Posted February 24, 2017
Boise Cascade Company reported 4Q 2016 net income of $4.1 million, or $0.11 per share, on sales of $0.9 billion.
For the full year 2016, Boise Cascade reported net income of $38.3 million, or $0.98 per share, on sales of $3.9 billion.
"Our distribution business had another strong quarter to close out 2016. Our Wood Products business made progress on a number of fronts, but the financial performance was disappointing. Wood Products continued to struggle with startup issues at the Roxboro, North Carolina, EWP facility and plywood pricing declined 7% from the 3Q. On the positive side, the ramp up of sales related to EWP business wins during 2016 accelerated in the 4Q, which was reflected in our strong LVL and I-joist sales volumes. Also, the capital projects at our Chester, South Carolina, plywood operation were successfully completed in December and the mill is running well," commented Tom Corrick, CEO. "I am optimistic that we can continue to successfully grow our distribution operations in the year ahead. We still have work to do on the restart and integration of the Roxboro EWP mill we acquired last year, but capital spending in Wood Products is expected to decline in 2017. The management team is very focused on driving productivity and cost efficiency in manufacturing and improving sales realizations for both EWP and plywood.”
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.