The building materials distributor and manufacturer said that 91% of 3Q 2023 revenue came from distribution.
On Oct. 30, building materials distributor and manufacturer Boise Cascade reported third-quarter 2023 net income of $143.1 million on sales of $1.8 billion, a 15% drop compared with net income of $219.6 million on sales of $2.2 billion for 3Q 2022.
The year-over-year net income dropped 35% in 3Q 2023, while adjusted EBITDA fell 34%, the company said. Boise Cascade’s revenue shows that 91% of 3Q 2023 revenue came from distribution.
By segment, wood product sales dropped 13% versus 3Q 2022, while building materials distribution sales fell 15%.
“In third quarter 2023, total U.S. housing starts decreased 6%, driven by a decrease in multi-family housing starts compared to the same period in 2022,” the company said in its earnings release. “However, single-family housing starts increased 7% compared to the same period in 2022. On a year-to-date basis through September 2023, total housing starts and single-family housing starts decreased 12% and 13%, respectively, compared to the same period in 2022. Single-family housing starts are the key demand driver for our sales.”
Boise Cascade also recently announced the promotions of four senior leaders:
- Troy Little has been promoted to Senior Vice President, Finance and Commodity Sales, Wood Products.
- Joanna Barney has been promoted to Senior Vice President, Building Materials Distribution (BMD) Western Operations.
- Jim Wickham has been promoted to Senior Vice President, Building Materials Distribution (BMD) Eastern Operations.
- Nathan Sikes has been promoted to Vice President, Sales & Marketing, Building Materials Distribution (BMD).
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Mark Powell
Mark Powell is MDM’s Associate Editor. He is a former mainstream news reporter and editor and has worked in the online, print, radio and TV news industries. Mark earned a bachelor’s degree from San Jose State University and a master’s degree from California State University, Bakersfield. He has lived and worked in various cities across California, Colorado and Kansas and currently lives in Shafter, California.
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