5/29/2023 0 Comments Boise cascade homedale idaho![]() ![]() The decline in income was driven primarily by a gross margin decrease of $10.3 million, resulting from a steady decline in commodity prices throughout third quarter. This compares to segment income of $39.4 million and EBITDA of $43.3 million in the prior-year quarter. BMD reported segment income of $23.5 million or EBITDA of $28.3 million. Sales prices and sales volumes increased 7% and 4%, respectively. The decrease in EBITDA was due primarily to a $10.4 million non-cash impairment loss and higher log costs in the Pacific Northwest offset in part by higher plywood and engineered wood products pricing.īMD sales in the quarter were $1.2 billion, up 11% from third quarter 2017. Reported EBITDA for the business was $32.7 million, down from the $39.4 million of EBITDA in the year-ago quarter. As Tom mentioned, Wood Products reported segment income of $13.9 million in the third quarter. Wood Products' sales in the third quarter including sales to our Distribution segment were $402.7 million, up 10% from third quarter 2017. Wayne will walk you through the financial results in more detail and then I'll come back to talk to describe actions we are taking on capital allocation and provide our outlook before we take your questions. Rapidly falling commodity wood products pricing caused significant gross margin pressures for our Distribution business in the quarter. Our Building Materials Distribution business reported segment income of $23.5 million on quarterly sales of $1.2 billion for the third quarter compared to the $39.4 million segment income on quarterly sales of $1 billion in the comparative prior-year quarter. ![]() However, better pricing was more than offset by higher log costs in the Pacific Northwest and the impairment loss in Northeast Oregon. These results reflect stronger product pricing. Our Wood Products Manufacturing business reported segment income of $13.9 million in the third quarter compared to $24 million of segment income in the year-ago quarter. The appendix of the presentation includes reconciliations from our GAAP net income to EBITDA and adjusted EBITDA. Turning to slide two, I would point out the information regarding our forward-looking statements. Joining me on today's call are Tom Corrick, our CEO Dan Hutchinson, Head of our Wood Products operations and Nick Stokes Head of our Building Materials Distribution operation. I would like to welcome you to Boise Cascade's third quarter 2018 earnings call and business update. Wayne Rancourt - Executive Vice President, CFO and Treasurer It is now my pleasure to introduce you to Wayne Rancourt, Executive Vice President, CFO and Treasurer, Boise Cascade. For a discussion of the factors that may cause actual results to differ from the results anticipated, please refer to Boise Cascade's filings with the SEC. Actual results may differ materially from those expressed or implied in this call. Although these statements reflect management's expectations today, they are subject to a number of business risks and uncertainties. These statements are not guarantees of future performance and the Company undertakes no duty to update them. (Operator Instructions)īefore we begin, I remind you that this call may contain forward-looking statements about the Company's future business prospects and anticipated financial performance. After the speakers' remarks, there will be a question-and-answer period. All lines have been placed on mute to prevent any background noise. At this time, I would like to welcome everyone to Boise Cascade's Third Quarter 2018 Conference Call. ![]() As a reminder, this call is being recorded. My name is Lauren, and I'll be your conference facilitator today. ![]()
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