Boise Cascade Company (NYSE:BCC) Q3 2024 Earnings Conference Call November 5, 2024 10:00 AM ET

Company Participants

Chris Forrey - Investor Relations
Nate Jorgensen - Chief Executive Officer
Kelly Hibbs - Senior Vice President, Chief Financial Officer and Treasurer
Jeff Strom - Head, Building Materials Distribution Operations
Troy Little - Head, Wood Products Operations

Conference Call Participants

Michael Roxland - Truist Securities
Susan Maklari - Goldman Sachs
Jeffrey Stevenson - Loop Capital
Ketan Mamtora - BMO Capital Markets
Kurt Yinger - D.A. Davidson

Operator

Good morning. My name is Grace and I will be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascade's Third Quarter 2024 Earnings 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.

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

Chris Forrey

Thank you, Grace, and good morning, everyone. I would like to welcome you to Boise Cascade's third 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 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, Chris. Good morning, everyone. Thank you for joining us for our earnings call today. I'm on Slide Number 3. Total US housing starts and single-family housing starts decreased 3% and 1% respectively compared to the prior year quarter.

Our consolidated third quarter sales of $1.7 billion were down 7% from third quarter 2023. Our net income was $91 million or $2.33 per share compared to net income of $143.1 million or $3.58 per share in the year ago quarter.

Both of our businesses performed well and delivered good financial results in a demand environment that continues to be constrained by home affordability challenges and economic uncertainties. I want to thank our associates across the company who deliver continue to deliver superior value to our customer and vendor partners no matter the demand environment.