Boise Cascade Company (NYSE:BCC) Q3 2022 Earnings Conference Call November 1, 2022 11:00 AM ET
Company Participants
Kelly Hibbs – Senior Vice President, Chief Financial Officer and Treasurer
Nate Jorgensen – Chief Executive Officer
Mike Brown – Head-Wood Products Operations
Jeff Strom – Head-Building Materials Distribution Operations
Conference Call Participants
Charles Perron – GS
Mark Wilde – BMO
Reuben Garner – Benchmark
Operator
Good morning. My name is Lisa, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascade’s Third Quarter 2022 Conference Call. All lines have been placed on mute to prevent any background noise. [Operator Instructions]
Before we begin, I remind you that this call may contain forward-looking statements about the company’s future business prospects and anticipated financial performance. These statements are not guarantees of future performance, and the company undertakes no duty to update them.
Although these statements reflect management’s expectations today, they are subject to a number of business risks and uncertainties. Actual results may differ materially from those expressed or implied in this call. For a discussion of the factors that may cause actual results to differ from the results anticipated, please refer to Boise Cascade’s recent filings with the SEC.
It is now my pleasure to introduce to you, Kelly Hibbs, President – excuse me, Vice – Senior Vice President, CFO and Treasurer of Boise Cascade. Mr. Hibbs, you may begin your conference.
Kelly Hibbs
Thank you, Lisa. Good morning, everyone. I would like to welcome you to Boise Cascade’s third 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, I would point out the information regarding our forward-looking statements. 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. I’m on Slide 3. Our consolidated third quarter sales of $2.2 billion were up 15% from third quarter 2021. Our net income was $219.6 million or $5.52 per share compared to net income of $91.7 million or $2.31 per share in the year-ago quarter. Both of our businesses reported strong financial results during the third quarter despite the softening economic landscape.