Boise Cascade Company Announces Quarterly Dividend of $0.21 Per Share and Increase of Share Repurchase Authorization

Rhea-AI Summary

Boise Cascade (NYSE: BCC) announced a quarterly dividend of $0.21 per share, payable on December 18, 2024, to stockholders of record on December 2, 2024. The company's Board also approved an additional 1.4 million shares for repurchase under its existing program. From January to October 2024, BCC repurchased 1.28 million shares for approximately $165 million. The total repurchase authorization now stands at 2 million shares, representing about 5% of outstanding shares. The repurchase program has no set expiration date and will be executed through various transaction methods.

Positive

• Authorized additional 1.4M shares for repurchase program
• Completed $165M in share repurchases YTD
• Maintaining quarterly dividend of $0.21 per share
• Total repurchase authorization represents 5% of outstanding shares

Negative

• None.

Insights

Financial Analyst

The announcement includes two significant shareholder-friendly actions: a $0.21 quarterly dividend and an expanded share repurchase program. The company has already demonstrated strong commitment to capital return by repurchasing $165M worth of shares in 2024 and the new authorization for 1.4M additional shares brings the total potential buyback to 2M shares (5% of outstanding shares). With a market cap of $5.4B, this represents a meaningful capital allocation strategy.

The dividend yield, while modest, shows financial stability. However, the real story is the aggressive share repurchase program, which suggests management views the stock as undervalued and has confidence in future cash flows. The flexibility in the buyback program timing indicates prudent capital management, allowing opportunistic purchases during market volatility.

BOISE, Idaho--(BUSINESS WIRE)-- Boise Cascade Company’s (Boise Cascade or the Company) (NYSE: BCC) Board of Directors declared a quarterly dividend of $0.21 per share to holders of its common stock. The dividend will be paid on December 18, 2024 to stockholders of record on December 2, 2024.

Future dividend declarations, including amount per share, record date and payment date, will be made by the board of directors and will depend upon, among other things, legal capital requirements and surplus, the Company’s future operations and earnings, general financial condition, material cash requirements, restrictions imposed by our asset-based credit facility and the indenture governing our senior notes, applicable laws, and other factors as the board of directors may deem relevant.

The board of directors also authorized the repurchase of an additional 1.4 million shares of our common stock under our existing common stock repurchase program. From January 1, 2024 to October 30, 2024, the Company repurchased 1.28 million shares of our common stock at a cost of approximately $165 million. This authorization replenishes our existing common stock repurchase program, bringing the total repurchase authorization to approximately 2 million shares, which represents approximately 5% of shares outstanding.

Share repurchases may be made on an opportunistic basis, through open market transactions, privately negotiated transactions, or by other means in accordance with applicable federal securities laws. We are not obligated to purchase any shares and there is no set date that the program will expire. Our board of directors may increase or decrease the number of shares under the program or terminate the program in its discretion at any time.

About Boise Cascade

Boise Cascade is one of the largest producers of engineered wood products and plywood in North America and a leading U.S. wholesale distributor of building products. For more information, please visit our website at www.bc.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. The accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those projected, including, but not limited to, prices for building products, changes in the competitive position of our products, commodity input costs, the effect of general economic conditions, mortgage rates and availability, housing demand, housing vacancy rates, governmental regulations, unforeseen production disruptions, as well as natural disasters. These and other factors that could cause actual results to differ materially from such forward-looking statements are discussed in greater detail in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release. We undertake no obligation to revise them in light of new information. Finally, we undertake no obligation to review or confirm analyst expectations or estimates that might be derived from this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241030052574/en/

Investor Relations Contact

Chris Forrey

investor@bc.com

Media Contact

Amy Evans

mediarelations@bc.com

Source: Boise Cascade Company

FAQ

What is Boise Cascade's (BCC) quarterly dividend amount for December 2024?

Boise Cascade declared a quarterly dividend of $0.21 per share, payable on December 18, 2024, to stockholders of record on December 2, 2024.

How many shares did BCC repurchase between January and October 2024?

Boise Cascade repurchased 1.28 million shares at a cost of approximately $165 million from January 1, 2024, to October 30, 2024.

What is the total share repurchase authorization for BCC after the recent increase?

After the additional 1.4 million share authorization, Boise Cascade's total repurchase authorization is approximately 2 million shares, representing about 5% of shares outstanding.