Sign In  |  Register  |  About Mill Valley  |  Contact Us

Mill Valley, CA
September 01, 2020 1:29pm
7-Day Forecast | Traffic
  • Search Hotels in Mill Valley

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Boise Cascade Company Reports First Quarter 2024 Results

Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $104.1 million, or $2.61 per share, on sales of $1.6 billion for the first quarter ended March 31, 2024, compared with net income of $96.7 million, or $2.43 per share, on sales of $1.5 billion for the first quarter ended March 31, 2023.

"I am pleased with the strong financial results that our team delivered during the first quarter. As expected, it was a period influenced by seasonal factors and the relative strength of new single-family starts," stated Nate Jorgensen, CEO. "As we enter the second quarter, economic and geopolitical uncertainties are prevalent, and the extent of the potential impact on the broader economy and residential construction activity is unknown. Despite the near-term environment, an undersupply of single-family homes remains, and I have great confidence in our team as we stay focused on the effective deployment of our outstanding balance sheet in support of our stakeholders."

First Quarter 2024 Highlights

 

 

 

1Q 2024

 

1Q 2023

 

% change

 

 

(in thousands, except per-share data and percentages)

Consolidated Results

 

 

 

 

 

 

Sales

 

$

1,645,420

 

$

1,544,329

 

7

%

Net income

 

 

104,124

 

 

96,733

 

8

%

Net income per common share - diluted

 

 

2.61

 

 

2.43

 

7

%

Adjusted EBITDA 1

 

 

168,496

 

 

158,674

 

6

%

Segment Results

 

 

 

 

 

 

Wood Products sales

 

$

468,928

 

$

437,428

 

7

%

Wood Products income

 

 

71,238

 

 

69,395

 

3

%

Wood Products EBITDA 1

 

 

95,622

 

 

93,185

 

3

%

Building Materials Distribution sales

 

 

1,505,021

 

 

1,379,242

 

9

%

Building Materials Distribution income

 

 

72,463

 

 

69,685

 

4

%

Building Materials Distribution EBITDA 1

 

 

83,570

 

 

76,755

 

9

%

 

1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.

In first quarter 2024, total U.S. housing starts and single-family housing starts increased 1% and 27%, respectively, compared to the same period in 2023. Single-family housing starts are the key demand driver for our sales.

Wood Products

Wood Products' sales, including sales to Building Materials Distribution (BMD), increased $31.5 million, or 7%, to $468.9 million for the three months ended March 31, 2024, from $437.4 million for the three months ended March 31, 2023. The increase in sales was driven by higher sales volumes for I-joists and LVL (collectively referred to as EWP), as well as higher plywood sales prices. These increases were offset partially by decreased sales prices for EWP, as well as lower plywood sales volumes and other sales related to residual byproducts and lumber. Wood Products' segment income increased $1.8 million to $71.2 million for the three months ended March 31, 2024, from $69.4 million for the three months ended March 31, 2023. The increase in segment income was due primarily to higher EWP sales volumes and higher plywood sales prices. These increases in segment income were offset partially by lower EWP prices and higher wood fiber costs.

Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:

 

 

1Q 2024 vs. 1Q 2023

 

1Q 2024 vs. 4Q 2023

 

 

 

 

 

Average Net Selling Prices

 

 

 

 

LVL

 

(8)%

 

(4)%

I-joists

 

(7)%

 

(4)%

Plywood

 

3%

 

1%

Sales Volumes

 

 

 

 

LVL

 

31%

 

16%

I-joists

 

46%

 

5%

Plywood

 

(8)%

 

2%

Building Materials Distribution

BMD's sales increased $125.8 million, or 9%, to $1,505.0 million for the three months ended March 31, 2024, from $1,379.2 million for the three months ended March 31, 2023. Compared with the same quarter in the prior year, the increase in sales was driven by sales volume increases of 12%, offset partially by sales price decreases of 3%. By product line, commodity sales increased 1%, general line product sales increased 16%, and EWP sales (substantially all of which are sourced through our Wood Products segment) increased 12%. BMD segment income increased $2.8 million to $72.5 million for the three months ended March 31, 2024, from $69.7 million for the three months ended March 31, 2023. The increase in segment income was driven by a gross margin increase of $22.9 million, resulting primarily from higher sales volumes and improved margins on general line and commodity products. The gross margin improvement was offset partially by increased selling and distribution expenses and depreciation and amortization expense of $16.5 million and $4.0 million, respectively.

Balance Sheet and Liquidity

Boise Cascade ended first quarter 2024 with $890.2 million of cash and cash equivalents and $395.7 million of undrawn committed bank line availability, for total available liquidity of $1,286.0 million. The Company had $445.5 million of outstanding debt at March 31, 2024.

Capital Allocation

We expect capital expenditures in 2024, excluding potential acquisition spending, to total approximately $250 million to $270 million.

On May 2, 2024, our board of directors declared a quarterly dividend of $0.20 per share on our common stock, payable on June 17, 2024, to stockholders of record on June 3, 2024.

For the three months ended March 31, 2024, the Company paid $27.0 million for the repurchase of 205,938 shares of our common stock. As of March 31, 2024, approximately 1.7 million shares were available for repurchase under our existing share repurchase program.

Outlook

Demand for the products we manufacture, as well as the products we purchase and distribute, is correlated with new residential construction, residential repair-and-remodeling activity and light commercial construction. Residential construction, particularly new single-family construction, is the key demand driver for the products we manufacture and distribute. Current industry forecasts for 2024 U.S. housing starts are generally consistent with actual housing starts of 1.42 million in 2023, as reported by the U.S. Census Bureau. Home affordability remains a challenge for many consumers due to the cost of housing combined with elevated mortgage rates. However, with low unemployment and an undersupply of existing housing stock available for sale, new residential construction is expected to remain an important source of supply for homebuyers. Recent pressures on multi-family starts are expected to continue due to increased capital costs for developers combined with cooling rents and elevated supply. Regarding home improvement spending, the age of U.S. housing stock and elevated levels of homeowner equity have provided a favorable backdrop for repair-and-remodel spending. In 2023, year-over-year growth rates in renovation spending moderated due to economic uncertainty and higher borrowing costs. While home improvement spending is expected to remain healthy compared to history, recent industry forecasts project mid-single-digit declines in 2024. Ultimately, macroeconomic factors, the level and expectations for mortgage rates, home affordability, home equity levels, and other factors will likely influence the near-term demand environment for the products we manufacture and distribute.

As a manufacturer of certain commodity products, we have sales and profitability exposure to declines in commodity product prices and rising input costs. Our distribution business purchases and resells a broad mix of products with periods of increasing prices providing the opportunity for higher sales and increased margins, while declining price environments expose us to declines in sales and profitability. Future product pricing, particularly commodity products pricing and input costs, may be volatile in response to economic uncertainties, industry operating rates, supply-related disruptions, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns.

About Boise Cascade

Boise Cascade Company 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. For more information, please visit the Company's website at www.bc.com.

Webcast and Conference Call

Boise Cascade will host a webcast and conference call to discuss first quarter earnings on Tuesday, May 7, 2024, at 11 a.m. Eastern.

To join the webcast, go to the Investors section of our website at www.bc.com/investors and select the Event Calendar link. Analysts and investors who wish to ask questions during the Q&A session can register for the call here.

The archived webcast will be available in the Investors section of Boise Cascade's website.

Use of Non-GAAP Financial Measures

We refer to the terms EBITDA and Adjusted EBITDA in this earnings release and the accompanying Quarterly Statistical Information as supplemental measures of our performance and liquidity that are not required by or presented in accordance with generally accepted accounting principles in the United States (GAAP). We define EBITDA as income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps.

We believe EBITDA and Adjusted EBITDA are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. We also believe EBITDA and Adjusted EBITDA are useful to investors because they provide a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that are used by our management and because they are frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. EBITDA and Adjusted EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income, income from operations, or any other performance measure derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. The use of EBITDA and Adjusted EBITDA instead of net income or segment income have limitations as analytical tools, including: the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. Management compensates for these limitations by relying on our GAAP results. Our measures of EBITDA and Adjusted EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

Forward-Looking Statements

This press release includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements regarding our outlook. Statements preceded or followed by, or that otherwise include, the words "believes," "expects," "anticipates," "intends," "project," "estimates," "plans," "forecast," "is likely to," and similar expressions or future or conditional verbs such as "will," "may," "would," "should," and "could" are generally forward-looking in nature and not historical facts. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. The accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those projected, including, but not limited to, prices for building products, changes in the competitive position of our products, commodity input costs, the effect of general economic conditions, our ability to efficiently and effectively integrate the BROSCO acquisition, mortgage rates and availability, housing demand, housing vacancy rates, governmental regulations, unforeseen production disruptions, as well as natural disasters. These and other factors that could cause actual results to differ materially from such forward-looking statements are discussed in greater detail in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release. We undertake no obligation to revise them in light of new information. Finally, we undertake no obligation to review or confirm analyst expectations or estimates that might be derived from this release.

 

 

Boise Cascade Company

Consolidated Statements of Operations

(in thousands, except per-share data) (unaudited)

 

 

Three Months Ended

 

March 31

 

December 31,

2023

 

2024

 

2023

 

 

 

 

 

 

 

Sales

$

1,645,420

 

 

$

1,544,329

 

 

$

1,644,256

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

Materials, labor, and other operating expenses (excluding depreciation)

 

1,307,439

 

 

 

1,230,635

 

 

 

1,310,062

 

Depreciation and amortization

 

35,850

 

 

 

31,186

 

 

 

39,085

 

Selling and distribution expenses

 

144,110

 

 

 

128,788

 

 

 

143,796

 

General and administrative expenses

 

25,117

 

 

 

26,463

 

 

 

30,241

 

Other (income) expense, net

 

(78

)

 

 

(345

)

 

 

(104

)

 

 

1,512,438

 

 

 

1,416,727

 

 

 

1,523,080

 

 

 

 

 

 

 

Income from operations

 

132,982

 

 

 

127,602

 

 

 

121,176

 

 

 

 

 

 

 

Foreign currency exchange gain (loss)

 

(299

)

 

 

(73

)

 

 

362

 

Pension expense (excluding service costs)

 

(37

)

 

 

(41

)

 

 

(41

)

Interest expense

 

(6,070

)

 

 

(6,361

)

 

 

(6,445

)

Interest income

 

10,597

 

 

 

9,685

 

 

 

13,142

 

Change in fair value of interest rate swaps

 

(220

)

 

 

(804

)

 

 

(993

)

 

 

3,971

 

 

 

2,406

 

 

 

6,025

 

 

 

 

 

 

 

Income before income taxes

 

136,953

 

 

 

130,008

 

 

 

127,201

 

Income tax provision

 

(32,829

)

 

 

(33,275

)

 

 

(29,666

)

Net income

$

104,124

 

 

$

96,733

 

 

$

97,535

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

Basic

 

39,608

 

 

 

39,593

 

 

 

39,653

 

Diluted

 

39,956

 

 

 

39,838

 

 

 

40,020

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

Basic

$

2.63

 

 

$

2.44

 

 

$

2.46

 

Diluted

$

2.61

 

 

$

2.43

 

 

$

2.44

 

 

 

 

 

 

 

Dividends declared per common share

$

0.20

 

 

$

0.15

 

 

$

5.20

 

 

Wood Products Segment

Statements of Operations

(in thousands, except percentages) (unaudited)

 

 

Three Months Ended

 

March 31

 

December 31,

2023

 

2024

 

2023

 

 

 

 

 

 

 

Segment sales

$

468,928

 

 

$

437,428

 

 

$

449,676

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

Materials, labor, and other operating expenses (excluding depreciation)

 

357,721

 

 

 

327,739

 

 

 

340,845

 

Depreciation and amortization

 

24,384

 

 

 

23,790

 

 

 

28,565

 

Selling and distribution expenses

 

10,551

 

 

 

11,678

 

 

 

11,215

 

General and administrative expenses

 

5,020

 

 

 

5,178

 

 

 

4,844

 

Other (income) expense, net

 

14

 

 

 

(352

)

 

 

79

 

 

 

397,690

 

 

 

368,033

 

 

 

385,548

 

 

 

 

 

 

 

Segment income

$

71,238

 

 

$

69,395

 

 

$

64,128

 

 

 

 

 

 

 

 

(percentage of sales)

 

 

 

 

 

 

Segment sales

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

Materials, labor, and other operating expenses (excluding depreciation)

 

76.3

%

 

 

74.9

%

 

 

75.8

%

Depreciation and amortization

 

5.2

%

 

 

5.4

%

 

 

6.4

%

Selling and distribution expenses

 

2.3

%

 

 

2.7

%

 

 

2.5

%

General and administrative expenses

 

1.1

%

 

 

1.2

%

 

 

1.1

%

Other (income) expense, net

 

%

 

 

(0.1

%)

 

 

%

 

 

84.8

%

 

 

84.1

%

 

 

85.7

%

 

 

 

 

 

 

Segment income

 

15.2

%

 

 

15.9

%

 

 

14.3

%

 

Building Materials Distribution Segment

Statements of Operations

(in thousands, except percentages) (unaudited)

 

 

Three Months Ended

 

March 31

 

December 31,

2023

 

2024

 

2023

 

 

 

 

 

 

 

Segment sales

$

1,505,021

 

 

$

1,379,242

 

 

$

1,492,614

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

Materials, labor, and other operating expenses (excluding depreciation)

 

1,278,421

 

 

 

1,175,550

 

 

 

1,265,493

 

Depreciation and amortization

 

11,107

 

 

 

7,070

 

 

 

10,116

 

Selling and distribution expenses

 

133,614

 

 

 

117,110

 

 

 

132,635

 

General and administrative expenses

 

9,534

 

 

 

10,030

 

 

 

14,100

 

Other (income) expense, net

 

(118

)

 

 

(203

)

 

 

(227

)

 

 

1,432,558

 

 

 

1,309,557

 

 

 

1,422,117

 

 

 

 

 

 

 

Segment income

$

72,463

 

 

$

69,685

 

 

$

70,497

 

 

 

 

 

 

 

 

(percentage of sales)

 

 

 

 

 

 

Segment sales

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

Materials, labor, and other operating expenses (excluding depreciation)

 

84.9

%

 

 

85.2

%

 

 

84.8

%

Depreciation and amortization

 

0.7

%

 

 

0.5

%

 

 

0.7

%

Selling and distribution expenses

 

8.9

%

 

 

8.5

%

 

 

8.9

%

General and administrative expenses

 

0.6

%

 

 

0.7

%

 

 

0.9

%

Other (income) expense, net

 

%

 

 

%

 

 

%

 

 

95.2

%

 

 

94.9

%

 

 

95.3

%

 

 

 

 

 

 

Segment income

 

4.8

%

 

 

5.1

%

 

 

4.7

%

 

Segment Information

(in thousands) (unaudited)

 

 

Three Months Ended

 

March 31

 

December 31,

2023

 

2024

 

2023

 

Segment sales

 

 

 

 

 

Wood Products

$

468,928

 

 

$

437,428

 

 

$

449,676

 

Building Materials Distribution

 

1,505,021

 

 

 

1,379,242

 

 

 

1,492,614

 

Intersegment eliminations

 

(328,529

)

 

 

(272,341

)

 

 

(298,034

)

Total net sales

$

1,645,420

 

 

$

1,544,329

 

 

$

1,644,256

 

 

 

 

 

 

 

Segment income

 

 

 

 

 

Wood Products

$

71,238

 

 

$

69,395

 

 

$

64,128

 

Building Materials Distribution

 

72,463

 

 

 

69,685

 

 

 

70,497

 

Total segment income

 

143,701

 

 

 

139,080

 

 

 

134,625

 

Unallocated corporate costs

 

(10,719

)

 

 

(11,478

)

 

 

(13,449

)

Income from operations

$

132,982

 

 

$

127,602

 

 

$

121,176

 

 

 

 

 

 

 

Segment EBITDA

 

 

 

 

 

Wood Products

$

95,622

 

 

$

93,185

 

 

$

92,693

 

Building Materials Distribution

 

83,570

 

 

 

76,755

 

 

 

80,613

 

See accompanying summary notes to consolidated financial statements and segment information.

 

Boise Cascade Company

Consolidated Balance Sheets

(in thousands) (unaudited)

 

 

March 31, 2024

 

December 31, 2023

 

 

ASSETS

 

 

 

 

 

 

 

Current

 

 

 

Cash and cash equivalents

$

890,247

 

$

949,574

Receivables

 

 

 

Trade, less allowances of $4,020 and $3,278

 

480,579

 

 

352,780

Related parties

 

225

 

 

181

Other

 

13,476

 

 

20,740

Inventories

 

814,596

 

 

712,369

Prepaid expenses and other

 

17,549

 

 

21,170

Total current assets

 

2,216,672

 

 

2,056,814

 

 

 

 

Property and equipment, net

 

934,286

 

 

932,633

Operating lease right-of-use assets

 

61,378

 

 

62,868

Finance lease right-of-use assets

 

24,172

 

 

24,003

Timber deposits

 

6,898

 

 

7,208

Goodwill

 

170,254

 

 

170,254

Intangible assets, net

 

185,836

 

 

190,743

Deferred income taxes

 

4,748

 

 

4,854

Other assets

 

10,184

 

 

9,269

Total assets

$

3,614,428

 

$

3,458,646

 

Boise Cascade Company

Consolidated Balance Sheets (continued)

(in thousands, except per-share data) (unaudited)

 

 

March 31, 2024

 

December 31, 2023

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Current

 

 

 

Accounts payable

 

 

 

Trade

$

460,244

 

 

$

310,175

 

Related parties

 

1,281

 

 

 

1,501

 

Accrued liabilities

 

 

 

Compensation and benefits

 

69,308

 

 

 

149,561

 

Income taxes payable

 

21,774

 

 

 

 

Interest payable

 

5,083

 

 

 

9,958

 

Other

 

127,036

 

 

 

122,921

 

Total current liabilities

 

684,726

 

 

 

594,116

 

 

 

 

 

Debt

 

 

 

Long-term debt

 

445,502

 

 

 

445,280

 

 

 

 

 

Other

 

 

 

Compensation and benefits

 

39,223

 

 

 

40,189

 

Operating lease liabilities, net of current portion

 

54,850

 

 

 

56,425

 

Finance lease liabilities, net of current portion

 

28,347

 

 

 

28,084

 

Deferred income taxes

 

87,078

 

 

 

82,014

 

Other long-term liabilities

 

17,500

 

 

 

16,874

 

 

 

226,998

 

 

 

223,586

 

 

 

 

 

Commitments and contingent liabilities

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

Preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding

 

 

 

 

 

Common stock, $0.01 par value per share; 300,000 shares authorized, 45,127 and 44,983 shares issued, respectively

 

451

 

 

 

450

 

Treasury stock, 5,649 and 5,443 shares at cost, respectively

 

(172,377

)

 

 

(145,335

)

Additional paid-in capital

 

553,821

 

 

 

560,697

 

Accumulated other comprehensive loss

 

(509

)

 

 

(517

)

Retained earnings

 

1,875,816

 

 

 

1,780,369

 

Total stockholders' equity

 

2,257,202

 

 

 

2,195,664

 

Total liabilities and stockholders' equity

$

3,614,428

 

 

$

3,458,646

 

 

Boise Cascade Company

Consolidated Statements of Cash Flows

(in thousands) (unaudited)

 

 

Three Months Ended March 31

 

2024

 

2023

Cash provided by (used for) operations

 

 

 

Net income

$

104,124

 

 

$

96,733

 

Items in net income not using (providing) cash

 

 

 

Depreciation and amortization, including deferred financing costs and other

 

36,621

 

 

 

31,853

 

Stock-based compensation

 

4,105

 

 

 

3,324

 

Pension expense

 

37

 

 

 

41

 

Deferred income taxes

 

5,062

 

 

 

3,393

 

Change in fair value of interest rate swaps

 

220

 

 

 

804

 

Other

 

55

 

 

 

(518

)

Decrease (increase) in working capital, net of acquisitions

 

 

 

Receivables

 

(119,235

)

 

 

(111,253

)

Inventories

 

(103,331

)

 

 

(41,247

)

Prepaid expenses and other

 

(1,689

)

 

 

(1,428

)

Accounts payable and accrued liabilities

 

75,041

 

 

 

36,181

 

Income taxes payable

 

25,834

 

 

 

28,631

 

Other

 

618

 

 

 

1,478

 

Net cash provided by operations

 

27,462

 

 

 

47,992

 

 

 

 

 

Cash provided by (used for) investment

 

 

 

Expenditures for property and equipment

 

(34,330

)

 

 

(30,063

)

Acquisitions of businesses and facilities, net of cash acquired

 

(3,387

)

 

 

 

Proceeds from sales of assets and other

 

559

 

 

 

565

 

Net cash used for investment

 

(37,158

)

 

 

(29,498

)

 

 

 

 

Cash provided by (used for) financing

 

 

 

Treasury stock purchased

 

(26,971

)

 

 

(1,482

)

Dividends paid on common stock

 

(11,205

)

 

 

(8,258

)

Tax withholding payments on stock-based awards

 

(10,980

)

 

 

(5,926

)

Other

 

(475

)

 

 

(451

)

Net cash used for financing

 

(49,631

)

 

 

(16,117

)

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

(59,327

)

 

 

2,377

 

 

 

 

 

Balance at beginning of the period

 

949,574

 

 

 

998,344

 

 

 

 

 

Balance at end of the period

$

890,247

 

 

$

1,000,721

 

Summary Notes to Consolidated Financial Statements and Segment Information

The Consolidated Statements of Operations, Segment Statements of Operations, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, and Segment Information presented herein do not include the notes accompanying the Company's Consolidated Financial Statements and should be read in conjunction with the Company’s 2023 Form 10-K and the Company's other filings with the Securities and Exchange Commission. Net income for all periods presented involved estimates and accruals.

EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2024 and 2023, and December 31, 2023:

 

Three Months Ended

 

March 31

 

December 31,

2023

 

2024

 

2023

 

 

(in thousands)

Net income

$

104,124

 

 

$

96,733

 

 

$

97,535

 

Interest expense

 

6,070

 

 

 

6,361

 

 

 

6,445

 

Interest income

 

(10,597

)

 

 

(9,685

)

 

 

(13,142

)

Income tax provision

 

32,829

 

 

 

33,275

 

 

 

29,666

 

Depreciation and amortization

 

35,850

 

 

 

31,186

 

 

 

39,085

 

EBITDA

 

168,276

 

 

 

157,870

 

 

 

159,589

 

Change in fair value of interest rate swaps

 

220

 

 

 

804

 

 

 

993

 

Adjusted EBITDA

$

168,496

 

 

$

158,674

 

 

$

160,582

 

The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the three months ended March 31, 2024 and 2023, and December 31, 2023:

 

Three Months Ended

 

March 31

 

December 31,

2023

 

2024

 

2023

 

 

(in thousands)

Wood Products

 

 

 

 

 

Segment income

$

71,238

 

 

$

69,395

 

 

$

64,128

 

Depreciation and amortization

 

24,384

 

 

 

23,790

 

 

 

28,565

 

EBITDA

$

95,622

 

 

$

93,185

 

 

$

92,693

 

 

 

 

 

 

 

Building Materials Distribution

 

 

 

 

 

Segment income

$

72,463

 

 

$

69,685

 

 

$

70,497

 

Depreciation and amortization

 

11,107

 

 

 

7,070

 

 

 

10,116

 

EBITDA

$

83,570

 

 

$

76,755

 

 

$

80,613

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

Unallocated corporate costs

$

(10,719

)

 

$

(11,478

)

 

$

(13,449

)

Foreign currency exchange gain (loss)

 

(299

)

 

 

(73

)

 

 

362

 

Pension expense (excluding service costs)

 

(37

)

 

 

(41

)

 

 

(41

)

Change in fair value of interest rate swaps

 

(220

)

 

 

(804

)

 

 

(993

)

Depreciation and amortization

 

359

 

 

 

326

 

 

 

404

 

EBITDA

 

(10,916

)

 

 

(12,070

)

 

 

(13,717

)

Change in fair value of interest rate swaps

 

220

 

 

 

804

 

 

 

993

 

Corporate adjusted EBITDA

$

(10,696

)

 

$

(11,266

)

 

$

(12,724

)

 

 

 

 

 

 

Total Company adjusted EBITDA

$

168,496

 

 

$

158,674

 

 

$

160,582

 

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MillValley.com & California Media Partners, LLC. All rights reserved.