Boise Cascade Company reported net income of $91.0 million, or $2.33 per share, on sales of $1.7 billion for the third quarter ended September 30, 2024. This represents a decrease from net income of $143.1 million, or $3.58 per share, on sales of $1.8 billion for the same period in 2023.
The Wood Products segment experienced a 12% decrease in sales to $453.9 million and a 46% decrease in segment income to $53.9 million, primarily due to lower EWP and plywood sales prices. The Building Materials Distribution (BMD) segment saw sales decrease by 6% to $1,567.5 million, with segment income declining 23% to $74.8 million, driven by increased selling and distribution expenses and lower margins on commodity products.
Total U.S. housing starts decreased 3% and single-family housing starts decreased 1% compared to Q3 2023. The company expects normal seasonality through the winter months, with industry forecasts for 2024 U.S. housing starts at approximately 1.35 million and 2025 starts at or modestly above 1.40 million. Boise Cascade ended the quarter with $1,157.3 million in total available liquidity, including $761.6 million of cash and cash equivalents.
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