Boise Cascade sales and profits rise in Q1
Boise Cascade reported first quarter 2020 sales of $1.17 billion, rising 12% from sales of $1.04 billion in the first quarter 2019.
Wood Products sales, including sales to Building Materials Distribution (BMD), increased $0.5 million to $320.1 million for the quarter as BMD sales increased $142.3 million, or 16%, to $1.05 billion.
The company also reported a net income of $12.2 million for the first quarter, increasing 7% from a net income of $11.4 million for the same period a year ago.
First quarter 2020 results include $15 and $1.7 million of pre-tax accelerated depreciation and other curtailment related costs due to the permanent closing of Boise Cascade’s I-joist production at its Roxboro, N.C. facility.
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The Bottom Line: Profits rise 7% to $12.2 million in the first quarter as sales grow 12% to over $1.17 billion.
What the CEO said: “As we respond to the impacts and uncertainties of COVID-19, our focus remains on the health and safety of our associates, followed by business continuity. At the same time, we are fortunate to have entered 2020 in a sound financial position,” said Nate Jorgensen, CEO of Boise Cascade. “Our first quarter financial results were strong in both businesses, demonstrating the strength of our integrated business model. We will continue to take the necessary steps to preserve our financial position and effectively support our customers, and ultimately will strive to balance the priorities of the various stakeholders that depend on us."
Company info: Full first quarter 2020 results from Boise Cascade are available here.
Wood Products sales, including sales to Building Materials Distribution (BMD), increased $0.5 million to $320.1 million for the quarter as BMD sales increased $142.3 million, or 16%, to $1.05 billion.
The company also reported a net income of $12.2 million for the first quarter, increasing 7% from a net income of $11.4 million for the same period a year ago.First quarter 2020 results include $15 and $1.7 million of pre-tax accelerated depreciation and other curtailment related costs due to the permanent closing of Boise Cascade’s I-joist production at its Roxboro, N.C. facility.
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The Bottom Line: Profits rise 7% to $12.2 million in the first quarter as sales grow 12% to over $1.17 billion.
What the CEO said: “As we respond to the impacts and uncertainties of COVID-19, our focus remains on the health and safety of our associates, followed by business continuity. At the same time, we are fortunate to have entered 2020 in a sound financial position,” said Nate Jorgensen, CEO of Boise Cascade. “Our first quarter financial results were strong in both businesses, demonstrating the strength of our integrated business model. We will continue to take the necessary steps to preserve our financial position and effectively support our customers, and ultimately will strive to balance the priorities of the various stakeholders that depend on us."
Company info: Full first quarter 2020 results from Boise Cascade are available here.