Profits surge at Boise Cascade

Boise Cascade posted a net income of $149.2 million for the first quarter, rising sharply from a net income of $12.2 in the first quarter 2020.

Sales for the first quarter jumped 50% to $1.8 billion from sales of $1.2 billion for the same period last year.

Wood products sales for the quarter, including sales to its Building Materials Distribution (BMD) business, increased 35% to $432.3 million from $320.1 million. The increase in sales was driven primarily by higher plywood and lumber prices, as well as higher sales volumes for I-joists. 

BMD sales soared 56% to $1.63 billion with the increase driven by sales volume and sales price increases of 34% and 22%.

During the quarter, Boise Cascade permanently curtailed I-Joist plant production at its Roxboro, N.C. facility. 

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The Bottom Line: Boise Cascade profits leap 50% in the first quarter as lumber and building material prices hit high levels.

What the CEO said: “I am very proud of our associates across the Company and am inspired by their tireless efforts to work safely and support the needs of our customer and supplier partners during these extraordinary market conditions. Their dedication and execution were key to delivering tremendous financial results in the first quarter,” said Nate Jorgensen, CEO of Boise Cascade. “Our proven Values have served us incredibly well as we have navigated through the pandemic and will continue to be our foundation moving forward.”

“The demand outlook for new residential construction remains strong. We are looking forward to the future and the continued execution of our strategy,” Jorgensen noted.

Company info: Click here to read Boise Cascade’s full first quarter 2021 financial report.