Boise Cascade reported first quarter sales increased 28% to $2.3 billion from sales of $1.8 billion in the first quarter last year.
The Boise, Idaho-based company also posted a net income of $302.6 million for the quarter compared to a net income of $149.1 million in the first quarter of 2021. This represents a 103% increase in income.
Wood Products sales, including sales to the company’s Building Materials Distribution (BMD) business, increased 29% to $558.9 million.
The sales rise was driven by higher net sales prices for I-joists and laminated veneer lumber (LVL) and plywood, as well as higher sales volumes for plywood and LVL. These increases were offset partially by lower sales volumes for I-joists.
BMD sales increased 29%, to $2.1 billion during the quarter. The increase in BMD sales was pushed by sales price increases of 29%, as sales volumes were flat.
By product line, commodity sales increased 22%, general line product sales increased 30%, and sales of EWP increased 54%.
The Bottom Line: Profits at Boise Cascade jump 103% to $302.6 million as sales rise 28% in the first quarter of 2022.
What the CEO said: “As we move into the second quarter, we continue to experience steady demand across product lines and strong pricing on engineered wood and general line products. Our team has also done a great job of mitigating exposure to commodity price declines experienced early in the quarter,” said Nate Jorgenson, CEO of Boise Cascade.
Company info: The first quarter 2022 financial report from Boise Cascade is available here.