Boise Cascade Company Reports Third Quarter 2024 Results

Rhea-AI Summary

Boise Cascade (NYSE: BCC) reported Q3 2024 net income of $91.0 million ($2.33 per share) on sales of $1.7 billion, compared to net income of $143.1 million ($3.58 per share) on sales of $1.8 billion in Q3 2023. Wood Products sales decreased 12% to $453.9 million, while Building Materials Distribution sales declined 6% to $1,567.5 million. The company ended Q3 with $761.6 million in cash and total available liquidity of $1,157.3 million. The board declared a quarterly dividend of $0.21 per share and authorized the repurchase of an additional 1.4 million shares.

Positive

• Strong liquidity position with $1.15 billion available
• Continued share repurchase program with additional 1.4 million shares authorized
• Maintained profitability despite challenging market conditions

Negative

• Net income decreased 36% year-over-year to $91.0 million
• Sales declined 7% to $1.7 billion compared to Q3 2023
• Wood Products segment income fell 46% to $53.9 million
• Building Materials Distribution segment income decreased 23% to $74.8 million
• Lower sales prices across product categories including plywood, LVL, and I-joists

Insights

Financial Analyst

Boise Cascade's Q3 2024 results show notable headwinds, with $91.0M net income ($2.33/share) marking a 36% decline from Q3 2023's $143.1M. The Wood Products segment faced significant pressure with a 46% income drop, while Building Materials Distribution saw a 23% decrease. Key challenges include lower plywood and engineered wood product prices, alongside increased operating costs.

Despite market pressures, the company maintains strong liquidity with $761.6M in cash and $395.7M in available credit. The continued share repurchases and dividend payments signal financial stability. However, the projected $220-240M capital expenditure for 2024 and similar levels for 2025 indicate significant reinvestment needs, which could impact near-term free cash flow.

Market Research Analyst

The housing market context presents mixed signals for Boise Cascade's outlook. While single-family housing starts increased 10% YTD through September 2024, total housing starts declined 3%. The forecast of 1.35 million U.S. housing starts for 2024, below 2023's 1.42 million, suggests continued moderate demand pressure.

The company's strategic acquisition of BROSCO and focus on cost management demonstrate adaptive measures in a challenging environment. However, persistent affordability issues in housing, elevated mortgage rates and commodity price volatility create significant near-term uncertainty. The repair-and-remodel market's expected modest growth in 2025 could provide some stability.

BOISE, Idaho--(BUSINESS WIRE)-- Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $91.0 million, or $2.33 per share, on sales of $1.7 billion for the third quarter ended September 30, 2024, compared with net income of $143.1 million, or $3.58 per share, on sales of $1.8 billion for the third quarter ended September 30, 2023.

"In what has proven to be a moderate demand environment, once again, we were able to deliver good financial results in the third quarter. We could not have done this without the tremendous efforts of our associates and our unique combination of best-in-class engineered wood products and an unmatched nationwide wholesale distribution network,” stated Nate Jorgensen, CEO. “In addition, we continue to progress on our key strategic investment initiatives and thoughtfully deploy capital to shareholders. Looking forward, we expect normal seasonality through the winter months, and are well positioned to serve and support our customer and vendor partners as changes in demand dictate."

Third Quarter 2024 Highlights
	3Q 2024			3Q 2023			% change
	(in thousands, except per-share data and percentages)
Consolidated Results
Sales	$	1,713,724		$	1,834,441		(7	)%
Net income		91,038			143,068		(36	)%
Net income per common share - diluted		2.33			3.58		(35	)%
Adjusted EBITDA 1		154,480			216,465		(29	)%
Segment Results
Wood Products sales	$	453,896		$	515,225		(12	)%
Wood Products income		53,853			99,574		(46	)%
Wood Products EBITDA 1		77,404			122,924		(37	)%
Building Materials Distribution sales		1,567,466			1,670,296		(6	)%
Building Materials Distribution income		74,821			97,076		(23	)%
Building Materials Distribution EBITDA 1		87,749			104,857		(16	)%
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.

In third quarter 2024, total U.S. housing starts and single-family housing starts decreased 3% and 1%, respectively, compared to the same period in 2023. On a year-to-date basis through September 2024, total housing starts decreased 3%, while single-family housing starts increased 10%, 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), decreased $61.3 million, or 12%, to $453.9 million for the three months ended September 30, 2024, from $515.2 million for the three months ended September 30, 2023. The decrease in sales was driven by lower plywood sales prices, as well as lower sales prices for LVL and I-joists (collectively referred to as EWP). In addition, lower sales volumes for I-joists decreased sales, while sales volumes for LVL and plywood were flat. Other sales related to lumber and residual byproducts also decreased.

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

	3Q 2024 vs. 3Q 2023		3Q 2024 vs. 2Q 2024
Average Net Selling Prices
LVL	(5)%		(2)%
I-joists	(6)%		(2)%
Plywood	(13)%		(8)%
Sales Volumes
LVL	—%		(2)%
I-joists	(8)%		(10)%
Plywood	—%		2%

Wood Products' segment income decreased $45.7 million to $53.9 million for the three months ended September 30, 2024, from $99.6 million for the three months ended September 30, 2023. The decrease in segment income was due primarily to lower EWP and plywood sales prices, as well as higher conversion costs. In addition, lower I-joist sales volumes contributed to the decrease in segment income.

Building Materials Distribution

BMD's sales decreased $102.8 million, or 6%, to $1,567.5 million for the three months ended September 30, 2024, from $1,670.3 million for the three months ended September 30, 2023. Compared with the same quarter in the prior year, the overall decrease in sales was driven by a sales price decrease of 6%, as sales volumes were flat. Excluding the impact of the BROSCO acquisition on October 2, 2023, sales would have decreased by 9%. By product line, commodity sales decreased 12%, general line product sales increased 4%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 14%.

BMD segment income decreased $22.3 million to $74.8 million for the three months ended September 30, 2024, from $97.1 million for the three months ended September 30, 2023. The decrease in segment income was driven by increased selling and distribution expenses and depreciation and amortization expense of $10.0 million and $5.1 million, respectively. In addition, gross margin decreased $7.7 million, driven by lower margins on commodity products and EWP, offset partially by improved margins on general line products.

Balance Sheet and Liquidity

Boise Cascade ended third quarter 2024 with $761.6 million of cash and cash equivalents and $395.7 million of undrawn committed bank line availability, for total available liquidity of $1,157.3 million. The Company had $450.0 million of outstanding debt at September 30, 2024.

Capital Allocation

We expect capital expenditures in 2024, excluding potential acquisition spending, to total approximately $220 million to $240 million. In addition, we expect capital expenditures in 2025 to total approximately $200 million to $220 million. These levels 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 nine months ended September 30, 2024, the Company paid $220.5 million in common stock dividends. On October 30, 2024, our board of directors declared a quarterly dividend of $0.21 per share on our common stock, payable on December 18, 2024, to stockholders of record on December 2, 2024.

For the three and nine months ended September 30, 2024, the Company paid $69.7 million and $158.5 million, respectively, for the repurchase of 554,500 and 1,232,345 shares of our common stock, respectively. Furthermore, in October 2024, the Company repurchased an additional 50,000 shares of our common stock at a cost of $6.9 million. On October 30, 2024, our board of directors authorized the repurchase of an additional 1.4 million shares of our common stock. This increase is in addition to the remaining authorized shares under our prior common stock repurchase program. As of October 31, 2024, approximately 2 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 1.42 million in 2023. Current industry forecasts for U.S. housing starts are approximately 1.35 million in 2024 followed by 2025 starts at or modestly above 1.40 million. For the nine months ended September 2024, single-family starts are outpacing 2023 levels by 10% whereas multi-family starts have declined sharply from historic levels due to increased capital costs for developers, combined with historic levels of multi-family unit completions in 2024. Home affordability remains a challenge for many consumers due to home prices and the cost of financing, with the level of mortgage rates also limiting the supply of existing housing stock available for sale. Large homebuilders are addressing affordability challenges by reducing home sizes and plan complexity, as well as offering mortgage rate buydowns. New residential construction will continue to be an important source of supply for the demand created by undersupplied housing, favorable demographic trends, and low unemployment. We expect 2025 to reflect modest growth in home improvement spending, as the age of U.S. housing stock and elevated levels of homeowner equity will continue to 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, 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.

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 third quarter earnings on Tuesday, November 5, 2024, at 10 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												Nine Months Ended
	September 30								June 30, 2024				September 30
	2024				2023								2024				2023
Sales	$	1,713,724			$	1,834,441			$	1,797,670			$	5,156,814			$	5,193,989
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)		1,375,719				1,442,178				1,440,680				4,123,838				4,099,249
Depreciation and amortization		36,861				31,474				34,367				107,078				93,382
Selling and distribution expenses		157,522				147,714				149,783				451,415				415,707
General and administrative expenses		26,172				27,583				25,943				77,232				84,193
Other (income) expense, net		94				(141	)			(84	)			(68	)			(1,752	)
		1,596,368				1,648,808				1,650,689				4,759,495				4,690,779
Income from operations		117,356				185,633				146,981				397,319				503,210
Foreign currency exchange gain (loss)		300				(602	)			(104	)			(103	)			(355	)
Pension expense (excluding service costs)		(37	)			(40	)			(37	)			(111	)			(122	)
Interest expense		(6,082	)			(6,351	)			(6,105	)			(18,257	)			(19,051	)
Interest income		10,168				13,760				10,543				31,308				34,964
Change in fair value of interest rate swaps		(866	)			(327	)			(487	)			(1,573	)			(798	)
		3,483				6,440				3,810				11,264				14,638
Income before income taxes		120,839				192,073				150,791				408,583				517,848
Income tax provision		(29,801	)			(49,005	)			(38,499	)			(101,129	)			(131,727	)
Net income	$	91,038			$	143,068			$	112,292			$	307,454			$	386,121
Weighted average common shares outstanding:
Basic		38,848				39,675				39,412				39,286				39,648
Diluted		39,063				39,983				39,608				39,521				39,849
Net income per common share:
Basic	$	2.34			$	3.61			$	2.85			$	7.83			$	9.74
Diluted	$	2.33			$	3.58			$	2.84			$	7.78			$	9.69
Dividends declared per common share	$	5.21			$	0.20			$	0.20			$	5.61			$	3.50

Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
	Three Months Ended												Nine Months Ended
	September 30								June 30, 2024				September 30
	2024				2023								2024				2023
Segment sales	$	453,896			$	515,225			$	489,823			$	1,412,647			$	1,482,926
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)		361,313				376,754				378,920				1,097,954				1,091,900
Depreciation and amortization		23,551				23,350				22,270				70,205				70,145
Selling and distribution expenses		10,587				10,786				11,114				32,252				33,901
General and administrative expenses		4,640				5,018				4,606				14,266				15,560
Other (income) expense, net		(48	)			(257	)			133				99				(1,584	)
		400,043				415,651				417,043				1,214,776				1,209,922
Segment income	$	53,853			$	99,574			$	72,780			$	197,871			$	273,004
	(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)		79.6	%			73.1	%			77.4	%			77.7	%			73.6	%
Depreciation and amortization		5.2	%			4.5	%			4.5	%			5.0	%			4.7	%
Selling and distribution expenses		2.3	%			2.1	%			2.3	%			2.3	%			2.3	%
General and administrative expenses		1.0	%			1.0	%			0.9	%			1.0	%			1.0	%
Other (income) expense, net		—	%			—	%			—	%			—	%			(0.1	%)
		88.1	%			80.7	%			85.1	%			86.0	%			81.6	%
Segment income		11.9	%			19.3	%			14.9	%			14.0	%			18.4	%

Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
	Three Months Ended												Nine Months Ended
	September 30								June 30, 2024				September 30
	2024				2023								2024				2023
Segment sales	$	1,567,466			$	1,670,296			$	1,655,221			$	4,727,708			$	4,686,076
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)		1,322,001				1,417,153				1,409,510				4,009,932				3,983,718
Depreciation and amortization		12,928				7,781				11,741				35,776				22,237
Selling and distribution expenses		146,994				136,982				138,716				419,324				381,878
General and administrative expenses		10,580				11,195				10,070				30,184				33,314
Other (income) expense, net		142				109				(216	)			(192	)			(382	)
		1,492,645				1,573,220				1,569,821				4,495,024				4,420,765
Segment income	$	74,821			$	97,076			$	85,400			$	232,684			$	265,311
	(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)		84.3	%			84.8	%			85.2	%			84.8	%			85.0	%
Depreciation and amortization		0.8	%			0.5	%			0.7	%			0.8	%			0.5	%
Selling and distribution expenses		9.4	%			8.2	%			8.4	%			8.9	%			8.1	%
General and administrative expenses		0.7	%			0.7	%			0.6	%			0.6	%			0.7	%
Other (income) expense, net		—	%			—	%			—	%			—	%			—	%
		95.2	%			94.2	%			94.8	%			95.1	%			94.3	%
Segment income		4.8	%			5.8	%			5.2	%			4.9	%			5.7	%

Segment Information
(in thousands) (unaudited)
	Three Months Ended												Nine Months Ended
	September 30								June 30, 2024				September 30
	2024				2023								2024				2023
Segment sales
Wood Products	$	453,896			$	515,225			$	489,823			$	1,412,647			$	1,482,926
Building Materials Distribution		1,567,466				1,670,296				1,655,221				4,727,708				4,686,076
Intersegment eliminations		(307,638	)			(351,080	)			(347,374	)			(983,541	)			(975,013	)
Total net sales	$	1,713,724			$	1,834,441			$	1,797,670			$	5,156,814			$	5,193,989
Segment income
Wood Products	$	53,853			$	99,574			$	72,780			$	197,871			$	273,004
Building Materials Distribution		74,821				97,076				85,400				232,684				265,311
Total segment income		128,674				196,650				158,180				430,555				538,315
Unallocated corporate costs		(11,318	)			(11,017	)			(11,199	)			(33,236	)			(35,105	)
Income from operations	$	117,356			$	185,633			$	146,981			$	397,319			$	503,210
Segment EBITDA
Wood Products	$	77,404			$	122,924			$	95,050			$	268,076			$	343,149
Building Materials Distribution		87,749				104,857				97,141				268,460				287,548
See accompanying summary notes to consolidated financial statements and segment information.

Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
	September 30, 2024			December 31, 2023
ASSETS
Current
Cash and cash equivalents	$	761,599		$	949,574
Receivables
Trade, less allowances of $4,979 and $3,278		408,487			352,780
Related parties		289			181
Other		17,411			20,740
Inventories		792,356			712,369
Prepaid expenses and other		32,024			21,170
Total current assets		2,012,166			2,056,814
Property and equipment, net		985,808			932,633
Operating lease right-of-use assets		50,039			62,868
Finance lease right-of-use assets		22,925			24,003
Timber deposits		9,078			7,208
Goodwill		171,945			170,254
Intangible assets, net		177,028			190,743
Deferred income taxes		4,605			4,854
Other assets		8,033			9,269
Total assets	$	3,441,627		$	3,458,646

Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
	September 30, 2024				December 31, 2023
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade	$	372,199			$	310,175
Related parties		2,216				1,501
Accrued liabilities
Compensation and benefits		122,000				149,561
Interest payable		5,086				9,958
Other		141,741				122,921
Total current liabilities		643,242				594,116
Debt
Long-term debt		445,945				445,280
Other
Compensation and benefits		42,864				40,189
Operating lease liabilities, net of current portion		43,550				56,425
Finance lease liabilities, net of current portion		27,492				28,084
Deferred income taxes		96,967				82,014
Other long-term liabilities		18,134				16,874
		229,007				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, 45,130 and 44,983 shares issued, respectively		451				450
Treasury stock, 6,675 and 5,443 shares at cost, respectively		(305,227	)			(145,335	)
Additional paid-in capital		561,223				560,697
Accumulated other comprehensive loss		(495	)			(517	)
Retained earnings		1,867,481				1,780,369
Total stockholders' equity		2,123,433				2,195,664
Total liabilities and stockholders' equity	$	3,441,627			$	3,458,646

Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
	Nine Months Ended September 30
	2024				2023
Cash provided by (used for) operations
Net income	$	307,454			$	386,121
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other		109,531				95,516
Stock-based compensation		11,668				11,518
Pension expense		111				122
Deferred income taxes		15,096				4,351
Change in fair value of interest rate swaps		1,573				798
Other		322				(1,877	)
Decrease (increase) in working capital, net of acquisitions
Receivables		(51,192	)			(158,756	)
Inventories		(80,739	)			14,145
Prepaid expenses and other		(6,697	)			(6,604	)
Accounts payable and accrued liabilities		44,547				152,303
Income taxes payable		(3,970	)			23,664
Other		(3,952	)			(172	)
Net cash provided by operations		343,752				521,129
Cash provided by (used for) investment
Expenditures for property and equipment		(135,760	)			(99,251	)
Acquisitions of businesses and facilities		(5,581	)			—
Proceeds from sales of assets and other		1,197				2,450
Net cash used for investment		(140,144	)			(96,801	)
Cash provided by (used for) financing
Treasury stock purchased		(158,509	)			(1,539	)
Dividends paid on common stock		(220,485	)			(140,885	)
Tax withholding payments on stock-based awards		(11,141	)			(5,926	)
Other		(1,448	)			(1,359	)
Net cash used for financing		(391,583	)			(149,709	)
Net increase (decrease) in cash and cash equivalents		(187,975	)			274,619
Balance at beginning of the period		949,574				998,344
Balance at end of the period	$	761,599			$	1,272,963

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 (i) three months ended September 30, 2024 and 2023, (ii) three months ended June 30, 2024, and (iii) nine months ended September 30, 2024 and 2023:

	Three Months Ended												Nine Months Ended
	September 30								June 30, 2024				September 30
	2024				2023								2024				2023
	(in thousands)
Net income	$	91,038			$	143,068			$	112,292			$	307,454			$	386,121
Interest expense		6,082				6,351				6,105				18,257				19,051
Interest income		(10,168	)			(13,760	)			(10,543	)			(31,308	)			(34,964	)
Income tax provision		29,801				49,005				38,499				101,129				131,727
Depreciation and amortization		36,861				31,474				34,367				107,078				93,382
EBITDA		153,614				216,138				180,720				502,610				595,317
Change in fair value of interest rate swaps		866				327				487				1,573				798
Adjusted EBITDA	$	154,480			$	216,465			$	181,207			$	504,183			$	596,115

The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the (i) three months ended September 30, 2024 and 2023, (ii) three months ended June 30, 2024, and (iii) nine months ended September 30, 2024 and 2023:

	Three Months Ended												Nine Months Ended
	September 30								June 30, 2024				September 30
	2024				2023								2024				2023
	(in thousands)
Wood Products
Segment income	$	53,853			$	99,574			$	72,780			$	197,871			$	273,004
Depreciation and amortization		23,551				23,350				22,270				70,205				70,145
EBITDA	$	77,404			$	122,924			$	95,050			$	268,076			$	343,149
Building Materials Distribution
Segment income	$	74,821			$	97,076			$	85,400			$	232,684			$	265,311
Depreciation and amortization		12,928				7,781				11,741				35,776				22,237
EBITDA	$	87,749			$	104,857			$	97,141			$	268,460			$	287,548
Corporate
Unallocated corporate costs	$	(11,318	)		$	(11,017	)		$	(11,199	)		$	(33,236	)		$	(35,105	)
Foreign currency exchange gain (loss)		300				(602	)			(104	)			(103	)			(355	)
Pension expense (excluding service costs)		(37	)			(40	)			(37	)			(111	)			(122	)
Change in fair value of interest rate swaps		(866	)			(327	)			(487	)			(1,573	)			(798	)
Depreciation and amortization		382				343				356				1,097				1,000
EBITDA		(11,539	)			(11,643	)			(11,471	)			(33,926	)			(35,380	)
Change in fair value of interest rate swaps		866				327				487				1,573				798
Corporate adjusted EBITDA	$	(10,673	)		$	(11,316	)		$	(10,984	)		$	(32,353	)		$	(34,582	)
Total Company adjusted EBITDA	$	154,480			$	216,465			$	181,207			$	504,183			$	596,115

 

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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) earnings per share in Q3 2024?

Boise Cascade reported earnings of $2.33 per share in Q3 2024, down from $3.58 per share in Q3 2023.

How much did Boise Cascade (BCC) spend on share repurchases in Q3 2024?

Boise Cascade spent $69.7 million to repurchase 554,500 shares during Q3 2024.

What is Boise Cascade's (BCC) quarterly dividend payment for Q4 2024?

The board declared a quarterly dividend of $0.21 per share, payable on December 18, 2024.

How much cash did Boise Cascade (BCC) have at the end of Q3 2024?

Boise Cascade ended Q3 2024 with $761.6 million in cash and cash equivalents.