Boise Cascade(BCC)2025-02-20 21:33Financial Performance - In 2024, the Wood Products segment generated segment sales of 6,178.7 million in 2023[58]. - Segment income for the Wood Products segment in 2024 was 335.8 million in 2023, reflecting a decline of approximately 9.5%[58]. - The segment EBITDA for Wood Products in 2024 was 368.2 million in 2023, indicating a decrease of about 4.3%[58]. - Total sales for 2024 were 6,838,245 in 2023 and a significant decline of 19.8% from 376,354, down 22.2% from 857,658 in 2022[307]. - Basic net income per share for 2024 was 12.20 in 2023, reflecting a decline of 20.5%[307]. - Operating income for 2024 was 624,386 in 2023[307]. - Comprehensive income for 2024 was 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 645.0 million in 2023[372]. Costs and Expenses - Total costs and expenses for 2024 were 6,213,859 in 2023[307]. - Interest income decreased to 48,106 in 2023, a decline of 18.8%[307]. - The company reported a foreign currency exchange loss of 7 in 2023[307]. - The company’s Building Materials Distribution segment reported shipping and handling costs of 238.8 million in 2023, a 6% increase[367]. Assets and Liabilities - Total current assets decreased to 2,056,814 thousand in 2023, a reduction of about 8.3%[312]. - Cash and cash equivalents at the end of 2024 were 949,574 thousand in 2023, indicating a decrease of approximately 25%[318]. - Total assets decreased to 3,458,646 thousand in 2023, a decline of approximately 2.6%[312]. - Long-term debt remained relatively stable at 445,280 thousand in 2023[315]. - The company had 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 5.1 million recorded in 2023[383]. Stock and Dividends - The company declared dividends of 8.70 in 2023[307]. - Common stock dividends paid in 2024 were 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 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].