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Core Viewpoint - Boise Cascade Company (BCC) reported mixed fourth-quarter 2024 results, with earnings missing estimates while sales exceeded expectations, reflecting a decline in both top and bottom lines year-over-year [1][5]. Financial Performance - Adjusted earnings per share (EPS) for the quarter were $1.78, missing the Zacks Consensus Estimate of $1.82 by 2.2%, down from $2.44 in the same quarter last year [5]. - Quarterly sales reached $1.57 billion, surpassing the consensus mark of $1.55 billion by 1.2%, but decreased by 5% year-over-year [5]. - Adjusted EBITDA for the quarter was $128.7 million, a decline of 20% from the prior-year quarter [5]. Segment Analysis - **Wood Products**: Sales were $419.7 million, down 7% year-over-year due to lower engineered wood products and plywood sales prices. Adjusted EBITDA fell 39% to $56.6 million [6]. - **Building Materials Distribution (BMD)**: Sales decreased by 4% year-over-year to $1.44 billion, attributed to lower plywood sales prices and reduced I-joist sales volumes. Adjusted EBITDA increased by 5% to $84.5 million [7][8]. Yearly Overview - Full-year sales declined by 2% to $6.72 billion, with Wood Products sales down 5% to $1.83 billion and BMD sales remaining flat at $6.17 billion [9]. - Consolidated adjusted EBITDA for the year tumbled 16% to $632.8 million from $756.7 million [9]. - Full-year adjusted EPS was $9.57, a decline of 21% from $12.12 reported in 2023 [10]. Liquidity and Debt - As of December 31, 2024, total liquidity was $1.109 billion, down from $1.35 billion at the end of 2023, including $395.7 million of undrawn committed bank line availability [11]. - Cash and cash equivalents were $713.3 million, down from $949.6 million at the end of 2023 [11]. - Net long-term debt increased slightly to $446.2 million from $445.3 million reported at the end of 2023 [11]. Operational Cash Flow - Net cash provided by operations in 2024 was $438.3 million, down from $687.5 million in the previous year [12]. - The company repurchased approximately 1.5 million shares of common stock for a total value of $194.9 million during 2024 [12].

February 2025 Investor Presentation INTEGRITY SAFETY RESPECT EXCELLENCE Leading Building Materials Manufacturer and Distributor 347% Total Shareholder Return – Five years ending December 2024* Leading manufacturer of Engineered Wood Products (EWP) & Plywood $1.53 Billion invested in company via M&A/Capex and $1.28 Billion in shareholder returns since 2019 482 bps of improvement in EBITDA margin 2019 vs 2024 $6.7 Billion 2024 Revenue We serve a diversified array of customer segments from independent dealers ...

Boise Cascade Company, Inc. (NYSE:BCC) Q4 2024 Earnings Conference Call February 21, 2025 11:00 AM ET Company Participants Chris Forrey - VP, Finance & IR Nathan Jorgensen - CEO & Director Kelly Hibbs - SVP, CFO, Principal Financial & Accounting Officer and Treasurer Jeff Strom - COO Conference Call Participants Kurt Yinger - D.A. Davidson Susan Maklari - Goldman Sachs Mike Roxland - Truist Securities George Staphos - Bank of America Merrill Lynch Ketan Mamtora - BMO Capital Markets Operator Good morning. M ...

Core Viewpoint - Boise Cascade reported quarterly earnings of $1.78 per share, missing the Zacks Consensus Estimate of $1.82 per share, and down from $2.44 per share a year ago, indicating a -2.20% earnings surprise [1] Financial Performance - The company posted revenues of $1.57 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.24%, but down from $1.64 billion year-over-year [2] - Over the last four quarters, Boise Cascade has surpassed consensus EPS estimates two times and topped consensus revenue estimates four times [2] Stock Performance - Boise Cascade shares have lost about 0.5% since the beginning of the year, while the S&P 500 has gained 4.5% [3] - The current Zacks Rank for Boise Cascade is 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $2.21 on revenues of $1.68 billion, and for the current fiscal year, it is $10.15 on revenues of $6.92 billion [7] - The estimate revisions trend for Boise Cascade is mixed, which could change following the recent earnings report [6] Industry Context - The Building Products - Wood industry, to which Boise Cascade belongs, is currently in the top 10% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Financial Performance - In 2024, the Wood Products segment generated segment sales of $6,166.5 million, a slight decrease from $6,178.7 million in 2023[58]. - Segment income for the Wood Products segment in 2024 was $303.4 million, down from $335.8 million in 2023, reflecting a decline of approximately 9.5%[58]. - The segment EBITDA for Wood Products in 2024 was $352.9 million, compared to $368.2 million in 2023, indicating a decrease of about 4.3%[58]. - Total sales for 2024 were $6,724,294, a decrease of 1.67% from $6,838,245 in 2023 and a significant decline of 19.8% from $8,387,307 in 2022[307]. - Net income for 2024 was $376,354, down 22.2% from $483,656 in 2023 and a decrease of 56.1% from $857,658 in 2022[307]. - Basic net income per share for 2024 was $9.63, compared to $12.20 in 2023, reflecting a decline of 20.5%[307]. - Operating income for 2024 was $490,038, a decrease of 21.5% from $624,386 in 2023[307]. - Comprehensive income for 2024 was $376,411 thousand, down from $483,659 thousand in 2023, reflecting a decline of about 22.2%[309]. - Income before income taxes for the year ended December 31, 2024, was $501.8 million, a decrease of 22.1% from $645.0 million in 2023[372]. Costs and Expenses - Total costs and expenses for 2024 were $6,234,256, slightly up from $6,213,859 in 2023[307]. - Interest income decreased to $39,139 in 2024 from $48,106 in 2023, a decline of 18.8%[307]. - The company reported a foreign currency exchange loss of $1,164 in 2024, compared to a gain of $7 in 2023[307]. - The company’s Building Materials Distribution segment reported shipping and handling costs of $253.8 million for the year ended December 31, 2024, up from $238.8 million in 2023, a 6% increase[367]. Assets and Liabilities - Total current assets decreased to $1,886,068 thousand in 2024 from $2,056,814 thousand in 2023, a reduction of about 8.3%[312]. - Cash and cash equivalents at the end of 2024 were $713,260 thousand, down from $949,574 thousand in 2023, indicating a decrease of approximately 25%[318]. - Total assets decreased to $3,369,383 thousand in 2024 from $3,458,646 thousand in 2023, a decline of approximately 2.6%[312]. - Long-term debt remained relatively stable at $446,167 thousand in 2024 compared to $445,280 thousand in 2023[315]. - The company had $91.4 million in rebates payable to customers as of December 31, 2024, compared to $87.9 million in 2023, indicating a 2% increase[366]. Investments and Acquisitions - In 2024, the company acquired assets of door and millwork facilities in Boise, Idaho, and Lakeland, Florida, to expand its operational capabilities[59]. - The company acquired BROSCO for $166.2 million in October 2023, with acquisition-related costs of $5.1 million recorded in 2023[383]. Stock and Dividends - The company declared dividends of $5.82 per common share in 2024, down from $8.70 in 2023[307]. - Common stock dividends paid in 2024 were $228,507 thousand, down from $349,028 thousand in 2023, a reduction of approximately 34.5%[321]. - The total number of shares of common stock outstanding as of December 31, 2024, was 38,182,989, compared to 39,539,825 shares as of December 31, 2023, indicating a decrease of approximately 3.4%[428]. - In 2024, the company repurchased 1,513,095 shares at a cost of $194.9 million, averaging $128.81 per share[436]. Employee and Human Capital Management - The company emphasizes human capital management, focusing on safety and talent development for its 7,560 employees to support strategic objectives[71]. - The company had approximately 7,530 employees as of December 31, 2024, with 18% working under collective bargaining agreements[354]. Environmental and Regulatory - The company has implemented technology tools to enhance tracking and reporting of Scope 1 and Scope 2 greenhouse gas emissions data[74]. - Seasonal factors continue to impact quarterly sales volumes and expenses, which is common in the building products industry[77]. Miscellaneous - The company operates through two segments: Wood Products and Building Materials Distribution, focusing on engineered wood products and wholesale distribution[324]. - The company completed its annual goodwill impairment assessment for 2024 and determined no impairment was necessary, indicating stability in the fair value of reporting units[349].

Financial Performance - Fourth quarter net income was $68.9 million, or $1.78 per share, on sales of $1.6 billion, representing a 29% decrease in net income compared to Q4 2023[1][3] - For the full year 2024, net income totaled $376.4 million, or $9.57 per share, on sales of $6.7 billion, a 22% decrease in net income compared to 2023[1][3] - Total sales for the three months ended December 31, 2024, were $1,567,480, a decrease of 4.7% compared to $1,644,256 for the same period in 2023[26] - Net income for the three months ended December 31, 2024, was $68,900, down 29.4% from $97,535 in the same period last year[26] - Basic net income per common share for the three months ended December 31, 2024, was $1.79, a decrease from $2.46 in the same period last year[26] - Net income for the year ended December 31, 2024, was $376,354, down 22.2% from $483,656 in 2023[40] Segment Performance - Wood Products sales decreased by $30.0 million, or 7%, to $419.7 million in Q4 2024, driven by lower sales prices for engineered wood products (EWP) and plywood[5][6] - The Wood Products Segment reported sales of $419,670 for the three months ended December 31, 2024, a decline of 6.7% from $449,676 in the previous year[28] - Segment income for the Wood Products Segment was $33,583 for the three months ended December 31, 2024, down 47.6% from $64,128 in the same period last year[28] - The Building Materials Distribution Segment achieved sales of $1,492,614 for the three months ended December 31, 2023, compared to $1,438,785 in the previous quarter, reflecting a growth of 3.7%[29] - Building Materials Distribution segment income for Q4 2024 was $70,701,000, a slight increase of 0.3% from $70,497,000 in Q4 2023[44] Cash and Liquidity - The company ended Q4 2024 with $713.3 million in cash and cash equivalents and $395.7 million in undrawn committed bank lines, totaling $1,109.0 million in available liquidity[11] - The company reported a decrease in cash and cash equivalents to $713,260 as of December 31, 2024, down 24.9% from $949,574 in 2023[40] Dividends and Share Repurchases - The company paid $228.8 million in dividends for the year ended December 31, 2024, including a special dividend of $5.00 per share[13] - For the year ended December 31, 2024, the company repurchased approximately 1.5 million shares at a cost of $194.9 million, with an additional 250,000 shares repurchased in January 2025[14] Future Outlook - Current industry forecasts for U.S. housing starts are approximately 1.35 million in 2025, with single-family starts expected to remain around 1.0 million[15] - The company anticipates continued challenges in the market due to economic conditions and commodity input costs, impacting future performance[23] Costs and Expenses - Total costs and expenses for the three months ended December 31, 2024, were $1,474,761, a decrease from $1,523,080 in the same period last year[26] - Total segment income for the year ended December 31, 2024, was $534,839, a decline of 20.5% compared to $672,940 in 2023[32] - Cash provided by operations for the year ended December 31, 2024, was $438,320, a decrease of 36.3% from $687,458 in 2023[40] Assets and Liabilities - Total assets as of December 31, 2024, were $3,369,383, a decrease of 2.6% from $3,458,646 in 2023[35] - Long-term debt, net, as of December 31, 2024, was $446,167, slightly up from $445,280 in 2023[37] - Total current liabilities decreased to $564,016 as of December 31, 2024, from $594,116 in 2023, reflecting a reduction of 5.1%[37] EBITDA Analysis - Adjusted EBITDA for the year ended December 31, 2024, was $632,838, down 16.4% from $756,697 in 2023[43] - Total Company Adjusted EBITDA for the year ended December 31, 2024, was $632,838,000, a decrease of 16.4% compared to $756,697,000 in 2023[44] - Wood Products segment EBITDA for Q4 2024 was $56,581,000, down 38.9% from $92,693,000 in Q4 2023[44] - Building Materials Distribution segment EBITDA for Q4 2024 was $84,459,000, an increase of 4.7% from $80,613,000 in Q4 2023[44] - Total Company EBITDA for the year ended December 31, 2024, was $(46,776,000), compared to $(49,097,000) in 2023[44]

Group 1 - The article discusses the potential implications of Trump's inauguration for the market and investment landscape, particularly in relation to the previous Biden/Harris administration [1] - It highlights the importance of in-depth research on various investment vehicles such as REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs, suggesting that investors can benefit from comprehensive analysis [1] Group 2 - There is a mention of a beneficial long position in shares of specific companies, indicating a positive outlook on their performance [2] - The article emphasizes that past performance does not guarantee future results, which is a critical consideration for investors [3]

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