Boise Cascade(BCC) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter net income was $68.9 million, or $1.78 per share, on sales of $1.6 billion, representing a 29% decrease in net income compared to Q4 2023[1][3] - For the full year 2024, net income totaled $376.4 million, or $9.57 per share, on sales of $6.7 billion, a 22% decrease in net income compared to 2023[1][3] - Total sales for the three months ended December 31, 2024, were $1,567,480, a decrease of 4.7% compared to $1,644,256 for the same period in 2023[26] - Net income for the three months ended December 31, 2024, was $68,900, down 29.4% from $97,535 in the same period last year[26] - Basic net income per common share for the three months ended December 31, 2024, was $1.79, a decrease from $2.46 in the same period last year[26] - Net income for the year ended December 31, 2024, was $376,354, down 22.2% from $483,656 in 2023[40] Segment Performance - Wood Products sales decreased by $30.0 million, or 7%, to $419.7 million in Q4 2024, driven by lower sales prices for engineered wood products (EWP) and plywood[5][6] - The Wood Products Segment reported sales of $419,670 for the three months ended December 31, 2024, a decline of 6.7% from $449,676 in the previous year[28] - Segment income for the Wood Products Segment was $33,583 for the three months ended December 31, 2024, down 47.6% from $64,128 in the same period last year[28] - The Building Materials Distribution Segment achieved sales of $1,492,614 for the three months ended December 31, 2023, compared to $1,438,785 in the previous quarter, reflecting a growth of 3.7%[29] - Building Materials Distribution segment income for Q4 2024 was $70,701,000, a slight increase of 0.3% from $70,497,000 in Q4 2023[44] Cash and Liquidity - The company ended Q4 2024 with $713.3 million in cash and cash equivalents and $395.7 million in undrawn committed bank lines, totaling $1,109.0 million in available liquidity[11] - The company reported a decrease in cash and cash equivalents to $713,260 as of December 31, 2024, down 24.9% from $949,574 in 2023[40] Dividends and Share Repurchases - The company paid $228.8 million in dividends for the year ended December 31, 2024, including a special dividend of $5.00 per share[13] - For the year ended December 31, 2024, the company repurchased approximately 1.5 million shares at a cost of $194.9 million, with an additional 250,000 shares repurchased in January 2025[14] Future Outlook - Current industry forecasts for U.S. housing starts are approximately 1.35 million in 2025, with single-family starts expected to remain around 1.0 million[15] - The company anticipates continued challenges in the market due to economic conditions and commodity input costs, impacting future performance[23] Costs and Expenses - Total costs and expenses for the three months ended December 31, 2024, were $1,474,761, a decrease from $1,523,080 in the same period last year[26] - Total segment income for the year ended December 31, 2024, was $534,839, a decline of 20.5% compared to $672,940 in 2023[32] - Cash provided by operations for the year ended December 31, 2024, was $438,320, a decrease of 36.3% from $687,458 in 2023[40] Assets and Liabilities - Total assets as of December 31, 2024, were $3,369,383, a decrease of 2.6% from $3,458,646 in 2023[35] - Long-term debt, net, as of December 31, 2024, was $446,167, slightly up from $445,280 in 2023[37] - Total current liabilities decreased to $564,016 as of December 31, 2024, from $594,116 in 2023, reflecting a reduction of 5.1%[37] EBITDA Analysis - Adjusted EBITDA for the year ended December 31, 2024, was $632,838, down 16.4% from $756,697 in 2023[43] - Total Company Adjusted EBITDA for the year ended December 31, 2024, was $632,838,000, a decrease of 16.4% compared to $756,697,000 in 2023[44] - Wood Products segment EBITDA for Q4 2024 was $56,581,000, down 38.9% from $92,693,000 in Q4 2023[44] - Building Materials Distribution segment EBITDA for Q4 2024 was $84,459,000, an increase of 4.7% from $80,613,000 in Q4 2023[44] - Total Company EBITDA for the year ended December 31, 2024, was $(46,776,000), compared to $(49,097,000) in 2023[44]