Boise Cascade reported net income of $91.0 million on sales of $1.7 billion in the fiscal third quarter, compared to net income of $143.1 million on sales of $1.8 billion in the third quarter of 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,” Nate Jorgensen, CEO of Boise Cascade, said. “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.”
Wood product sales for Boise Cascade, including sales to Building Materials Distribution (BMD), decreased 12% to $453.9 million for the fiscal third quarter. The decrease was driven by lower plywood sales prices, as well as lower sales prices for LVL and I-joists (collectively referred to as EWP).
Wood product segment income decreased $45.7 million to $53.9 million in the third quarter. The lower income was primarily due to lower EWP and plywood sales prices, as well as higher conversion costs, according to Boise Cascade.
BMD sales decreased 6% to $1.6 billion in the third quarter, driven by a sales price decrease of 6%. By product line, commodity sales decreased 12%, general line product sales increased 4%, and EWP sales decreased 14%.
BMD segment income decreased $22.3 million to $74.8 million in the third quarter. The decrease was driven by increased selling and distribution expenses and depreciation and amortization expenses, according to Boise Cascade.
