Boise Cascade Company reported net income of $62.0 million, or $1.64 per share, on sales of $1.7 billion for the Q2 ended June 30, 2025, compared with net income of $112.3 million, or $2.84 per share, on sales of $1.8 billion for the second quarter ended June 30, 2024.
“During the Q2 2025, we experienced sequential volume growth driven by seasonally stronger activity, although underlying demand for new residential construction remained muted,” said Nate Jorgensen, CEO. “While we incurred expected costs related to the Oakdale plywood mill outage, the completion of this modernization project marks a significant milestone, enhancing operational efficiency, strengthening reliability, and reinforcing the value of self-sufficient veneer production as a key competitive advantage. As we navigate a dynamic market environment, our actions will address near-term challenges while continuing to invest in opportunities that position Boise Cascade for sustainable growth in the years ahead.”
Wood Products
Wood Products' sales, including sales to Building Materials Distribution (BMD), decreased $42.6 million, or 9%, to $447.2 million for the three months ended June 30, 2025, from $489.8 million for the three months ended June 30, 2024. The decrease in sales was driven by lower sales prices for LVL and I-joists (collectively referred to as EWP).
Lower plywood sales volumes and sales prices also contributed to the decrease in sales. In addition, lower sales volumes for I-joists resulted in decreased sales. These decreases were offset partially by increased sales volumes for LVL. Wood Products' segment income decreased $58.8 million to $14.0 million for the three months ended June 30, 2025, from $72.8 million for the three months ended June 30, 2024.
The decrease in segment income was due to lower EWP and plywood sales prices, as well as higher per-unit conversion costs primarily as a result of downtime to complete the modernization projects at its Oakdale, Louisiana veneer and plywood mill. In addition, lower plywood sales volumes and an unfavorable profit in inventory adjustment contributed to the decrease in segment income. These decreases in segment income were offset partially by a $3.9 million gain on the sale of a non-operating property.
Building Materials
Distribution BMD's sales decreased $40.3 million, or 2%, to $1,614.9 million for the three months ended June 30, 2025, from $1,655.2 million for the three months ended June 30, 2024. Compared with the same quarter in the prior year, the decrease in sales was driven by a sales price decrease of 2%, as sales volumes were flat. By product line, commodity sales decreased 5%, general line product sales increased 4%, and EWP sales (substantially all of which are sourced through Wood Products segment) decreased 12%. BMD segment income decreased $7.4 million to $78.0 million for the three months ended June 30, 2025, from $85.4 million for the three months ended June 30, 2024.
The decrease in segment income was driven by increased selling and distribution expenses and depreciation and amortization expense of $12.1 million and $2.1 million, respectively. These decreases to segment income were offset partially by a gross margin increase of $3.4 million, resulting primarily from increased margins on general line products, which were offset partially by decreased margins on commodity and EWP products.
Boise Cascade 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.
