Boise Cascade Company (BCC) Q1 2025 earnings summary

Executive summary

• Q1 2025 sales were $1.54–$1.54 billion, down 7% year-over-year, with net income of $40.3 million ($1.06 per share) versus $104.1 million ($2.61 per share) last year, reflecting lower demand, adverse weather, and planned Oakdale mill downtime.

• Performance remained resilient amid constrained demand, economic uncertainty, and elevated mortgage rates, with a continued focus on strategic investments and capital returns.

• Liquidity remains strong, with $561.8 million in cash and $957.5 million in total liquidity at quarter-end.

• Maintains a constructive long-term demand outlook despite near-term headwinds.

Financial highlights

• Wood Products sales were $415.8 million, down 11% year-over-year; segment EBITDA was $40.2 million, down from $95.6 million.

• BMD sales were $1.41–$1.4 billion, down 7% year-over-year; segment EBITDA was $62.8 million, down from $83.6 million.

• Adjusted EBITDA for Q1 2025 was $91.6 million, a 46% decrease from $168.5 million in Q1 2024.

• Gross margin for BMD was 14.7%, down 40 basis points year-over-year; EBITDA margin was 4.5%, down from 5.6%.

• Operating income was $54.5 million, down from $133.0 million in Q1 2024.

Outlook and guidance

• 2025 end market demand is difficult to predict; most housing start forecasts range from flat to mid-single digit declines year-over-year.

• EWP volumes expected to increase by mid to high single digits sequentially in Q2; pricing to see low single-digit sequential declines.

• Plywood volumes to rise mid-single digits sequentially with partial Oakdale restart; pricing stable quarter-to-date.

• Capital expenditures for 2025 are projected at $220–$240 million, focused on mill modernization and new distribution centers.

• Cash flows, current cash, and borrowing capacity are expected to be sufficient for operational and capital needs over the next 12 months.