Boise Cascade Company (NYSE: BCC) is a leading manufacturer and distributor of building materials in North America. The company operates through two integrated business segments, focusing on the production of engineered wood products and the wholesale distribution of a wide range of building materials. Its products are used in residential construction, repair-and-remodeling, and light commercial projects, serving customers across the United States.
- Building Materials Distribution (BMD) - Distributes a broad range of building materials, including commodity products like oriented strand board (OSB), plywood, and lumber; general line items such as siding, composite decking, doors, roofing, and insulation; and engineered wood products sourced from both internal manufacturing and third-party suppliers.
- Wood Products - Manufactures engineered wood products, including laminated veneer lumber (LVL), I-joists, and laminated beams, as well as plywood and ponderosa pine lumber. These products are used in residential housing, repair-and-remodeling, and light industrial construction.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Nate Jorgensen ExecutiveBoard | Chief Executive Officer (CEO) | Board Member at IDACORP, Inc. and Idaho Power Company. | Nate Jorgensen joined BCC in 2015 and became CEO in March 2020. He has over 30 years of industry experience and has held multiple leadership roles within BCC. | View Report → |
Jeff Strom Executive | Chief Operating Officer (COO) | Board of Trustees for Boise Valley Habitat for Humanity. | Jeff Strom joined BCC in 2006 and became COO in January 2025. He has held various leadership roles in the Building Materials Distribution division. | |
Jill Twedt Executive | Senior Vice President, General Counsel, and Secretary | None | Jill Twedt joined BCC in 2007 and became SVP, General Counsel, and Secretary in October 2020. She has a strong background in legal and corporate governance. | |
Joanna Barney Executive | Executive Vice President, Building Materials Distribution (BMD) | Founder and Executive Director of Utah Avalanche youth soccer club. | Joanna Barney joined BCC in 2005 and became EVP of BMD in February 2025. She has held multiple leadership roles in the BMD division and oversees 40+ distribution facilities. | |
Kelly Hibbs Executive | Senior Vice President, Chief Financial Officer, and Treasurer | None | Kelly Hibbs joined BCC in 2008 and became CFO in May 2021. He has extensive experience in financial operations and strategic planning. | |
Troy Little Executive | Executive Vice President, Wood Products | None | Troy Little has been with BCC since 1991 and became EVP of Wood Products in February 2024. He has extensive experience in finance, strategy, and operational leadership. | |
Amy Humphreys Board | Independent Director | None | Amy Humphreys has been a director at BCC since 2022. She has 25 years of experience in manufacturing, commodities, and global marketing and has held executive roles at Darigold and Bristol Bay. | |
Christopher McGowan Board | Independent Director | Adjunct Professor at University of Chicago Booth School of Business. | Christopher McGowan has been a director at BCC since 2013. He has extensive experience in private equity and investment banking and serves as Chair of the Audit Committee. | |
Craig Dawson Board | Independent Director | President and CEO of Retail Lockbox, Inc.. | Craig Dawson has been a director at BCC since 2022. He is the CEO of Retail Lockbox, Inc. and has served in leadership roles at the Federal Reserve Bank of San Francisco, Seattle Branch. | |
David Hannah Board | Lead Independent Director | None | David Hannah has been a director at BCC since 2014. He is a former CEO and Executive Chair of Reliance Steel & Aluminum Co. and brings strong financial expertise to the board. | |
Duane McDougall Board | Independent Director | Director at StanCorp Financial Group, Inc.. | Duane McDougall has been a director at BCC since 2013. He is a former CEO of Willamette Industries and has extensive experience in the forest products industry. | |
Karen Gowland Board | Independent Director | None | Karen Gowland has been a director at BCC since 2014. She previously served as General Counsel and Corporate Secretary at Boise Inc. and Boise Cascade, L.L.C.. | |
Kristopher Matula Board | Independent Director | Private Consultant. | Kristopher Matula has been a director at BCC since 2014. He is a former President and COO of Buckeye Technologies Inc. and has extensive experience in finance and governance. | |
Steven Cooper Board | Independent Director | CEO of TrueBlue, Inc.. | Steven Cooper has been a director at BCC since 2015. He is the CEO of TrueBlue, Inc. and has extensive experience in workforce management and financial oversight. | |
Sue Taylor Board | Independent Director | None | Sue Taylor has been a director at BCC since 2019. She is a former CIO of the Bill and Melinda Gates Foundation and has extensive experience in IT and operational excellence. | |
Thomas Carlile Board | Chairman of the Board | Director at IDACORP, Inc. and Idaho Power Company. | Thomas Carlile retired as CEO of BCC in 2015 and has served as Chairman of the Board since then. He has over 43 years of experience in the forest products industry. |
- Given the uncertainty surrounding potential tariffs on Canadian imports, particularly affecting EWP and OSB web-stock, how do you plan to mitigate the anticipated cost pressures and the risk of demand destruction due to affordability challenges?
- With intensified competition in the EWP market leading to price erosion, especially in light EWP products, what specific strategies are you implementing to maintain your market share and protect your margins in this challenging environment?
- Considering the trend towards smaller home sizes potentially reducing demand for products like I-joists, how are you adjusting your product mix and sales efforts to address this shift and its impact on your EWP volumes?
- You expect your BMD segment's EBITDA margins to erode in the first quarter due to an 8% decline in sales pace and lack of price appreciation tailwinds; what measures are you taking to counteract this margin pressure and improve profitability?
- With significant capital expenditures planned for 2025 and a focus on executing growth initiatives, how are you balancing these investments with returning capital to shareholders through buybacks and dividends, especially in light of potential M&A opportunities?
Research analysts who have asked questions during BOISE CASCADE earnings calls.
Kurt Yinger
D.A. Davidson & Co.
5 questions for BCC
Susan Maklari
Goldman Sachs Group Inc.
5 questions for BCC
Ketan Mamtora
BMO Capital Markets
3 questions for BCC
Brad Barton
Bank of America
2 questions for BCC
George Staphos
Bank of America
2 questions for BCC
Michael Roxland
Truist Securities
2 questions for BCC
Jeffrey Stevenson
Loop Capital Markets LLC
1 question for BCC
Reuben Garner
Stifel
1 question for BCC
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes in the engineered wood products (EWP) market and is one of the major North American producers. Also competes in the building materials distribution market. | |
Pacific Woodtech Corporation | Competes in the engineered wood products (EWP) market as one of the major North American producers. |
Roseburg Forest Products | Competes in both the engineered wood products (EWP) and plywood markets. It is one of the large producers in North America. |
Georgia-Pacific | The largest manufacturer of plywood in North America and a competitor in the plywood market. |
A competitor in the building materials distribution market. | |
Specialty Building Products Inc. | A competitor in the building materials distribution market. |
Dixie Plywood and Lumber | A competitor in the building materials distribution market. |
OrePac | A competitor in the building materials distribution market. |
Woodgrain Inc. | A competitor in the building materials distribution market. |
Capital Lumber | A competitor in the building materials distribution market. |
Canfor | A supplier of building materials, including lumber, to the company. |
A supplier of building materials, including metal products, to the company. | |
Hampton Lumber | A supplier of building materials, including lumber, to the company. |
Hoover Treated Wood Products | A supplier of treated wood products to the company. |
Huber Engineered Woods | A supplier of engineered wood products to the company. |
James Hardie Building Products | A supplier of siding and other building materials to the company. |
A supplier of doors and millwork to the company. | |
A supplier of building materials, including engineered wood products, to the company. | |
Steves & Sons | A supplier of doors to the company. |
Therma-Tru Doors | A supplier of doors to the company. |
A supplier of composite decking to the company. | |
West Fraser | A supplier of building materials, including lumber, to the company. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Builders FirstSource | Substantially all sales from this customer are recorded in BMD. | BMD | One of the two largest customers, each representing 12% or 10% of total 2024 sales. Top ten customers together account for 48% , and these two largest customers account for 19% and 11% of total receivables. |
Home Depot | Sales recorded across both WP and BMD segments. | All | One of the two largest customers, each representing 12% or 10% of total 2024 sales. Top ten customers together account for 48% , and these two largest customers account for 19% and 11% of total receivables. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Door and Millwork Operation | 2024 | Acquired by Boise Cascade Building Materials Distribution L.L.C. for $3.5 million (with $2.2 million paid upfront and $1.3 million in contingent liabilities) funded with cash on hand, aiming to expand Boise Cascade’s door and millwork capabilities in Boise, Idaho. |
Brockway-Smith Company (BROSCO) | 2023 | Acquired by Boise Cascade Company for $168 million (including $51 million in working capital adjustments) along with two full-scale distribution centers in Hatfield, Massachusetts and Portland, Maine; this deal, funded entirely with cash, strategically expands the company's door and millwork business in the Northeast while enhancing its general product mix. |
Coastal Plywood Company | 2022 | Acquired for $517 million (inclusive of $27 million in working capital adjustments) to obtain plywood manufacturing operations in Havana, Florida and Chapman, Alabama; this move, funded entirely with cash, bolsters Boise Cascade’s engineered wood products production in the Southeastern U.S., integrates approximately 750 employees, and includes plans for additional investments over three years. |
Recent press releases and 8-K filings for BCC.
- Boise Cascade reported Q3 2025 consolidated sales of $1.7 billion, a 3% decrease from Q3 2024, and net income of $21.8 million, or $0.58 per share, significantly down from $91 million or $2.33 per share in the prior-year quarter.
- The Wood Products segment's sales decreased 13% to $396.4 million and EBITDA fell to $14.5 million, primarily due to lower EWP and plywood sales prices and volumes. The Building Materials Distribution (BMD) segment's sales were $1.6 billion, down 1%, with EBITDA of $69.8 million.
- For Q4 2025, the company expects Wood Products EBITDA to be between break-even and $15 million, with EWP volumes projected to decline in the low double digits to mid-teen sequentially.
- The Board of Directors authorized a new $300 million share repurchase program, replacing the previous one, and the company repurchased approximately $120 million of common stock through October 2025.
- Capital expenditures for the nine months ended September 2025 totaled $187 million, with full-year 2025 guidance set at $230 million to $250 million and 2026 projected between $150 million and $170 million.
- Boise Cascade Company reported Q3 2025 sales of $1.7 billion, a 3% decrease from Q3 2024.
- Net income for Q3 2025 was $21.8 million, or $0.58 per share, compared to $91.0 million, or $2.33 per share, in Q3 2024.
- Adjusted EBITDA for Q3 2025 was $74.4 million , with Wood Products contributing $14.5 million and Building Materials Distribution contributing $69.8 million.
- The company paid $27 million in dividends YTD September 2025 and repurchased approximately $120 million of shares YTD October 2025. The board also authorized a $0.22 per share quarterly dividend for Q4 and up to $300 million in new share repurchases.
- For Q4 2025, the company projects Total Company Adjusted EBITDA to be between $30 million and $60 million.
- BCC's Wood Products segment reported Q3 2025 sales of $396.4 million, a 13% year-over-year decrease, with segment EBITDA of $14.5 million.
- The BMD segment recorded Q3 2025 sales of $1.6 billion, down 1% year-over-year, and segment EBITDA of $69.8 million, resulting in an EBITDA margin of 4.5%.
- For Q4 2025, the company estimates Wood Products EBITDA to be between break-even and $15 million, and BMD EBITDA to be between $40 and $55 million.
- BCC repurchased approximately $120 million of common stock through October 2025 and authorized a new $300 million share repurchase program.
- Management anticipates EWP prices have bottomed and expects gradual market improvement in 2026, focusing on growth in general line products and the multifamily segment.
- Boise Cascade reported consolidated third-quarter sales of $1.7 billion, a 3% decrease from Q3 2024, and net income of $21.8 million, or $0.58 per share, compared to $91 million, or $2.33 per share, in the year-ago quarter.
- Wood Products segment sales were $396.4 million, down 13% year-over-year, with segment EBITDA of $14.5 million compared to $77.4 million in Q3 2024, driven by lower EWP and plywood sales prices and volumes. Building Materials Distribution (BMD) sales were $1.6 billion, down 1% year-over-year, with segment EBITDA of $69.8 million compared to $87.7 million in Q3 2024.
- The company repurchased approximately $120 million of common stock through October 2025, including $25 million in Q3 and $9 million in October, and its board authorized a new $300 million share repurchase program.
- For Q4 2025, Wood Products EBITDA is estimated to be between break-even and $15 million, and BMD EBITDA is estimated to be between $40 million and $55 million.
- Early industry projections for 2026 suggest housing starts levels consistent with 2025, with demand expected to improve gradually later in the year, and EWP prices are anticipated to have bottomed and could move higher as 2026 progresses.
- Boise Cascade Company reported net income of $21.8 million, or $0.58 per share, on sales of $1.7 billion for the third quarter ended September 30, 2025, a significant decrease from net income of $91.0 million, or $2.33 per share, on sales of $1.7 billion for the third quarter ended September 30, 2024.
- CEO Nate Jorgensen noted that the company posted good earnings "in the face of subdued demand and commodity pricing headwinds" during Q3 2025.
- The Wood Products segment experienced a 13% decrease in sales to $396.4 million and reported a loss of $12.1 million for Q3 2025, compared to an income of $53.9 million for the same period in 2024.
- The company anticipates seasonally slower activity in the fourth quarter of 2025, with early industry projections for 2026 housing starts consistent with 2025 levels, expecting gradual improvement later in the year.
- Boise Cascade reported net income of $21.8 million ($0.58 per share) on sales of $1.7 billion for the third quarter ended September 30, 2025, a decrease from net income of $91.0 million ($2.33 per share) on sales of $1.7 billion for the same period in 2024.
- The Wood Products segment recorded a loss of $12.1 million in Q3 2025, compared to an income of $53.9 million in Q3 2024, driven by lower sales prices and volumes for EWP and plywood.
- The Building Materials Distribution segment's income decreased to $54.3 million in Q3 2025 from $74.8 million in Q3 2024, primarily due to decreased gross margins on commodity and EWP products.
- The company ended Q3 2025 with $511.8 million of cash and cash equivalents and $907.0 million of total available liquidity, with $450.0 million of outstanding debt.
- Boise Cascade declared a quarterly dividend of $0.22 per share payable on December 17, 2025, and authorized the repurchase of up to $300.0 million of common stock.
- Boise Cascade Company has authorized a new $300 million share repurchase program, replacing a previous plan, and has already repurchased 1.25 million shares for approximately $120 million in 2025.
- The company's board declared a quarterly dividend of $0.22 per share, payable on December 17, 2025, representing an annual yield of about 1.25%.
- Boise Cascade revised its third-quarter 2025 EBITDA guidance downward to a range of $60 million to $80 million from the previous $80 million to $100 million.
- Despite a strong Altman Z-Score and low leverage, the company faces challenges such as declining sales and profitability.
- Boise Cascade Company's Board of Directors declared a quarterly dividend of $0.22 per share. This dividend will be paid on December 17, 2025, to stockholders of record on December 1, 2025.
- The board also authorized a new share repurchase program for up to $300 million of common stock, which replaces the prior authorization.
- From January 1, 2025, to October 30, 2025, the company repurchased 1.25 million shares of its common stock at a cost of approximately $120 million.
- Boise Cascade Company's Board of Directors declared a quarterly dividend of $0.22 per share.
- The dividend will be paid on December 17, 2025, to stockholders of record on December 1, 2025.
- The board also authorized a new share repurchase program of up to $300 million of common stock, replacing a prior authorization.
- From January 1, 2025, to October 30, 2025, the company repurchased 1.25 million shares at a cost of approximately $120 million.
- Boise Cascade Company updated its third quarter 2025 outlook on September 15, 2025, projecting Total Company Adjusted EBITDA between $60 million and $80 million.
- The Wood Products segment is expected to generate $5 million to $15 million in Adjusted EBITDA for Q3 2025, with EWP volumes and prices anticipated to decline sequentially, and plywood prices 6% below the Q2 average quarter-to-date.
- The Building Materials Distribution segment forecasts Q3 2025 Adjusted EBITDA of $65 million to $75 million, noting a daily sales pace 5% below the Q2 average quarter-to-date and projected gross margins of 14.5% to 15.5%.
- For the twelve months ending June 30, 2025, the company reported $6.6 billion in LTM Revenue and $493.7 million in LTM Adjusted EBITDA.