Boise Cascade Q4 Earnings Miss, Sales Top, Adjusted EBITDA Down Y/Y

Core Viewpoint - Boise Cascade Company (BCC) reported mixed fourth-quarter 2024 results, with earnings missing estimates while sales exceeded expectations, reflecting a decline in both top and bottom lines year-over-year [1][5]. Financial Performance - Adjusted earnings per share (EPS) for the quarter were $1.78, missing the Zacks Consensus Estimate of $1.82 by 2.2%, down from $2.44 in the same quarter last year [5]. - Quarterly sales reached $1.57 billion, surpassing the consensus mark of $1.55 billion by 1.2%, but decreased by 5% year-over-year [5]. - Adjusted EBITDA for the quarter was $128.7 million, a decline of 20% from the prior-year quarter [5]. Segment Analysis - Wood Products: Sales were $419.7 million, down 7% year-over-year due to lower engineered wood products and plywood sales prices. Adjusted EBITDA fell 39% to $56.6 million [6]. - Building Materials Distribution (BMD): Sales decreased by 4% year-over-year to $1.44 billion, attributed to lower plywood sales prices and reduced I-joist sales volumes. Adjusted EBITDA increased by 5% to $84.5 million [7][8]. Yearly Overview - Full-year sales declined by 2% to $6.72 billion, with Wood Products sales down 5% to $1.83 billion and BMD sales remaining flat at $6.17 billion [9]. - Consolidated adjusted EBITDA for the year tumbled 16% to $632.8 million from $756.7 million [9]. - Full-year adjusted EPS was $9.57, a decline of 21% from $12.12 reported in 2023 [10]. Liquidity and Debt - As of December 31, 2024, total liquidity was $1.109 billion, down from $1.35 billion at the end of 2023, including $395.7 million of undrawn committed bank line availability [11]. - Cash and cash equivalents were $713.3 million, down from $949.6 million at the end of 2023 [11]. - Net long-term debt increased slightly to $446.2 million from $445.3 million reported at the end of 2023 [11]. Operational Cash Flow - Net cash provided by operations in 2024 was $438.3 million, down from $687.5 million in the previous year [12]. - The company repurchased approximately 1.5 million shares of common stock for a total value of $194.9 million during 2024 [12].