Boise Cascade reported Q4 2022 net income of $117.4 million, or $2.95 per share, on sales of $1.6 billion. For the full year 2022, Boise Cascade reported net income of $857.7 million, or $21.56 per share, on sales of $8.4 billion.
“As we close out 2022, I first want to recognize our associates for their tireless work, as they made our outstanding results possible. In addition to our financial results, we had strong performance in safety during a challenging period. I am also very pleased that we were able to take meaningful steps via acquisition and organic initiatives that will allow us to expand our EWP capacity and further grow our distribution capabilities,” stated Nate Jorgensen, CEO. “Our balance sheet remains well positioned for us to execute the growth initiatives started during 2022. In addition, we have the flexibility to further demonstrate our balanced approach to capital allocation, including the ability to pursue additional growth initiatives that align with our strategy. We recognize the industry will face challenges during 2023 given current economic uncertainties and weaker near-term demand for new residential construction; however, we remain committed to providing high service levels to our vendor and customer partners through industry cycles.”
Wood Products
Wood Products' sales, including sales to Building Materials Distribution (BMD), decreased $21.0 million, or 5%, to $425.6 million for the three months ended December 31, 2022, from $446.6 million for the three months ended December 31, 2021. The decrease in sales was driven primarily by lower sales volumes for I-joists and LVL (collectively referred to as EWP).
Wood Products' segment income decreased $23.4 million to $75.0 million for the Q4 2022, from $98.4 million for the three months ended December 31, 2021.
For the year ended December 31, 2022, sales, including sales to BMD, increased $145.1 million, or 7%, to $2,115.9 million from $1,970.8 million in 2021. The increase in sales was driven by higher EWP sales prices and higher plywood sales volumes.
FY 2022 Wood Products' segment income increased $44.0 million to $575.2 million from $531.2 million for the year ended December 31, 2021. The increase in segment income was due primarily to higher EWP sales prices. This increase in segment income was offset partially by lower plywood sales prices, lower EWP sales volumes, and higher wood fiber costs and other manufacturing costs.
Building Materials Distribution
BMD's sales decreased $201.7 million, or 12%, to $1,443.8 million for the Q4 2022 from $1,645.5 million for the three months ended December 31, 2021. Compared with the same quarter in the prior year, the overall decrease in sales was driven by a sales volume decrease of 14%, offset partially by sales price increases of 2%.
FY 2022, sales increased $469.3 million, or 7%, to $7,643.6 million from $7,174.3 million in 2021. The increase in sales was driven by sales price increases of 11%, offset partially by a sales volume decrease of 4%.
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.
