Boise Cascade’s Q1 profits rise 7.7%

May 27, 2024
Source:
BC/Fordaq
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Boise Cascade Company, one of North America’s largest producers and wholesale distributors of engineered wood products and plywood, reported net income of $104.1 million on sales of $1.6 billion for the first quarter ended March 31. The company’s net income bested what was recorded for Q1 2023 by 7.7%.

Boise noted that Wood Products' sales, including sales to Building Materials Distribution (BMD), increased $31.5 million, or 7%, to $468.9 million for Q1 2024. 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 during the first quarter.

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%. 

“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," said 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."