Boise Cascade Company ("Boise Cascade," the "Company," "we," or
"our") (NYSE: BCC) today 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, compared with net income of $143.1
million, or $3.58 per share, on sales of $1.8 billion for the third
quarter ended September 30, 2023.
"In what has proven to be a moderate demand environment, once
again, we were able to deliver good financial results in the third
quarter. We could not have done this without the tremendous efforts
of our associates and our unique combination of best-in-class
engineered wood products and an unmatched nationwide wholesale
distribution network,” stated Nate Jorgensen, CEO. “In addition, we
continue to progress on our key strategic investment initiatives
and thoughtfully deploy capital to shareholders. Looking forward,
we expect normal seasonality through the winter months, and are
well positioned to serve and support our customer and vendor
partners as changes in demand dictate."
Third Quarter 2024 Highlights
3Q 2024
3Q 2023
% change
(in thousands, except per-share
data and percentages)
Consolidated Results
Sales
$
1,713,724
$
1,834,441
(7
)%
Net income
91,038
143,068
(36
)%
Net income per common share - diluted
2.33
3.58
(35
)%
Adjusted EBITDA 1
154,480
216,465
(29
)%
Segment Results
Wood Products sales
$
453,896
$
515,225
(12
)%
Wood Products income
53,853
99,574
(46
)%
Wood Products EBITDA 1
77,404
122,924
(37
)%
Building Materials Distribution sales
1,567,466
1,670,296
(6
)%
Building Materials Distribution income
74,821
97,076
(23
)%
Building Materials Distribution EBITDA
1
87,749
104,857
(16
)%
1 For reconciliations of non-GAAP
measures, see summary notes at the end of this press release.
In third quarter 2024, total U.S. housing starts and
single-family housing starts decreased 3% and 1%, respectively,
compared to the same period in 2023. On a year-to-date basis
through September 2024, total housing starts decreased 3%, while
single-family housing starts increased 10%, compared to the same
period in 2023. Single-family housing starts are the key demand
driver for our sales.
Wood Products
Wood Products' sales, including sales to Building Materials
Distribution (BMD), decreased $61.3 million, or 12%, to $453.9
million for the three months ended September 30, 2024, from $515.2
million for the three months ended September 30, 2023. The decrease
in sales was driven by lower plywood sales prices, as well as lower
sales prices for LVL and I-joists (collectively referred to as
EWP). In addition, lower sales volumes for I-joists decreased
sales, while sales volumes for LVL and plywood were flat. Other
sales related to lumber and residual byproducts also decreased.
Comparative average net selling prices and sales volume changes
for EWP and plywood are as follows:
3Q 2024 vs. 3Q 2023
3Q 2024 vs. 2Q 2024
Average Net Selling Prices
LVL
(5)%
(2)%
I-joists
(6)%
(2)%
Plywood
(13)%
(8)%
Sales Volumes
LVL
—%
(2)%
I-joists
(8)%
(10)%
Plywood
—%
2%
Wood Products' segment income decreased $45.7 million to $53.9
million for the three months ended September 30, 2024, from $99.6
million for the three months ended September 30, 2023. The decrease
in segment income was due primarily to lower EWP and plywood sales
prices, as well as higher conversion costs. In addition, lower
I-joist sales volumes contributed to the decrease in segment
income.
Building Materials Distribution
BMD's sales decreased $102.8 million, or 6%, to $1,567.5 million
for the three months ended September 30, 2024, from $1,670.3
million for the three months ended September 30, 2023. Compared
with the same quarter in the prior year, the overall decrease in
sales was driven by a sales price decrease of 6%, as sales volumes
were flat. Excluding the impact of the BROSCO acquisition on
October 2, 2023, sales would have decreased by 9%. By product line,
commodity sales decreased 12%, general line product sales increased
4%, and EWP sales (substantially all of which are sourced through
our Wood Products segment) decreased 14%.
BMD segment income decreased $22.3 million to $74.8 million for
the three months ended September 30, 2024, from $97.1 million for
the three months ended September 30, 2023. The decrease in segment
income was driven by increased selling and distribution expenses
and depreciation and amortization expense of $10.0 million and $5.1
million, respectively. In addition, gross margin decreased $7.7
million, driven by lower margins on commodity products and EWP,
offset partially by improved margins on general line products.
Balance Sheet and Liquidity
Boise Cascade ended third quarter 2024 with $761.6 million of
cash and cash equivalents and $395.7 million of undrawn committed
bank line availability, for total available liquidity of $1,157.3
million. The Company had $450.0 million of outstanding debt at
September 30, 2024.
Capital Allocation
We expect capital expenditures in 2024, excluding potential
acquisition spending, to total approximately $220 million to $240
million. In addition, we expect capital expenditures in 2025 to
total approximately $200 million to $220 million. These levels of
capital expenditures could increase or decrease as a result of
several factors, including acquisitions, efforts to further
accelerate organic growth, exercise of lease purchase options, our
financial results, future economic conditions, availability of
engineering and construction resources, and timing and availability
of equipment purchases.
For the nine months ended September 30, 2024, the Company paid
$220.5 million in common stock dividends. On October 30, 2024, our
board of directors declared a quarterly dividend of $0.21 per share
on our common stock, payable on December 18, 2024, to stockholders
of record on December 2, 2024.
For the three and nine months ended September 30, 2024, the
Company paid $69.7 million and $158.5 million, respectively, for
the repurchase of 554,500 and 1,232,345 shares of our common stock,
respectively. Furthermore, in October 2024, the Company repurchased
an additional 50,000 shares of our common stock at a cost of $6.9
million. On October 30, 2024, our board of directors authorized the
repurchase of an additional 1.4 million shares of our common stock.
This increase is in addition to the remaining authorized shares
under our prior common stock repurchase program. As of October 31,
2024, approximately 2 million shares were available for repurchase
under our existing share repurchase program.
Outlook
Demand for the products we manufacture, as well as the products
we purchase and distribute, is correlated with new residential
construction, residential repair-and-remodeling activity, and light
commercial construction. Residential construction, particularly new
single-family construction, is the key demand driver for the
products we manufacture and distribute. As reported by the U.S.
Census Bureau, housing starts were 1.42 million in 2023. Current
industry forecasts for U.S. housing starts are approximately 1.35
million in 2024 followed by 2025 starts at or modestly above 1.40
million. For the nine months ended September 2024, single-family
starts are outpacing 2023 levels by 10% whereas multi-family starts
have declined sharply from historic levels due to increased capital
costs for developers, combined with historic levels of multi-family
unit completions in 2024. Home affordability remains a challenge
for many consumers due to home prices and the cost of financing,
with the level of mortgage rates also limiting the supply of
existing housing stock available for sale. Large homebuilders are
addressing affordability challenges by reducing home sizes and plan
complexity, as well as offering mortgage rate buydowns. New
residential construction will continue to be an important source of
supply for the demand created by undersupplied housing, favorable
demographic trends, and low unemployment. We expect 2025 to reflect
modest growth in home improvement spending, as the age of U.S.
housing stock and elevated levels of homeowner equity will continue
to provide a favorable backdrop for repair-and-remodel spending.
Ultimately, macroeconomic factors, the level and expectations for
mortgage rates, home affordability, home equity levels, home size,
and other factors will influence the near-term demand environment
for the products we manufacture and distribute.
As a manufacturer of certain commodity products, we have sales
and profitability exposure to declines in commodity product prices
and rising input costs. Our distribution business purchases and
resells a broad mix of products with periods of increasing prices
providing the opportunity for higher sales and increased margins,
while declining price environments expose us to declines in sales
and profitability. Future product pricing, particularly commodity
products pricing and input costs, may be volatile in response to
economic uncertainties, industry operating rates, supply-related
disruptions, transportation constraints or disruptions, net import
and export activity, inventory levels in various distribution
channels, and seasonal demand patterns.
About Boise Cascade
Boise Cascade Company is one of the largest producers of
engineered wood products and plywood in North America and a leading
U.S. wholesale distributor of building products. For more
information, please visit the Company's website at www.bc.com.
Webcast and Conference Call
Boise Cascade will host a webcast and conference call to discuss
third quarter earnings on Tuesday, November 5, 2024, at 10 a.m.
Eastern.
To join the webcast, go to the Investors section of our website
at www.bc.com/investors and select the Event Calendar link.
Analysts and investors who wish to ask questions during the Q&A
session can register for the call here.
The archived webcast will be available in the Investors section
of Boise Cascade's website.
Use of Non-GAAP Financial Measures
We refer to the terms EBITDA and Adjusted EBITDA in this
earnings release and the accompanying Quarterly Statistical
Information as supplemental measures of our performance and
liquidity that are not required by or presented in accordance with
generally accepted accounting principles in the United States
(GAAP). We define EBITDA as income before interest (interest
expense and interest income), income taxes, and depreciation and
amortization. Additionally, we disclose Adjusted EBITDA, which
further adjusts EBITDA to exclude the change in fair value of
interest rate swaps.
We believe EBITDA and Adjusted EBITDA are meaningful measures
because they present a transparent view of our recurring operating
performance and allow management to readily view operating trends,
perform analytical comparisons, and identify strategies to improve
operating performance. We also believe EBITDA and Adjusted EBITDA
are useful to investors because they provide a means to evaluate
the operating performance of our segments and our Company on an
ongoing basis using criteria that are used by our management and
because they are frequently used by investors and other interested
parties when comparing companies in our industry that have
different financing and capital structures and/or tax rates. EBITDA
and Adjusted EBITDA, however, are not measures of our liquidity or
financial performance under GAAP and should not be considered as
alternatives to net income, income from operations, or any other
performance measure derived in accordance with GAAP or as
alternatives to cash flow from operating activities as a measure of
our liquidity. The use of EBITDA and Adjusted EBITDA instead of net
income or segment income have limitations as analytical tools,
including: the inability to determine profitability; the exclusion
of interest expense, interest income, and associated significant
cash requirements; and the exclusion of depreciation and
amortization, which represent unavoidable operating costs.
Management compensates for these limitations by relying on our GAAP
results. Our measures of EBITDA and Adjusted EBITDA are not
necessarily comparable to other similarly titled captions of other
companies due to potential inconsistencies in the methods of
calculation.
Forward-Looking Statements
This press release includes statements about our expectations of
future operational and financial performance that are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, including, but not limited to, statements regarding
our outlook. Statements preceded or followed by, or that otherwise
include, the words "believes," "expects," "anticipates," "intends,"
"project," "estimates," "plans," "forecast," "is likely to," and
similar expressions or future or conditional verbs such as "will,"
"may," "would," "should," and "could" are generally forward-looking
in nature and not historical facts. Such statements are based upon
the current beliefs and expectations of our management and are
subject to significant risks and uncertainties. The accuracy of
such statements is subject to a number of risks, uncertainties, and
assumptions that could cause our actual results to differ
materially from those projected, including, but not limited to,
prices for building products, changes in the competitive position
of our products, commodity input costs, the effect of general
economic conditions, our ability to efficiently and effectively
integrate the BROSCO acquisition, mortgage rates and availability,
housing demand, housing vacancy rates, governmental regulations,
unforeseen production disruptions, as well as natural disasters.
These and other factors that could cause actual results to differ
materially from such forward-looking statements are discussed in
greater detail in our filings with the Securities and Exchange
Commission. Forward-looking statements speak only as of the date of
this press release. We undertake no obligation to revise them in
light of new information. Finally, we undertake no obligation to
review or confirm analyst expectations or estimates that might be
derived from this release.
Boise Cascade Company
Consolidated Statements of
Operations
(in thousands, except per-share
data) (unaudited)
Three Months Ended
Nine Months Ended
September 30
June 30, 2024
September 30
2024
2023
2024
2023
Sales
$
1,713,724
$
1,834,441
$
1,797,670
$
5,156,814
$
5,193,989
Costs and expenses
Materials, labor, and other operating
expenses (excluding depreciation)
1,375,719
1,442,178
1,440,680
4,123,838
4,099,249
Depreciation and amortization
36,861
31,474
34,367
107,078
93,382
Selling and distribution expenses
157,522
147,714
149,783
451,415
415,707
General and administrative expenses
26,172
27,583
25,943
77,232
84,193
Other (income) expense, net
94
(141
)
(84
)
(68
)
(1,752
)
1,596,368
1,648,808
1,650,689
4,759,495
4,690,779
Income from operations
117,356
185,633
146,981
397,319
503,210
Foreign currency exchange gain (loss)
300
(602
)
(104
)
(103
)
(355
)
Pension expense (excluding service
costs)
(37
)
(40
)
(37
)
(111
)
(122
)
Interest expense
(6,082
)
(6,351
)
(6,105
)
(18,257
)
(19,051
)
Interest income
10,168
13,760
10,543
31,308
34,964
Change in fair value of interest rate
swaps
(866
)
(327
)
(487
)
(1,573
)
(798
)
3,483
6,440
3,810
11,264
14,638
Income before income taxes
120,839
192,073
150,791
408,583
517,848
Income tax provision
(29,801
)
(49,005
)
(38,499
)
(101,129
)
(131,727
)
Net income
$
91,038
$
143,068
$
112,292
$
307,454
$
386,121
Weighted average common shares
outstanding:
Basic
38,848
39,675
39,412
39,286
39,648
Diluted
39,063
39,983
39,608
39,521
39,849
Net income per common share:
Basic
$
2.34
$
3.61
$
2.85
$
7.83
$
9.74
Diluted
$
2.33
$
3.58
$
2.84
$
7.78
$
9.69
Dividends declared per common share
$
5.21
$
0.20
$
0.20
$
5.61
$
3.50
Wood Products Segment
Statements of
Operations
(in thousands, except
percentages) (unaudited)
Three Months Ended
Nine Months Ended
September 30
June 30, 2024
September 30
2024
2023
2024
2023
Segment sales
$
453,896
$
515,225
$
489,823
$
1,412,647
$
1,482,926
Costs and expenses
Materials, labor, and other operating
expenses (excluding depreciation)
361,313
376,754
378,920
1,097,954
1,091,900
Depreciation and amortization
23,551
23,350
22,270
70,205
70,145
Selling and distribution expenses
10,587
10,786
11,114
32,252
33,901
General and administrative expenses
4,640
5,018
4,606
14,266
15,560
Other (income) expense, net
(48
)
(257
)
133
99
(1,584
)
400,043
415,651
417,043
1,214,776
1,209,922
Segment income
$
53,853
$
99,574
$
72,780
$
197,871
$
273,004
(percentage of sales)
Segment sales
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
Costs and expenses
Materials, labor, and other operating
expenses (excluding depreciation)
79.6
%
73.1
%
77.4
%
77.7
%
73.6
%
Depreciation and amortization
5.2
%
4.5
%
4.5
%
5.0
%
4.7
%
Selling and distribution expenses
2.3
%
2.1
%
2.3
%
2.3
%
2.3
%
General and administrative expenses
1.0
%
1.0
%
0.9
%
1.0
%
1.0
%
Other (income) expense, net
—
%
—
%
—
%
—
%
(0.1
%)
88.1
%
80.7
%
85.1
%
86.0
%
81.6
%
Segment income
11.9
%
19.3
%
14.9
%
14.0
%
18.4
%
Building Materials
Distribution Segment
Statements of
Operations
(in thousands, except
percentages) (unaudited)
Three Months Ended
Nine Months Ended
September 30
June 30, 2024
September 30
2024
2023
2024
2023
Segment sales
$
1,567,466
$
1,670,296
$
1,655,221
$
4,727,708
$
4,686,076
Costs and expenses
Materials, labor, and other operating
expenses (excluding depreciation)
1,322,001
1,417,153
1,409,510
4,009,932
3,983,718
Depreciation and amortization
12,928
7,781
11,741
35,776
22,237
Selling and distribution expenses
146,994
136,982
138,716
419,324
381,878
General and administrative expenses
10,580
11,195
10,070
30,184
33,314
Other (income) expense, net
142
109
(216
)
(192
)
(382
)
1,492,645
1,573,220
1,569,821
4,495,024
4,420,765
Segment income
$
74,821
$
97,076
$
85,400
$
232,684
$
265,311
(percentage of sales)
Segment sales
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
Costs and expenses
Materials, labor, and other operating
expenses (excluding depreciation)
84.3
%
84.8
%
85.2
%
84.8
%
85.0
%
Depreciation and amortization
0.8
%
0.5
%
0.7
%
0.8
%
0.5
%
Selling and distribution expenses
9.4
%
8.2
%
8.4
%
8.9
%
8.1
%
General and administrative expenses
0.7
%
0.7
%
0.6
%
0.6
%
0.7
%
Other (income) expense, net
—
%
—
%
—
%
—
%
—
%
95.2
%
94.2
%
94.8
%
95.1
%
94.3
%
Segment income
4.8
%
5.8
%
5.2
%
4.9
%
5.7
%
Segment Information
(in thousands) (unaudited)
Three Months Ended
Nine Months Ended
September 30
June 30, 2024
September 30
2024
2023
2024
2023
Segment sales
Wood Products
$
453,896
$
515,225
$
489,823
$
1,412,647
$
1,482,926
Building Materials Distribution
1,567,466
1,670,296
1,655,221
4,727,708
4,686,076
Intersegment eliminations
(307,638
)
(351,080
)
(347,374
)
(983,541
)
(975,013
)
Total net sales
$
1,713,724
$
1,834,441
$
1,797,670
$
5,156,814
$
5,193,989
Segment income
Wood Products
$
53,853
$
99,574
$
72,780
$
197,871
$
273,004
Building Materials Distribution
74,821
97,076
85,400
232,684
265,311
Total segment income
128,674
196,650
158,180
430,555
538,315
Unallocated corporate costs
(11,318
)
(11,017
)
(11,199
)
(33,236
)
(35,105
)
Income from operations
$
117,356
$
185,633
$
146,981
$
397,319
$
503,210
Segment EBITDA
Wood Products
$
77,404
$
122,924
$
95,050
$
268,076
$
343,149
Building Materials Distribution
87,749
104,857
97,141
268,460
287,548
See accompanying summary notes to
consolidated financial statements and segment information.
Boise Cascade Company
Consolidated Balance
Sheets
(in thousands) (unaudited)
September 30, 2024
December 31, 2023
ASSETS
Current
Cash and cash equivalents
$
761,599
$
949,574
Receivables
Trade, less allowances of $4,979 and
$3,278
408,487
352,780
Related parties
289
181
Other
17,411
20,740
Inventories
792,356
712,369
Prepaid expenses and other
32,024
21,170
Total current assets
2,012,166
2,056,814
Property and equipment, net
985,808
932,633
Operating lease right-of-use assets
50,039
62,868
Finance lease right-of-use assets
22,925
24,003
Timber deposits
9,078
7,208
Goodwill
171,945
170,254
Intangible assets, net
177,028
190,743
Deferred income taxes
4,605
4,854
Other assets
8,033
9,269
Total assets
$
3,441,627
$
3,458,646
Boise Cascade Company
Consolidated Balance Sheets
(continued)
(in thousands, except per-share
data) (unaudited)
September 30, 2024
December 31, 2023
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current
Accounts payable
Trade
$
372,199
$
310,175
Related parties
2,216
1,501
Accrued liabilities
Compensation and benefits
122,000
149,561
Interest payable
5,086
9,958
Other
141,741
122,921
Total current liabilities
643,242
594,116
Debt
Long-term debt
445,945
445,280
Other
Compensation and benefits
42,864
40,189
Operating lease liabilities, net of
current portion
43,550
56,425
Finance lease liabilities, net of current
portion
27,492
28,084
Deferred income taxes
96,967
82,014
Other long-term liabilities
18,134
16,874
229,007
223,586
Commitments and contingent
liabilities
Stockholders' equity
Preferred stock, $0.01 par value per
share; 50,000 shares authorized, no shares issued and
outstanding
—
—
Common stock, $0.01 par value per share;
300,000 shares authorized, 45,130 and 44,983 shares issued,
respectively
451
450
Treasury stock, 6,675 and 5,443 shares at
cost, respectively
(305,227
)
(145,335
)
Additional paid-in capital
561,223
560,697
Accumulated other comprehensive loss
(495
)
(517
)
Retained earnings
1,867,481
1,780,369
Total stockholders' equity
2,123,433
2,195,664
Total liabilities and stockholders'
equity
$
3,441,627
$
3,458,646
Boise Cascade Company
Consolidated Statements of
Cash Flows
(in thousands) (unaudited)
Nine Months Ended September
30
2024
2023
Cash provided by (used for)
operations
Net income
$
307,454
$
386,121
Items in net income not using (providing)
cash
Depreciation and amortization, including
deferred financing costs and other
109,531
95,516
Stock-based compensation
11,668
11,518
Pension expense
111
122
Deferred income taxes
15,096
4,351
Change in fair value of interest rate
swaps
1,573
798
Other
322
(1,877
)
Decrease (increase) in working capital,
net of acquisitions
Receivables
(51,192
)
(158,756
)
Inventories
(80,739
)
14,145
Prepaid expenses and other
(6,697
)
(6,604
)
Accounts payable and accrued
liabilities
44,547
152,303
Income taxes payable
(3,970
)
23,664
Other
(3,952
)
(172
)
Net cash provided by operations
343,752
521,129
Cash provided by (used for)
investment
Expenditures for property and
equipment
(135,760
)
(99,251
)
Acquisitions of businesses and
facilities
(5,581
)
—
Proceeds from sales of assets and
other
1,197
2,450
Net cash used for investment
(140,144
)
(96,801
)
Cash provided by (used for)
financing
Treasury stock purchased
(158,509
)
(1,539
)
Dividends paid on common stock
(220,485
)
(140,885
)
Tax withholding payments on stock-based
awards
(11,141
)
(5,926
)
Other
(1,448
)
(1,359
)
Net cash used for financing
(391,583
)
(149,709
)
Net increase (decrease) in cash and
cash equivalents
(187,975
)
274,619
Balance at beginning of the
period
949,574
998,344
Balance at end of the period
$
761,599
$
1,272,963
Summary Notes to Consolidated Financial Statements and
Segment Information
The Consolidated Statements of Operations, Segment Statements of
Operations, Consolidated Balance Sheets, Consolidated Statements of
Cash Flows, and Segment Information presented herein do not include
the notes accompanying the Company's Consolidated Financial
Statements and should be read in conjunction with the Company’s
2023 Form 10-K and the Company's other filings with the Securities
and Exchange Commission. Net income for all periods presented
involved estimates and accruals.
EBITDA represents income before interest (interest expense and
interest income), income taxes, and depreciation and amortization.
Additionally, we disclose Adjusted EBITDA, which further adjusts
EBITDA to exclude the change in fair value of interest rate swaps.
The following table reconciles net income to EBITDA and Adjusted
EBITDA for the (i) three months ended September 30, 2024 and 2023,
(ii) three months ended June 30, 2024, and (iii) nine months ended
September 30, 2024 and 2023:
Three Months Ended
Nine Months Ended
September 30
June 30, 2024
September 30
2024
2023
2024
2023
(in thousands)
Net income
$
91,038
$
143,068
$
112,292
$
307,454
$
386,121
Interest expense
6,082
6,351
6,105
18,257
19,051
Interest income
(10,168
)
(13,760
)
(10,543
)
(31,308
)
(34,964
)
Income tax provision
29,801
49,005
38,499
101,129
131,727
Depreciation and amortization
36,861
31,474
34,367
107,078
93,382
EBITDA
153,614
216,138
180,720
502,610
595,317
Change in fair value of interest rate
swaps
866
327
487
1,573
798
Adjusted EBITDA
$
154,480
$
216,465
$
181,207
$
504,183
$
596,115
The following table reconciles segment income and unallocated
corporate costs to EBITDA and adjusted EBITDA for the (i) three
months ended September 30, 2024 and 2023, (ii) three months ended
June 30, 2024, and (iii) nine months ended September 30, 2024 and
2023:
Three Months Ended
Nine Months Ended
September 30
June 30, 2024
September 30
2024
2023
2024
2023
(in thousands)
Wood Products
Segment income
$
53,853
$
99,574
$
72,780
$
197,871
$
273,004
Depreciation and amortization
23,551
23,350
22,270
70,205
70,145
EBITDA
$
77,404
$
122,924
$
95,050
$
268,076
$
343,149
Building Materials Distribution
Segment income
$
74,821
$
97,076
$
85,400
$
232,684
$
265,311
Depreciation and amortization
12,928
7,781
11,741
35,776
22,237
EBITDA
$
87,749
$
104,857
$
97,141
$
268,460
$
287,548
Corporate
Unallocated corporate costs
$
(11,318
)
$
(11,017
)
$
(11,199
)
$
(33,236
)
$
(35,105
)
Foreign currency exchange gain (loss)
300
(602
)
(104
)
(103
)
(355
)
Pension expense (excluding service
costs)
(37
)
(40
)
(37
)
(111
)
(122
)
Change in fair value of interest rate
swaps
(866
)
(327
)
(487
)
(1,573
)
(798
)
Depreciation and amortization
382
343
356
1,097
1,000
EBITDA
(11,539
)
(11,643
)
(11,471
)
(33,926
)
(35,380
)
Change in fair value of interest rate
swaps
866
327
487
1,573
798
Corporate adjusted EBITDA
$
(10,673
)
$
(11,316
)
$
(10,984
)
$
(32,353
)
$
(34,582
)
Total Company adjusted EBITDA
$
154,480
$
216,465
$
181,207
$
504,183
$
596,115
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241104417522/en/
Investor Relations Contact - Chris Forrey
investor@bc.com
Media Contact - Amy Evans mediarelations@bc.com
Boise Cascade (NYSE:BCC)
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Boise Cascade (NYSE:BCC)
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