BOISE, Idaho — Boise Cascade LLC reported second-quarter earnings of $112.3 million on revenue of $1.8 billion. In comparison, the company reported net income of $146.3 million on revenue of $1.8 billion.

In view of the 23% decline in net income, Nate Jorgensen, CEO, said, “Our team delivered solid financial performance in the second quarter while operating in a somewhat tepid demand environment influenced by elevated mortgage rates and economic uncertainties. In addition, spending on our organic growth projects progressed as expected and returns of capital to our shareholders were again in clear focus, including the recent announcement of a meaningful special dividend that will fund in September. While the near-term demand environment is uncertain, I remain confident in our ability to deliver quality results through the second half of the year.”

Boise Cascade noted the total U.S. housing starts decreased 7%, while single-family housing starts increased 7%, in the second quarter compared to the same period in 2023. On a year-to-date basis through June 2024, total housing starts decreased 3%, while single-family housing starts increased 16%, compared to the same period in 2023. Single-family housing starts, Boise Cascade said, are the “key demand driver” for the company’s sales.

Boise Cascade’s Wood Products' sales, including sales to Building Materials Distribution, decreased $40.5 million, or 8%, to $489.8 million for the three months ended June 30, 2024. The decrease in sales was driven by lower plywood sales volumes, as well as lower sales prices for LVL and I-joists (collectively referred to as EWP). Other sales related to lumber and residual byproducts also decreased. The company added that those decreases were offset partially by increased sales volumes for EWP. Wood Products' segment income decreased $31.3 million to $72.8 million for the three months ended June 30, 2024.

Boise Cascade’s Building Material Distribution's sales increased $18.7 million, or 1%, to $1,655.2 million for the second quarter. Compared with the same quarter in the prior year, the overall increase in sales was driven by sales volume increases of 2%, offset partially by sales price decreases of 1%, the company said. BMD segment income decreased $13.2 million to $85.4 million in the second quarter.