Boise Cascade reported a net income of $219.6 million on sales of $2.2 billion for the third quarter of 2022, compared with a net income of $91.7 million on sales of $1.9 billion for the third quarter of the previous year.
“The outstanding work of associates across our organization was evident as both businesses reported strong financial results during the third quarter despite the softening economic landscape. In addition, we made good progress on successfully integrating the recently acquired Coastal operations as we work to expand our engineered wood products (EWP) capacity and further leverage our integrated business model,” CEO Nate Jorgensen said in a prepared statement.
During the quarter, wood product sales, including sales to building materials distribution (BMD), increased 20% on a year-over-year basis to $595.3 million. The increase was driven by higher sales prices for I-joists and laminated veneer lumber and higher sales volumes for LVL. Plywood sales volumes also increased due to Boise Cascade’s acquisition of Coastal Plywood and its plywood manufacturing operations.
Wood products’ segment income increased $33.9 million to $156.0 million for the fiscal third quarter. The increase was due primarily to higher EWP sales prices, offset by lower plywood sales prices, as well as higher manufacturing costs.
BMD sales increased 14% year-over-year to $1.96 billion during the fiscal third quarter, driven by a sales price increase of 15%, according to Boise Cascade. Commodity sales increased 1% year-over-year, general line product sales increased 19%, and sales of EWP increased 33%. Segment income increased $137.8 million on a year-over-year basis to $154.4 million.
Boise, Idaho-based Boise Cascade is a producer of engineered wood products and plywood and a wholesale distributor of building products.
