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Dec 31, 2023
Boise Cascade Q4 2023 Earnings Report
Boise Cascade reported strong financial performance driven by growth strategies and shareholder returns.
Key Takeaways
Boise Cascade Company reported Q4 2023 net income of $97.5 million, or $2.44 per share, on sales of $1.6 billion. The company is optimistic about new single-family residential construction activity in 2024 and remains committed to a balanced approach to capital allocation.
Delivered strong financial performance in the fourth quarter.
Executed growth strategies through organic and acquisition initiatives.
Returned meaningful capital to shareholders through share price gains and dividends.
Optimistic about new single-family residential construction activity in 2024.
Forward Guidance
Industry forecasts for 2024 U.S. housing starts are generally consistent with actual housing starts of 1.42 million in 2023. Home affordability remains a challenge, but new residential construction is expected to remain an important source of supply for homebuyers. Home improvement spending is expected to remain robust compared to history, but recent industry forecasts project mid-single-digit declines in 2024.
Positive Outlook
- Recent declines in mortgage rates.
- Homebuilders responding with various mechanisms to attract buyers.
- Resilient economy.
- Elevated mortgage rates which limits existing home inventory for sale.
- Potential for future rate reductions has created optimism that single-family starts will reflect year-over-year growth.
Challenges Ahead
- Home affordability remains a challenge for consumers.
- Multi-family starts may pull back from recent record highs due to capital costs for developers combined with cooling rents and elevated supply.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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