Boise Cascade reports a 2% decline in total sales for 2024, reaching $6.7 billion, compared to $6.8 billion in 2023. Net income falls 22% to $376 million. The company attributes the decrease to lower engineered wood products (EWP) and plywood sales prices, alongside higher input costs. Boise Cascade remains focused on capital investments, including I-joist production expansion in Alabama and modernization efforts in Louisiana. The company forecasts U.S. housing starts to reach 1.35 million in 2025, slightly below 2024 levels, with single-family construction expected to stabilize at 1 million units.
Boise Cascade’s wood products segment reports a 5% decrease in sales to $1.83 billion for 2024. The drop results from lower average selling prices for laminated veneer lumber (LVL), I-joists, and plywood, despite higher LVL and plywood sales volumes. The segment’s income declines 31% to $231 million due to increased wood fiber and conversion costs.
The company’s building materials distribution (BMD) segment maintains stable sales at $6.17 billion, with a marginal 1% decrease. While general product sales grow by 7%, commodity sales fall 5%, and EWP sales drop 4%. BMD’s segment income falls 10% to $303 million, impacted by higher distribution expenses and depreciation costs, partially offset by improved gross margins on general products.
Boise Cascade ends 2024 with $713 million in cash and $1.1 billion in total liquidity. Capital expenditures for 2025 are projected at $220–$240 million, including investments in EWP capacity expansion and new distribution centers in Texas and South Carolina.
The company cites new residential construction as a key demand driver. Single-family housing starts in 2024 increase 7%, while overall housing starts decline 4%. Boise Cascade expects 2025 housing starts to reach 1.35 million units, with single-family construction stabilizing at 1 million units despite affordability challenges. Multi-family housing starts are projected to decline due to high capital costs and recent completion levels.
Boise Cascade remains cautious about 2025 market conditions, citing economic uncertainties, mortgage rates, and commodity price volatility as key factors impacting demand and profitability.
