Boise Cascade reported net income of $146.3 million, or $3.67 per share, on sales of $1.8 billion for the Q2 ended June 30, 2023, compared with net income of $218.1 million, or $5.49 per share, on sales of $2.3 billion for the Q2 ended June 30, 2022.
Wood Products
Wood Products' sales, including sales to Building Materials Distribution (BMD), decreased $5.7 million, or 1%, to $530.3 million for the three months ended June 30, 2023, from $536.0 million for the three months ended June 30, 2022. The decrease in sales was driven by lower plywood sales prices and lower I-joists sales volumes. These decreases were offset partially by higher plywood sales volumes, higher sales prices for LVL and I-joists (collectively referred to as EWP), and higher LVL sales volumes.
Building Materials Distribution (BMD)
BMD's sales decreased $494.7 million, or 23%, to $1,636.5 million for the three months ended June 30, 2023, from $2,131.2 million for the three months ended June 30, 2022. Compared with the same quarter in the prior year, the overall decrease in sales was driven by sales price and sales volume decreases of 22% and 1%, respectively. By product line, commodity sales decreased 36%, general line product sales decreased 8%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 21%.
“Both businesses again delivered solid financial performance during the Q2 as we continued to execute our integrated business model in support of our customer and supplier partners. Our associates’ consistent focus, grit, and hard work remain key to driving our operating and financial results,” stated Nate Jorgensen, CEO. “As we close out the first half of 2023, we are encouraged by the resiliency of market demand despite ongoing economic uncertainties, and our long-term view of the strength of residential construction remains. The focus on working capital performance is a priority as the channel looks to manage inventory risk and reward, and we are uniquely positioned on a national scale to deliver the service levels in support of those efforts. Lastly, our balance sheet remains well positioned for continued investment in our associates, key strategies and growth initiatives in our distribution and EWP businesses, and further shareholder returns.”
Boise Cascade Company is one of the largest producers of engineered wood products and plywood in North America and a leading U.S. wholesale distributor of building products.
