Boise Cascade Company reported net income of $91.7 million, or $2.31 per share, on sales of $1.9 billion for the 3Q ended September 30, 2021, compared with net income of $103.2 million, or $2.61 per share, on sales of $1.6 billion for the 3Q ended September 30, 2020. 3Q 2020 results include a $10.5 million after-tax loss on extinguishment of debt, or $0.27 per share, as the Company refinanced its senior notes.
“Strong sales of our engineered wood and general line products helped to mitigate the negative impact of historic declines in commodity products pricing during the quarter. Our associates’ performance was outstanding in the face of a very challenging backdrop," stated Nate Jorgensen, CEO. "Looking forward, we are optimistic about the demand environment for new residential construction for the balance of this year and 2022. In addition, we recently announced additional dividends to our shareholders, and our balance sheet strength provides us the ability to remain focused on the execution of our strategies, including future organic and acquisition growth opportunities."
In the 3Q 2021, total U.S. housing starts increased 8% compared to the same period in 2020. Single-family housing starts, the primary driver of its sales volumes, also increased 5%. On a year-to-date basis through September 2021, total and single-family housing starts both increased 20% compared with the same period in 2020.
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.
