Management attributed part of the quarter’s weakness to seasonality, with sequential volume declines in both divisions. The quarter also included an approximately $6 million accrual tied to legal proceedings in the Building Materials Distribution (BMD) segment, which CFO Kelly Hibbs said reduced earnings by about $0.16 per share after tax .In the fourth quarter, Jorgensen said total U.S. housing starts and single-family housing starts increased 4% and 7%, respectively, versus the prior-year quarter. Boise C ...

In Wood Products, prices stabilized while wood markets, like commodities, other commodities continue to experience weak pricing due to soft demand. Despite market challenges, we delivered solid earnings for the quarter. As announced in December, I will retire next week after 10 years with Boise Cascade, including 6 as CEO and has been an honor and privilege to serve in this role. Jeff's transitioned into the CEO role reflects our deliberate and purposeful succession planning. I have great confidence in Jeff ...

Financial Data and Key Metrics Changes - Full-year net income for 2025 was $132.8 million, or $3.53 per share, compared to $68.9 million, or $1.78 per share in the fourth quarter of 2024 [4][6] - Consolidated fourth-quarter sales were $1.5 billion, down 7% from the fourth quarter of 2024 [5][6] - Fourth-quarter net income was $8.7 million, or $0.24 per share, compared to $68.9 million, or $1.78 per share in the year-ago quarter [6][7] Business Line Data and Key Metrics Changes - Building Materials Distribution (BMD) sales in the fourth quarter were $1.4 billion, down 5% from the fourth quarter of 2024, with segment EBITDA of $56.4 million compared to $84.5 million in the prior year [8][9] - Wood Products sales in the fourth quarter were $354 million, down 16% compared to the fourth quarter of 2024, with segment EBITDA of $12.3 million compared to $56.6 million in the year-ago quarter [8][9] Market Data and Key Metrics Changes - Total U.S. housing starts increased by 4% year-over-year, while single-family housing starts increased by 7% [5] - Plywood sales volume was 354 million feet, down from 371 million feet in the fourth quarter of 2024, with average net sales price down 6% year-over-year [14][15] Company Strategy and Development Direction - The company is focused on expanding its distribution business and enhancing EWP production capabilities, with significant investments made in the last three years [4][16] - The acquisition of Holden Humphrey is expected to enhance the company's footprint and product offerings in the Northeast region [20][79] Management's Comments on Operating Environment and Future Outlook - Management noted that single-family starts fell short of 2024 levels by approximately 7% and are expected to be flat or modestly down in 2026 due to affordability challenges [20][21] - The company remains confident in long-term demand drivers for residential construction, including persistent undersupply of housing and high levels of homeowner equity [22][23] Other Important Information - The company repurchased approximately $181 million of common stock in 2025, including $70 million in the fourth quarter [16] - Capital expenditures for 2025 were $241 million, with expectations for 2026 spending between $150 million and $170 million [15][16] Q&A Session Summary Question: Can you talk about the share gains in the general line within BMD? - Management noted strong demand for general line products, achieving an all-time high in 2025, with continued growth expected [28] Question: How is the channel positioned for EWP as builders target low single-digit volume growth? - Management indicated that restocking has begun in Q1, and they are aligned with strong partners on the builder and dealer side [31] Question: What areas will the new CEO focus on? - The new CEO emphasized maintaining strategic priorities, increasing earnings stability, and becoming the employer of choice for associates [32][34] Question: Can you provide more color on the Holden Humphrey acquisition? - The acquisition is expected to enhance efficiency and access to new product categories in the Northeast region [79][80] Question: What factors could drive BMD margins back to 5%? - Management indicated that improved sales velocity and a favorable mix of products could help achieve this margin level [47][49]

Financial Data and Key Metrics Changes - Full-year net income for 2025 was $132.8 million, or $3.53 per share, compared to $68.9 million, or $1.78 per share in the previous year [4][6] - Fourth-quarter consolidated sales were $1.5 billion, down 7% from the fourth quarter of 2024 [5] - Fourth-quarter net income was $8.7 million, or $0.24 per share, compared to $68.9 million, or $1.78 per share in the year-ago quarter [6] Business Line Data and Key Metrics Changes - Building Materials Distribution (BMD) sales in the fourth quarter were $1.4 billion, down 5% from the fourth quarter of 2024, with segment EBITDA of $56.4 million compared to $84.5 million in the prior year [8][9] - Wood Products sales in the fourth quarter were $354 million, down 16% compared to the fourth quarter of 2024, with segment EBITDA of $12.3 million compared to $56.6 million in the year-ago quarter [8][9] Market Data and Key Metrics Changes - Total U.S. housing starts increased by 4% year-over-year, while single-family housing starts increased by 7% [5] - Plywood sales volume was 354 million feet, down from 371 million feet in the fourth quarter of 2024, with average net sales price down 6% year-over-year [14][15] Company Strategy and Development Direction - The company is focused on expanding its distribution business and enhancing EWP production capabilities, with significant investments made in the last three years [4][16] - The acquisition of Holden Humphrey is expected to enhance the company's footprint and product offerings in the Northeast region [20][77] Management's Comments on Operating Environment and Future Outlook - Management noted that single-family starts are expected to be flat or modestly down in 2026 due to affordability challenges for homebuyers [20][21] - The company remains confident in long-term demand drivers for residential construction, including housing undersupply and aging housing stock [22] Other Important Information - The company repurchased approximately $181 million of common stock in 2025, with an additional $39 million repurchased in the first quarter of 2026 [16][17] - A $6 million charge related to legal proceedings in the BMD segment was noted, stemming from a Lacey Act investigation [7][11] Q&A Session Summary Question: Can you talk about the share gains in the general line within BMD? - Management indicated strong demand for general line products, with significant growth in categories like James Hardie and Trex, and a focus on home center business [28] Question: How is the channel positioned for EWP with builders targeting low single-digit volume growth? - Management noted some restocking in Q1 and strong partnerships with builders and dealers, indicating readiness for market recovery [31] Question: What areas will the new CEO focus on? - The new CEO emphasized maintaining strategic priorities, increasing efficiencies, and becoming the employer of choice for associates [34] Question: Can you provide more color on the Holden Humphrey acquisition? - The acquisition is expected to enhance efficiency and access to new product categories in the Northeast, with opportunities to leverage relationships across the region [77] Question: What is the outlook for BMD margins? - Management indicated that achieving normal margins will depend on seasonal demand and product mix, with expectations for improvement in the second and third quarters [46][48]

Financial Data and Key Metrics Changes - Full-year net income for 2025 was $132.8 million, or $3.53 per share, compared to $68.9 million, or $1.78 per share in the prior year quarter [3][4] - Consolidated fourth-quarter sales were $1.5 billion, down 7% from the fourth quarter of 2024 [4] - Fourth-quarter net income was $8.7 million, or $0.24 per share, compared to $68.9 million, or $1.78 per share in the year-ago quarter [4][5] Business Line Data and Key Metrics Changes - Building Materials Distribution (BMD) sales in the fourth quarter were $1.4 billion, down 5% from the fourth quarter of 2024, with segment EBITDA of $56.4 million compared to $84.5 million in the prior year quarter [7][8] - Wood Products sales in the fourth quarter were $354 million, down 16% compared to the fourth quarter of 2024, with segment EBITDA of $12.3 million compared to $56.6 million in the year-ago quarter [7][8] Market Data and Key Metrics Changes - Total U.S. housing starts increased by 4% year-over-year, while single-family housing starts increased by 7% compared to the prior year quarter [4] - Plywood sales volume was 354 million feet, down from 371 million feet in the fourth quarter of 2024, with average net sales price down 6% year-over-year [12][13] Company Strategy and Development Direction - The company continues to focus on expanding its distribution business and enhancing EWP production capabilities, with significant investments made in the last three years [3][4] - The acquisition of Holden Humphrey is expected to enhance the company's footprint and product offerings in the Northeast region [19][77] Management's Comments on Operating Environment and Future Outlook - Management noted that single-family starts fell short of 2024 levels by approximately 7% and are expected to be flat or modestly down in 2026 due to affordability challenges for homebuyers [20] - The company remains confident in long-term demand drivers for residential construction, including persistent undersupply of housing and high levels of homeowner equity [22] Other Important Information - The company repurchased approximately $181 million of common stock in 2025, including $70 million in the fourth quarter [15] - Capital expenditures for 2025 were $241 million, with expectations for 2026 spending to be between $150 million and $170 million [14][15] Q&A Session Summary Question: Can you talk about the share gains in the general line within BMD? - Management noted strong demand in general line products, achieving an all-time high in 2025, with continued growth expected [27][28] Question: How is the channel positioned for EWP as builders target low single-digit volume growth? - Management indicated that restocking has begun in Q1, and strong partnerships with builders and dealers position the company well for market recovery [30] Question: What areas will the new CEO focus on? - The new CEO emphasized maintaining strategic priorities, increasing earnings stability, and becoming the employer of choice for associates [31][32] Question: Can you provide more color on the Holden Humphrey acquisition? - The acquisition is expected to enhance efficiency and access to new product categories in the Northeast, allowing for expanded relationships with key suppliers [76][78] Question: What factors will drive BMD margins back to 5%? - Management indicated that improved sales velocity, mix shift, and seasonal strength in the second and third quarters could help achieve this margin target [46][60]

Core Viewpoint - Boise Cascade Company will host a webcast and conference call on February 24, 2026, to discuss its fourth quarter and full year earnings for 2025, highlighting its ongoing commitment to transparency and investor engagement [1]. Group 1: Company Overview - Boise Cascade is one of the largest wholesale distributors of building materials in the U.S. and a leading manufacturer of engineered wood products and plywood in North America [1]. - The company operates over 60 distribution and manufacturing facilities across the U.S. and Canada, employing more than 7,500 people [1]. - In 2024, Boise Cascade reported revenues of $6.7 billion and a net income of $376 million [1]. Group 2: Executive Leadership Changes - The company announced the promotion of Angella Broesch to Senior Vice President of Human Resources and Chris Forrey to Senior Vice President of Finance & Investor Relations, effective February 9, 2026 [1]. - Additionally, Dennis Fringuelli was named Vice President of Sales and Marketing for the Building Materials Distribution division, and Jeff Dracup was named Vice President of Sales and Marketing for Engineered Wood Products, both effective January 19, 2026 [1]. Group 3: Dividend Announcement - Boise Cascade's Board of Directors declared a quarterly dividend of $0.22 per share, which will be paid on March 18, 2026, to stockholders of record on February 23, 2026 [1].

Core Insights - The merger between PotlatchDeltic and Rayonier is expected to create significant strategic and financial benefits, including an enhanced real estate portfolio and estimated synergies of $40 million through operational efficiencies [2][3][4]. Group 1: Merger and Financial Outlook - The transaction is anticipated to close in late Q1 or early Q2 of 2026, pending regulatory and shareholder approvals [1]. - The combined company will own nearly 4.2 million acres of timberlands across 11 states and will maintain a wood products manufacturing capacity of 1.2 billion board feet of lumber and 150 million square feet of plywood [3]. - The merger is expected to result in a strong pro forma balance sheet and improved capital markets presence [2]. Group 2: Q3 Operational Performance - Total adjusted EBITDA for Q3 was $89 million, up from $52 million in Q2, driven by strong performance in the real estate segment [4][16]. - The Timberlands segment achieved a Q3 harvest volume of 1.9 million tons, with Idaho producing its highest quarterly volume of the year [1][18]. - The Wood Products segment reported an EBITDA loss of $2 million in Q3, attributed to weak lumber prices despite strong operational performance [5][19]. Group 3: Market Dynamics and Pricing - Lumber prices have declined, with average prices falling by 12% from $450 to $396 per thousand board feet in Q3 [20]. - Factors contributing to the price decline include increased Canadian shipments ahead of higher duties and a lack of meaningful upward momentum despite tariffs and curtailments [7][15]. - The company anticipates a stabilization in lumber prices as supply-demand dynamics improve towards the end of the year [8][14]. Group 4: Real Estate Segment Performance - The real estate segment generated adjusted EBITDA of $63 million in Q3, significantly up from $23 million in Q2, with notable sales in rural real estate [21]. - Approximately 15,600 acres were sold at an average price of nearly $3,300 per acre, including two large transactions in Georgia totaling $39 million [21]. - Demand for rural real estate remains strong, driven by factors such as conservation and recreation [9][21]. Group 5: Future Outlook - The company expects to harvest between 1.7 million and 1.8 million tons in Q4, with a projected decline in sawlog prices in Idaho by approximately 13% [24]. - Total adjusted EBITDA in Q4 is anticipated to be lower than in Q3 due to fewer rural real estate acres sold and reduced development activity [26]. - The long-term fundamentals of the housing market remain intact, with expectations for improved housing activity as affordability increases [12][14].

Leadership Promotions - Boise Cascade announced the promotion of Dennis Fringuelli to Vice President of Sales and Marketing for the Building Materials Distribution division and Jeff Dracup to Vice President of Sales and Marketing for Engineered Wood Products, effective January 19, 2026 [1] - These promotions are part of a succession planning process aimed at developing internal talent and recognizing leaders who embody the company's values and have shown exceptional performance [4] Executive Backgrounds - Dennis Fringuelli has been with Boise Cascade since 1999, starting as a national account manager and progressing through various roles, including director of BMD sales and marketing [2] - Jeff Dracup joined Boise Cascade in 2004, initially in sales and product management, and has held several progressive positions, including director of EWP sales and marketing [3] Company Overview - Boise Cascade is a leading wholesale distributor of building materials and a major manufacturer of engineered wood products and plywood in North America, operating over 60 distribution and manufacturing facilities across the U.S. and Canada [5] - The company employs over 7,500 people and focuses on delivering outstanding service through an integrated model and national distribution footprint [5]

Core Viewpoint - Boise Cascade Company has completed the acquisition of Humphrey Company, enhancing its distribution capabilities in the northeast region of the U.S. [1][2] Group 1: Acquisition Details - The acquisition involves Humphrey Company, Inc., a two-step distributor of building materials located in Chicopee, Massachusetts [1] - This strategic move is expected to strengthen Boise Cascade's existing distribution partnerships and expand product offerings for customers in the northeast [2] Group 2: Company Overview - Boise Cascade is recognized as one of the largest producers of engineered wood products and plywood in North America [2] - The company is also a leading wholesale distributor of building products in the U.S. [2]

Core Insights - Home Depot is facing a challenging fourth quarter in fiscal 2025 due to intensified year-over-year weather comparisons, with management acknowledging that third-quarter performance fell short of expectations because of the lack of storm activity [1][3] - The absence of storm-driven demand is expected to create structural headwinds for revenues, leading to a revised forecast of slightly positive comparable sales for fiscal 2025, down from a prior estimate of 1% growth [3][8] Financial Performance - Comparable sales fell by 1.5% in October, primarily impacted by the absence of storms, indicating that weather-related demand issues may persist into the fourth quarter [2][8] - The Zacks Consensus Estimate for fourth-quarter revenues is projected at $38.18 billion, representing a decline of nearly 4% from the previous year [4][11] - For the current financial year, the sales estimate implies a year-over-year growth of 3.2%, while earnings per share are expected to decline by 4.5% [10][12] Market Position - Home Depot shares have decreased by 12.4% over the past year, compared to an 18.3% decline in the industry [7] - The company trades at a forward price-to-earnings ratio of 23.83, which is higher than the industry average of 21.58, and carries a Value Score of F [9] Industry Context - Other companies in the sector, such as Floor & Decor and Lowe's, are also experiencing similar structural demand challenges, with Floor & Decor reporting a 1.2% decline in comparable store sales and Lowe's showing a modest 0.4% increase amid consumer anxiety and spending pressures [5][6]