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Boise Cascade Company reported positive financial results for the first quarter of 2024, with net income of $104.1 million, or $2.61 per share, on sales of $1.6 billion, showing growth compared to the same quarter in 2023. The CEO highlighted strong performance driven by new single-family starts and seasonal factors. Total U.S. housing starts and single-family housing starts increased year-over-year. The Wood Products segment saw increased sales due to higher sales volumes for I-joists and LVL. Building Materials Distribution segment also experienced sales growth, driven by increased sales volumes. Boise Cascade ended the quarter with strong liquidity and declared a quarterly dividend. The outlook remains positive, supported by new residential construction demand.
Boise Cascade Company announced the promotion of Chris Forrey to Vice President, Finance and Investor Relations. Chris, with extensive experience at Boise Cascade since 2005, has been a key player in tax, financial reporting, accounts payable, financial systems, investor relations, and M&A efforts. With a master's degree in accountancy/taxation and a bachelor's degree in business administration, Chris brings a strong business intellect and curiosity to his new role. He will lead investor relations activities while overseeing his previous responsibilities.
Boise Cascade Company (NYSE: BCC) has announced a quarterly dividend of $0.20 per share for its common stock, payable on June 17, 2024, to stockholders of record on June 3, 2024. The future dividend declarations will depend on various factors such as legal capital requirements, the Company's financial condition, cash requirements, and other relevant factors.
