Net sales in the fourth quarter at Boise Cascade increased 21% on a year-over-year (YOY) basis to $1.8 billion, according to the company’s quarterly earnings report. For the full fiscal year 2021, net sales increased 45% YOY to $7.9 billion.
Strong demand and supply-side constraints made for an unprecedented year,” CEO Nate Jorgensen said in a prepared statement. “Above all else, the tireless work of our associates and their unwavering focus on supporting each other and our vendor and customer partners made it possible for the company to deliver outstanding results.”
Wood product sales, including sales to the building materials distribution (BMD), increased 25% to $446.6 million in the fourth quarter compared to the fourth quarter of 2020. The increase was primarily driven by higher net sales prices for I-joists and LVL, as well as higher sales volume for LVL. Wood products’ segment income in the fourth quarter increased $57.5 million to $98.4 million in the fourth quarter of 2021 from $40.8 million in the previous fourth quarter.
For the full fiscal year, sales in the wood products segment increased 49% to $1.9 billion from $1.3 billion in the 2020 fiscal year. The YOY increase in sales in the segment was driven by higher plywood, engineered wood products, and lumber prices, as well as higher sales volume for engineered wood products. For the full fiscal year, wood products’ segment income increased from $127.7 million in 2020 to $531.2 million in 2021.
BMD sales increased 24% on a YOY basis in the fourth quarter to $1.6 billion. The increase was driven by sales price and sales volumes increases of 19% and 5%, respectively, according to Boise Cascade. Commodity sales increased 9% YOY in the fourth quarter, general line product sales increased 26% YOY, and sales of engineered wood products increased 62% YOY in the fourth quarter. BMD segment income in the fourth quarter increased from $67.1 million in 2020 to $138.0 million in 2021.
For the full fiscal year, BMD sales increased $2.2 billion to $7.2 billion. Commodity sales increased 60% in 2021 compared to 2020, general line product sales increased 23% YOY in 2021, and sales of engineered wood products increased 48%. BMD segment income increased $233.6 million to $481.1 million for the full fiscal year 2021.
Boise Cascade reported net income in the fourth quarter of $169.1 million, a 550% increase on a YOY basis compared to the fourth quarter of 2020. For the full fiscal year, the company’s net income was $712.5 million, a 307% increase compared to the 2020 fiscal year.
