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Sep 30, 2023
Boise Cascade Q3 2023 Earnings Report
Reported net income of $143.1 million for the third quarter 2023
Key Takeaways
Boise Cascade reported 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, compared with net income of $219.6 million, or $5.52 per share, on sales of $2.2 billion for the third quarter ended September 30, 2022.
Completed the acquisition of BROSCO, supporting BMD's growth in the door and millwork business and bringing immediate scale in the Northeast markets.
Balance sheet allows commitment to reinvestment and growth strategies while rewarding shareholders with a special dividend announcement.
Well positioned to navigate market uncertainties as near-term demand for new residential construction evolves.
Total U.S. housing starts decreased 6%, driven by a decrease in multi-family housing starts compared to the same period in 2022, while single-family housing starts increased 7%.
Forward Guidance
During fourth quarter 2023, we expect to experience seasonally slower demand for the products we manufacture and distribute, as well as modest EWP price erosion.
Positive Outlook
- Age of U.S. housing stock provides a favorable backdrop for repair-and-remodel spending.
- Elevated levels of homeowner equity have provided a favorable backdrop for repair-and-remodel spending.
- Resilient economy.
- Low levels of existing home inventory for sale.
- Homebuilders have addressed affordability challenges facing homebuyers in various ways, including smaller home sizes, fewer amenities, price incentives, and mortgage rate buydowns.
Challenges Ahead
- Economic uncertainties are expected to continue to influence the near-term demand environment.
- Escalating mortgage rates are expected to continue to influence the near-term demand environment.
- Home affordability are expected to continue to influence the near-term demand environment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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