Boise Cascade Company (BCC) Q2 2025 earnings summary

Executive summary

• Q2 2025 sales were $1.74 billion, down 3% year-over-year, with net income of $62.0 million ($1.64 per share) versus $112.3 million ($2.84 per share) in Q2 2024, reflecting lower demand and pricing pressures.

• Sequential volume growth was observed, but demand remained constrained by affordability, high home inventory, and cautious consumer sentiment.

• Results included a $7.7 million pre-tax gain from non-operating asset sales.

• Oakdale mill modernization was substantially completed, enhancing operational efficiency and reliability.

• Income from operations fell to $80.5 million from $147.0 million in Q2 2024, mainly due to lower EWP and plywood prices, higher conversion costs, and planned downtime.

Financial highlights

• Q2 2025 sales were $1.74 billion, a 3% decrease year-over-year; net income was $62.0 million, down from $112.3 million.

• Adjusted EBITDA for Q2 2025 was $119.0 million, down 34% from $181.2 million in Q2 2024.

• Wood Products sales were $447.2 million, down 9% year-over-year; segment income dropped to $14.0 million from $72.8 million.

• BMD sales were $1.61–$1.66 billion, down 2% year-over-year; segment income was $78.0 million, down from $85.4 million.

• BMD gross margin improved to 15.4%, up 60 basis points year-over-year, with gross margin dollars up $3.4 million.

Outlook and guidance

• Q3 2025 company Adjusted EBITDA guidance is $80–$100 million, net of ~$10 million in unallocated corporate costs.

• Wood Products EWP segment expected Adjusted EBITDA: $20–$30 million; BMD: $70–$80 million.

• EWP volumes expected to decline high single digits sequentially, with low to mid single-digit price declines; plywood volumes to increase mid-single digits, with July prices 5% below Q2 average.

• Persistent headwinds for residential construction and ongoing pricing volatility are anticipated.

• Long-term demand drivers for residential construction and repair & remodel remain positive.