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Boise Cascade reported net income of $219.6 million, or $5.52 per share, for Q3 2022, significantly up from $91.7 million the previous year. Sales rose to $2.2 billion, a 15% increase year-over-year. The Wood Products segment saw a 20% sales increase, primarily due to higher prices for engineered wood products. However, the company notes that demand may decline due to economic conditions affecting the residential construction market. Shareholder returns included a quarterly dividend increase and a special dividend. The company ended Q3 with $867.1 million in cash.
Boise Cascade Company (NYSE: BCC) has announced a quarterly dividend of $0.15 per share, a 25% increase from the previous quarter, along with a special dividend of $1.00 per share. The dividends are set to be paid on December 15, 2022, to stockholders of record on December 1, 2022. Future dividends will depend on various factors including legal capital requirements, company operations, and financial conditions.
Boise Cascade’s Building Materials Distribution (BMD) division has acquired 4.67 acres of land near its Albuquerque branch as of October 17, 2022. This site, which already includes 13 acres and 78,000 sq. ft. of covered storage, will enhance operations in New Mexico, West Texas, and Juarez markets. The acquisition aims to diversify customer segments and expand product offerings, particularly in engineered wood products and Trex composite decking. According to branch manager Arik Zonski, the added space will also provide operational efficiencies.
Boise Cascade Company (NYSE: BCC) will host a webcast and conference call to discuss its third quarter earnings for 2022 on November 1, 2022, at 11 a.m. Eastern. The call will provide insights into the company's financial performance, which is critical for investors. Analysts and investors can access the webcast through the Investor Relations section of the company’s website.
Boise Cascade is a leading producer of engineered wood products and plywood in North America.
Boise Cascade reported net income of $218.1 million, or $5.49 per share, for Q2 2022, down 28% from $302.6 million in Q2 2021. Sales decreased 7% to $2.3 billion. The company completed the acquisition of Coastal Plywood for $517 million, enhancing its EWP capacity. Despite strong liquidity of $1.379 billion, the company anticipates a slowdown in new residential construction due to economic uncertainties and high mortgage rates. A dividend of $0.12 per share was declared, alongside a stock repurchase program for 2 million shares.
Boise Cascade Company (NYSE: BCC) has announced a quarterly dividend of $0.12 per share, to be paid on September 15, 2022 for stockholders of record on September 1, 2022. Future dividends will depend on various factors including legal capital requirements and the company’s financial condition. Boise Cascade is a leading producer of engineered wood products and plywood in North America.
Boise Cascade Company (NYSE: BCC) has successfully completed its acquisition of Coastal Plywood Company, which includes manufacturing operations in Havana, Florida, and Chapman, Alabama. This strategic move aims to enhance Boise Cascade's capacity in producing engineered wood products and plywood, further strengthening its position as a leading distributor of building products in North America. CEO Nate Jorgensen expressed enthusiasm about integrating the new team and expanding service capabilities for customers.
Boise Cascade Company (NYSE: BCC) will conduct a webcast and conference call to discuss its 2022 second quarter earnings on August 2, 2022, at 11 a.m. Eastern.
Investors can access the event through the Investor Relations section at www.bc.com. Questions can be submitted by registered participants during the Q&A session. An archived version of the webcast will also be available on their website.
Harris Williams, a global investment bank, is advising Coastal Forest Resources Company on the sale of its subsidiary, Coastal Plywood Company, to Boise Cascade Company (NYSE: BCC). Coastal, a prominent supplier of plywood and treated wood products in the U.S. Southeast, has approximately 750 employees. The transaction awaits customary closing conditions, including antitrust approval. Boise Cascade is a major North American producer of engineered wood products and plywood. Harris Williams is part of the PNC Financial Services Group (NYSE: PNC).
Boise Cascade Company (NYSE: BCC) has announced its agreement to acquire Coastal Plywood Company for $512 million, enhancing its plywood and engineered wood products capacity. The acquisition, expected to close in Q3 2022, includes two manufacturing locations in Havana, Florida, and Chapman, Alabama, employing around 750 people. Boise Cascade plans to invest $50 million over three years to expand production capabilities. This strategic acquisition aims to optimize existing assets and strengthen Boise Cascade's position in the market.
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