Financial Data and Key Metrics Changes - For the full year 2023, the company reported net income of $483.7 million or $12.12 per diluted share on sales of $6.8 billion [4] - Fourth quarter sales were $1.6 billion, up 1% from the fourth quarter of 2022, while net income was $97.5 million or $2.44 per share, down from $117.4 million or $2.95 per share in the prior year quarter [5] - The fourth quarter results included $6.2 million of pretax accelerated depreciation and approximately $3 million of transaction expenses related to the BROSCO acquisition [5][7] Business Line Data and Key Metrics Changes - Wood Products sales in the fourth quarter were $449.7 million, up from $425.6 million in the same quarter of 2022, with segment EBITDA of $92.7 million, down from $99.7 million [7] - Building Materials Distribution (BMD) sales were $1.5 billion, up 3% from the fourth quarter of 2022, with segment EBITDA of $80.6 million, down from $99.4 million [8][11] - Fourth quarter volumes for I-joists and LVL were up 79% and 29% respectively, driven by improved single-family housing starts [9] Market Data and Key Metrics Changes - Total U.S. housing starts increased by 4%, with single-family housing starts up 23% compared to the prior year quarter [4] - Plywood sales volumes in Wood Products decreased to 363 million feet from 393 million feet in the fourth quarter of 2022, with average net sales price down 5% year-over-year [10] Company Strategy and Development Direction - The company is focused on executing its growth strategy through organic and acquisition initiatives, with a balanced approach to capital allocation [5][15] - The 2024 capital expenditure plan includes significant investments in both Wood Products and BMD, with a total expected range of $250 million to $270 million [14][15] - The company aims to maintain a strong balance sheet while investing in existing assets and organic growth projects, with potential for M&A opportunities [15][60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the housing market, noting that new residential construction is expected to remain a key supply source for homebuyers despite challenges in home affordability [16][17] - The company anticipates continued robust home improvement spending due to the age of U.S. housing stock and elevated homeowner equity, although mid-single declines are projected for 2024 [17] - Management highlighted the importance of maintaining high service levels and inventory to meet demand during peak building seasons [32][35] Other Important Information - The company paid $346 million in dividends and completed $6.4 million in share repurchases in 2023, with a quarterly dividend of $0.20 per share recently approved [15][60] - Management acknowledged the upcoming retirements of key leadership team members and expressed confidence in the succession plans [19] Q&A Session Summary Question: EWP capacity and competitive positioning - Management discussed the capacity additions from the Coastal acquisition and emphasized their high level of veneer self-sufficiency, which positions them well in the market [22][24] Question: Share shifts in EWP categories - Management noted changes in demand dynamics during the pandemic and highlighted the favorable position of I-joists due to ease of installation and transportation [25][27] Question: Impact of builder preferences on capacity - Management explained that while the absolute level of starts is important, the penetration of I-joists and LVL into those starts is also crucial for growth [30][32] Question: General line performance and margin stability - Management indicated that investments in general line products have led to higher-margin growth, and they expect normalized margins to be better than pre-pandemic levels [46][48] Question: Pricing pressures in EWP - Management acknowledged ongoing pricing pressures in certain geographies but emphasized their strategy to maintain value through service and product offerings [61][63]

Boise Cascade (BCC) came out with quarterly earnings of $2.44 per share, missing the Zacks Consensus Estimate of $2.45 per share. This compares to earnings of $2.95 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -0.41%. A quarter ago, it was expected that this engineered wood products and plywood company would post earnings of $3.47 per share when it actually produced earnings of $3.58, delivering a surprise of 3.17%.Over the ...

BOISE, Idaho--(BUSINESS WIRE)--Boise Cascade Company (“Boise Cascade” or the “Company”) (NYSE: BCC) today announced two executive leadership transitions. Mike Brown, Executive Vice President of Wood Products, will retire effective May 3, 2024. The board of directors approved the promotion of Troy Little as his successor. Mike joined Boise Cascade in 1999, serving in several key leadership positions throughout his tenure while successfully navigating ups and downs of the housing market. Troy has 33 years of ...

Favorable housing market conditions, buoyed by increasing consumer confidence stemming from expectations of interest rate cuts and moderated inflation, provide a positive outlook for the Zacks Building Products – Wood industry. Moreover, companies within this industry are anticipated to capitalize on favorable demand in repair and remodel (R&R) activities, as well as increased funding for infrastructure and carbon/ESG-related projects. Despite lingering concerns surrounding elevated mortgage rates and consu ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |--------------------------------------------------|------------------------------------------------------------------------|-------------------------------------------------------| | | | | ...

Investors interested in Construction stocks should always be looking to find the best-performing companies in the group. Boise Cascade (BCC) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Construction sector should help us answer this question.Boise Cascade is a member of the Construction sector. This group includes 98 individual ...

Boise Cascade (BCC) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on February ...

In the latest trading session, Boise Cascade (BCC) closed at $141.86, marking a +0.92% move from the previous day. The stock's performance was ahead of the S&P 500's daily loss of 0.1%. On the other hand, the Dow registered a gain of 0.33%, and the technology-centric Nasdaq decreased by 0.3%.Coming into today, shares of the engineered wood products and plywood company had gained 6.24% in the past month. In that same time, the Construction sector gained 5.15%, while the S&P 500 gained 5.78%.The investment co ...

Investment in stocks after analyzing valuation metrics is considered one of the best practices. When considering valuation metrics, the price-to-earnings ratio has always been the obvious choice. This is because calculations based on earnings are easy and come in handy. However, the price-to-sales ratio is convenient for determining the value of stocks that are incurring losses or in an early development cycle, generating meager or no profit.What’s the Price-to-Sales Ratio?While a loss-making company with a ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and traditional valuation metrics to find s ...