Boise Cascade Company (NYSE:BCC) Q2 2023 Results Conference Call August 1, 2023 11:00 AM ET
Company Participants
Kelly Hibbs - SVP, CFO, & Treasurer
Nate Jorgensen - CEO & Director
Mike Brown - Head, Wood Products Operations
Jeff Strom - Head, Building Materials Distribution
Conference Call Participants
Kurt Yinger - D.A. Davidson
Susan Maklari - Goldman Sachs
George Staphos - Bank of America Securities
Mike Roxland - Truist
Ketan Mamtora - BMO
Reuben Garner - The Benchmark Company
Operator
Good morning. My name is Michelle, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascade's Second Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period. [Operator Instructions]
It is now my pleasure to introduce you to Kelly Hibbs, Senior Vice President, CFO and Treasurer, Boise Cascade. Mr. Hibbs, you may begin your conference.
Kelly Hibbs
Thank you, Michelle. Good morning, everyone. I would like to welcome you to Boise Cascade's second quarter 2023 earnings call and business update. Joining me on today's call are Nate Jorgensen, our CEO; Mike Brown, Head of our Wood Products Operations; and Jeff Strom, Head of our Building Materials Distribution operations.
Turning to Slide 2. This call will contain forward-looking statements. Please review the warning statements in our press release, on the presentation slides and in our filings with the SEC regarding the risks associated with these forward-looking statements. Also, please note that the appendix includes reconciliations from our GAAP net income to EBITDA and adjusted EBITDA and segment income to segment EBITDA.
I will now turn the call over to Nate.
Nate Jorgensen
Thanks, Kelly. Good morning, everyone. Thank you for joining us for our earnings call today.
On Slide number 3. Both of our businesses again delivered strong financial results as associates across the Company continue to look to execute at a very high level, and the market proved to be resilient despite ongoing economic uncertainties.
Our consolidated second quarter sales of $1.8 billion were down 20% from second quarter 2022. Our net income was $146.3 million or $3.67 per share compared to net income of $218.1 million or $5.49 per share in the year ago quarter. Total U.S. housing starts and single-family housing starts declined 11% and 14%, respectively, compared to the prior year quarter.