BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported fourth quarter net income of $14.6 million, or $0.37 per share, on sales of $1.1 billion.
For the full year 2019, Boise Cascade reported net income of $80.9 million, or $2.06 per share, on sales of $4.6 billion. For 2018 comparative results, see the table below, as well as 'Other Items Impacting 2018 Results.'
In the fourth quarter 2019, total U.S. housing starts increased 20% compared to the same period last year.Single-family starts, the primary driver of our sales volumes, also increased 15%.For the full year 2019, total and single-family housing starts increased 3% and 1%, respectively, from the same period in 2018.
“We had stronger than expected financial performance in the quarter as favorable weather allowed homebuilders to maintain solid activity levels, driving product demand. Our full year results illustrate our strategic progress since our initial public offering in 2013. Both businesses performed well given limited residential construction growth and persistent weakness in commodity wood products pricing. Our continued progress towards growing our engineered wood products and distribution businesses has increased our earnings stability,” commented Tom Corrick, CEO. “As I move into retirement after nearly 38years with the Company, I'm pleased with our strategic progress as well as the strength of the leadership team and the culture of the Company. The Company's Board is looking forward to supporting Nate Jorgensen and the team as they execute our strategy and focus on operational excellence, growing our businesses, and providing exceptional customer service.''
Source: Boise Cascade