Boise Cascade Stock Earnings Reports

Boise Cascade reported Q1 2026 sales of $1.5 billion, down 2% year-over-year, and net income of $17.8 million ($0.50/share) versus $40.3 million ($1.06/share) in Q1 2025. Single-family starts remain a headwind (single-family starts down ~5% Y/Y) while total housing starts were roughly flat. Building Materials Distribution (BMD) sales were $1.4 billion, with segment EBITDA of $48.2 million (down from $62.8M), pressured by lower gross margins (notably EWP) and higher selling & distribution costs; weather-related branch closures in the Southeast and Northeast impacted early-quarter sales. Wood Products sales were $398.2 million, with segment EBITDA of $32.0 million (down from $40.2M), driven primarily by lower EWP prices and higher per-unit conversion costs, partially offset by lower OSB costs and improved plywood volumes/pricing. Plywood volumes rose (373M ft) supported by Oakdale mill restart; Brazilian imports are currently low but are expected to increase following recent tariff/legal developments and could influence pricing. Key cost pressures include resin, glue, natural gas and electricity (roughly ~10% of Wood Products COGS) and elevated diesel/freight; the company expects to pass much freight cost through but some short-term margin impacts exist. Q1 capex was $40M (guidance for 2026 remains $150–170M). Capital returns: $10M dividends in the quarter, a new $0.22/share quarterly dividend approved, and ~$91M of buybacks YTD (~12% of shares repurchased since 2024); ~$148M of repurchase capacity remains. Q2 2026 EBITDA guidance: BMD $65–80M (current daily sales pace ~15% above Q1 pace; gross margin expected 14.25–15%) and Wood Products $32–47M (EWP volumes expected to rise mid-single digits sequentially; EWP pricing flat to down low-single-digits; plywood realizations stronger quarter-to-date). Management emphasized the resilience of the integrated model, continued focus on operational efficiency, selective pricing discipline, working capital seasonality, and limited visibility on demand due to mortgage/geo-political volatility. A legacy legal matter related to improperly imported hardwood plywood purchases at one distribution site (2017–2021) was resolved; the company acknowledged process lapses and said it has strengthened controls.