Big Q2 for Boise Cascade
Boise Cascade reported second quarter 2018 net sales of $1.40 billion, rising 24% from net sales of $1.31 billion in the second quarter 2017.
The engineered wood products manufacturer and building products distributor also reported a second quarter net income of $41.8 million, soaring 89% from a net income of $22.2 million for the same period in 2017.
Wood products sales at Boise Cascade, including sales to Building Materials Distribution (BMD), increased $75.2 million, or 21%, to $425.5 million for the three months ended June 30, 2018 from $350.3 million for the three months ended June 30, 2017.
The increase in sales was driven primarily by higher sales prices for plywood, I-joists and LVL (I-joists and LVL are collectively referred to as EWP), Boise Cascade said. In addition, increases in EWP sales volumes contributed to improved sales. Sales volumes for plywood were relatively flat compared with the same period in the prior year.
BMD's sales increased $233.1 million, or 24%, to $1.2 billion for second quarter, from $980.7 million in the second quarter 2017. Compared with the same quarter in the prior year, the overall increase in sales was driven by sales price and sales volume increases of 15% and 9%, respectively, according to Boise Cascade.
By product line, commodity sales increased 33%, general line product sales increased 15%, and sales of EWP increased 18%, the company reported.
During the second quarter, the Boise, Idaho-based company completed the acquisition of wholesale building material distribution locations in Nashville, Tenn. and Medford, Ore. The company funded the acquisitions with cash on hand.
"Both of our businesses delivered outstanding results in the second quarter. Wood Products made very good progress on engineered wood products pricing and took advantage of exceptionally strong plywood markets. BMD executed well and captured market opportunities at both the local and national level," said Tom Corrick, CEO of Boise Cascade. "I am very pleased that we further strengthened our nationwide distribution capabilities with the acquisitions in Nashville and Medford.”
The engineered wood products manufacturer and building products distributor also reported a second quarter net income of $41.8 million, soaring 89% from a net income of $22.2 million for the same period in 2017.
Wood products sales at Boise Cascade, including sales to Building Materials Distribution (BMD), increased $75.2 million, or 21%, to $425.5 million for the three months ended June 30, 2018 from $350.3 million for the three months ended June 30, 2017.
The increase in sales was driven primarily by higher sales prices for plywood, I-joists and LVL (I-joists and LVL are collectively referred to as EWP), Boise Cascade said. In addition, increases in EWP sales volumes contributed to improved sales. Sales volumes for plywood were relatively flat compared with the same period in the prior year.
BMD's sales increased $233.1 million, or 24%, to $1.2 billion for second quarter, from $980.7 million in the second quarter 2017. Compared with the same quarter in the prior year, the overall increase in sales was driven by sales price and sales volume increases of 15% and 9%, respectively, according to Boise Cascade.
By product line, commodity sales increased 33%, general line product sales increased 15%, and sales of EWP increased 18%, the company reported.
During the second quarter, the Boise, Idaho-based company completed the acquisition of wholesale building material distribution locations in Nashville, Tenn. and Medford, Ore. The company funded the acquisitions with cash on hand.
"Both of our businesses delivered outstanding results in the second quarter. Wood Products made very good progress on engineered wood products pricing and took advantage of exceptionally strong plywood markets. BMD executed well and captured market opportunities at both the local and national level," said Tom Corrick, CEO of Boise Cascade. "I am very pleased that we further strengthened our nationwide distribution capabilities with the acquisitions in Nashville and Medford.”