Boise Cascade touts double-digit growth in Q1

Boise Cascade Company reported double-digit net sales growth in the first quarter, which was impacted by strong sales in engineered wood products.

"We reported another quarter with strong engineered wood products sales growth from the combined capabilities of our manufacturing and distribution businesses," said CEO Tom Corrick. "We continue to believe that our expanded manufacturing footprint allows us to support the growth of our customers in both businesses and provides a unique value proposition in the marketplace."

Net sales came in at $974.4 million for the quarter ended March 31, up 11% from net sales of $880.7 million during the first quarter of 2016.

Of these, Wood Products sales were up 7% to $325.7 million. This was largely driven by EWP volume increases owing to increased penetration with existing customers, as well as improved single-family housing starts.

Net income of $10.0 million was more than double net income of $4.95 million in the year-ago quarter.

"We remain focused on growing our internal veneer production and using an increasing percentage of our veneer for high-value EWP production," added Corrick. "Beyond EWP, the overall demand and commodity price environment provided some tailwinds in the first quarter, and I am pleased with the financial results."

Boise Cascade emphasized its tradition of having seasonally stronger sales volumes in the second and third quarters. The company also expects to operate some of its facilities below capacity as it did in 2016.