Boise Cascade Company reported net income of $31.7 million, or $0.81 per share, on sales of $1.23 billion for the 3Q ended September 30, 2017. 3Q 2016 net income of $10 million, or $0.26 per share, included a $9.5 million pre-tax loss on debt extinguishment, or a $0.15 per share after-tax impact, as the company said in the press release received by Lesprom Network.
“Distribution posted an exceptional quarter, with excellent execution and tailwinds from a strong commodity price environment. Improved results in Wood Products were driven by strong plywood prices and the impact of previously announced EWP price increases. The catastrophic storms in the southern U.S. created incremental plywood demand, and our sales and operations teams did a great job of responding to customer needs,” commented Tom Corrick, CEO. “We expect to experience seasonally slower demand in the 4Q, and commodity pricing will be subject to downside risks. We remain well positioned to support single-family housing starts growth that continues to post solid year-over-year gains.”
In 3Q 2017, total U.S. housing starts increased by approximately 1%, compared to the same period last year, driven by an approximate 11% increase in single-family starts, offset by an approximate 18% decrease in multi-family starts. Single-family residential construction is the primary demand driver of our sales. On a year-to-date basis, total U.S. housing starts improved 3%, compared to the same period last year, driven by an approximate 9% increase in single-family starts.
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.