Boise Cascade(US:BCC)2025-11-03 21:19Financial Performance - Net income for Q3 2025 was $21.8 million, or $0.58 per share, a decrease of 76% from $91.0 million, or $2.33 per share, in Q3 2024[1][3] - Total sales for Q3 2025 were $1.67 billion, a 3% decline compared to $1.71 billion in Q3 2024[1][3] - Adjusted EBITDA for Q3 2025 was $74.4 million, down 52% from $154.5 million in Q3 2024[3] - Total sales for the three months ended September 30, 2025, were $1,667,806, a decrease of 2.9% compared to $1,713,724 for the same period in 2024[25] - Net income for the three months ended September 30, 2025, was $21,769, a significant decline of 76.0% from $91,038 in the prior year[25] - Total costs and expenses for the company were $1,635,477 for the three months ended September 30, 2025, compared to $1,596,368 in 2024, reflecting an increase of 2.4%[25] - The company reported a net income of $124,102 for the nine months ended September 30, 2025, down 59.6% from $307,454 in 2024[39] - Total Company Adjusted EBITDA for the nine months ended September 30, 2025, was $284,988,000, a decrease of 43% from $504,183,000 in the same period of 2024[42] Segment Performance - Wood Products sales decreased by $57.5 million, or 13%, to $396.4 million in Q3 2025, driven by lower sales prices and volumes[6][3] - Segment sales for the Wood Products segment decreased to $396,401 for the three months ended September 30, 2025, down 12.7% from $453,896 in 2024[27] - Segment income for the Wood Products segment showed a loss of $12,055 for the three months ended September 30, 2025, compared to a profit of $53,853 in the same period last year[27] - Building Materials segment sales were $1,556,150 for the three months ended September 30, 2025, a slight decrease from $1,567,466 in 2024[28] - The Building Materials segment reported an income of $54,286 for the three months ended September 30, 2025, down 27.4% from $74,821 in the previous year[28] - Building Materials Distribution segment income decreased to $54,286,000 for the three months ended September 30, 2025, down from $74,821,000 in 2024, representing a decline of approximately 27%[42] Cash and Liquidity - The company ended Q3 2025 with $511.8 million in cash and cash equivalents, and total available liquidity of $907.0 million[11] - Cash and cash equivalents decreased to $511,770 as of September 30, 2025, from $713,260 at the end of 2024[34] - Long-term debt remained stable at $445,145 as of September 30, 2025, compared to $446,167 at the end of 2024[36] Capital Expenditures and Dividends - Capital expenditures for 2025 are expected to be between $230 million and $250 million, with 2026 expenditures projected at $150 million to $170 million[12] - The company paid $26.6 million in dividends for the nine months ended September 30, 2025, and declared a quarterly dividend of $0.22 per share[13] - The company declared dividends of $0.22 per common share for the three months ended September 30, 2025, compared to $5.21 in the same period last year[25] Market Outlook - The outlook for 2026 indicates cautious demand in the first half, with gradual improvement expected later in the year due to interest rate cuts and normalized inventory levels[15] - The company authorized the repurchase of up to $300 million of its outstanding common stock, replacing the prior authorization[14] Operational Metrics - Net cash provided by operations for the nine months ended September 30, 2025, was $123,132, a decrease of 64.1% from $343,752 in 2024[39] - The weighted average diluted shares outstanding decreased to 37,509 for the three months ended September 30, 2025, from 39,063 in 2024[25] - The company experienced a foreign currency exchange loss of $293,000 for the three months ended September 30, 2025, compared to a gain of $300,000 in the previous year[25] - Unallocated corporate costs were $9,902,000 for the three months ended September 30, 2025, compared to $11,318,000 in 2024, showing a reduction of approximately 12%[42] Depreciation and Amortization - Depreciation and amortization for the Wood Products segment increased to $26,561,000 for the three months ended September 30, 2025, from $23,551,000 in 2024, representing an increase of approximately 13%[42] Other Financial Metrics - The change in fair value of interest rate swaps resulted in a loss of $866,000 for the three months ended September 30, 2025, compared to a loss of $435,000 in the previous quarter[42]