Boise Cascade Company (BCC) Q4 2024 earnings summary

Executive summary

• Reported full-year 2024 net income of $376.4 million ($9.57 per diluted share), with Q4 net income of $68.9 million ($1.78 per share), both down from prior year periods.

• Distribution business expanded through organic growth and acquisitions, supported by significant capital investments in EWP growth strategy.

• Returned substantial capital to shareholders via $229 million in dividends and $225 million in share repurchases in 2024.

• Both Wood Products and BMD segments delivered solid results despite market headwinds.

Financial highlights

• Q4 2024 consolidated sales were $1.57 billion, down 5% year-over-year; Adjusted EBITDA fell 20% to $128.7 million.

• Full-year 2024 sales decreased 2% to $6.7 billion; net income down 22% to $376.4 million; Adjusted EBITDA down 16% to $632.8 million.

• Wood Products Q4 sales were $419.7 million (down 7% YoY), with segment EBITDA of $56.6 million; BMD Q4 sales were $1.44 billion (down 4% YoY), with segment EBITDA of $84.5 million.

• Q4 gross margin for Wood Products was 8.0% (down from 14.3%); BMD gross margin was 4.9% (up from 4.7%).

• Operating cash flow for 2024 was $438.3 million, down from $687.5 million in 2023.

Outlook and guidance

• 2025 U.S. housing starts forecasted at 1.35 million, flat or slightly below 2024; single-family starts expected to remain around 1 million.

• Multifamily starts to face continued headwinds due to high capital costs and elevated completions.

• Home improvement spending expected to see modest growth in 2025.

• Q1 2025 EWP volumes expected to increase modestly from Q4, with low single-digit sequential price declines; plywood volumes to decline mid to high single digits sequentially.

• 2025 capital expenditures projected at $220 million–$240 million, focused on EWP mill expansion and new distribution centers.