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Paper Recycling August 04, 2020 08:15:32 PM

Boise Cascade Company Posted Exceptional Results in Q2

Paul Ploumis
ScrapMonster Author
The Wood Products segment sales declined by $52.8 million, or 16%, to $281.5 million during the quarter.

Boise Cascade Company Posted Exceptional Results in Q2

SEATTLE (Scrap Monster): Boise Cascade Company announced results for second quarter of the current year and a business update on Covid-19 impacts on its operations.

The company reported net income of $33.6 million, or $0.85 per share, on sales of $1.2 billion for the second quarter ended June 30, 2020. The net income surged higher by 21% from $27.72 million in 2Q 2019. The adjusted EBITDA, at $71.78 million, was up by 11%, when compared with $64.54 million during the corresponding quarter last year. It declared a dividend of $0.10 per share on common stock, which will be payable to shareholders on September 15th this year.

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The Wood Products segment sales declined by $52.8 million, or 16%, to $281.5 million during the quarter. The segment income decreased from $18.9 million in Q2 last year to $17.1 million in Q2 2020. The Building Materials Distribution segment has increased by 3% from $1,097.4 million to $1,134.3 million over the previous year. The segment income inched higher from $33.8 million to $43.2 million.

Nate Jorgensen, CEO stated that both of the company’s businesses delivered strong financial results in the face of the unprecedented environment resulting from Covid-19 pandemic. In response to the uncertainties, the company has decided to reduce its planned capital spending for the current year from previously announced range of $85-to-$95 million to $50-to-$70 million.

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