Boise Cascade Company (BCC) Q4 2024 earnings summary

Executive summary

• Full-year 2024 net income was $376.4 million ($9.57 per share), with Q4 net income at $68.9 million ($1.78 per share), both down year-over-year.

• Q4 consolidated sales were $1.6 billion, down 5% year-over-year, reflecting lower U.S. housing starts and pricing pressure.

• Distribution business grew through organic and acquisition initiatives, with significant capital investments supporting EWP growth.

• Both Wood Products and BMD segments delivered solid results despite market headwinds.

• Continued capital investments and shareholder returns through dividends and share repurchases.

Financial highlights

• Q4 2024 sales declined 5% year-over-year to $1,567.5 million; Adjusted EBITDA fell 20% to $128.7 million.

• Full-year 2024 sales decreased 2% to $6.7 billion; net income down 22% to $376.4 million; Adjusted EBITDA down 16% to $632.8 million.

• Q4 Wood Products sales were $419.7 million, down 7% year-over-year; segment EBITDA was $56.6 million.

• BMD Q4 sales were $1.4 billion, down 4% year-over-year; segment EBITDA rose to $84.5 million.

• Cash and cash equivalents at year-end: $713.3 million; total liquidity $1.1 billion; debt $450 million.

Outlook and guidance

• 2025 U.S. housing starts forecast at 1.35 million, with single-family starts around 1 million; multi-family starts face headwinds.

• Modest growth expected in home improvement spending for 2025; constructive medium- and long-term housing fundamentals.

• EWP Q1 volumes expected to increase modestly from Q4, with low single-digit sequential price declines; plywood volumes expected to decline mid to high single digits.

• BMD Q1 daily sales pace is about 8% below Q4 averages, with expectations for activity to strengthen in spring.

• 2025 capital spending expected between $220 million and $240 million, focused on EWP production and distribution expansion.