Boise Cascade Company
First Quarter 2024 Earnings Webcast
May 7, 2024
Forward-Looking Statements
- This presentation includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of
u
u
the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our outlook. The accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those projected, including, but not limited to, prices for building products, changes in the competitive position of our products, commodity input costs, the effect of general economic conditions, our ability to efficiently and effectively integrate the BROSCO acquisition, mortgage rates and availability, housing demand, housing vacancy rates, governmental regulations, unforeseen production disruptions, as well as natural disasters.
These and other factors that could cause actual results to differ materially from such forward-looking statements are discussed in greater detail in our filings with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date of this presentation. We undertake no obligation to revise them in light of new information. Finally, we undertake no obligation to review or confirm analyst expectations or estimates that might be derived from this presentation.
- This presentation includes references to EBITDA and Adjusted EBITDA, which are non-GAAP financial measures within the meaning of the Securities and Exchange Commission's Regulation G. Reconciliations of net income to EBITDA and Adjusted EBITDA and segment income to segment EBITDA are included as an appendix.
May 7, 2024
2
Executive Summary
- Strong operating and financial performance
- Good execution in both businesses
- Influenced by seasonal factors and strength of new residential construction activity
- Reinvestment in Company and shareholder returns
- Consolidated Results
- 1Q24 sales were $1.6 billion, up 7% from 1Q23
- 1Q24 net income was $104.1 million, or $2.61 per share, compared to net income of $96.7 million, or $2.43 per share, in 1Q23
May 7, 2024
3
1Q 2024 Financial Highlights
Sales
7%
$1,645.4
$1,544.3
Millions$ | 1,505.0 | Millions$ |
1,379.2 | ||
468.9 | 437.4 |
(328.5) | (272.3) |
1Q 2024 | 1Q 2023 |
n BMD n Wood | n Eliminations |
Adjusted EBITDA
6%
$168.5 | $158.7 |
83.6 | 76.8 |
95.6 | 93.2 |
(10.7)(11.3)
1Q 2024 | 1Q 2023 |
n BMD n Wood | Corporate |
May 7, 2024
4
Wood Products EWP
(mmcf)
6.0
5.0
4.0
3.0
2.0
($/cf)
LVL | (mmelf) | I-joists | ||||
80 | ||||||
4.8 | 4.7 | 4.9 | 70 | 63 | 64 | |
3.6 | 4.1 | 60 | 57 | 54 | ||
50 | ||||||
39 | ||||||
40 | ||||||
30
1Q 2Q 3Q 4Q
1Q 2Q 3Q 4Q
($/melf)
$36 $32
$28
$24
$20
$16
$12
5
$2,400 | |||||||
31.17 | 30.14 | $2,200 | |||||
29.08 | 29.93 | ||||||
28.75 | $2,000 | ||||||
$1,800 | |||||||
$1,600 | |||||||
$1,400 | |||||||
$1,200 | |||||||
$1,000 | |||||||
1Q 2Q 3Q 4Q
2023 2024
2,168 | 2,088 | 2,093 | |
2,018 | 2,035 | ||
1Q 2Q 3Q 4Q
May 7, 2024
Wood Products Plywood
Sales Volume | Net Sales Price |
(mmsf 3/8" basis) | ($/msf 3/8" basis) |
450
400
350
300
250
200
150
100
440 | $500 |
406
390
372363
$400
$300
$200
$100
1Q 2Q 3Q 4Q
367 | 378 | 382 | 375 |
365 |
1Q | 2Q | 3Q | 4Q |
2023 2024
May 7, 2024
6
Building Materials Distribution Sales
$2,000
$1,800
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
($ Millions)
1,637 | 1,670 | |
1,505 | 1,493 |
1,379
1Q 2Q 3Q 4Q
2023 2024
100
80
60
40
20
0
(% of Sales)
21 | 23 | 23 | 23 | 22 |
39 | 40 | 40 | 40 | 41 |
40 | 37 | 37 | 37 | 37 |
1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 |
Commodity General Line EWP
May 7, 2024
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Building Materials Distribution EBITDA
(EBITDA % of sales)
12.0% | 12.0% | ||||||||||||||||||||||||||||||||||
11.0% | |||||||||||||||||||||||||||||||||||
10.0% | 10.0% | ||||||||||||||||||||||||||||||||||
8.2% | 8.6% | ||||||||||||||||||||||||||||||||||
8.0% | 8.0% | ||||||||||||||||||||||||||||||||||
7.6% | |||||||||||||||||||||||||||||||||||
6.9% | |||||||||||||||||||||||||||||||||||
6.0% | 6.5% | 6.3% | 6.0% | 6.0% | |||||||||||||||||||||||||||||||
5.6% | 5.4% | 5.6% | 5.6% | ||||||||||||||||||||||||||||||||
4.0% | 4.0% | ||||||||||||||||||||||||||||||||||
2.0% | 2.0% | ||||||||||||||||||||||||||||||||||
-% | -% | ||||||||||||||||||||||||||||||||||
1Q | 2Q 3Q 4Q 1Q 2Q | 3Q 4Q | 1Q | 2022 | 2023 | YTD Q1 2024 | |||||||||||||||||||||||||||||
2022 | 2023 | 2024 |
May 7, 2024
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Lumber Composite Price
First Quarter | Second Quarter | Third Quarter | Fourth Quarter |
$1,400 $1,300 $1,200 $1,100 $1,000
$900 $800 $700 $600 $500 $400 $300
1 | 3 | 5 | 7 | 9 | 11 | 13 | 15 | 17 | 19 | 21 | 23 | 25 | 27 | 29 | 31 | 33 | 35 | 37 | 39 | 41 | 43 | 45 | 47 | 49 | 51 |
Source: Random Lengths
2022 2023 2024
May 7, 2024
9
Panel Composite Price
First Quarter | Second Quarter | Third Quarter | Fourth Quarter |
$1,400 $1,300 $1,200 $1,100 $1,000
$900 $800 $700 $600 $500 $400 $300
1 | 3 | 5 | 7 | 9 | 11 | 13 | 15 | 17 | 19 | 21 | 23 | 25 | 27 | 29 | 31 | 33 | 35 | 37 | 39 | 41 | 43 | 45 | 47 | 49 | 51 |
2022 2023 2024
Source: Random Lengths
May 7, 2024
10
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Disclaimer
Boise Cascade Company published this content on 06 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2024 20:43:59 UTC.