Boise Cascade Company (NYSE:BCC) Q2 2024 Earnings Conference Call August 6, 2024 11:00 AM ET

Company Participants

Chris Forrey - IR
Nate Jorgensen - CEO
Kelly Hibbs - SVP, CFO and Treasurer
Jeff Strom - Head-Building Materials Distribution Operations
Troy Little - Head-Wood Products Operations

Conference Call Participants

Susan Maklari - Goldman Sachs
Kurt Yinger - D.A. Davidson
George Staphos - Bank of America Merrill Lynch
Mike Roxland - Truist Securities
Reuben Garner - Benchmark

Operator

Good morning. My name is Felicia Crabtree, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascade's Second Quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there’ll be a question-and-answer period.

It is now my pleasure to introduce you to Chris Forrey, Vice President, Finance, Investor Relations, Boise Cascade. Mr. Forrey, you may now begin your conference.

Chris Forrey

Thank you, Felicia, and good morning, everyone. I'd like to welcome you to Boise Cascade's second quarter 2024 earnings call and business update. Joining me on today's call are Nate Jorgensen, our CEO; Kelly Hibbs, our CFO and Treasurer; Troy Little, Head of our Wood Products Operations; and Jeff Strom, Head of our Building Materials Distribution operations.

Turning to Slide two. 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, Chris. Good morning, everyone. Thank you for joining us for our earnings call today. I'm on Slide number three. Total U.S. housing starts decreased 7%, driven by lower multifamily starts as single-family housing starts increased 7% compared to the prior year quarter.

Our consolidated second quarter sales of $1.8 billion were down 1% from second quarter of 2023. Our net income was $112.3 million or $2.84 per share compared to net income of $146.3 million or $3.67 per share in the year ago quarter.

Both of our businesses delivered strong financial results during the quarter while operating in a somewhat tepid demand environment, influenced by elevated mortgage rates and economic uncertainties. In addition, spending on our organic growth projects progressed as expected, and we continue to demonstrate that our returning capital to our shareholders is an important part of our capital deployment strategy.