Boise Cascade(US:BCC)2025-02-20 21:33Financial 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].