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Mar 31, 2024
Boise Cascade Q1 2024 Earnings Report
Boise Cascade's financial performance remained strong, driven by favorable market conditions and effective execution.
Key Takeaways
Boise Cascade reported a net income of $104.1 million, or $2.61 per share, on sales of $1.6 billion for the first quarter ended March 31, 2024. This compares to a net income of $96.7 million, or $2.43 per share, on sales of $1.5 billion for the same period in 2023.
Net income increased by 8% compared to the first quarter of 2023, reaching $104.1 million.
Sales rose by 7% year-over-year to $1.6 billion.
Wood Products sales increased by 7% driven by higher sales volumes for I-joists and LVL as well as higher plywood sales prices.
Building Materials Distribution sales increased by 9% driven by sales volume increases of 12%.
Forward Guidance
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.
Positive Outlook
- New residential construction is expected to remain an important source of supply for homebuyers.
- Low unemployment.
- Undersupply of existing housing stock available for sale.
- Age of U.S. housing stock.
- Elevated levels of homeowner equity have provided a favorable backdrop for repair-and-remodel spending.
Challenges Ahead
- Home affordability remains a challenge for many consumers due to the cost of housing combined with elevated mortgage rates.
- Recent pressures on multi-family starts are expected to continue due to increased capital costs for developers combined with cooling rents and elevated supply.
- Recent industry forecasts project mid-single-digit declines in 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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