Boise Cascade Company (NYSE:BCC) Q3 2023 Earnings Conference Call October 31, 2023 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

Susan Maklari – GS

Kurt Yinger – D.A. Davidson

Ketan Mamtora – BMO

Michael Roxland – Truist Securities

George Staphos – Bank of America Securities, Inc.

Operator

Good morning. My name is Chris, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascade's Third Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer period.

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, Chris, and good morning everyone. I would like to welcome you to Boise Cascade's third 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 on our earnings call today. I'm on Slide number 3. Our consolidated third quarter sales of $1.8 billion were down 15% from third quarter 2022. Our net income was $143.1 million, or $3.58 per share, compared to net income of $219.6 million, or $5.52 per share, in the year ago quarter. Total U.S. housing starts declined 6%, driven by a decrease in multifamily housing compared to prior year quarter. However, single-family housing starts to increase 7% compared to the same period in 2022. Both of our businesses again delivered solid operating and financial results. I want to thank our associates for their continued focus, hard work and loyalty as we continue to navigate ongoing economic uncertainties.