Boise Cascade reported net income of $103.2 million, or $2.61 per share, on sales of $1.6 billion for the 3Q ended September 30, 2020, compared with net income of $27.2 million, or $0.69 per share, on sales of $1.3 billion for the 3Q ended September 30, 2019.
3Q 2020 results include a $10.5 million after-tax loss on extinguishment of debt, or $0.27 per share, as Boise Cascade refinanced its senior notes at a lower interest rate with an extended maturity. 3Q 2019 results include $1.0 million of after-tax losses, or $0.03 per share, from a non-cash pension settlement charge.
“Extraordinary market conditions, along with great execution by both of our businesses, helped us deliver outstanding results in the third quarter. Financial results aside, I am proud that associates across our organization continue to effectively adapt to challenges brought about by the pandemic without losing focus on our core value of safety. It has also been inspiring to witness our teams in Louisiana and Oregon caring for each other and their communities in response to the gulf coast hurricanes and the catastrophic fires in the Pacific Northwest,” commented Nate Jorgensen, CEO. “We look to the future with optimism, as our balance sheet provides us the flexibility to pursue organic and acquisition growth opportunities in support of our customers and suppliers. Together with our Board of Directors, we took action to return a portion of our higher than targeted cash balance to our shareholders through our recently announced supplemental dividend.”
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.
