Boise Cascade Company Reports First Quarter 2024 Results

Rhea-AI Summary

Boise Cascade Company reported positive financial results for the first quarter of 2024, with net income of $104.1 million, or $2.61 per share, on sales of $1.6 billion, showing growth compared to the same quarter in 2023. The CEO highlighted strong performance driven by new single-family starts and seasonal factors. Total U.S. housing starts and single-family housing starts increased year-over-year. The Wood Products segment saw increased sales due to higher sales volumes for I-joists and LVL. Building Materials Distribution segment also experienced sales growth, driven by increased sales volumes. Boise Cascade ended the quarter with strong liquidity and declared a quarterly dividend. The outlook remains positive, supported by new residential construction demand.

Positive

• Positive financial results for the first quarter of 2024, with net income of $104.1 million, or $2.61 per share, on sales of $1.6 billion, reflecting growth compared to the same quarter in 2023.

• Total U.S. housing starts and single-family housing starts increased year-over-year, a positive sign for Boise Cascade's business.

• Wood Products segment saw increased sales driven by higher sales volumes for I-joists and LVL, contributing to overall growth.

• Building Materials Distribution segment experienced sales growth, primarily due to increased sales volumes, showcasing positive performance.

• Strong liquidity position with $890.2 million of cash and cash equivalents and $395.7 million of undrawn committed bank line availability, totaling $1,286.0 million.

• Quarterly dividend declared of $0.20 per share on common stock, reflecting commitment to returning value to stockholders.

• Outlook remains positive, supported by new residential construction demand and favorable industry forecasts.

Negative

• Future product pricing, particularly commodity products pricing and input costs, may be volatile in response to economic uncertainties, industry operating rates, supply-related disruptions, transportation constraints, and seasonal demand patterns, posing a risk.

• Home improvement spending is expected to see mid-single-digit declines in 2024, affecting certain aspects of the business.

Insights

Financial Analyst

Boise Cascade's report of a 7% increase in sales and 8% growth in net income suggests a strong financial performance over the previous year. The uptick in diluted earnings per share from $2.43 to $2.61 indicates effective cost management and revenue growth, which could be seen as a positive signal. The company's capital allocation strategy, highlighted by a consistent quarterly dividend and share repurchase program, reflects confidence in sustained cash flows and a commitment to shareholder returns. However, the company's future capital expenditures of $250 to $270 million, while indicative of growth, will need to be monitored to ensure they deliver expected returns without negatively impacting financial stability. From a liquidity standpoint, a robust $1.286 billion availability bodes well for the company’s ability to navigate any short-term economic headwinds.

Market Research Analyst

The reported increase in Wood Products sales, particularly for EWP and plywood, in a context of overall rising sales volumes but fluctuating prices, reflects a nuanced market environment. The residential construction market remains a key demand driver and Boise Cascade's positive results in this segment reflect the current robust demand. However, the projected mid-single-digit declines in home improvement spending for 2024 and potential pressures on multi-family starts due to higher capital costs and cooling rents present potential challenges. The company's alignment with housing starts forecasts suggests a realistic approach to market conditions but also underscores the importance of strategic agility in the face of economic and geopolitical uncertainties.

Commodities Analyst

The specifics of Boise Cascade's performance in commodity products are especially noteworthy. The ability to navigate a volatile pricing environment for commodity products like LVL and plywood—amidst external challenges such as transport constraints and unpredictable economic conditions—speaks to the company's operational resilience. The mixed performance, with higher sales volumes for EWP contrasting against the lower sales prices, reveals the delicate balance between supply and demand dynamics in the industry. As with any company heavily involved in commodities, the future outlook will heavily depend on the company's capacity to manage input costs and respond to market price fluctuations without sacrificing profitability.

BOISE, Idaho--(BUSINESS WIRE)-- Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $104.1 million, or $2.61 per share, on sales of $1.6 billion for the first quarter ended March 31, 2024, compared with net income of $96.7 million, or $2.43 per share, on sales of $1.5 billion for the first quarter ended March 31, 2023.

"I am pleased with the strong financial results that our team delivered during the first quarter. As expected, it was a period influenced by seasonal factors and the relative strength of new single-family starts," stated Nate Jorgensen, CEO. "As we enter the second quarter, economic and geopolitical uncertainties are prevalent, and the extent of the potential impact on the broader economy and residential construction activity is unknown. Despite the near-term environment, an undersupply of single-family homes remains, and I have great confidence in our team as we stay focused on the effective deployment of our outstanding balance sheet in support of our stakeholders."

First Quarter 2024 Highlights
		1Q 2024			1Q 2023			% change
		(in thousands, except per-share data and percentages)
Consolidated Results
Sales		$	1,645,420		$	1,544,329		7	%
Net income			104,124			96,733		8	%
Net income per common share - diluted			2.61			2.43		7	%
Adjusted EBITDA 1			168,496			158,674		6	%
Segment Results
Wood Products sales		$	468,928		$	437,428		7	%
Wood Products income			71,238			69,395		3	%
Wood Products EBITDA 1			95,622			93,185		3	%
Building Materials Distribution sales			1,505,021			1,379,242		9	%
Building Materials Distribution income			72,463			69,685		4	%
Building Materials Distribution EBITDA 1			83,570			76,755		9	%
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.

In first quarter 2024, total U.S. housing starts and single-family housing starts increased 1% and 27%, respectively, compared to the same period in 2023. Single-family housing starts are the key demand driver for our sales.

Wood Products

Wood Products' sales, including sales to Building Materials Distribution (BMD), increased $31.5 million, or 7%, to $468.9 million for the three months ended March 31, 2024, from $437.4 million for the three months ended March 31, 2023. The increase in sales was driven by higher sales volumes for I-joists and LVL (collectively referred to as EWP), as well as higher plywood sales prices. These increases were offset partially by decreased sales prices for EWP, as well as lower plywood sales volumes and other sales related to residual byproducts and lumber. Wood Products' segment income increased $1.8 million to $71.2 million for the three months ended March 31, 2024, from $69.4 million for the three months ended March 31, 2023. The increase in segment income was due primarily to higher EWP sales volumes and higher plywood sales prices. These increases in segment income were offset partially by lower EWP prices and higher wood fiber costs.

Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:

		1Q 2024 vs. 1Q 2023		1Q 2024 vs. 4Q 2023
Average Net Selling Prices
LVL		(8)%		(4)%
I-joists		(7)%		(4)%
Plywood		3%		1%
Sales Volumes
LVL		31%		16%
I-joists		46%		5%
Plywood		(8)%		2%

Building Materials Distribution

BMD's sales increased $125.8 million, or 9%, to $1,505.0 million for the three months ended March 31, 2024, from $1,379.2 million for the three months ended March 31, 2023. Compared with the same quarter in the prior year, the increase in sales was driven by sales volume increases of 12%, offset partially by sales price decreases of 3%. By product line, commodity sales increased 1%, general line product sales increased 16%, and EWP sales (substantially all of which are sourced through our Wood Products segment) increased 12%. BMD segment income increased $2.8 million to $72.5 million for the three months ended March 31, 2024, from $69.7 million for the three months ended March 31, 2023. The increase in segment income was driven by a gross margin increase of $22.9 million, resulting primarily from higher sales volumes and improved margins on general line and commodity products. The gross margin improvement was offset partially by increased selling and distribution expenses and depreciation and amortization expense of $16.5 million and $4.0 million, respectively.

Balance Sheet and Liquidity

Boise Cascade ended first quarter 2024 with $890.2 million of cash and cash equivalents and $395.7 million of undrawn committed bank line availability, for total available liquidity of $1,286.0 million. The Company had $445.5 million of outstanding debt at March 31, 2024.

Capital Allocation

We expect capital expenditures in 2024, excluding potential acquisition spending, to total approximately $250 million to $270 million.

On May 2, 2024, our board of directors declared a quarterly dividend of $0.20 per share on our common stock, payable on June 17, 2024, to stockholders of record on June 3, 2024.

For the three months ended March 31, 2024, the Company paid $27.0 million for the repurchase of 205,938 shares of our common stock. As of March 31, 2024, approximately 1.7 million shares were available for repurchase under our existing share repurchase program.

Outlook

Demand for the products we manufacture, as well as the products we purchase and distribute, is correlated with new residential construction, residential repair-and-remodeling activity and light commercial construction. Residential construction, particularly new single-family construction, is the key demand driver for the products we manufacture and distribute. Current industry forecasts for 2024 U.S. housing starts are generally consistent with actual housing starts of 1.42 million in 2023, as reported by the U.S. Census Bureau. Home affordability remains a challenge for many consumers due to the cost of housing combined with elevated mortgage rates. However, with low unemployment and an undersupply of existing housing stock available for sale, new residential construction is expected to remain an important source of supply for homebuyers. Recent pressures on multi-family starts are expected to continue due to increased capital costs for developers combined with cooling rents and elevated supply. Regarding home improvement spending, the age of U.S. housing stock and elevated levels of homeowner equity have provided a favorable backdrop for repair-and-remodel spending. In 2023, year-over-year growth rates in renovation spending moderated due to economic uncertainty and higher borrowing costs. While home improvement spending is expected to remain healthy compared to history, recent industry forecasts project mid-single-digit declines in 2024. Ultimately, macroeconomic factors, the level and expectations for mortgage rates, home affordability, home equity levels, and other factors will likely influence the near-term demand environment for the products we manufacture and distribute.

As a manufacturer of certain commodity products, we have sales and profitability exposure to declines in commodity product prices and rising input costs. Our distribution business purchases and resells a broad mix of products with periods of increasing prices providing the opportunity for higher sales and increased margins, while declining price environments expose us to declines in sales and profitability. Future product pricing, particularly commodity products pricing and input costs, may be volatile in response to economic uncertainties, industry operating rates, supply-related disruptions, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns.

About Boise Cascade

Boise Cascade Company 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 the Company's website at www.bc.com.

Webcast and Conference Call

Boise Cascade will host a webcast and conference call to discuss first quarter earnings on Tuesday, May 7, 2024, at 11 a.m. Eastern.

To join the webcast, go to the Investors section of our website at www.bc.com/investors and select the Event Calendar link. Analysts and investors who wish to ask questions during the Q&A session can register for the call here.

The archived webcast will be available in the Investors section of Boise Cascade's website.

Use of Non-GAAP Financial Measures

We refer to the terms EBITDA and Adjusted EBITDA in this earnings release and the accompanying Quarterly Statistical Information as supplemental measures of our performance and liquidity that are not required by or presented in accordance with generally accepted accounting principles in the United States (GAAP). We define EBITDA as income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps.

We believe EBITDA and Adjusted EBITDA are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. We also believe EBITDA and Adjusted EBITDA are useful to investors because they provide a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that are used by our management and because they are frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. EBITDA and Adjusted EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income, income from operations, or any other performance measure derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. The use of EBITDA and Adjusted EBITDA instead of net income or segment income have limitations as analytical tools, including: the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. Management compensates for these limitations by relying on our GAAP results. Our measures of EBITDA and Adjusted EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

Forward-Looking Statements

This press release includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements regarding our outlook. Statements preceded or followed by, or that otherwise include, the words "believes," "expects," "anticipates," "intends," "project," "estimates," "plans," "forecast," "is likely to," and similar expressions or future or conditional verbs such as "will," "may," "would," "should," and "could" are generally forward-looking in nature and not historical facts. 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, our ability to efficiently and effectively integrate the BROSCO acquisition, 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.

 

Boise Cascade Company
Consolidated Statements of Operations
(in thousands, except per-share data) (unaudited)
	Three Months Ended
	March 31								December 31, 2023
	2024				2023
Sales	$	1,645,420			$	1,544,329			$	1,644,256
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)		1,307,439				1,230,635				1,310,062
Depreciation and amortization		35,850				31,186				39,085
Selling and distribution expenses		144,110				128,788				143,796
General and administrative expenses		25,117				26,463				30,241
Other (income) expense, net		(78	)			(345	)			(104	)
		1,512,438				1,416,727				1,523,080
Income from operations		132,982				127,602				121,176
Foreign currency exchange gain (loss)		(299	)			(73	)			362
Pension expense (excluding service costs)		(37	)			(41	)			(41	)
Interest expense		(6,070	)			(6,361	)			(6,445	)
Interest income		10,597				9,685				13,142
Change in fair value of interest rate swaps		(220	)			(804	)			(993	)
		3,971				2,406				6,025
Income before income taxes		136,953				130,008				127,201
Income tax provision		(32,829	)			(33,275	)			(29,666	)
Net income	$	104,124			$	96,733			$	97,535
Weighted average common shares outstanding:
Basic		39,608				39,593				39,653
Diluted		39,956				39,838				40,020
Net income per common share:
Basic	$	2.63			$	2.44			$	2.46
Diluted	$	2.61			$	2.43			$	2.44
Dividends declared per common share	$	0.20			$	0.15			$	5.20

Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
	Three Months Ended
	March 31								December 31, 2023
	2024				2023
Segment sales	$	468,928			$	437,428			$	449,676
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)		357,721				327,739				340,845
Depreciation and amortization		24,384				23,790				28,565
Selling and distribution expenses		10,551				11,678				11,215
General and administrative expenses		5,020				5,178				4,844
Other (income) expense, net		14				(352	)			79
		397,690				368,033				385,548
Segment income	$	71,238			$	69,395			$	64,128
	(percentage of sales)
Segment sales		100.0	%			100.0	%			100.0	%
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)		76.3	%			74.9	%			75.8	%
Depreciation and amortization		5.2	%			5.4	%			6.4	%
Selling and distribution expenses		2.3	%			2.7	%			2.5	%
General and administrative expenses		1.1	%			1.2	%			1.1	%
Other (income) expense, net		—	%			(0.1	%)			—	%
		84.8	%			84.1	%			85.7	%
Segment income		15.2	%			15.9	%			14.3	%

Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
	Three Months Ended
	March 31								December 31, 2023
	2024				2023
Segment sales	$	1,505,021			$	1,379,242			$	1,492,614
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)		1,278,421				1,175,550				1,265,493
Depreciation and amortization		11,107				7,070				10,116
Selling and distribution expenses		133,614				117,110				132,635
General and administrative expenses		9,534				10,030				14,100
Other (income) expense, net		(118	)			(203	)			(227	)
		1,432,558				1,309,557				1,422,117
Segment income	$	72,463			$	69,685			$	70,497
	(percentage of sales)
Segment sales		100.0	%			100.0	%			100.0	%
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)		84.9	%			85.2	%			84.8	%
Depreciation and amortization		0.7	%			0.5	%			0.7	%
Selling and distribution expenses		8.9	%			8.5	%			8.9	%
General and administrative expenses		0.6	%			0.7	%			0.9	%
Other (income) expense, net		—	%			—	%			—	%
		95.2	%			94.9	%			95.3	%
Segment income		4.8	%			5.1	%			4.7	%

Segment Information
(in thousands) (unaudited)
	Three Months Ended
	March 31								December 31, 2023
	2024				2023
Segment sales
Wood Products	$	468,928			$	437,428			$	449,676
Building Materials Distribution		1,505,021				1,379,242				1,492,614
Intersegment eliminations		(328,529	)			(272,341	)			(298,034	)
Total net sales	$	1,645,420			$	1,544,329			$	1,644,256
Segment income
Wood Products	$	71,238			$	69,395			$	64,128
Building Materials Distribution		72,463				69,685				70,497
Total segment income		143,701				139,080				134,625
Unallocated corporate costs		(10,719	)			(11,478	)			(13,449	)
Income from operations	$	132,982			$	127,602			$	121,176
Segment EBITDA
Wood Products	$	95,622			$	93,185			$	92,693
Building Materials Distribution		83,570				76,755				80,613

See accompanying summary notes to consolidated financial statements and segment information.

Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
	March 31, 2024			December 31, 2023
ASSETS
Current
Cash and cash equivalents	$	890,247		$	949,574
Receivables
Trade, less allowances of $4,020 and $3,278		480,579			352,780
Related parties		225			181
Other		13,476			20,740
Inventories		814,596			712,369
Prepaid expenses and other		17,549			21,170
Total current assets		2,216,672			2,056,814
Property and equipment, net		934,286			932,633
Operating lease right-of-use assets		61,378			62,868
Finance lease right-of-use assets		24,172			24,003
Timber deposits		6,898			7,208
Goodwill		170,254			170,254
Intangible assets, net		185,836			190,743
Deferred income taxes		4,748			4,854
Other assets		10,184			9,269
Total assets	$	3,614,428		$	3,458,646

Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
	March 31, 2024				December 31, 2023
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade	$	460,244			$	310,175
Related parties		1,281				1,501
Accrued liabilities
Compensation and benefits		69,308				149,561
Income taxes payable		21,774				—
Interest payable		5,083				9,958
Other		127,036				122,921
Total current liabilities		684,726				594,116
Debt
Long-term debt		445,502				445,280
Other
Compensation and benefits		39,223				40,189
Operating lease liabilities, net of current portion		54,850				56,425
Finance lease liabilities, net of current portion		28,347				28,084
Deferred income taxes		87,078				82,014
Other long-term liabilities		17,500				16,874
		226,998				223,586
Commitments and contingent liabilities
Stockholders' equity
Preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding		—				—
Common stock, $0.01 par value per share; 300,000 shares authorized, 45,127 and 44,983 shares issued, respectively		451				450
Treasury stock, 5,649 and 5,443 shares at cost, respectively		(172,377	)			(145,335	)
Additional paid-in capital		553,821				560,697
Accumulated other comprehensive loss		(509	)			(517	)
Retained earnings		1,875,816				1,780,369
Total stockholders' equity		2,257,202				2,195,664
Total liabilities and stockholders' equity	$	3,614,428			$	3,458,646

Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
	Three Months Ended March 31
	2024				2023
Cash provided by (used for) operations
Net income	$	104,124			$	96,733
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other		36,621				31,853
Stock-based compensation		4,105				3,324
Pension expense		37				41
Deferred income taxes		5,062				3,393
Change in fair value of interest rate swaps		220				804
Other		55				(518	)
Decrease (increase) in working capital, net of acquisitions
Receivables		(119,235	)			(111,253	)
Inventories		(103,331	)			(41,247	)
Prepaid expenses and other		(1,689	)			(1,428	)
Accounts payable and accrued liabilities		75,041				36,181
Income taxes payable		25,834				28,631
Other		618				1,478
Net cash provided by operations		27,462				47,992
Cash provided by (used for) investment
Expenditures for property and equipment		(34,330	)			(30,063	)
Acquisitions of businesses and facilities, net of cash acquired		(3,387	)			—
Proceeds from sales of assets and other		559				565
Net cash used for investment		(37,158	)			(29,498	)
Cash provided by (used for) financing
Treasury stock purchased		(26,971	)			(1,482	)
Dividends paid on common stock		(11,205	)			(8,258	)
Tax withholding payments on stock-based awards		(10,980	)			(5,926	)
Other		(475	)			(451	)
Net cash used for financing		(49,631	)			(16,117	)
Net increase (decrease) in cash and cash equivalents		(59,327	)			2,377
Balance at beginning of the period		949,574				998,344
Balance at end of the period	$	890,247			$	1,000,721

Summary Notes to Consolidated Financial Statements and Segment Information

The Consolidated Statements of Operations, Segment Statements of Operations, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, and Segment Information presented herein do not include the notes accompanying the Company's Consolidated Financial Statements and should be read in conjunction with the Company’s 2023 Form 10-K and the Company's other filings with the Securities and Exchange Commission. Net income for all periods presented involved estimates and accruals.

EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2024 and 2023, and December 31, 2023:

	Three Months Ended
	March 31								December 31, 2023
	2024				2023
	(in thousands)
Net income	$	104,124			$	96,733			$	97,535
Interest expense		6,070				6,361				6,445
Interest income		(10,597	)			(9,685	)			(13,142	)
Income tax provision		32,829				33,275				29,666
Depreciation and amortization		35,850				31,186				39,085
EBITDA		168,276				157,870				159,589
Change in fair value of interest rate swaps		220				804				993
Adjusted EBITDA	$	168,496			$	158,674			$	160,582

The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the three months ended March 31, 2024 and 2023, and December 31, 2023:

	Three Months Ended
	March 31								December 31, 2023
	2024				2023
	(in thousands)
Wood Products
Segment income	$	71,238			$	69,395			$	64,128
Depreciation and amortization		24,384				23,790				28,565
EBITDA	$	95,622			$	93,185			$	92,693
Building Materials Distribution
Segment income	$	72,463			$	69,685			$	70,497
Depreciation and amortization		11,107				7,070				10,116
EBITDA	$	83,570			$	76,755			$	80,613
Corporate
Unallocated corporate costs	$	(10,719	)		$	(11,478	)		$	(13,449	)
Foreign currency exchange gain (loss)		(299	)			(73	)			362
Pension expense (excluding service costs)		(37	)			(41	)			(41	)
Change in fair value of interest rate swaps		(220	)			(804	)			(993	)
Depreciation and amortization		359				326				404
EBITDA		(10,916	)			(12,070	)			(13,717	)
Change in fair value of interest rate swaps		220				804				993
Corporate adjusted EBITDA	$	(10,696	)		$	(11,266	)		$	(12,724	)
Total Company adjusted EBITDA	$	168,496			$	158,674			$	160,582

 

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Investor Relations Contact - Chris Forrey

investor@bc.com

Media Contact - Lisa Tschampl

mediarelations@bc.com

Source: Boise Cascade Company

FAQ

What were Boise Cascade Company's net income and sales figures for the first quarter of 2024?

Boise Cascade Company reported a net income of $104.1 million, or $2.61 per share, on sales of $1.6 billion for the first quarter of 2024.

What were the key factors influencing Boise Cascade Company's first-quarter performance according to the CEO?

The CEO highlighted strong financial results influenced by new single-family starts and seasonal factors during the first quarter of 2024.

What were the total U.S. housing starts and single-family housing starts growth percentages in the first quarter of 2024 compared to 2023?

In the first quarter of 2024, total U.S. housing starts and single-family housing starts increased by 1% and 27%, respectively, compared to the same period in 2023.

What were the sales figures for the Wood Products segment and the Building Materials Distribution segment in the first quarter of 2024?

Wood Products' sales were $468.9 million, and Building Materials Distribution's sales were $1,505.0 million for the first quarter of 2024.

What was Boise Cascade Company's liquidity position at the end of the first quarter of 2024?

Boise Cascade ended the first quarter of 2024 with $890.2 million of cash and cash equivalents and $395.7 million of undrawn committed bank line availability, totaling $1,286.0 million in available liquidity.