BOISE, Idaho - Aug. 5, 2019 - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $27.7 million, or $0.71 per share, on sales of $1.2 billion for the second quarter ended June 30, 2019, compared with net income of $41.8 million, or $1.06 per share, on sales of $1.4 billion for the second quarter ended June 30, 2018.
Second quarter 2018 results included $9.0 million of net after-tax losses, or $0.23 per share, from non-cash pension settlement charges.
In the second quarter 2019, total U.S. housing starts were flat compared to the same period last year. Single-family starts, the primary driver of our sales, decreased 6%, while multi-family starts increased 16%. On a year-to-date basis through June 2019, total and single-family housing starts decreased 4% and 5%, respectively, from the same period in 2018.
“While the headwinds of low commodity products pricing and softer single-family residential starts made for challenging year-over-year financial comparisons, our businesses executed well during the second quarter. The progress we have made growing our distribution and EWP businesses is providing more stability to our earnings during periods of weak commodity pricing,” commented Tom Corrick, CEO. “BMD did a great job generating gross margin dollars in the current environment and continues to make further progress with the integration of recentlyacquired facilities. In Wood Products, our strategic veneer production projects are progressing as planned, with commissioning underway on the recently installed assets at our Chester, South Carolina, facility, and commencement of the Florien, Louisiana, project that is expected to be operational in mid-2020.”
Source: Boise Cascade