Boise Cascade Company Exhibit 99.1 1111 West Jefferson Street, Suite 300 Boise, ID 83702 News Release | --- | --- | |-----------------------------------------------------|---------------------------------------| | | | | | | | | | | Investor Relations Contact - Chris Forrey | Media Contact - Lisa Tschampl | | investor@bc.com | mediarelations@bc.com | For Immediate Release: May 6, 2024 Boise Cascade Company Reports First Quarter 2024 Results BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company, ...

Core Viewpoint - The Zacks Construction sector is expected to report improved results due to a recovering housing market and the Federal Reserve's decision to pause interest rate hikes, with new single-family construction projects offsetting the lack of non-residential infrastructure projects [1] Factors Shaping Quarterly Performance - The performance of the Zacks Construction sector in Q1 2024 will be influenced by distinct trends in residential and non-residential markets [2] - Rising mortgage rates, which have remained between 6.6% and 7% since the start of 2024, are hindering potential buyers in the housing industry [2] - Weather-related impacts and high labor costs may negatively affect overall performance, but limited existing home availability, increased repair and remodeling activities, and cost management efforts are likely to drive growth [2] Non-Residential Market Insights - The non-residential sector benefits from global trends in infrastructure modernization, energy transition, national security, and supply-chain investments [3] - Investments in telecommunications networks, particularly in 5G technologies, as well as environmental remediation and climate resilience, are expected to support performance [3] - Challenges such as weather-related issues, capital spending fluctuations, and commodity price volatility remain concerns [3] Q1 Expectations - Overall earnings for the Zacks Construction sector are projected to rise by 3.8% in Q1 2024, an increase from the 2.6% growth in Q4 2023 [4] - Revenue growth is expected to be 4.2%, showing a deceleration from the 5.1% growth in the previous quarter [4] Stock Picks - The Zacks methodology identifies five construction stocks likely to exceed earnings estimates this earnings season: United Rentals, KBR, Boise Cascade, Louisiana-Pacific, and Dream Finders Homes [3][5] - Stocks with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) combined with a positive Earnings ESP have a 70% chance of beating earnings estimates [5] Winning Stocks - United Rentals is expected to report Q1 2024 results on April 24, with an EPS estimate of $8.35, reflecting a 5% increase year-over-year [7] - KBR is set to report on April 30, with an EPS estimate of $0.70, indicating a 4.5% increase from the previous year [8] - Boise Cascade's EPS estimate is $2.29, showing a 5.8% decline year-over-year, but it benefits from a vertically integrated business model [9] - Louisiana-Pacific's EPS estimate is $1.13, representing a 232.4% increase from the prior year, supported by strategic investments and cost-reduction initiatives [10] - Dream Finders Homes has an EPS estimate of $0.70, indicating a 55.6% increase year-over-year, driven by strong product demand [10]

Core Viewpoint - Boise Cascade (BCC) has shown strong stock performance recently, returning +15.3% over the past month, significantly outperforming the Zacks S&P 500 composite's +0.5% change, while the Zacks Building Products - Wood industry has declined by 0.7% [1] Earnings Estimate Revisions - The current quarter's earnings estimate for Boise Cascade is $2.24 per share, reflecting a decrease of -7.8% year-over-year, but the Zacks Consensus Estimate has increased by +7.4% in the last 30 days [3] - For the current fiscal year, the consensus earnings estimate is $11.58, indicating a -4.5% change from the previous year, with a +2.1% increase in estimates over the last month [3] - The next fiscal year's consensus earnings estimate is $12.23, showing a +5.6% change year-over-year, with a +3.4% increase in estimates over the past month [3] Revenue Growth Forecast - The consensus sales estimate for the current quarter is $1.56 billion, indicating a year-over-year increase of +1.2% [5] - For the current fiscal year, revenue estimates are $7.02 billion, reflecting a +2.6% change, while the next fiscal year's estimate is $7.26 billion, indicating a +3.5% change [5] Last Reported Results and Surprise History - Boise Cascade reported revenues of $1.64 billion in the last quarter, a +1% year-over-year change, with an EPS of $2.44 compared to $2.95 a year ago [6] - The reported revenues exceeded the Zacks Consensus Estimate of $1.59 billion by +3.69%, while the EPS fell short by -0.41% [6] - Over the last four quarters, Boise Cascade has surpassed consensus EPS estimates three times and revenue estimates three times [7] Valuation - Boise Cascade's valuation is assessed through various multiples, including price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to determine if the stock is fairly valued, overvalued, or undervalued [8] - The Zacks Value Style Score grades Boise Cascade as A, indicating it is trading at a discount compared to its peers [9]

Boise Cascade (BCC) closed the latest trading day at $151.38, indicating a -0.51% change from the previous session's end. This move lagged the S&P 500's daily loss of 0.14%. Elsewhere, the Dow lost 0.77%, while the tech-heavy Nasdaq added 0.17%.Shares of the engineered wood products and plywood company witnessed a gain of 20.24% over the previous month, beating the performance of the Construction sector with its gain of 10.87% and the S&P 500's gain of 5.34%.The upcoming earnings release of Boise Cascade wi ...

In the latest trading session, Boise Cascade (BCC) closed at $127.87, marking a -1.11% move from the previous day. The stock's performance was behind the S&P 500's daily loss of 0.29%. Elsewhere, the Dow lost 0.35%, while the tech-heavy Nasdaq lost 0.3%.Prior to today's trading, shares of the engineered wood products and plywood company had lost 7.59% over the past month. This has lagged the Construction sector's gain of 9.88% and the S&P 500's gain of 4.42% in that time.The investment community will be pay ...

Boise Cascade (BCC) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Shares of this engineered wood products and plywood company have returned -9.7% over the past month versus the Zacks S&P 500 composite's +2.1% change. The Zacks Building Products - Wood industry, to which Boise Cascade belongs, has gained 4.2% over this period. Now the key question is: Where could the stock be h ...

Boise Cascade (BCC) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.Shares of this engineered wood products and plywood company have returned -4.6% over the past month versus the Zacks S&P 500 composite's +3.8% change. The Zacks Building Products - Wood industry, to which Boise Cascade belongs, has gained 4.6% over this period. Now the key question is: Where could the stock be headed i ...

Core Viewpoint - Boise Cascade (BCC) is identified as a strong value stock with a Zacks Rank of 1 (Strong Buy) and an A for Value, indicating it is likely undervalued in the current market environment [2][4]. Valuation Metrics - BCC has a P/E ratio of 11.17, significantly lower than the industry average of 27.59, suggesting it is undervalued compared to its peers [2]. - The stock's P/B ratio stands at 2.17, which is attractive compared to the industry's average P/B of 3.51, indicating a favorable valuation based on book value [2]. - BCC's P/S ratio is 0.75, while the industry average is 1.51, further supporting the notion that BCC is undervalued based on revenue [3]. - The P/CF ratio for BCC is 8.01, compared to the industry's average of 29.42, highlighting its strong cash flow outlook and undervaluation [3]. Earnings Outlook - The strength of BCC's earnings outlook, combined with its favorable valuation metrics, positions it as an impressive value stock at the moment [4].

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]

Core Viewpoint - Boise Cascade reported quarterly earnings of $2.44 per share, slightly missing the Zacks Consensus Estimate of $2.45 per share, and down from $2.95 per share a year ago, indicating a -0.41% earnings surprise [1] - The company generated revenues of $1.64 billion for the quarter, exceeding the Zacks Consensus Estimate by 3.69%, and showing a slight increase from $1.63 billion year-over-year [1] Earnings Performance - The earnings surprise for the latest quarter was -0.41%, while the previous quarter saw a positive surprise of 3.17% with actual earnings of $3.58 per share against an expectation of $3.47 [1] - Over the last four quarters, Boise Cascade has surpassed consensus EPS estimates three times [1] Revenue Insights - The company’s revenue of $1.64 billion for the quarter ended December 2023 was an increase from the previous year’s revenue of $1.63 billion [1] - Boise Cascade has also topped consensus revenue estimates three times over the last four quarters [1] Stock Performance - Boise Cascade shares have increased by approximately 8.2% since the beginning of the year, outperforming the S&P 500's gain of 4.9% [2] Future Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.01 on revenues of $1.51 billion, and for the current fiscal year, it is $11.39 on revenues of $6.91 billion [4] - The estimate revisions trend for Boise Cascade is currently favorable, resulting in a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [4] Industry Context - The Building Products - Wood industry, to which Boise Cascade belongs, is currently ranked in the top 24% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [5]