Boise Cascade Company Reports Third Quarter 2025 Results
Boise Cascade Company, a leading producer of engineered wood products and plywood in North America, has released its financial results for the third quarter of 2025. The company reported a significant decline in net income compared to the same period last year, amidst challenging market conditions.
Financial Highlights
For the third quarter ended September 30, 2025, Boise Cascade reported:
- Net income of $21.8 million, or $0.58 per share, compared to $91.0 million, or $2.33 per share, in the third quarter of 2024.
- Sales of $1.7 billion, a slight decrease from $1.7 billion in the same period last year.
- Adjusted EBITDA of $74.4 million, down from $154.5 million in the third quarter of 2024.
Business and Operational Highlights
The company's Wood Products segment saw a decrease in sales by 13% to $396.4 million, driven by lower sales prices and volumes for LVL, I-joists, and plywood. The segment reported a loss of $12.1 million compared to an income of $53.9 million in the same quarter last year.
The Building Materials Distribution (BMD) segment experienced a slight decrease in sales by 1% to $1.56 billion. The segment's income decreased by 27% to $54.3 million, primarily due to decreased margins on commodity and EWP products.
Strategic Initiatives and Corporate Developments
Boise Cascade ended the third quarter with $511.8 million in cash and cash equivalents and $395.2 million of undrawn committed bank line availability, totaling $907.0 million in available liquidity. The company had $450.0 million in outstanding debt as of September 30, 2025.
For the nine months ended September 30, 2025, the company paid $26.6 million in common stock dividends and repurchased 1,128,752 shares of its common stock for $111.0 million. In October 2025, the company repurchased an additional 120,000 shares for approximately $9 million. The board of directors authorized the repurchase of up to $300.0 million of outstanding common stock, replacing the prior repurchase authorization.
Management's Perspective
CEO Nate Jorgensen commented, "In the face of subdued demand and commodity pricing headwinds, we were able to post good earnings for the third quarter of 2025. We have great clarity on our business model, and the strength of our financial position and unwavering commitment to our core values enable Boise Cascade to remain focused on the execution of our strategic priorities."
Future Outlook
The company anticipates that demand for its products will continue to be influenced by factors such as mortgage rates, home affordability, and consumer confidence. Early industry projections for 2026 are consistent with 2025 housing start levels, with a cautious market expected in the first half of the year and gradual improvement later in the year.
Original SEC Filing: BOISE CASCADE Co [ BCC ] - 8-K - Nov. 03, 2025