Boise Cascade logo

Net income increased by 8% and net sales increased by 7% in the fiscal first quarter for Boise Cascade. The company reported net income of $104.1 million on sales of $1.6 billion for the first quarter, compared to net income of $96.7 million on sales of $1.5 billion for the first quarter of 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,” Nate Jorgensen, CEO of Boise Cascade, said in a prepared statement. “As we enter the second quarter, economic and geopolitical uncertainties are prevalent, and the extent of 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.”

Wood product sales in the quarter, including sales to building materials distribution (BMD), increased $31.5 million, or 7%, to $468.9 million in the first quarter. The increase in sales was driven by higher sales volumes for I-joists and LVL, as well as higher plywood sales prices. The increases were partially offset by decreased sales prices for LVL as well as lower plywood sales volumes and other sales related to residual byproducts and lumber.

Wood product segment income increased $1.8 million to $71.2 million for the first quarter. The increase in segment income was due to higher LVL sales volumes and high plywood sales prices, partially offset by lower LVL prices and higher wood fiber costs.

BMD sales increased 9% to $1.5 billion in the first quarter. The increase in sales was driven by sales volume increases of 12%, offset by sales price decreases of 3%. By product line, commodity sales increased 1%, general line product sales increased 16%, and engineered wood product sales increased 12%.

BMD segment income increased $2.8 million to $72.5 million, driven by a gross margin increase of $22.9 million. The gross margin increase resulted primarily from higher sales volumes and improved margins on general line and commodity products. 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, according to Boise Cascade.