Group 1: Doximity, Inc. (NYSE:DOCS) - Doximity reported quarterly earnings of 45 cents per share, exceeding the analyst consensus estimate of 38 cents per share [1] - The company achieved quarterly sales of $168.525 million, surpassing the analyst consensus estimate of $157.614 million [1] - Jim Cramer advised waiting before purchasing Doximity shares, stating they are "still too expensive" [1] Group 2: IREN Limited (NASDAQ:IREN) - IREN reported quarterly earnings of $1.08 per share, significantly beating the consensus estimate of 14 cents [2] - The company's quarterly revenue was $240.3 million, exceeding the Street estimate of $235.5 million and up from $49.57 million in the same period last year [2] - Jim Cramer recommended selling half of IREN stock [2] Group 3: Boise Cascade Company (NYSE:BCC) - Boise Cascade reported quarterly earnings of 58 cents per share, missing the analyst consensus estimate of 76 cents per share [3] - The company reported quarterly sales of $1.668 billion, which beat the analyst consensus estimate of $1.623 billion [3] - Jim Cramer expressed concerns about the housing sector and suggested that Boise Cascade is too leveraged to a specific part of the market [3] Group 4: Price Action - Doximity shares fell 3.3% to settle at $50.96 [5] - IREN shares declined 2.9% to close at $55.70 [5] - Boise Cascade shares rose 0.9% to settle at $70.28 [5]

Core Viewpoint - Medicus Pharma Ltd. has received full regulatory and ethical approvals in the United Kingdom to expand its ongoing Phase 2 clinical study (SKNJCT-003) for Doxorubicin Microneedle Array (D-MNA) aimed at non-invasive treatment of basal cell carcinoma (BCC) of the skin [1]. Group 1 - The expansion of the clinical study into the UK is intended to enhance global patient recruitment and clinical dataset for a pivotal study program [1]. - The focus of the study is on evaluating a novel therapeutic asset, D-MNA, which represents a potentially disruptive approach in the treatment of BCC [1].

Core Insights - Boise Cascade's third quarter results showed a positive market reaction despite lower earnings, with revenue exceeding Wall Street expectations due to steady demand in general line product categories and expanded next-day delivery services [1][3] - CEO Nate Jorgensen noted that customer reliance on Boise Cascade's distribution network helped mitigate volume and pricing challenges in the wood products segment [1] - Ongoing investments in capacity and strategic partnerships contributed to stable business operations during a period of industry softness [1] Financial Performance - Revenue for Q3 was $1.67 billion, surpassing analyst estimates of $1.62 billion, representing a 2.7% year-on-year decline but a 3.1% beat [6] - Adjusted EPS was $0.58, missing analyst expectations of $0.69 by 15.7% [6] - Adjusted EBITDA was $74.38 million, in line with analyst estimates of $74.47 million, with a margin of 4.5% [6] - Operating margin decreased to 1.9%, down from 6.8% in the same quarter last year [6] - Market capitalization stood at $2.62 billion [6] Analyst Insights - Analysts raised questions regarding share gains in general line products, with growth attributed to investments in capacity and partnerships [6] - Constraints on BMD segment margins were discussed, with management citing product mix improvements and operational flexibility as key factors [6] - Price stabilization in EWP and channel inventory levels were addressed, indicating reduced competitive pressure and balanced inventories could support price recovery [6] - The impact of new supplier partnerships, particularly with James Hardie, was highlighted as a driver of new revenue in untapped markets [6] - Recent declines in distribution EBITDA margins were attributed to seasonal sales patterns rather than structural shifts, with confidence expressed in a return to normalized margins as volumes recover [6]

Core Insights - Third Avenue Management's "Third Avenue Small-Cap Value Fund" reported a return of 7.18% in Q3 2025, underperforming the MSCI USA Small-Cap Value Index at 8.97% and the Russell 2000 Value Index at 12.60% [1] - The fund's performance was positively influenced by contributions from a diverse range of businesses [1] Company Highlights - Boise Cascade Company (NYSE:BCC) was highlighted as a key stock in the fund's Q3 2025 investor letter, involved in the distribution and manufacturing of building materials and engineered wood products [2][3] - Over the last month, Boise Cascade Company (NYSE:BCC) experienced a return of -3.40%, and its stock price decreased by 49.32% over the past 52 weeks, closing at $71.38 on November 5, 2025, with a market capitalization of $2.644 billion [2]

Financial Data and Key Metrics Changes - Consolidated third-quarter sales were $1.7 billion, down 3% from the third quarter of 2024 [3] - Net income was $21.8 million, or $0.58 per share, compared to $91 million, or $2.33 per share, in the year-ago quarter [3] - Gross margin for the third quarter was 15.1%, a 60 basis point year-over-year decline [8] - BMD's EBITDA margin was 4.5% for the quarter, down from 5.6% in the year-ago quarter [8] Business Line Data and Key Metrics Changes - Wood product sales in the third quarter were $396.4 million, down 13% compared to the third quarter of 2024 [5] - BMD sales in the quarter were $1.6 billion, down 1% from the third quarter of 2024 [5] - I-Joist and LVL volumes were down 10% and 7% respectively compared to the year-ago quarter [6] - Plywood sales volume was $387 million compared to $391 million in the third quarter of 2024 [7] Market Data and Key Metrics Changes - U.S. housing starts increased 2% year-over-year, while single-family housing starts decreased 3% [3] - BMD's year-over-year third-quarter sales decline of 1% was driven by a 1% decrease in price, with sales volumes flat [8] - BMD's daily sales pace in October was approximately 5% below the third-quarter sales pace [15] Company Strategy and Development Direction - The company remains focused on a two-step distribution model and enhancing its market-leading EWP and plywood franchises [4] - Capital expenditures for the nine months ended September 2025 were $187 million, with a commitment to a capital spending range of $230 million to $250 million for 2025 [10][11] - The company is expanding its market-leading national distribution presence, including the opening of a new distribution center in Texas [11] Management's Comments on Operating Environment and Future Outlook - Management expects demand weakness, trade policy uncertainties, and seasonal factors to influence financial results in the fourth quarter [13] - Early industry projections for 2026 are consistent with 2025 housing starts levels, with gradual improvement expected later in the year [17] - The company anticipates that prices for EWP have bottomed and expects to move prices higher as 2026 progresses [18] Other Important Information - The company paid $27 million in regular dividends in the nine months ended September 30, 2025, and has authorized up to $300 million for share repurchases [12] - The company is focused on maintaining a balanced capital deployment strategy, investing in existing assets while pursuing growth opportunities [13] Q&A Session Summary Question: Can you talk about share gains in the general line part of the business? - Management noted that demand held up well in general line product categories due to significant investments in capacity and partnerships with suppliers [21][22] Question: Can you discuss competitive dynamics in EWP and pricing confidence? - Management indicated that prices have stabilized and they expect to see improvements in pricing as demand recovers [25][28] Question: What are the constraints for generating higher margins in BMD? - Management expressed confidence in maintaining gross margins above 15% and highlighted the importance of enriching the product mix [32][34] Question: How is the company planning to balance M&A with share repurchases? - Management stated that their priorities remain investing in existing assets and pursuing organic growth, with share repurchases being active in the absence of meaningful M&A [72]

Financial Data and Key Metrics Changes - Consolidated third-quarter sales were $1.7 billion, down 3% from the third quarter of 2024 [3] - Net income was $21.8 million, or $0.58 per share, compared to $91 million, or $2.33 per share, in the year-ago quarter [3] - Gross margin for the third quarter was 15.1%, a 60 basis point year-over-year decline [8] - BMD's EBITDA margin was 4.5% for the quarter, down from 5.6% in the year-ago quarter [8] Business Line Data and Key Metrics Changes - Wood product sales in the third quarter were $396.4 million, down 13% compared to the third quarter of 2024 [5] - BMD sales in the quarter were $1.6 billion, down 1% from the third quarter of 2024 [5] - I-joist and LVL volumes were down 10% and 7% respectively compared to the year-ago quarter [6] - Plywood sales volume was $387 million compared to $391 million in the third quarter of 2024 [6] Market Data and Key Metrics Changes - U.S. housing starts increased 2% year-over-year, while single-family housing starts decreased 3% [3] - BMD's year-over-year third-quarter sales decline of 1% was driven by a 1% decrease in price, with sales volumes flat [7] - BMD's daily sales pace in October was approximately 5% below the third-quarter sales pace [15] Company Strategy and Development Direction - The company remains focused on a two-step distribution model and enhancing its market-leading EWP and plywood franchises [4] - Capital expenditures for the nine months ended September 2025 were $187 million, with a capital spending range for 2025 at $230-$250 million [10][12] - The company is committed to a balanced deployment of capital, investing in existing assets, pursuing organic and M&A growth opportunities, and returning capital to shareholders [13] Management's Comments on Operating Environment and Future Outlook - Management expects demand weakness, trade policy uncertainties, and seasonal factors to influence financial results in the fourth quarter [13] - Early industry projections for 2026 are consistent with 2025 housing starts levels, with gradual improvement expected later in the year [17] - The company anticipates that EWP prices have bottomed and expects to move prices higher as 2026 progresses [18] Other Important Information - The company paid $27 million in regular dividends in the nine months ended September 30, 2025, and repurchased approximately $120 million of common stock [12] - The board of directors authorized up to $300 million of common stock repurchases under a new share repurchase program [12] Q&A Session Summary Question: Can you talk about the share gains in the general line part of the business? - Management noted that demand held up well in general line product categories due to significant investments in added capacity and a broader mix of products [21][22] Question: Can you discuss the competitive dynamics in EWP and pricing confidence? - Management indicated that prices have stabilized and they expect to see improvements in pricing as the demand environment improves [25][26] Question: What are the constraints for generating higher margins in BMD? - Management expressed confidence in maintaining gross margins above 15% and highlighted the importance of enriching the product mix [33][34] Question: How is the company planning to balance M&A with share repurchases? - Management stated that the priority is to invest in existing assets and pursue organic growth, while also being active with share repurchases if no meaningful M&A opportunities arise [77]

Financial Data and Key Metrics Changes - Consolidated third-quarter sales were $1.7 billion, down 3% from Q3 2024 [3] - Net income was $21.8 million, or $0.58 per share, compared to $91 million, or $2.33 per share, in the year-ago quarter [3] - Wood product sales were $396.4 million, down 13% compared to Q3 2024, with segment EBITDA of $14.5 million compared to $77.4 million in the prior year [5] - BMD sales were $1.6 billion, down 1% from Q3 2024, with segment EBITDA of $69.8 million compared to $87.7 million in the prior year [5][6] - Gross margin was 15.1%, a 60 basis point year-over-year decline [9] Business Line Data and Key Metrics Changes - Wood products experienced lower sales volumes and competitive pricing pressure, particularly in EWP and plywood [3][4] - I-joist and LVL volumes were down 10% and 7% respectively compared to the year-ago quarter [6] - BMD's commodity sales decreased 3%, while general line product sales increased 6% [8] - EWP volumes were down 15% sequentially, with pricing pressures leading to declines of 6% and 5% for I-joist and LVL respectively [7][9] Market Data and Key Metrics Changes - U.S. housing starts data for September 2025 was not released, but total U.S. housing starts increased 2% when comparing July and August 2025 to the same periods in 2024 [3] - Single-family housing starts decreased 3% [3] - BMD's daily sales pace in October was approximately 5% below the Q3 sales pace [16] Company Strategy and Development Direction - The company remains focused on executing strategic priorities, including a two-step distribution model and enhancing product offerings [4][10] - Capital expenditures for the first nine months of 2025 were $187 million, with a commitment to a capital spending range of $230-$250 million for the year [11][12] - The company anticipates a cautious market in the first half of 2026, with gradual improvement expected later in the year [18][20] Management's Comments on Operating Environment and Future Outlook - Management noted demand weakness, trade policy uncertainties, and seasonal factors will influence financial results [13][15] - EWP prices have stabilized, and management expects low single-digit sequential declines due to market adjustments [15] - The company is confident in long-term demand drivers for residential construction, including housing supply shortages and demographic trends [19][20] Other Important Information - The company paid $27 million in regular dividends in the nine months ended September 30, 2025, and repurchased approximately $120 million of common stock [12] - A new share repurchase program of up to $300 million was authorized [12] Q&A Session Summary Question: Can you talk about share gains in the general line part of the business? - Management highlighted strong demand in general line product categories and significant investments in capacity to support growth [22][23] Question: What are the competitive dynamics in EWP? - Management noted price stabilization and a focus on maintaining cycle times for builders as key factors influencing EWP pricing [25][28] Question: What are the constraints for generating higher margins in BMD? - Management expressed confidence in maintaining gross margins above 15% and emphasized the importance of enriching the product mix [33][34] Question: How is the company planning to balance M&A with share repurchases? - Management stated that capital allocation priorities remain focused on investing in existing assets and pursuing organic growth, with share repurchases expected to continue in the absence of meaningful M&A [73]

Boise Cascade Company Third Quarter 2025 Earnings Webcast November 4, 2025 Forward-Looking Statements This presentation contains statements concerning future events and expectations, including, without limitation, statements relating to fourth quarter 2025 outlook and expected key drivers for Boise Cascade and each of its business segments. These statements constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involv ...

Financial Performance - Income from operations decreased to $32.3 million for Q3 2025, down from $117.4 million in Q3 2024, primarily due to lower engineered wood products (EWP) and plywood sales prices and volumes [116]. - Wood Products segment reported a loss of $12.1 million in Q3 2025 compared to an income of $53.9 million in Q3 2024, attributed to higher per-unit conversion costs [116]. - Building Materials Distribution (BMD) segment income decreased by $20.5 million to $54.3 million in Q3 2025 from $74.8 million in Q3 2024, driven by a gross margin decrease of $10.6 million [116]. - Total sales for Q3 2025 were $1.67 billion, a decrease from $1.71 billion in Q3 2024, with Wood Products sales at $396.4 million and BMD sales at $1.56 billion [123]. - Total sales for the three months ended September 30, 2025, decreased by $45.9 million, or 3%, to $1,667.8 million compared to $1,713.7 million for the same period in 2024 [124]. - For the nine months ended September 30, 2025, total sales decreased by $212.4 million, or 4%, to $4,944.4 million from $5,156.8 million for the same period in the prior year [124]. - Wood Products segment sales decreased by $57.5 million, or 13%, to $396.4 million for the three months ended September 30, 2025, driven by lower sales prices for LVL and I-joists [125]. - For the nine months ended September 30, 2025, Wood Products segment sales decreased by $153.2 million, or 11%, to $1,259.5 million compared to $1,412.6 million for the same period in the prior year [126]. - Building Materials Distribution sales decreased by $11.3 million, or 1%, to $1,556.2 million for the three months ended September 30, 2025, with commodity sales decreasing by 3% [128]. - Income from operations decreased by $85.0 million to $32.3 million for the three months ended September 30, 2025, compared to $117.4 million for the same period in 2024 [138]. - For the nine months ended September 30, 2025, income from operations decreased by $229.9 million to $167.4 million from $397.3 million for the same period in 2024 [138]. - Segment income for Wood Products decreased by $178.2 million to $19.6 million for the nine months ended September 30, 2025, due to lower sales prices and volumes [140]. - Interest income decreased by $6.0 million to $4.2 million for the three months ended September 30, 2025, from $10.2 million for the same period in the prior year [144]. Market Conditions - U.S. housing starts for single-family homes fell to 165.9 thousand in Q3 2025 from 259.8 thousand in Q3 2024, indicating a decline in residential construction activity [123]. - The company anticipates a cautious market in the first half of 2026, with gradual improvement expected later in the year due to potential interest rate cuts [118]. Liquidity and Cash Flow - The company ended Q3 2025 with total available liquidity of $907.0 million, consisting of $511.8 million in cash and cash equivalents and $395.2 million in undrawn committed bank lines [117]. - Cash provided by operations for the nine months ended September 30, 2025, was $123.1 million, a decrease of $220.6 million compared to $343.8 million in the same period in 2024 [153]. - Working capital increased by $122.8 million during the nine months ended September 30, 2025, compared to a $94.1 million increase in the same period in 2024 [153]. - The company used $176.4 million for investment activities during the nine months ended September 30, 2025, compared to $140.1 million in 2024 [152]. - Financing activities used $148.2 million of cash in the nine months ended September 30, 2025, including $111.0 million for stock repurchases and $26.6 million in dividends [157]. - The company repurchased 1,128,752 shares of common stock during the nine months ended September 30, 2025 [157]. - As of September 30, 2025, the company had $511.8 million in cash and cash equivalents and $450.0 million in debt, resulting in $907.0 million of available liquidity [148]. - As of September 30, 2025, the company had $50.0 million of borrowings outstanding under a $450.0 million revolving credit facility [157]. Capital Expenditures and Future Plans - Capital spending and treasury stock purchases contributed to a cash outflow of $201.5 million during the nine months ended September 30, 2025 [117]. - The company plans to take capital project and maintenance-related downtime at certain manufacturing facilities in Q4 2025 to align production rates with market demand [119]. - Capital expenditures for 2025 are expected to total approximately $230 million to $250 million, with a range of $150 million to $170 million projected for 2026 [156]. Employee Relations - Approximately 17% of the company's employees work under collective bargaining agreements, with potential labor disruptions if agreements are not renewed [163]. Acquisitions - On July 1, 2025, James Hardie Industries plc completed the acquisition of The AZEK Company Inc., which is expected to have no material adverse impact on the company's distribution arrangements [147]. Sales Performance - The company experienced a 15% increase in sales for September 2025 compared to September 2024, and a 9% increase compared to December 2024 [154].

Financial Performance - Net income for Q3 2025 was $21.8 million, or $0.58 per share, a decrease of 76% from $91.0 million, or $2.33 per share, in Q3 2024[1][3] - Total sales for Q3 2025 were $1.67 billion, a 3% decline compared to $1.71 billion in Q3 2024[1][3] - Adjusted EBITDA for Q3 2025 was $74.4 million, down 52% from $154.5 million in Q3 2024[3] - Total sales for the three months ended September 30, 2025, were $1,667,806, a decrease of 2.9% compared to $1,713,724 for the same period in 2024[25] - Net income for the three months ended September 30, 2025, was $21,769, a significant decline of 76.0% from $91,038 in the prior year[25] - Total costs and expenses for the company were $1,635,477 for the three months ended September 30, 2025, compared to $1,596,368 in 2024, reflecting an increase of 2.4%[25] - The company reported a net income of $124,102 for the nine months ended September 30, 2025, down 59.6% from $307,454 in 2024[39] - Total Company Adjusted EBITDA for the nine months ended September 30, 2025, was $284,988,000, a decrease of 43% from $504,183,000 in the same period of 2024[42] Segment Performance - Wood Products sales decreased by $57.5 million, or 13%, to $396.4 million in Q3 2025, driven by lower sales prices and volumes[6][3] - Segment sales for the Wood Products segment decreased to $396,401 for the three months ended September 30, 2025, down 12.7% from $453,896 in 2024[27] - Segment income for the Wood Products segment showed a loss of $12,055 for the three months ended September 30, 2025, compared to a profit of $53,853 in the same period last year[27] - Building Materials segment sales were $1,556,150 for the three months ended September 30, 2025, a slight decrease from $1,567,466 in 2024[28] - The Building Materials segment reported an income of $54,286 for the three months ended September 30, 2025, down 27.4% from $74,821 in the previous year[28] - Building Materials Distribution segment income decreased to $54,286,000 for the three months ended September 30, 2025, down from $74,821,000 in 2024, representing a decline of approximately 27%[42] Cash and Liquidity - The company ended Q3 2025 with $511.8 million in cash and cash equivalents, and total available liquidity of $907.0 million[11] - Cash and cash equivalents decreased to $511,770 as of September 30, 2025, from $713,260 at the end of 2024[34] - Long-term debt remained stable at $445,145 as of September 30, 2025, compared to $446,167 at the end of 2024[36] Capital Expenditures and Dividends - Capital expenditures for 2025 are expected to be between $230 million and $250 million, with 2026 expenditures projected at $150 million to $170 million[12] - The company paid $26.6 million in dividends for the nine months ended September 30, 2025, and declared a quarterly dividend of $0.22 per share[13] - The company declared dividends of $0.22 per common share for the three months ended September 30, 2025, compared to $5.21 in the same period last year[25] Market Outlook - The outlook for 2026 indicates cautious demand in the first half, with gradual improvement expected later in the year due to interest rate cuts and normalized inventory levels[15] - The company authorized the repurchase of up to $300 million of its outstanding common stock, replacing the prior authorization[14] Operational Metrics - Net cash provided by operations for the nine months ended September 30, 2025, was $123,132, a decrease of 64.1% from $343,752 in 2024[39] - The weighted average diluted shares outstanding decreased to 37,509 for the three months ended September 30, 2025, from 39,063 in 2024[25] - The company experienced a foreign currency exchange loss of $293,000 for the three months ended September 30, 2025, compared to a gain of $300,000 in the previous year[25] - Unallocated corporate costs were $9,902,000 for the three months ended September 30, 2025, compared to $11,318,000 in 2024, showing a reduction of approximately 12%[42] Depreciation and Amortization - Depreciation and amortization for the Wood Products segment increased to $26,561,000 for the three months ended September 30, 2025, from $23,551,000 in 2024, representing an increase of approximately 13%[42] Other Financial Metrics - The change in fair value of interest rate swaps resulted in a loss of $866,000 for the three months ended September 30, 2025, compared to a loss of $435,000 in the previous quarter[42]