Boise Cascade Company (NYSE:BCC) Q4 2022 Earnings Conference Call February 22, 2023 11:00 AM ET
Company Participants
Kelly Hibbs - SVP, CFO, Principal Financial & Accounting Officer and Treasurer
Nathan Jorgensen - CEO & Director
Jeff Strom - EVP, Building Materials Distribution
Dean Brown - EVP
Conference Call Participants
George Staphos - Bank of America Merrill Lynch
Susan Maklari - Goldman Sachs Group
Ketan Mamtora - BMO Capital Markets
Kurt Yinger - D.A. Davidson & Co.
Operator
Good morning. My name is , and I will be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascade's Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instructions]. It is now my pleasure to introduce you to Kelly Hibbs, Senior Vice President, CFO and Treasurer of Boise Cascade. Mr. Hibbs, you may begin your conference.
Kelly Hibbs
Thank you, Tawanda, and good morning, everyone. I would like to welcome you to Boise Cascade's Fourth Quarter 2022 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.
Nathan Jorgensen
Thanks, Kelly. Good morning, everyone. Thank you for joining us on our earnings call today. I'm on Slide #3.
A few highlights as I reflect on a terrific 2022 for Boise Cascade. We reported full year net income of $857.7 million, or $21.56 per diluted share on sales of $8.4 billion. We had strong performance in safety. We made great strides on our growth initiatives in both businesses, and we also rewarded our shareholders with $160 million of combined regular and special dividends. I also want to thank and recognize our nearly 7,000 associates across the company who made the results and accomplishments of 2022 possible.
Let me now turn over to the fourth quarter results. New residential construction activity declined sharply with total U.S. housing starts down 15%, driven by a decrease in single-family housing starts at 27% compared to the prior-year quarter. Despite the challenging environment in the fourth quarter, we were able to deliver strong financial results.