	25,200	31,300	0	0	290	569	4,235	2,453	0	9,687	1,255	6,918	0
Change To Netincome	0	15,400	42,100	59,300	14,100	204,687	-37,046	28,427	16,787	18,780	-61,674	-228	30,833	0	0	814	18,114	4,561
Change To Operating Activities	0	-900	-1,900	-1,100	2,200	5,400	5,400	-5,149	7,507	-31,410	0	0	0	0	0	0	0	0
Depreciation	98,600	103,300	105,000	111,000	115,600	101,953	104,990	91,090	84,732	90,145	90,272	79,333	76,933	47,728	47,418	46,954	51,325	54,290
Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	42,000	54,400	26,200	36,900	22,400	24,947	15,738	23,001	5,610	27,331	23,675	12,579	8,439	18,928	2,824	3,218	9	170
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	361	0	0	0	0	0
Free Cash Flow	117,000	116,700	58,000	207,400	-84,500	-126,809	-22,078	17,402	30,773	46,072	45,764	-5,083	-65,674	139,505	205,436	20,752	88,137	68,666
Investments	-62,100	-33,500	-25,100	-39,600	-140,100	-223,971	-198,797	250	49,750	20,000	-50,000	35,001	71,094	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	-81,800	-81,000	-192,300	82,400	630,848	298,308	1,273,959	135,000	300,000	120,163	0	-16,233	0	0	0	0	0
Net Income	107,700	46,000	-28,100	77,100	-5,600	-143,767	97,339	49,554	55,983	-2,315	106,955	64,131	39,674	73,800	182,464	9,743	25,566	21,125
Other Cashflows From Financing Activities	214,100	-2,700	700	379,200	842,700	567,098	297,047	1,271,432	-2,858	303,869	265,332	1,101	-2,151	363,118	21,229	72,564	-88,330	-68,687
Other Cashflows From Investing Activities	0	0	13,300	0	0	71,737	951	-67,407	604	108,715	0	-8,229	12,826	0	67	575	0	0
Other Non Cash Items	7,200	12,500	45,400	13,900	10,600	170,135	1,122	-1,043	-1,903	27,339	2,009	-22,801	7,922	12,233	23,029	871	-1,035	-2,827
Sale Purchase Of Stock	-17,900	-5,000	-1,700	-700	0	0	-4,875	-65,327	-99,990	-100,000	-100,000	-18,650	-11,350	0	0	0	0	0
Stock Based Compensation	9,900	12,700	9,100	10,500	3,800	3,314	3,620	12,385	4,557	12,790	10,960	9,703	8,134	8,518	3,012	2,322	3,299	1,350
Total Cash From Financing Activities	-129,400	-88,600	-82,000	-192,900	82,000	63,281	13,864	67,146	-102,848	-171,131	15,332	-17,549	-29,096	58,451	-28,771	-7,318	-88,330	-68,687
Total Cash From Operating Activities	190,700	150,200	96,400	247,000	55,600	168,899	177,670	172,751	159,675	139,100	136,357	198,693	68,395	185,591	224,764	42,058	108,668	96,171
Total Cashflows From Investing Activities	0	-33,500	-25,100	-39,600	-140,100	-223,971	-198,797	-222,506	-78,548	35,687	-140,593	-177,004	-50,149	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31
Begin Period Cash Flow	110,200	41,700	17,400	54,400	51,500	70,600	37,500	26,200	28,900	62,000	58,200	36,900	48,600	49,200	61,800	22,400	10,200	44,274	14,627	24,947	79,687	53,278	12,064	15,738	8,478	8,519	15,995	23,001	331	9,395	2,228	5,610	13,417	11,465	29,796	27,331	13,578	22,481	24,042	23,675	20,929	1,180	9,538	12,579	19,564	17,215	24,544	8,439	21,071	34,476	19,092	18,928	21,507	12,997	17,261	2,824	2,649	3,561	2,852	3,218	9	9	10	9	10	35	37	170	0
Capital Expenditures	25,200	14,200	12,800	21,500	13,500	6,700	5,400	7,900	8,500	8,900	9,900	11,100	12,100	9,700	7,300	10,500	14,300	17,375	36,831	71,588	121,674	95,434	30,170	48,430	63,098	50,941	43,462	42,247	49,835	48,120	26,439	30,955	50,441	22,923	30,298	25,240	38,999	21,417	16,373	16,239	36,193	22,987	11,942	19,471	48,411	54,446	59,398	41,521	46,818	22,952	40,807	23,492	22,975	7,593	10,261	5,257	4,830	4,833	6,106	3,559	5,603	8,660	4,752	2,291	5,908	5,180	5,341	4,102	27,505
Cash And Cash Equivalents Changes	0	0	24,200	-36,900	0	0	33,100	11,300	-2,700	-33,000	3,700	21,300	-11,600	-700	-12,600	39,400	12,152	-33,979	29,647	-10,320	-54,740	25,409	41,214	-3,674	7,260	-41	-7,476	-7,006	22,670	-9,064	7,167	-3,382	-7,807	1,952	-18,331	2,465	13,753	-8,903	-1,561	367	2,746	19,749	-8,358	-3,041	-6,985	2,349	-7,329	16,105	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	-5,200	0	0	0	5,500	0	-41,300	900	41,700	-200	-7,800	600	3,600	-9,000	93,486	-46,898	11,023	-62,811	9,244	-52,389	45,108	2,707	-28,663	10,613	24,667	4,571	-8,671	10,556	-4,071	4,624	-15,481	-13,838	25,852	4,712	31,355	-23,777	18,614	-133	-17,224	44,382	-31,566	-321	937	31,477	7,544	11,264	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	-68,200	68,500	24,300	-37,000	2,900	-19,100	33,100	11,300	-2,700	-33,100	3,800	21,300	-11,700	-600	-12,600	39,400	12,200	-33,979	29,647	-10,320	-54,740	26,409	41,214	-3,674	7,260	-41	-7,476	-7,006	22,670	-9,064	7,167	-3,382	-7,807	1,952	-18,331	2,465	13,753	-8,903	-1,561	367	2,746	19,749	-8,358	-3,041	-6,985	2,349	-7,329	16,105	-12,632	-13,405	15,384	164	-2,579	8,510	-4,264	14,437	175	-912	709	-366	3,209	0	-1	1	-1	-25	-2	-133	0
Change In Working Capital	22,700	27,400	-7,700	-60,400	-5,300	-38,000	27,700	-900	-9,000	-20,300	21,300	-10,400	900	-13,300	42,800	-29,400	30,300	-46,370	10,495	-62,811	9,244	-26,879	45,108	2,707	-27,789	11,006	23,463	4,508	-9,582	10,549	-3,911	4,624	-15,481	-13,838	25,852	4,712	2,437	-23,664	18,631	-114	-6,120	36,610	-31,152	-3,498	1,780	31,056	7,714	14,907	-44,396	-7,817	-40,303	13,471	-58,368	100,553	1,995	14,123	29,988	-29,526	-28,424	1,400	-27,779	-8,827	4,805	9,035	7,837	4,215	-718	26,304	0
Change Receivables	0	0	20,500	-6,400	0	0	-11,200	-10,600	-5,200	-12,900	-12,900	25,700	11,800	12,800	18,800	-37,300	-13,600	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-9,200	23,600	-7,700	-6,400	700	4,200	-11,300	-10,600	-5,200	-12,900	-12,900	25,700	11,800	12,800	18,800	-37,300	-1,500	13,400	-2,700	-13,600	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-415,499	0	0	0	-35,303	0	0	0	18,780	0	0	0	0
Change To Inventory	14,100	6,900	5,300	-22,300	2,800	-39,200	-5,800	-4,200	8,100	-3,500	4,900	-29,700	-6,900	-21,000	5,100	40,900	-100	4,000	-3,400	-21,200	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-16,783	0	0	-7,753	-7,753	-18,326	4,309	7,810	1,737	3	-4,138	-4,193	32,086
Change To Liabilities	0	-6,000	-10,800	-31,700	-800	-4,400	40,600	13,900	-11,900	-4,800	24,800	-6,200	2,400	-5,700	15,300	-24,000	-27,972	0	-528	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	141	113	17	19	11,104	-7,772	414	-3,177	74	635	-117	3,643	0	0	0	0	0	0	0	0	9,687	0	0	0	1,255	8,652	0	0	6,918	0	0	0	0
Change To Netincome	0	-500	-1,500	400	1,000	4,000	9,000	-100	47,400	8,800	17,800	5,400	28,200	10,600	17,400	3,100	11,884	-6,118	4,595	3,739	198,705	3,542	2,061	379	-53,488	11,245	-476	5,673	7,422	8,081	8,370	4,589	33,934	-11,053	-2,491	-3,603	9,037	-2,779	6,070	6,452	-55,087	-3,012	4,226	-7,801	-3,609	1,908	1,211	262	2,453	0	0	0	0	1,927	0	0	0	52,267	0	0	814	11,327	0	0	18,114	0	0	0	4,561
Change To Operating Activities	0	2,900	2,900	1,400	-6,500	1,400	4,200	4,200	-7,000	900	4,500	1,500	1,900	-9,200	30,500	-20,500	99,641	-49,171	11,300	-59,570	9,174	-29,875	34,921	434	20,252	20,453	22,218	6,207	-5,149	10,739	-4,373	0	7,507	0	0	0	-31,410	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	24,800	24,400	24,600	24,800	25,900	26,200	25,700	25,400	25,400	25,900	26,800	26,800	27,500	27,700	27,800	28,000	29,300	31,990	28,517	25,836	26,267	25,342	25,177	25,167	25,522	25,856	26,055	27,557	25,169	22,747	22,024	21,150	21,888	21,204	20,632	21,008	23,606	22,293	22,015	22,231	22,688	22,180	23,253	22,151	20,856	19,199	19,730	19,548	19,825	19,569	18,870	18,669	12,221	11,780	11,861	11,866	12,248	11,692	11,757	11,721	11,636	11,679	11,796	11,843	12,151	12,629	13,147	13,398	0
Dividends Paid	0	0	0	0	700	700	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	42,000	110,200	41,700	17,400	54,400	51,500	70,600	37,500	26,200	28,900	62,000	58,200	36,900	48,600	49,200	61,800	22,400	10,295	44,274	14,627	24,947	79,687	53,278	12,064	15,738	8,478	8,519	15,995	23,001	331	9,395	2,228	5,610	13,417	11,465	29,796	27,331	13,578	22,481	24,042	23,675	20,929	1,180	9,538	12,579	19,564	17,215	24,544	8,439	21,071	34,476	19,092	18,928	21,507	12,997	17,261	2,824	2,649	3,561	2,852	3,218	9	9	10	9	10	35	37	170
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	40,500	74,000	33,200	-30,600	3,900	6,600	73,100	33,200	32,100	7,400	4,400	22,700	58,800	46,100	101,700	1,600	57,500	-48,332	7,290	-100,987	-73,874	-85,211	49,853	-17,577	-37,604	-2,364	14,599	3,291	-15,967	-5,652	20,954	18,067	1,679	-3,278	29,560	2,812	-1,830	-14,399	43,270	19,031	8,624	46,581	-3,484	-5,957	-10,301	17,837	-9,541	-3,078	-50,726	4,459	-34,496	15,089	-27,138	17,083	83,857	65,703	36,886	72,037	65,301	31,212	-6,469	-14,013	17,632	23,602	23,478	9,940	19,789	34,930	68,666
Investments	-25,200	-14,200	-12,800	-21,500	-13,600	-6,700	-5,400	-7,900	4,800	-8,900	-9,900	-11,100	-12,100	-9,700	-7,300	-10,500	-14,320	-17,365	-36,800	-71,588	0	0	0	0	0	0	0	0	250	250	0	250	9,750	50,000	-49,000	39,000	-50,000	59,000	0	11,000	19,000	-9,000	5,000	-65,000	17,000	-17,000	5,000	30,001	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	-200	-300	-300	-100	-25,300	-35,100	-20,400	-39,700	-40,500	-400	-400	-70,500	-46,100	-114,300	38,600	-213,746	-26,614	123,781	198,979	308,394	198,391	36,738	87,325	113,308	68,000	26,000	91,000	329,115	467,675	353,882	123,287	135,000	0	0	0	-75,000	300,000	0	0	-154,837	0	0	275,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	17,600	36,600	29,700	23,800	-5,900	20,600	14,700	16,600	9,600	1,900	-51,600	12,100	22,600	21,400	22,800	10,300	2,000	-10,973	-424	3,837	-187,772	34,444	6,961	2,600	80,924	863	8,037	7,515	9,343	901	20,864	18,446	11,565	23,064	15,597	5,757	-27,247	6,253	12,453	6,226	82,862	13,317	11,658	-882	19,852	19,064	21,489	3,726	11,502	8,645	13,923	5,604	37,786	14,988	20,568	458	47,160	46,209	75,448	13,647	-81	862	7,768	4,709	6,021	3,845	15,156	544	21,125
Other Cashflows From Financing Activities	207,000	-300	-300	7,600	600	600	-1,000	-1,500	-39,500	-8,900	-100	-1,500	-12,100	270,900	20,000	87,700	13,700	391,969	146,134	289,646	306,695	198,081	36,560	86,960	108,099	67,987	25,876	90,210	326,970	467,611	353,607	123,244	-3,568	2,307	1,108	-2,705	232,601	347,060	-16,214	-792	149,339	-2,033	-56	268,082	4,875	3,398	-3,823	-10,818	12,002	-9,846	1,882	-597	364,006	6,458	-1,154	-6,192	26,034	341	36,723	-91	72,747	14,015	-17,635	-23,606	-23,517	-9,964	-19,783	-35,066	0
Other Cashflows From Investing Activities	0	0	0	0	0	0	0	0	13,300	0	0	0	0	0	0	0	-14	10	4	4	4	70,930	39	768	198	336	49	368	-67,407	0	0	0	17	80	1	506	107,982	114	159	460	0	0	0	0	-9,264	1,035	1,035	0	12,826	0	0	0	0	0	0	0	67	0	0	0	575	5	0	0	0	0	0	0	0
Other Non Cash Items	5,300	700	-500	2,100	1,800	2,100	7,400	1,500	-5,800	2,600	38,500	3,300	6,700	4,700	3,300	-100	3,600	4,710	25	1,997	196,438	-1,204	655	-162	931	2,021	-3,333	1,503	-530	2,499	-1,428	-1,584	3,499	-1,194	-1,934	-2,274	33,828	-3,193	-4,571	1,275	2,186	-4,422	673	3,572	-6,013	-1,563	-2,531	-12,694	3,678	3,239	4,123	-3,118	17,691	-103,726	55,592	42,676	-44,216	55,403	9,003	2,839	3,087	9,919	-1,985	306	5,109	22,167	-2,455	-1,214	0
Sale Purchase Of Stock	-2,800	-5,000	-8,400	-1,700	-100	-1,000	-3,900	0	0	500	500	500	0	0	0	0	0	0	0	0	0	0	0	0	4,875	0	0	-4,875	-13,799	-16,360	-7,507	-27,661	-15,685	-47,157	0	-37,148	100,000	-25,678	-44,990	-29,332	-24,217	-15,799	-9,818	-50,166	-9,295	-1,886	-7,469	0	-1,347	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	2,900	3,500	1,500	1,900	3,100	4,000	4,900	700	2,200	3,800	700	2,400	3,200	2,500	3,400	1,500	900	889	1,242	828	469	-22,761	-767	781	1,097	2,120	386	17	2,559	2,110	5,544	2,172	2,062	476	850	1,169	3,589	2,291	2,431	4,479	3,202	2,177	796	4,785	2,022	4,050	2,551	1,080	3,017	2,117	1,046	1,954	2,124	3,259	2,092	1,043	835	839	649	689	726	-13,959	0	0	958	-23,348	0	0	0
Total Cash From Financing Activities	-108,700	-5,500	-8,900	-6,300	-1,000	-25,700	-40,000	-21,900	-39,500	-40,500	-500	-1,400	-70,400	-46,700	-114,300	37,800	-45,300	14,343	22,353	90,667	19,134	39,690	-8,678	13,135	44,666	1,987	-22,124	-10,665	106,044	-3,412	-13,787	-21,699	-19,253	-44,850	1,108	-39,853	-42,399	-53,618	-44,990	-30,124	-24,878	-17,832	-9,874	67,916	-4,420	1,512	-3,823	-10,818	-4,940	-25,061	1,882	-977	59,339	6,458	-1,154	-6,192	5,145	-131	-4,384	-29,401	19,908	14,015	-17,635	-23,606	-23,517	-9,964	-19,783	-35,066	0
Total Cash From Operating Activities	65,700	88,200	46,000	-9,100	17,400	13,300	78,500	41,100	32,100	16,300	14,300	33,800	70,900	55,800	109,000	12,100	71,800	-30,957	44,121	-29,399	47,800	10,223	80,023	30,853	25,494	48,577	58,061	45,538	33,868	42,468	47,393	49,022	52,120	19,645	59,858	28,052	37,169	7,018	59,643	35,270	44,817	69,568	8,458	13,514	38,110	72,283	49,857	38,443	-3,908	27,411	6,311	38,581	-4,163	24,676	94,118	70,960	41,716	76,870	71,407	34,771	-866	-5,353	22,384	25,893	29,386	15,120	25,130	39,032	96,171
Total Cashflows From Investing Activities	0	-48,500	-12,800	-21,500	-33,500	-6,700	-5,300	-7,900	4,800	-8,800	-9,900	-11,100	-12,100	-9,700	-7,300	-10,500	-14,320	-17,365	-36,827	-71,588	-121,674	-24,504	-30,131	-47,662	-62,900	-50,605	-43,413	-41,879	-117,242	-48,120	-26,439	-30,705	-40,674	27,157	-79,297	14,266	18,983	37,697	-16,214	-4,779	-17,193	-31,987	-6,942	-84,471	-40,675	-71,446	-53,363	-11,520	-50,149	-46,157	-30,204	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cost Of Revenue	1,752,000	1,823,400	1,590,000	1,574,400	1,597,000	1,538,012	1,529,621	1,495,627	1,512,849	1,708,840	1,671,371	1,607,872	1,702,530	1,173,804	1,052,151	1,179,397	1,033,099	977,901
Depreciation And Amortization	98,600	97,600	105,000	110,000	109,900	101,953	104,990	91,090	84,732	90,145	90,272	79,333	76,933	47,728	47,418	46,954	51,325	54,290
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	182,300	113,900	1,700	158,100	45,400	68,285	72,328	109,562	122,403	128,197	99,328	145,387	115,445	98,767	228,267	28,484	52,775	46,686
Ebitda	280,900	211,500	106,700	268,100	155,300	170,238	177,318	200,652	207,135	218,342	189,600	224,720	192,378	146,495	275,685	75,438	104,100	100,976
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	7,000	0	676	70,055	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	330,800	256,700	182,600	294,200	164,500	186,206	200,787	239,136	239,552	258,299	218,459	266,432	225,443	199,161	197,918	75,912	140,227	128,780
Income Before Tax	144,200	73,100	-35,700	98,200	-7,900	-133,462	40,954	80,666	92,488	16,241	38,234	111,591	70,920	76,196	275,685	15,337	39,775	33,686
Income Tax Expense	36,400	27,000	-7,700	21,100	-2,300	10,305	-56,385	31,112	36,505	18,556	-68,721	47,460	31,246	2,396	93,221	5,594	14,209	12,561
Interest Expense	31,100	34,600	36,400	44,400	44,900	30,620	31,374	30,300	31,182	39,150	44,036	33,796	44,809	22,571	15,505	13,147	13,000	13,000
Interest Income	2,400	1,000	36,400	46,500	44,900	30,620	31,374	30,651	31,182	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	107,700	46,000	-28,000	77,100	-5,600	-143,767	97,339	49,554	55,983	-2,315	106,955	64,131	39,674	73,800	182,464	9,743	25,566	21,125
Net Income Applicable To Common Shares	0	46,000	-28,100	77,100	-5,600	-143,767	97,339	49,554	55,983	-2,315	106,955	64,131	39,674	73,800	182,464	9,743	25,566	21,125
Net Income From Continuing Ops	107,800	46,100	-28,100	77,000	-5,600	-123,157	-15,431	111,778	128,993	34,797	-30,487	159,051	39,674	0	0	0	0	0
Net Interest Income	-30,000	-34,700	-36,400	-46,500	-44,900	-30,620	-31,374	-30,300	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	-6,200	-11,400	-13,500	-2,700	0	0	-351	0	-24,420	-17,058	0	284	0	0	0	0	0
Non Recurring	0	0	0	0	0	195,079	0	0	0	8,227	0	0	0	0	0	0	0	0
Operating Income	177,100	113,900	1,700	158,100	45,400	-97,909	72,328	111,317	123,670	79,811	99,328	145,387	115,445	98,767	297,440	28,484	52,775	38,210
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	1,901,600	1,966,100	1,760,600	1,701,800	1,716,100	1,651,000	1,658,080	1,625,201	1,629,998	1,838,942	1,790,502	1,728,917	1,812,528	1,274,198	1,123,276	1,226,825	1,120,551	1,068,471
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	98,600	103,300	105,000	111,000	115,600	101,953	104,990	0	0	0	0	0	0	0	0	0	0	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	0	-900	-1,100	0	300	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	149,200	133,900	114,000	124,900	113,100	112,988	128,459	129,574	117,149	130,102	119,131	121,045	109,998	100,394	71,125	47,428	36,127	36,280
Tax Provision	36,400	27,000	-7,700	21,100	-2,300	10,305	-56,385	31,112	36,505	0	0	0	0	0	0	0	0	0
Total Operating Expenses	149,600	142,700	170,600	127,400	119,100	112,988	128,459	129,574	117,149	130,102	119,131	121,045	109,998	100,394	71,125	47,428	87,452	90,570
Total Other Income Expense Net	-6,900	-40,800	-37,400	-59,900	-53,300	-176,060	-31,374	1,404	1,267	-72,806	-17,058	-33,796	284	-22,571	-6,250	-13,147	-13,000	8,476
Total Revenue	2,082,800	2,080,100	1,772,600	1,868,600	1,761,500	1,724,218	1,730,408	1,734,763	1,752,401	1,967,139	1,889,830	1,874,304	1,927,973	1,372,965	1,250,069	1,255,309	1,173,326	1,106,681

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31
Cost Of Revenue	437,400	427,400	438,700	448,500	491,400	454,800	455,200	422,000	429,100	398,200	392,200	370,600	376,100	378,600	396,700	423,000	384,200	418,704	409,825	384,246	382,204	376,221	387,154	392,433	375,277	386,581	380,733	387,030	368,524	396,605	361,851	368,647	364,778	373,892	384,347	389,832	413,643	434,457	434,111	426,629	401,404	441,237	414,521	414,209	396,428	409,822	398,546	403,076	405,325	448,927	433,358	414,920	281,883	303,542	286,415	301,964	256,999	282,485	267,022	245,645	321,677	314,216	293,848	275,435	271,396	265,843	244,415	251,445	977,901
Depreciation And Amortization	24,800	24,400	24,600	24,900	25,900	25,800	28,700	25,400	25,400	25,900	26,800	26,800	27,500	27,700	27,800	28,000	29,300	31,990	28,517	25,836	26,267	25,342	25,177	25,167	25,522	25,856	26,055	27,557	25,169	22,747	22,024	21,150	21,888	21,204	20,632	21,008	23,606	22,293	22,015	22,231	22,688	22,180	23,253	22,151	20,856	19,199	19,730	19,548	19,825	19,569	18,870	18,669	12,221	11,780	11,861	11,866	12,248	11,692	11,757	11,721	11,636	11,679	11,796	11,843	12,151	12,629	13,147	13,398	0
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	38,500	55,300	47,500	39,800	-900	48,900	31,500	32,900	25,000	19,400	-13,600	24,500	39,600	47,400	46,300	24,900	16,700	-3,881	13,810	13,048	-8,158	22,722	17,194	10,260	26,654	5,451	19,665	20,558	24,110	9,280	40,165	37,762	36,509	40,046	32,073	15,237	25,469	44,868	33,083	24,777	38,289	18,842	29,714	12,483	14,624	20,563	24,767	6,100	32,723	5,814	15,152	24,022	22,404	16,719	37,300	-1,302	45,761	65,817	90,051	25,225	3,677	4,421	10,942	7,426	12,619	15,621	23,686	849	0
Ebitda	63,300	79,700	72,100	64,700	25,000	74,700	60,200	32,900	27,600	13,800	-56,600	51,300	67,100	75,100	74,100	52,900	46,000	28,109	42,327	38,884	18,109	48,064	42,371	35,427	52,176	31,307	45,720	48,115	49,279	32,027	62,189	58,912	58,397	61,250	52,705	36,245	49,075	67,161	55,098	47,008	60,977	41,022	52,967	34,634	35,480	39,762	44,497	25,648	52,548	25,383	34,022	42,691	34,625	28,499	49,161	10,564	58,009	77,509	101,808	36,946	15,313	16,100	22,738	19,269	24,770	28,250	36,833	14,247	0
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	7,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	75,500	92,500	85,900	76,900	35,300	84,000	71,200	66,200	60,700	52,300	14,200	55,300	76,700	78,800	83,800	54,900	51,300	26,484	42,168	44,533	46,503	50,239	44,945	44,519	61,439	39,923	48,930	50,495	57,044	38,715	74,820	68,557	66,817	68,330	60,211	44,194	58,675	76,685	64,648	58,291	68,755	46,608	56,481	46,615	66,273	70,411	75,026	54,722	61,066	52,198	61,269	50,910	63,674	49,385	57,445	28,657	57,981	48,999	49,883	41,055	-10,337	14,481	22,140	29,530	32,943	38,006	45,625	23,653	128,780
Income Before Tax	24,400	47,600	39,900	32,300	-8,200	39,500	19,100	22,600	15,600	1,700	-68,400	15,300	29,500	31,300	33,200	4,100	4,300	-19,683	2,896	4,562	-183,292	38,119	9,471	2,240	18,679	-2,232	11,992	12,515	16,018	1,760	32,769	30,119	28,570	32,164	24,299	7,455	-25,926	9,988	22,395	9,784	27,037	8,134	18,620	-15,557	28,459	31,862	35,350	15,920	22,038	14,573	22,572	11,737	12,069	24,680	33,168	6,279	82,414	73,232	98,377	21,662	280	1,171	7,692	7,426	9,369	5,871	23,686	849	33,686
Income Tax Expense	6,800	11,000	10,200	8,400	-2,300	18,900	4,400	6,000	6,100	-300	-16,700	3,200	7,000	9,900	10,400	-6,200	2,300	-8,710	3,320	725	4,480	3,675	2,510	-360	-62,245	-3,095	3,955	5,000	6,675	859	11,905	11,673	17,005	9,100	8,702	1,698	1,321	3,735	9,942	3,558	-55,825	-5,183	6,962	-14,675	8,607	12,798	13,861	12,194	10,536	5,928	8,649	6,133	-25,717	9,692	12,600	5,821	35,254	27,023	22,929	8,015	361	309	2,716	2,717	3,348	2,026	8,530	305	12,561
Interest Expense	8,500	7,400	7,600	7,600	7,300	8,000	10,400	8,600	8,900	8,900	9,300	9,200	9,000	12,200	11,500	12,800	12,400	13,077	10,914	8,486	7,330	7,547	7,723	8,020	7,975	7,683	7,673	8,043	7,741	7,520	7,396	7,643	7,744	7,882	7,774	7,782	8,158	9,570	10,688	10,734	11,252	10,708	11,094	10,982	7,021	7,900	9,147	9,728	10,384	12,100	10,992	11,333	34,807	3,819	4,132	4,285	26,776	4,277	3,431	3,563	19,647	3,250	3,250	3,250	3,250	0	0	0	13,000
Interest Income	900	6,900	7,500	7,600	600	300	100	8,600	8,900	8,900	200	300	9,500	12,200	12,000	12,800	12,423	13,077	10,914	8,486	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	17,600	36,600	29,700	23,800	-5,900	20,600	14,700	16,600	9,600	1,900	-51,600	12,100	22,600	21,400	22,800	10,300	2,000	-10,973	-424	3,837	-187,772	34,444	6,961	2,600	80,924	863	8,037	7,515	9,343	901	20,864	18,446	11,565	23,064	15,597	5,757	-27,247	6,253	12,453	6,226	82,862	13,317	11,658	-882	19,852	19,064	21,489	3,726	11,502	8,645	13,923	5,604	37,786	14,988	20,568	458	47,160	46,209	75,448	13,647	-81	862	4,976	4,709	6,021	3,845	15,156	544	21,125
Net Income Applicable To Common Shares	0	36,600	29,700	23,800	-5,900	20,600	14,700	16,600	9,500	1,900	-51,600	12,100	22,600	21,400	22,800	10,300	1,960	-10,973	-424	3,837	-187,772	34,444	6,961	2,600	80,924	863	8,037	7,515	9,343	901	20,864	18,446	11,565	23,064	15,597	5,757	-27,247	6,253	12,453	6,226	82,862	13,317	11,658	-882	19,852	19,064	21,489	3,726	11,502	8,645	13,923	5,604	37,786	14,988	20,568	458	47,160	46,209	75,448	13,647	1,659	862	4,976	2,246	25,566	0	0	0	21,125
Net Income From Continuing Ops	17,600	36,600	29,700	23,900	-5,800	20,600	14,700	16,700	3,200	1,900	-51,700	18,500	22,500	21,400	22,800	10,300	11,290	-28,393	6,216	5,287	-178,812	41,794	11,981	1,880	-43,566	-5,327	15,947	17,515	22,693	2,619	44,674	41,792	45,575	41,264	33,001	9,153	-24,605	13,723	32,337	13,342	-28,788	2,951	25,582	-30,232	89,176	44,660	21,489	3,726	0	8,645	13,923	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	-8,000	-6,800	-7,600	-7,600	-7,300	-8,100	-10,700	-8,600	-8,900	-8,900	-9,400	-9,400	-9,400	-12,200	-12,000	-12,800	-12,423	-13,077	-10,914	-8,486	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	0	100	100	0	0	-1,700	-1,600	-3,100	-3,300	-2,500	-2,500	-3,800	-5,800	-2,000	-1,900	25	-2,725	0	0	0	22,944	0	0	0	0	0	0	-351	0	0	0	0	0	0	0	0	-24,420	0	0	0	0	0	-17,058	0	0	0	0	0	1,290	-229	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	195,079	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,078	890	0	4,259	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	35,600	54,400	47,300	39,800	-900	48,900	31,500	32,900	27,600	13,800	-56,600	27,100	41,900	49,200	48,100	18,800	18,100	-2,460	15,341	14,362	-174,729	46,900	18,381	11,539	26,654	5,451	19,665	20,558	24,110	9,280	40,165	37,762	36,314	40,046	32,073	15,237	-17,768	43,978	33,083	20,518	38,289	18,842	29,714	12,483	35,480	39,762	44,497	25,648	32,723	25,383	33,793	23,546	22,404	28,499	37,300	10,564	39,511	30,372	31,685	25,225	3,677	4,421	10,942	7,426	12,619	15,621	23,686	849	38,210
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	474,500	465,300	477,300	485,600	526,100	488,900	490,200	455,300	462,200	436,700	463,000	398,800	410,800	408,200	431,700	451,100	417,400	447,648	436,652	414,417	409,365	402,504	413,718	425,413	410,062	421,053	409,998	416,967	401,458	426,040	396,506	399,442	395,086	402,176	412,485	418,789	446,849	466,274	465,676	460,143	431,870	469,003	441,288	448,341	427,221	440,471	429,075	432,150	433,668	475,742	460,834	442,284	323,153	324,428	306,560	320,057	275,469	301,112	285,220	261,475	307,663	324,276	305,046	297,539	291,720	288,228	266,354	274,249	0
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	24,800	24,400	24,600	24,800	25,900	26,200	25,700	25,400	25,400	25,900	26,800	26,800	27,500	27,700	27,800	28,000	29,257	32,000	28,500	25,836	26,267	25,342	25,177	25,167	25,522	25,856	26,055	27,557	25,169	22,747	22,024	21,150	21,888	21,204	20,632	21,008	23,606	22,293	22,015	22,231	22,688	22,180	23,253	22,151	20,856	19,199	19,730	19,548	19,825	19,569	18,870	18,669	12,221	11,780	11,861	11,866	12,248	11,692	11,757	11,721	11,636	11,679	11,796	11,843	12,151	12,629	13,147	13,398	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	0	0	0	-200	5,000	0	0	0	400	0	0	0	0	300	0	0	1,742	0	0	0	0	0	0	0	0	0	0	0	1,755	0	0	0	1,462	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	37,100	37,400	38,900	36,200	28,500	34,100	35,000	31,400	30,900	29,700	25,200	28,200	33,000	29,600	34,500	27,700	27,158	28,944	26,827	30,171	27,161	26,283	26,564	32,980	34,785	34,472	29,265	29,937	34,689	29,435	34,655	30,795	31,770	28,284	28,138	28,957	33,206	31,817	31,565	33,514	30,466	27,766	26,767	34,132	30,793	30,649	30,529	29,074	28,343	26,815	27,476	27,364	41,270	20,886	20,145	18,093	18,470	18,627	18,198	15,830	21,304	10,060	11,198	10,261	36,127	0	0	0	36,280
Tax Provision	6,800	11,000	10,200	8,400	-2,300	18,900	4,400	6,000	6,100	-300	-16,700	3,200	7,000	9,900	10,400	-6,200	2,365	-8,710	3,320	725	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	37,100	37,900	38,600	37,100	34,700	34,100	35,000	32,800	30,500	28,300	26,300	28,200	34,700	29,600	35,000	28,100	33,200	28,944	26,827	30,171	27,161	26,283	26,564	32,980	34,785	34,472	29,265	29,937	32,934	29,435	34,655	30,795	30,308	28,284	28,138	28,957	33,206	31,817	31,565	33,514	30,466	27,766	26,767	34,132	30,793	30,649	30,529	29,074	28,343	26,815	27,476	27,364	41,270	20,886	20,145	18,093	18,470	18,627	18,198	15,830	-14,014	10,060	11,198	22,104	20,324	22,385	21,939	22,804	0
Total Other Income Expense Net	-5,800	-200	100	-7,500	-7,300	-9,400	-12,400	-10,300	-12,000	-12,100	-11,800	-2,500	-3,000	-5,800	-3,600	-9,900	-1,400	-4,146	-1,531	-1,314	-195,304	21,710	-1,187	-1,279	-7,975	-7,683	-7,673	-8,043	-351	-7,520	-7,396	-7,643	-195	-7,882	-7,774	-7,782	-43,237	-25,310	-10,688	-4,259	-11,252	-10,708	-11,094	-17,058	-7,021	-7,900	-9,147	-9,728	-301	1,290	-229	-476	-10,335	-3,819	-4,132	-4,285	-123,510	47,137	70,123	-3,563	-3,397	-3,250	-3,250	0	-3,250	-9,750	0	0	0
Total Revenue	512,900	519,900	524,600	525,400	526,700	538,800	526,400	488,200	489,800	450,500	406,400	425,900	452,800	457,400	480,500	477,900	435,500	445,188	451,993	428,779	428,707	426,460	432,099	436,952	436,716	426,504	429,663	437,525	425,568	435,320	436,671	437,204	431,595	442,222	444,558	434,026	472,318	511,142	498,759	484,920	470,159	487,845	471,002	460,824	462,701	480,233	473,572	457,798	466,391	501,125	494,627	465,830	345,557	352,927	343,860	330,621	314,980	331,484	316,905	286,700	311,340	328,697	315,988	304,965	304,339	303,849	290,040	275,098	1,106,681

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	2,082,800
Cost of Revenue	-1,752,000
Gross Profit	330,800	330,800

Operating Income (+$)
Gross Profit	330,800
Operating Expense	-149,600
Operating Income	177,100	181,200

Operating Expense (+$)
Research Development	0
Selling General Administrative	149,200
Selling And Marketing Expenses	0
Operating Expense	149,600	149,200

Net Interest Income (+$)
Interest Income	2,400
Interest Expense	-31,100
Other Finance Cost	-1,300
Net Interest Income	-30,000

Pretax Income (+$)
Operating Income	177,100
Net Interest Income	-30,000
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	144,200	184,000 EBIT - interestExpense = 151,200 144,100 138,800
Interest Expense	31,100
Earnings Before Interest and Taxes (EBIT)	182,300	175,300
Earnings Before Interest and Taxes (EBITDA)	280,900

After tax Income (+$)
Income Before Tax	144,200
Tax Provision	-36,400
Net Income From Continuing Ops	107,800	107,800
Net Income	107,700
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	1,901,600
Total Other Income/Expenses Net	-6,900	30,000

Technical Analysis of Clearwater Paper Corporation
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Clearwater Paper Corporation. The general trend of Clearwater Paper Corporation is BULLISH with 71.4% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Clearwater Paper Corporation's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitions	Bullish trend (71.4%)		Bearish trend (-71.4%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of Clearwater Paper Corporation.

The long score for the Support & Resistance is 1/1.
The longshort score for the Support & Resistance is 1/(-1 +1).

Around support: The price is currently trading around a support level. This can be considered as a potential entry level. +1

The bullish price targets are: 44.21 < 45.00 < 46.34.

The bearish price targets are: 39.67 > 37.87 > 37.60.

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Clearwater Paper Corporation Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of Clearwater Paper Corporation. The current mas is .

The long score for the Moving Averages is 12/14.
The longshort score for the Moving Averages is 10/(-14 +14).

MA 20 trending down: The MA 20 is trending down. -1
Close < MA 20: The price is below the MA 20. -1
MA 20 > MA 50: The MA 20 is higher than the MA 50. +1
MA 20 > MA 100: The MA 20 is higher than the MA 100. +1
MA 20 > MA 200: The MA 20 is higher than the MA 200. +1
MA 50 trending up: The MA 50 is trending up. +1
Close > MA 50: The price is above the MA 50. +1
MA 50 > MA 100: The MA 50 is higher than the MA 100. +1
MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
MA 100 trending up: The MA 100 is trending up. +1
Close > MA 100: The price is above the MA 100. +1
MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
MA 200 trending up: The MA 200 is trending up. +1
Close > MA 200: The price is above the MA 200. +1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Clearwater Paper Corporation Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Clearwater Paper Corporation. The current macd is 0.28045626.

The long score for the Moving Average Convergence/Divergence (MACD) is 1/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is -2/(-4 +4).

MACD line < signal line: The MACD line is below the signal line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Clearwater Paper Corporation price going down in the near term. -2
MACD > 0: The MACD is above the zero line (centerline), it indicates a bullish signal for Clearwater Paper Corporation. This means that the short-term moving average is higher than the long-term moving average, signaling positive momentum and suggesting a higher likelihood of the Clearwater Paper Corporation price continuing to rise in the near future. It indicates that buyers are gaining control, and there is optimism in the market, leading to potential price increases. +1
Trending down: The MACD line is trending down. This indicates that the short-term moving average is falling faster than the long-term moving average, suggesting negative momentum in the market. This signals that sellers are becoming more active and insecure, leading to potential price decreases as traders anticipate further losses and are willing to sell at lower prices. -1

Clearwater Paper Corporation Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of Clearwater Paper Corporation. The current adx is 37.02.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -3/(-7 +7).

PLUS_ID < MINUS_DI: The +DI line is below the -DI line. This indicates a bearish signal in the market, as the negative directional movement is currently stronger than the positive directional movement, showing that sellers have the upper hand. Market psychology suggests that traders are pessimistic, expecting further price decreases, and are more willing to sell Clearwater Paper Corporation shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX > 25 && ADX trending down: The ADX is above 25 and indicates a strong bearish trend. The ADX is declining, the bearish trend is weakening. Could be a potential reversal to the upside. -2

Clearwater Paper Corporation Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of Clearwater Paper Corporation. The current sar is 42.57.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1

Clearwater Paper Corporation Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of Clearwater Paper Corporation. The current rsi is 43.71. The current phase is Correction in bull market.

The long score for the Relative Strength Index (RSI) is 0/13.
The longshort score for the Relative Strength Index (RSI) is -4/(-13 +13).

Correction in bull market: Moderate price decline, potential pause in the uptrend. Reassess the market, wait for signs of stabilization.
Trending down: The RSI is trending down. -1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Clearwater Paper Corporation Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of Clearwater Paper Corporation. The current phase is Oversold in bull market.

The long score for the Stochastic Oscillator is 1/6.
The longshort score for the Stochastic Oscillator is -4/(-6 +6).

STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
STOCH < 20: The STOCH %K is below 20 and oversold. -2
STOCH %K line < STOCH %D line: The STOCH %K line is below the STOCH %D line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Clearwater Paper Corporation price going down in the near term. -2
Trending up: The STOCH %K is trending up. +1

Clearwater Paper Corporation Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of Clearwater Paper Corporation. The current cci is -128.9011397.

The long score for the Commodity Channel Index (CCI) is 0/1.
The longshort score for the Commodity Channel Index (CCI) is -1/(-1 +1).

CCI < -100: The CCI is below -100, it indicates that the price is significantly below its average, suggesting a potential oversold condition. -1

Clearwater Paper Corporation Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Clearwater Paper Corporation. The current cmo is -35.14892867.

The long score for the Chande Momentum Oscillator (CMO) is 0/1.
The longshort score for the Chande Momentum Oscillator (CMO) is -1/(-1 +1).

CMO < 0: The CMO is below 0, the momentum of the price is negative, indicating a potential downtrend in the price. -1

Clearwater Paper Corporation Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of Clearwater Paper Corporation. The current willr is -88.25995807.

The long score for the Williams %R is 0/1.
The longshort score for the Williams %R is -1/(-1 +1).

WILLR < -80: The Williams %R is below -80. This indicates that the price is in oversold territory, suggesting a potential price correction or trend reversal to the upside. -1

Clearwater Paper Corporation Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of Clearwater Paper Corporation.

Clearwater Paper Corporation Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of Clearwater Paper Corporation. The current atr is 1.00811706.

Clearwater Paper Corporation Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of Clearwater Paper Corporation. The current obv is 5,396,032.

Clearwater Paper Corporation Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of Clearwater Paper Corporation. The current mfi is 36.73.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -1/(-2 +2).

MFI < 50: -1

Clearwater Paper Corporation Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Clearwater Paper Corporation.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-11-24	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-11-28	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2023-11-30	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-01	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-04	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2023-12-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-06	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-12	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2023-12-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-14	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2023-12-15	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-18	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-19	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-20	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2023-12-21	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-27	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-29	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-01-02	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-03	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-04	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-05	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-01-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-09	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-10	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-01-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-16	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-17	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-19	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-23	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-24	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-25	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-26	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-30	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-31	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-01	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-02-02	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-09	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-12	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-13	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-15	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-21	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-22	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-02-23	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-02-26	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-02-28	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-03-04	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-06	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-08	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-11	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-15	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-20	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-26	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-03-27	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-03-28	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-03	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-04-04	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-04-05	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-04-09	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-10	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-04-11	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-12	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside

6.3. Candlestick Patterns

Clearwater Paper Corporation Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Clearwater Paper Corporation based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	43.710
Ma 20	Greater than	Ma 50	41.810
Ma 50	Greater than	Ma 100	38.927
Ma 100	Greater than	Ma 200	37.137
Open	Greater than	Close	40.100
Total			4/5 (80.0%)

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Quick analysis of Clearwater Paper Corporation (30 sec.)

What can you expect buying and holding a share of Clearwater Paper Corporation? (30 sec.)

How much money do you get?

What is your share worth?

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1. Valuation of Clearwater Paper Corporation (5 min.)

$40.00

$39.65

$-37.53 - $84.50

$2.11 - $124.14

2. Growth of Clearwater Paper Corporation (5 min.)

Is Clearwater Paper Corporation growing?

How much money is Clearwater Paper Corporation making?

How much money comes from the company's main activities?

3. Financial Health of Clearwater Paper Corporation (5 min.)

4. Comparing to competitors in the Paper & Paper Products industry (5 min.)

Industry Rankings (Paper & Paper Products)

What can you expect buying and holding a share of Clearwater Paper Corporation? (5 min.)

What can you expect buying and holding a share of Clearwater Paper Corporation?

Speculation

Investing

How much money are you going to get?

When do you get the money?

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Linear %

Fundamentals of Clearwater Paper Corporation

About Clearwater Paper Corporation

Financial Health

Valuation

1.1. Profitability of Clearwater Paper Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Paper & Paper Products)

1.1.2. Return on Assets

Trends

Compared to industry (Paper & Paper Products)

1.1.3. Return on Equity

Trends

Compared to industry (Paper & Paper Products)

1.2. Operating Efficiency of Clearwater Paper Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Paper & Paper Products)

1.2.2. Operating Ratio

Trends

Compared to industry (Paper & Paper Products)

1.3. Liquidity of Clearwater Paper Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Paper & Paper Products)

1.3.2. Quick Ratio

Trends

Compared to industry (Paper & Paper Products)

1.4. Solvency of Clearwater Paper Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Paper & Paper Products)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Paper & Paper Products)

2. Market Valuation of Clearwater Paper Corporation

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Paper & Paper Products)

Clearwater Paper Corporation
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