Boise Cascade Company Reports Fourth Quarter and Full Year 2024 Results

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Insights

Boise Cascade's Q4 and full-year 2024 results reveal a company successfully navigating challenging market conditions while maintaining strong financial discipline. The Wood Products segment saw pressure with a 7% quarterly revenue decline to $419.7 million, primarily due to lower EWP pricing and reduced I-joist volumes. However, this should be viewed in context of the broader housing market dynamics, where single-family starts - the key demand driver - showed a 7% annual increase despite higher interest rates.

The BMD segment demonstrated remarkable resilience, with only a 4% quarterly revenue decline to $1.4 billion while maintaining stable segment income. This performance underscores the segment's efficient inventory management and pricing strategies in a volatile market. The slight increase in general line product sales (1%) suggests successful diversification efforts beyond commodity products.

The company's capital allocation strategy deserves particular attention. The $239.8 million investment in capital spending and acquisitions, coupled with planned 2025 expenditures of $220-240 million, reflects a strategic focus on organic growth and operational efficiency. Key investments in I-joist production capabilities and distribution center expansion demonstrate forward-thinking infrastructure development that should position the company well for future market opportunities.

The robust balance sheet, with $1.1 billion in total available liquidity and significant shareholder returns ($228.8 million in dividends and $194.9 million in share repurchases), provides substantial financial flexibility. This strong financial position enables the company to pursue strategic growth initiatives while maintaining shareholder returns, even as the industry faces potential headwinds from multi-family housing decline and ongoing affordability challenges.

Looking ahead to 2025, while the projected 1.35 million housing starts represent a slight decline, Boise Cascade's strategic investments in EWP production and distribution infrastructure position it well to capture market share in the more resilient single-family housing segment. The company's focus on operational efficiency and strategic growth initiatives, combined with its strong balance sheet, suggests it is well-prepared to navigate potential market volatility while pursuing long-term value creation.

02/20/2025 - 04:15 PM

BOISE, Idaho--(BUSINESS WIRE)-- Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported fourth quarter net income of $68.9 million, or $1.78 per share, on sales of $1.6 billion. For the full year 2024, Boise Cascade reported net income of $376.4 million, or $9.57 per share, on sales of $6.7 billion. For 2023 comparative results, see the table below.

“As we close out 2024, I first want to express my gratitude to our associates as they have shown commitment to our values and steadfast support for our customers, suppliers, and each other. We had many accomplishments during the year, which included both divisions delivering solid financial results, additional growth in our distribution business, capital investments in support of our EWP growth strategy, and meaningful capital returns to our shareholders,” stated Nate Jorgensen, CEO. “As we look forward to 2025, uncertainties surrounding the economy and residential construction activity will heavily influence the demand environment. However, our balance sheet remains strong, and we are well positioned to continue executing our reinvestment and growth strategies, while serving and supporting our customer and vendor partners.”

Fourth Quarter and Year End 2024 Highlights

	4Q 2024		4Q 2023		% change	2024		2023		% change
	(in thousands, except per-share data and percentages)
Consolidated Results
Sales	$	1,567,480	$	1,644,256	(5)%	$	6,724,294	$	6,838,245	(2)%
Net income		68,900		97,535	(29)%		376,354		483,656	(22)%
Net income per common share - diluted		1.78		2.44	(27)%		9.57		12.12	(21)%
Adjusted EBITDA ¹		128,655		160,582	(20)%		632,838		756,697	(16)%
Segment Results
Wood Products sales	$	419,670	$	449,676	(7)%	$	1,832,317	$	1,932,602	(5)%
Wood Products income		33,583		64,128	(48)%		231,454		337,132	(31)%
Wood Products EBITDA ¹		56,581		92,693	(39)%		324,657		435,842	(26)%
Building Materials Distribution sales		1,438,785		1,492,614	(4)%		6,166,493		6,178,690	— %
Building Materials Distribution income		70,701		70,497	— %		303,385		335,808	(10)%
Building Materials Distribution EBITDA ¹		84,459		80,613	5 %		352,919		368,161	(4)%
¹For reconciliations of non-GAAP measures, see summary notes at the end of this press release.

In fourth quarter 2024, total U.S. housing starts and single-family housing starts decreased 6% and 4%, respectively, compared to the same period in 2023. For the full year 2024, total housing starts decreased 4%, while single-family housing starts increased 7%, compared to 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), decreased $30.0 million, or 7%, to $419.7 million for the three months ended December 31, 2024, from $449.7 million for the three months ended December 31, 2023. The decrease in sales was driven by lower sales prices for LVL and I-joists (collectively referred to as EWP) and plywood, as well as lower I-joist sales volumes. These decreases were offset partially by higher LVL and plywood sales volumes. Wood Products' segment income decreased $30.5 million to $33.6 million for the three months ended December 31, 2024, from $64.1 million for the three months ended December 31, 2023. The decrease in segment income was due primarily to lower EWP and plywood sales prices.

For the year ended December 31, 2024, sales, including sales to BMD, decreased $100.3 million, or 5%, to $1,832.3 million from $1,932.6 million in 2023. The decrease in sales was driven by lower sales prices for EWP, as well as lower plywood sales volumes and prices. Other sales related to lumber and residual byproducts also decreased. These decreases were offset partially by higher EWP sales volumes. Wood Products' segment income decreased $105.7 million to $231.5 million for the year ended December 31, 2024, from $337.1 million for the year ended December 31, 2023. The decrease in segment income was due primarily to lower EWP and plywood sales prices, as well as higher wood fiber and conversion costs. These decreases in segment income were offset partially by higher EWP sales volumes.

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

	4Q 2024 vs. 4Q 2023	2024 vs. 2023

Average Net Selling Prices
LVL	(10)%	(7)%
I-joists	(10)%	(7)%
Plywood	(7)%	(5)%
Sales Volumes
LVL	11%	11%
I-joists	(2)%	7%
Plywood	2%	(5)%

Building Materials Distribution

BMD's sales decreased $53.8 million, or 4%, to $1,438.8 million for the three months ended December 31, 2024, from $1,492.6 million for the three months ended December 31, 2023. Compared with the same quarter in the prior year, the overall decrease in sales was driven by a 2% decrease in both sales price and volume. By product line, commodity sales decreased 4%, general line product sales increased 1%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 11%. BMD segment income increased $0.2 million to $70.7 million for the three months ended December 31, 2024, from $70.5 million for the three months ended December 31, 2023. General and administrative expenses decreased $3.6 million, offset by increased depreciation and amortization expense of $3.6 million. The decrease in general and administrative expenses was due primarily to acquisition-related expenses in the prior year quarter for the BROSCO acquisition. Gross margins were flat when compared to the same quarter in the prior year.

For the year ended December 31, 2024, sales decreased $12.2 million, or less than 1%, to $6,166.5 million from $6,178.7 million in 2023. The decrease in sales was driven by a sales price decrease of 3%, offset partially by a sales volume increase of 3%. Excluding the impact of the BROSCO acquisition on October 2, 2023, sales would have decreased by 2%. By product line, commodity sales decreased 5%, general line product sales increased 7%, and EWP sales decreased 4%. BMD segment income decreased $32.4 million to $303.4 million for the year ended December 31, 2024, from $335.8 million for the year ended December 31, 2023. The decline in segment income was driven by increased selling and distribution expenses and depreciation and amortization expense of $37.4 million and $17.2 million, respectively. These decreases in segment income were offset partially by a gross margin increase of $15.1 million, resulting primarily from improved gross margins on general line products, offset partially by lower gross margins on EWP and commodity products. In addition, general and administrative expenses decreased $6.7 million, due primarily to $5.1 million of acquisition-related expenses in the prior year for the BROSCO acquisition.

Balance Sheet and Liquidity

Boise Cascade ended fourth quarter 2024 with $713.3 million of cash and cash equivalents and $395.7 million of undrawn committed bank line availability, for total available liquidity of $1,109.0 million. The Company had $450.0 million of outstanding debt at December 31, 2024.

Capital Allocation

During the year ended December 31, 2024, the Company used a combined $239.8 million of cash for capital spending and acquisitions. We expect capital expenditures in 2025, excluding potential acquisition spending, to total approximately $220 million to $240 million. Our 2025 capital expenditures range includes additional spending on multi-year investments to add I-joist production capabilities at our Thorsby, Alabama EWP mill, as well as the continuation of significant modernization projects at our Oakdale, Louisiana veneer and plywood mill. Our 2025 capital expenditures range also includes continued spending on the previously announced greenfield distribution centers in Texas and South Carolina in our BMD segment. This level of capital expenditures could increase or decrease as a result of several factors, including acquisitions, efforts to further accelerate organic growth, exercise of lease purchase options, our financial results, future economic conditions, availability of engineering and construction resources, and timing and availability of equipment purchases.

For the year ended December 31, 2024, the Company paid common stock dividends of $228.8 million in regular and special dividends, which was comprised of $0.82 per share in regular dividends and a $5.00 per share special dividend. On February 7, 2025, our board of directors declared a quarterly dividend of $0.21 per share on our common stock, payable on March 19, 2025, to stockholders of record on February 24, 2025.

For the year ended December 31, 2024, the Company paid $194.9 million for the repurchase of approximately 1.5 million shares of our common stock. In January 2025, the Company repurchased an additional 250,000 shares of our common stock at a cost of approximately $30 million. Subsequent to these share repurchases, approximately 1.6 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. As reported by the U.S. Census Bureau, housing starts were 1.37 million in 2024. Current industry forecasts for U.S. housing starts are approximately 1.35 million in 2025. Single-family starts in 2024 outpaced 2023 levels by 7%, and are expected to remain at approximately 1.0 million, despite the affordability challenges consumers are facing in the current rate environment. Multi-family starts declined sharply in 2024 and are expected to continue to face headwinds in 2025 due to prohibitive capital costs for developers, combined with elevated levels of multi-family unit completions in 2023 and 2024. We expect 2025 to reflect modest growth in home improvement spending, as the age of U.S. housing stock, elevated levels of homeowner equity, and recent improvement in existing home sales will provide a favorable backdrop for repair-and-remodel spending. Ultimately, macroeconomic factors, the level and expectations for mortgage rates, home affordability, home equity levels, home size, levels of new and existing home inventory for sale, and other factors will 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. In addition, changes in laws or government regulations, such as the imposition of tariffs, could impact our product pricing and input costs.

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 fourth quarter and full year earnings on Friday, February 21, 2025, 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, Adjusted EBITDA and Segment 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 also disclose Segment EBITDA, which is segment income before depreciation and amortization.

We believe EBITDA, Adjusted EBITDA and Segment 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, Adjusted EBITDA and Segment 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, Adjusted EBITDA and Segment 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, Adjusted EBITDA and Segment 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, Adjusted EBITDA and Segment EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. For a reconciliation of net income to EBITDA and Adjusted EBITDA and segment income to Segment EBITDA, please see the section titled, "Summary Notes to Consolidated Financial Statements and Segment Information" below.

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, 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									Year Ended
	December 31						September 30, 2024			December 31
	2024			2023			September 30, 2024			2024			2023

Sales	$	1,567,480		$	1,644,256		$	1,713,724		$	6,724,294		$	6,838,245

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)		1,269,769			1,310,062			1,375,719			5,393,607			5,409,311
Depreciation and amortization		37,035			39,085			36,861			144,113			132,467
Selling and distribution expenses		143,512			143,796			157,522			594,927			559,503
General and administrative expenses		25,085			30,241			26,172			102,317			114,434
Other (income) expense, net		(640	)		(104	)		94			(708	)		(1,856	)
		1,474,761			1,523,080			1,596,368			6,234,256			6,213,859

Income from operations		92,719			121,176			117,356			490,038			624,386

Foreign currency exchange gain (loss)		(1,061	)		362			300			(1,164	)		7
Pension expense (excluding service costs)		(38	)		(41	)		(37	)		(149	)		(163	)
Interest expense		(5,810	)		(6,445	)		(6,082	)		(24,067	)		(25,496	)
Interest income		7,831			13,142			10,168			39,139			48,106
Change in fair value of interest rate swaps		(465	)		(993	)		(866	)		(2,038	)		(1,791	)
		457			6,025			3,483			11,721			20,663

Income before income taxes		93,176			127,201			120,839			501,759			645,049
Income tax provision		(24,276	)		(29,666	)		(29,801	)		(125,405	)		(161,393	)
Net income	$	68,900		$	97,535		$	91,038		$	376,354		$	483,656

Weighted average common shares outstanding:
Basic		38,490			39,653			38,848			39,086			39,649
Diluted		38,735			40,020			39,063			39,318			39,901

Net income per common share:
Basic	$	1.79		$	2.46		$	2.34		$	9.63		$	12.20
Diluted	$	1.78		$	2.44		$	2.33		$	9.57		$	12.12

Dividends declared per common share	$	0.21		$	5.20		$	5.21		$	5.82		$	8.70

Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)

	Three Months Ended									Year Ended
	December 31						September 30, 2024			December 31
	2024			2023			September 30, 2024			2024			2023

Segment sales	$	419,670		$	449,676		$	453,896		$	1,832,317		$	1,932,602

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)		348,601			340,845			361,313			1,446,555			1,432,745
Depreciation and amortization		22,998			28,565			23,551			93,203			98,710
Selling and distribution expenses		11,016			11,215			10,587			43,268			45,116
General and administrative expenses		3,394			4,844			4,640			17,660			20,404
Other (income) expense, net		78			79			(48	)		177			(1,505	)
		386,087			385,548			400,043			1,600,863			1,595,470

Segment income	$	33,583		$	64,128		$	53,853		$	231,454		$	337,132

	(percentage of sales)

Segment sales		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)		83.1	%		75.8	%		79.6	%		78.9	%		74.1	%
Depreciation and amortization		5.5	%		6.4	%		5.2	%		5.1	%		5.1	%
Selling and distribution expenses		2.6	%		2.5	%		2.3	%		2.4	%		2.3	%
General and administrative expenses		0.8	%		1.1	%		1.0	%		1.0	%		1.1	%
Other (income) expense, net		—	%		—	%		—	%		—	%		(0.1	%)
		92.0	%		85.7	%		88.1	%		87.4	%		82.6	%

Segment income		8.0	%		14.3	%		11.9	%		12.6	%		17.4	%

Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
	Three Months Ended									Year Ended
	December 31						September 30, 2024			December 31
	2024			2023			September 30, 2024			2024			2023

Segment sales	$	1,438,785		$	1,492,614		$	1,567,466		$	6,166,493		$	6,178,690

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)		1,212,013			1,265,493			1,322,001			5,221,945			5,249,211
Depreciation and amortization		13,758			10,116			12,928			49,534			32,353
Selling and distribution expenses		132,550			132,635			146,994			551,874			514,513
General and administrative expenses		10,482			14,100			10,580			40,666			47,414
Other (income) expense, net		(719	)		(227	)		142			(911	)		(609	)
		1,368,084			1,422,117			1,492,645			5,863,108			5,842,882

Segment income	$	70,701		$	70,497		$	74,821		$	303,385		$	335,808

	(percentage of sales)

Segment sales		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)		84.2	%		84.8	%		84.3	%		84.7	%		85.0	%
Depreciation and amortization		1.0	%		0.7	%		0.8	%		0.8	%		0.5	%
Selling and distribution expenses		9.2	%		8.9	%		9.4	%		8.9	%		8.3	%
General and administrative expenses		0.7	%		0.9	%		0.7	%		0.7	%		0.8	%
Other (income) expense, net		—	%		—	%		—	%		—	%		—	%
		95.1	%		95.3	%		95.2	%		95.1	%		94.6	%

Segment income		4.9	%		4.7	%		4.8	%		4.9	%		5.4	%

Segment Information
(in thousands) (unaudited)

	Three Months Ended									Year Ended
	December 31						September 30, 2024			December 31
	2024			2023			September 30, 2024			2024			2023
Segment sales
Wood Products	$	419,670		$	449,676		$	453,896		$	1,832,317		$	1,932,602
Building Materials Distribution		1,438,785			1,492,614			1,567,466			6,166,493			6,178,690
Intersegment eliminations		(290,975	)		(298,034	)		(307,638	)		(1,274,516	)		(1,273,047	)
Total net sales	$	1,567,480		$	1,644,256		$	1,713,724		$	6,724,294		$	6,838,245

Segment income
Wood Products	$	33,583		$	64,128		$	53,853		$	231,454		$	337,132
Building Materials Distribution		70,701			70,497			74,821			303,385			335,808
Total segment income		104,284			134,625			128,674			534,839			672,940
Unallocated corporate costs		(11,565	)		(13,449	)		(11,318	)		(44,801	)		(48,554	)
Income from operations	$	92,719		$	121,176		$	117,356		$	490,038		$	624,386

Segment EBITDA
Wood Products	$	56,581		$	92,693		$	77,404		$	324,657		$	435,842
Building Materials Distribution		84,459			80,613			87,749			352,919			368,161

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

Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)

	December 31, 2024		December 31, 2023

ASSETS

Current
Cash and cash equivalents	$	713,260	$	949,574
Receivables
Trade, less allowances of $5,506 and $3,278		321,820		352,780
Related parties		173		181
Other		22,772		20,740
Inventories		803,296		712,369
Prepaid expenses and other		24,747		21,170
Total current assets		1,886,068		2,056,814

Property and equipment, net		1,047,083		932,633
Operating lease right-of-use assets		49,673		62,868
Finance lease right-of-use assets		22,128		24,003
Timber deposits		6,916		7,208
Goodwill		171,945		170,254
Intangible assets, net		173,027		190,743
Deferred income taxes		3,705		4,854
Other assets		8,838		9,269
Total assets	$	3,369,383	$	3,458,646

Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)

	December 31, 2024			December 31, 2023

LIABILITIES AND STOCKHOLDERS' EQUITY

Current
Accounts payable
Trade	$	297,676		$	310,175
Related parties		1,315			1,501
Accrued liabilities
Compensation and benefits		127,415			149,561
Interest payable		9,957			9,958
Other		127,653			122,921
Total current liabilities		564,016			594,116

Debt
Long-term debt, net		446,167			445,280

Other
Compensation and benefits		42,006			40,189
Operating lease liabilities, net of current portion		43,174			56,425
Finance lease liabilities, net of current portion		26,883			28,084
Deferred income taxes		78,849			82,014
Other long-term liabilities		17,014			16,874
		207,926			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, 45,139 and 44,983 shares issued, respectively		451			450
Treasury stock, 6,956 and 5,443 shares at cost, respectively		(341,974	)		(145,335	)
Additional paid-in capital		565,041			560,697
Accumulated other comprehensive loss		(460	)		(517	)
Retained earnings		1,928,216			1,780,369
Total stockholders' equity		2,151,274			2,195,664
Total liabilities and stockholders' equity	$	3,369,383		$	3,458,646

Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)

	Year Ended December 31
	2024			2023
Cash provided by (used for) operations
Net income	$	376,354		$	483,656
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other		147,402			135,414
Stock-based compensation		15,486			15,410
Pension expense		149			163
Deferred income taxes		(2,416	)		(180	)
Change in fair value of interest rate swaps		2,038			1,791
Other		(379	)		(1,898	)
Decrease (increase) in working capital, net of acquisitions
Receivables		31,068			(35,024	)
Inventories		(89,266	)		22,286
Prepaid expenses and other		(1,029	)		(824	)
Accounts payable and accrued liabilities		(35,595	)		37,146
Income taxes payable		(2,405	)		28,590
Other		(3,087	)		928
Net cash provided by operations		438,320			687,458

Cash provided by (used for) investment
Expenditures for property and equipment		(229,569	)		(215,438	)
Acquisitions of businesses and facilities, net of cash acquired		(10,221	)		(162,774	)
Proceeds from sales of assets and other		1,970			2,660
Net cash used for investment		(237,820	)		(375,552	)

Cash provided by (used for) financing
Treasury stock purchased		(194,904	)		(6,426	)
Dividends paid on common stock		(228,814	)		(346,493	)
Tax withholding payments on stock-based awards		(11,141	)		(5,926	)
Other		(1,955	)		(1,831	)
Net cash used for financing		(436,814	)		(360,676	)

Net decrease in cash and cash equivalents		(236,314	)		(48,770	)

Balance at beginning of the period		949,574			998,344

Balance at end of the period	$	713,260		$	949,574

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 2024 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 (i) three months ended December 31, 2024 and 2023, (ii) three months ended September 30, 2024, and (iii) year ended December 31, 2024 and 2023:

	Three Months Ended									Year Ended
	December 31						September 30, 2024			December 31
	2024			2023			September 30, 2024			2024			2023
	(in thousands)
Net income	$	68,900		$	97,535		$	91,038		$	376,354		$	483,656
Interest expense		5,810			6,445			6,082			24,067			25,496
Interest income		(7,831	)		(13,142	)		(10,168	)		(39,139	)		(48,106	)
Income tax provision		24,276			29,666			29,801			125,405			161,393
Depreciation and amortization		37,035			39,085			36,861			144,113			132,467
EBITDA		128,190			159,589			153,614			630,800			754,906
Change in fair value of interest rate swaps		465			993			866			2,038			1,791
Adjusted EBITDA	$	128,655		$	160,582		$	154,480		$	632,838		$	756,697

The following table reconciles segment income and unallocated corporate costs to Segment EBITDA, EBITDA and Adjusted EBITDA for the (i) three months ended December 31, 2024 and 2023, (ii) three months ended September 30, 2024, and (iii) year ended December 31, 2024 and 2023:

	Three Months Ended									Year Ended
	December 31						September 30, 2024			December 31
	2024			2023			September 30, 2024			2024			2023
	(in thousands)
Wood Products
Segment income	$	33,583		$	64,128		$	53,853		$	231,454		$	337,132
Depreciation and amortization		22,998			28,565			23,551			93,203			98,710
Segment EBITDA	$	56,581		$	92,693		$	77,404		$	324,657		$	435,842

Building Materials Distribution
Segment income	$	70,701		$	70,497		$	74,821		$	303,385		$	335,808
Depreciation and amortization		13,758			10,116			12,928			49,534			32,353
Segment EBITDA	$	84,459		$	80,613		$	87,749		$	352,919		$	368,161

Corporate
Unallocated corporate costs	$	(11,565	)	$	(13,449	)	$	(11,318	)	$	(44,801	)	$	(48,554	)
Foreign currency exchange gain (loss)		(1,061	)		362			300			(1,164	)		7
Pension expense (excluding service costs)		(38	)		(41	)		(37	)		(149	)		(163	)
Change in fair value of interest rate swaps		(465	)		(993	)		(866	)		(2,038	)		(1,791	)
Depreciation and amortization		279			404			382			1,376			1,404
EBITDA		(12,850	)		(13,717	)		(11,539	)		(46,776	)		(49,097	)
Change in fair value of interest rate swaps		465			993			866			2,038			1,791
Corporate Adjusted EBITDA	$	(12,385	)	$	(12,724	)	$	(10,673	)	$	(44,738	)	$	(47,306	)

Total Company Adjusted EBITDA	$	128,655		$	160,582		$	154,480		$	632,838		$	756,697

View source version on businesswire.com: https://www.businesswire.com/news/home/20250220787652/en/

Investor Relations Contact - Chris Forrey

investor@bc.com

Media Contact - Amy Evans

mediarelations@bc.com

Source: Boise Cascade Company

FAQ

What was Boise Cascade's (BCC) net income for Q4 2024?

Boise Cascade reported Q4 2024 net income of $68.9 million, or $1.78 per share, on sales of $1.6 billion.

How much did BCC return to shareholders in 2024?

BCC returned capital to shareholders through $228.8 million in dividends ($0.82 regular + $5.00 special per share) and $194.9 million in share repurchases.

What are BCC's capital expenditure plans for 2025?

Boise Cascade expects capital expenditures of $220-240 million in 2025, focusing on I-joist production capabilities and distribution center development.

How much liquidity did Boise Cascade (BCC) have at the end of Q4 2024?

BCC ended Q4 2024 with total available liquidity of $1,109.0 million, including $713.3 million in cash and $395.7 million in undrawn credit.

What was the performance of BCC's Wood Products segment in Q4 2024?

Wood Products segment sales decreased 7% to $419.7 million, with segment income declining to $33.6 million from $64.1 million year-over-year.

Boise Cascade Company Reports Fourth Quarter and Full Year 2024 Results

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Boise Cascade Company Reports Fourth Quarter and Full Year 2024 Results

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