Boise Cascade Company reported net income of $27.2 million, or $0.69 per share, on sales of $1.3 billion for the 3Q ended September 30, 2019, compared with net income of $13.8 million, or $0.35 per share, on sales of $1.3 billion for the 3Q ended September 30, 2018.
3Q 2019 results include $1.0 million of after-tax losses, or $0.03 per share, from a non-cash pension settlement charge. 3Q 2018 results included $16.7 million of net aftertax losses, or $0.42 per share, from a non-cash pension settlement charge and impairment and sale related losses.
“Despite the lack of growth in residential construction and ongoing weakness in commodity wood products pricing that has persisted this year, both of our businesses continue to execute well. BMD delivered outstanding financial results during the 3Q, with solid growth in general line product sales and gross margins. With the operating footprint changes made during the last year, our favorable performance in EWP is more evident in Wood Products’ results. The stability of EWP, together with input cost improvements, mitigated the overall earnings impact of the significant year-over-year decline in plywood pricing,” commented Tom Corrick, CEO.
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.