Boise Cascade Company Announced Robust Q1 2024 Results

SEATTLE (Scrap Monster): Boise Cascade Company reported first quarter 2024 results. The company delivered strong financial results during the quarter.

According to company press release, Boise Cascade Company reported net income of $104.1 million or $2.61 per share, compared with net income of $96.7 million or $2.43 share during the corresponding quarter a year before. The sales recorded year-on-year surge from $1.544 billion to $1.645 billion.

The company ended Q1 2024 with total available liquidity of $1,286.0 million. The outstanding debt stood at $455.5 million as at the end of the quarter. It expects total capital expenditure for 2024 at around $250-$270 million. Boise Cascades announced quarterly dividend of $0.20 per share on common stock, payable on June 17, 2024, to stockholders of record on June 3, 2024.

Commenting on the future outlook, the company noted that home improvement spending is expected to remain healthy compared to history during the current year. However, recent industry forecasts see mid-single-digit declines in 2024.

Nate Jorgensen, CEO, Boise Cascades stated that he is pleased with the strong financial results delivered by the team during the first quarter of the year. The quarter was influenced by seasonal factors and the relative strength of new single-family starts, he added.

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