BCC - Earnings call transcript Q2 2024

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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. [Operator Instructions]

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

begin now may you your conference. Forrey,

Chris Forrey

Felicia, welcome you you, Call Business and Quarter good to like and I'd everyone. Update. to Earnings morning, XXXX Thank Boise Second Cascade's

today's Troy Little, operations. of CEO; on Joining Strom, Jorgensen, and Products Head are Building Head CFO Treasurer; our of our our our me and Kelly call Operations; Hibbs, Jeff Wood Nate Distribution Materials

segment slides release the This in to presentation EBITDA. to contain review statements. forward-looking in will that to from with income reconciliations X. filings associated SEC and appendix GAAP note the Please call the warning segment Slide on EBITDA net our the press Turning and statements. forward-looking statements income Also, risks adjusted please and our includes the these our regarding with EBITDA

turn to I Nate. call will over now the

Nathan Jorgensen

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

consolidated $X.X down quarter from second billion XXXX. quarter of Our X% of were sales second

per Our in quarter. or was $XXX.X $X.XX share year per to the income income of million or $X.XX net ago $XXX.X net compared million share

results Both influenced somewhat while tepid economic our by and during demand elevated delivered of strong operating businesses financial uncertainties. environment, quarter the in a mortgage rates

[indiscernible] to growth we value as capital capital company and our to expected, our navigate the deliver continue organic progressed our want posed we demonstrate projects part on as and shareholders demand our by to across to returning current thank uncertainties our is that strategy. I environment. superior the customers to In our addition, an who partners spending deployment associates of continue important

an through update your our provide give walk segment after now before an allocation quarter third insights some we and will which questions. capital in I'll on Kelly? then outlook detail, take provide results, more on financial Kelly our

Kelly Hibbs

reported deliver quarter quarter, second wood in $XXX.X segment higher reported the as offset in ago compared EBITDA from due segment, XXXX. was quarter The Products EBITDA million These our of conversion fiber everyone. by $XXX.X lower including EBITDA EWP quarter and up $XXX prices sales good compared Wood BMD of down year segment decrease $XX.X second Distribution the Wood was quarter and in as second segment the sales margin Nate, year billion, in dollars $XX.X million, X% Products in costs. $X.X EWP challenging were morning, partially million sales you, a BMD quarter. second quarter. able the $XXX.X decreases in reported well EBITDA sales Thank from primarily of to EBITDA flat to were of to to segment the sales gross million XXXX. prior to million million higher in in volumes. BMD were environment.

As by increased and mainly $XX.X million, due it to million. decreased relates expenses $X acquisition costs, selling to BROSCO and by administrative and general distribution the expenses

volumes over volumes X% LVL I-joists same periods by X%, Slide sequential the On to X% a and second and Turning for respectively, year-over-year up were XX%. basis, comparative were up and quarter and X.

continued Our for X%, I-joists pricing be in pricing and EWP by the respectively, to was LVL volumes market. down X% resilience single-family the starts. due and continue supported Sequential and to pressure

Turning to X. Slide

in XXX was Our to second feet XXXX. volumes plywood million feet sales second quarter compared quarter XXX million

for improved quarter plywood a the EWP produced consistent internally decreased we volumes As EWP. our current proportion given as higher demand during veneer production strategy, our expected with and into shifted of

quarter through sequentially. price Plywood the per as pricing X,XXX. around average down progress realizations average The net and $XXX per second our XXXX $XXX steadily we June sales price X% with year-over-year second in was plywood the quarter weakened X%

X% from sales XXXX, price up BMD X. and increases driven X%, Moving partially sales X volume by to X%. Slide second $X.X of of by quarter quarter decreases billion, second were offset sales

would from BMD than of product impact decreased acquisition, decreased sales of have the X%. decreased and sales X% BROSCO general sales second EWP increased quarter product the X% X%, less Excluding line sales line, XXXX. commodity By

flat reported ago basis Gross EWP as margin was were points compared generated with on dollars higher general sequentially. the in last line but BMD's by X.X% growth. offset EBITDA XX were up was quarter, and XX when margin the on from dollars quarter the the commodity margin same down XX.X%, year-over-year for percentage dollars quarter, down BMD's year sequentially. margin lower and basis gross year points products margin X.X%

in We represented with from products XX% sales our general mix sales the benefited line the growth our in continued quarter the market the where in given second those of of performance in BMD's are quarter, highest second history. our pleased landscape. We products

our commodities, with panel progressed. the as and markets lumber drifted was markets lower In weakness in team's outstanding the quarter in performance quarter continued significantly that

I'm now on Slide X.

our recent third the has with ongoing weakening quarter, homebuyers. slowed and in sentiment to data conjunctions in declines permits builder starts constraints for and single-family order intake forward EWP affordability Looking

single-family levels, see in sequential Assuming we On the third pricing, EWP low EWP. acceleration mid- single-digit to recent declines an of starts volume currently we sequential we in quarter. from declines single-digit expect price don't expect high

BMD, sales second sales second conditions July second XX regards quarter expect quarter days. market be we be price below second plywood, daily to is third With realizations lines to quarter approximately XX% through remained pace will our have average. our with averages. the quarter approximately quarter daily to however, with For days weak The in at consistent of July number below sales X% comparable

$XX capital had June in both We with spending X ended of XX. million million BMD. Wood in Products and Slide on expenditures $XX XXXX, the months of now I'm

$XXX accelerate of through with spending XXXX at million the pace spending million half remains move range for capital $XXX to year. Our we to the back the of as

mitigate EWP BMD, in late in downtime potential modernization Wood significant In fourth XXXX. plans in have Oakdale to the broken facility. project-related second expect to of facility occur to on and In stages recently will we place operational between our be and in as and quarter facility we're our XXXX, that in Texas new Products, the impact at XXXX quarter are ground our Hondo, to region distribution excited Southeast the take production

Speaking million recently $XX a million. approved these we July and X, of our in $X share additional XX. payment repurchase repurchase was we paid on have first as XXXX, in September and X.X dividend, Today, for per Also, shareholder receive shares of year-to-date under share Directors for will payments also per dividends dividends nearly regular shareholders, a X% record share of our returns, program. quarterly $XXX repurchase activity dividend our of the of increase half Board million for represents Shareholders to shares approximately special a our share common approximately still $X.XX available X September which dividend. XXX,XXX

In to balanced growth balance remains base, capital our in strong, we our summary, our projects that returns organic sheet approach includes investment ongoing existing committed to and very and allocation our are asset shareholders. to

have flexibility opportunities the with M&A align We that execute our if surface strategy. to also

I it back over to to turn outlook. will Nate business discuss our

Nathan Jorgensen

industry million housing affordability below due starts consumers by Bureau. many Thanks, starts U.S. Kelly. with reported forecasts I'm of XXXX remains Current $X.XX in the to Home on rates. are Slide slightly for Census the XXXX as of cost actual challenge housing combined housing a elevated U.S. for #XX. mortgage

trends. existing and favorable stock sale and available unemployment, undersupplied However, housing with demographic low for

of for from supply. construction Multi-family years declined have important is historic expected in an residential increased to recent due levels New supply homebuyers. combined starts to source for elevated cost remain developers, seen sharply capital with

and elevated stock spending, of Regarding for and repair of levels age the a housing will equity home U.S. improvement spending. provide remodel continue to favorable backdrop homeowner

However, building to due consumer material spending expected inflation. borrowing improvement is history, while uncertainty, to and remain healthy availability, to spending labor higher costs home has compared renovation softened

tandem market our favorable, have with the balance housing demographic constructed housing continued a that clear fundamentals long-term longer-term That focus maintain expectations trends in near-term for view and future. the execution the demand moderated, success our outstanding a Although on ability sheet on stock. supported by us strategy underbuilt view remain and growth initiatives of our the company affords our position to in

open your support interest any at and continued We Boise Cascade. today please us and time. phone joining this for you the in you questions would Felicia, Thank welcome lines?

Operator

of line Maklari comes the The Sachs. [Operator Susan from first Instructions] question of Goldman

Susan Maklari

performance I line of segment? And that some like that? pulling in the It you the even the as there, of you of market with we're driving on initiatives? think do is Can continue the ability seeing housing, the shifts general own that seems your about how what you outperform to various segment are that all in want you're seeing the talk execute dynamics that that some on and products within across about BMD. to broadly. through outperforming just Any you're the start to noise the you

Kelly Hibbs

you're hope I Kelly. Yes. Sue, this is Yes. well.

you be flagged commentary, of us -- we mix. it line to focus continues a our as do portion well. general And our is that as up and So terms think we in know, for show sales continues to of increasing in

our really good to with where have alignment supplier dealer and products base desired. services are downstream those our and We base also

And out. more really here. it so nothing little maybe maybe But focus. to a be bit yes, a call Jeff I'll I'd that color just specifically add continues let

Jeff Strom

just leaned footprint wider that we segment. to one really other we've a that deeper tell and and this you has did general we during going done in our buys And done set be to us the grow. to market. Sue, Jeff. I'd in allowed the continues was that growth and hard it's projects adding And All piece ourself year is on thing winter the The the this we've go we knew line. up. millwork in distribution-friendly

stock, grow in along. products to everything we with move so right And those and continue and

Nathan Jorgensen

that they the add general Sue, line to of our product it's suppliers, final think one of mix. maybe their our just as is partners about on you to comment continue Nate,

really us as the to grow side so they're you about for continuing think and distribution intensity, to SKU that's support and that. their great their their And optionality, SKUs on

part they to we well. think, on tailwind I as services, -- the that's that, so what as introduce of part of well important their our products is new new an behalf need execute and as And

Susan Maklari

the EWP, Okay. EWP, those next those that volumes through add for then it dynamic you to in and that the allows the relative That's products? manage of and comes thinking about sort couple veneer switching very grow And incremental And in quarters? to your helpful are the to you pricing you ability color. what's capacity of to as how

Nathan Jorgensen

would say, Yes. Nate. Sue, I it's

think making that footprint, our we all including as right terms EWP on mean, the specifically materials, input veneer our I capabilities, I you of have commitment know, in our of sure was side.

So before for that an have veneer part what and that was organization. right done the get we needed quantity, we an of as sure to important price quality making

require. competing remain the we're customers forward, market on I moving think marketplace and the to as we what going think centric about in what needs going in obviously our

of continue And in head will supply-demand very of about it. the we we that capability how So as that balance, -- the environment. can be we're terms to we think about next support that of We we single-family, part in years, a feel to if build. our have good really serve the of that favorable kind over think housing to well customers positioned we continue couple environment, again, and into specifically

So some we build comments, sure among his nothing have activity next And capabilities that other kind -- kind here that in begin Oakdale capability. of in to as making spots. of we're early to and fourth the quarter will going of third continue into and that in those Kelly year described

Susan Maklari

that, Okay. on up And Nate, quickly. then really following just

They're as the about does you half? are supply back on side of What the the busy for quarters? things. the really EWP couple mean As builders next to think pricing, still positioning spec that add of in

Nathan Jorgensen

Yes.

in site would they need of I to Sue, think EWP, important I in the -- terms of they is do times. part the think out an really job for things efficiency site. at they how focus to there, to is say, job the speed take general, of it's get what on and and one And accomplished. story of And builder EWP complexity cycle I specifically continue the

they what accomplished and what builder, to the that them that's to forward on an for about -- the important think I brings EWP to need as moving times. deliverable reducing cycle get and So

year. And in presence, feel our of EWP again, think the set close up as partners services I them their products of very making second we half what terms and set through this how stay year. going again, to the we'll to seeing the are and our support we're So that, way builder on good this experiencing balance sure up kind navigate through and they they're of again, of

Susan Maklari

Yes.

buybacks. see I you things. And more to Okay. into one to on want allocation is in, starting just the get squeeze which those good to side It's capital of

I of you done, the million is And the on it's that million last in dividend? nice available through there. that terms I shares that in authorization? $XXX think returns think, thoughts approach shareholder You've how to year-to-date are X.X see Any million. July, on overall, special X.X versus which

Kelly Hibbs

Thanks, you right the Sue. And is laid Kelly. out data have there. This you

to through So to to as do our maybe the our me target. have me program, the We're speak back just priorities half bit on going a of we capital more executing allocation, kind let just relates -- in year of year. focused be we go lift second let us here hit the as to a think broadly capital it the big which of ahead little of half about

shares. buying dividend will into but obviously, much I In to surfaces. did do the expect terms of be M&A to part continue will specific a recently, to shareholder back out lay win right returns, market that you opportunistically nice more playbook. the special then continue how for be we the have, No do in to capability if opportunity of today, our we that the M&A, And announce

Maybe door a and facility, out, does small a on acquisition give you a just operation actually employees. but that's business, call did small is that just Boise, have we it in millwork brief on Idaho, an close a have I'd does that yesterday, existing small entity, one

a nice running the us gives Boise it market. so start And into little

done. So we to were get happy that

Operator

the question D.A. Kurt next of Davidson. Yinger line The comes of from

Kurt Yinger

of you're things maybe here back seeing Or could what optimism pricing? little hoping just at of challenging markets maybe just near off the more at the and as get looking we're bit you bottom half conversely, Just backdrop back stage. overall this over the EWP, perhaps that you year, are perhaps you the gives more you on And a the that hoping that half? competitive start I to a in move into kind frame on could was

Troy Little

in. Troy is this and then start Kurt, I'll Little. can others jump

we pressure of in decline that sequential you -- how quarter, We in the that. a targeted the It's approach saw the remain situation. terms some In we our geographical pricing. second on had

continue anticipating still QX. we pressure quarter, of third up we into then And evaluate. as of as look so And out that kind there the to is we kind we're finished

And so see kind bit out that we playing more a in little of QX.

that the to to things are we're elevated and right that kind still digit. on goes And now, point, of with So sideline in from depending low modeling mid-single of mortgage the kind decline on sequentially where affordability the then rates relative there. kind buyers that where at home of see

Kurt Yinger

the are would presence that divergence in In you dictated just demand by frame How terms guess, versus this markets is of different stage? that maybe of, between at Troy? of maybe stronger, competitors? guess, softer those the Or that, I I kind markets primarily,

Troy Little

competitors, accordingly. it's We're it's mean the they're looking that, both, I Yes. responding at probably but what doing.

So that's probably the driver.

Kurt Yinger

in to would what that Okay. a maybe side relative ago. seeing disappointing kind on And risk as of your discussing And couple customers modestly you Are create Jeff, BMD thus are potentially major back think in destocking second, most does of I the materializing some Makes any months sense. heading in how inventory then of far demand fall? environment levels into level your of around sentiment the describe hoped the the mind, half? sort reflected people that

Jeff Strom

I would this. say

doubt, On bit we're a the it a slower. commodity without seeing side,

no we're it certain they And what plays seeing overall, now. or little all. to I going to product telling us and describe might is a market, to while major they there and as it And there it. a would exactly pocket hearing heavy. feeling are saying be one a we're and is, feel here destocking, steady that much no, -- that the to customer a is overstocked everyone and our a be seeing need, bit we we're on on product there's we're it commonality where there's customers a not what we're that a talk without not of something what distribution-friendly what are where at very is base, to doubt, it to But line, area there there's general into from going buy the people On kind major right but of us, doubt

Operator

of [Operator line America. Staphos of Instructions] The George next question comes Bank the from of

George Staphos

Two to questions piggybacking questions. last two the off start

to that versus to on is basis broadly, noticed percentage working a prior in Jeff, sales a BMD cap So ago inventory capital up and more sales, working is year from up Kelly, quarters.

seeing to to managing of demand versus on there any trends you in commodity in have down feel about against price do now. there? into Relatedly, perhaps that maybe some Now P&L? based areas any manage right? But and inventory can being You're being third need natural quarter, question just And inventory bit? at be you give you the quarter, market can quarter pricing, maybe the how a BMD little the about How in second do us to thoughts relative what's obviously, what where directionally, prior are you it may the happening right least risk earlier to anything if feel prices third off margins any with is change. higher you

Kelly Hibbs

Yes.

You to bet, take Kelly. those swing start George, this at is a I'll here.

capital, is of net So are correct, intentional. BMD's it up. And many terms cases, working in very that's overall in you

we door shops have up about we in a you door mix, BROSCO the starting -- year If starting Kansas didn't in City, now shops ago. think in We're Denver. up

certainly intentional up, purposeful. are that that's and that's like and things So showing

lot it As of like whole it doesn't risk. just there's downside right relates now, to feel a commodities,

in terms lumber, life we see. of seeing But on think of and on we're in order terms our -- a inventory. be might I positioned well There days very of bit are we'll little days in hand

you that into period the about expected. where positioned, see we're softer fourth short, into working a say coming we we seasonally seasonally as good we all I'd I to generation you in think quarter, as would and will start expect, feel get So capital some down from put together,

George Staphos

call, to But things who given again, risk then seeing, anticipated, even that here, commodity in seeing, would are XQ, a feel out as consistently that be you I you're shot. hard what hold margins if from I but is placeholder knows. one of know figure it's given you downside relatively said we're to XQ commenting to versus comfortable you what decent BMD get not a given and your lot that,

Kelly Hibbs

Yes, sure.

a So shot. I'll take

I today, the third to similar here get As surprises second. can I might were what commodities. specifically they way to in we that's margins reasonable some always say, yes, our be caveat sit There's would gross either in the assume on the pricing with

So yes, on gross margin.

EBITDA On X% off EBITDA again, that our -- that if would average our sales quarter that margin, would relative a our stays bit. I constrain little to expect pace constrain would second to -- margins

So to high plays the probably we'd as mid-Xs be opposed Xs, that more if in all out.

Nathan Jorgensen

described it's dependents think well. quick have warehouse it as go on another Nate. about a just of half while, we'll that if George, Maybe in I our second year been the for high. Kelly think have this the that and our environment we remains the But the is -- it on comment that in largely you through be customers

and no for that about of profile suppliers if we're have matter so what to and our ready and kind on to sure think material safe the that harbor have support that making margin they kind market our conditions confidence that you provide. shelf, them, serve the we're going And the customers of

half are part who side as you through as move know So distribution plan of this important and remain the that's of an our the will game and we part year. that second of things, we of,

George Staphos

on and me think question round Kurt's this in Last earlier. for piggybacking question I

means own mic much, maybe about and or this think you producers open is fourth be X you would it of How Recognizing and engineered have those and about substitution? all Products? much have that open web had more can of from if about the strategies. trusses the us coming and X same things think you what quarter as it your of ways, commercial to like or it you the importantly, recognizing and things really, coin, quarters Wood EWP into that, how is quarter and sides ago, from competition it's pressure XXXX? many So similar competition in of into coming is a And how think

Nathan Jorgensen

jump a George, in. it's and at can that Nate. take I'll shot others

terms EWP terms largely think is I in veneer I-joists landscape competitive around lumber. producing and of the alike of look laminated in competitors

kind for the has questions navigate think, starting always I conversation. point really like or that's, the the of potentially team floor there. competitors kind trusses So But out There's lumber. are on that dimensional our local of plated largely, to

And cycle I is builders and get positioned said support what earlier, time. mentioned well EWP on in I need think of to the again, accomplished they

good So about of up are to that competitive how some again, shows there. relative alternatives other feel we that the out

Operator

the Mike line of of The next question comes Roxland Truist from Securities.

Michael Roxland

Chris you and regarding despite good up around I margin. understanding about Nate, and just quality I how quickly whatnot. a congrats typically quality my to margin sales for do environment. mix quarter, EBITDA wanted EBITDA Because as the higher follow well? question on a quarter. challenging is Kelly, on higher impact point mix the XQ But think a pace, that George's the guess how your should

might you're type So that of slower have the should sales what some seeing. pace able to offset be of benefit that

Kelly Hibbs

would the margin. line in general the higher direction That generally, Mike. there, a expect we gross products Yes, right see you're to heading carry do

the in We sales continue sales part commodities we've that bigger continue was of your mix well make mistake, the terms So had mix, be sales becomes that you extent that part a recognize to But some in the would that I biggest will no want general provide opportunity. as of But be the number mix of as line. EWP. XX% does that, also to important XXs. for to to the

Michael Roxland

And is as the to you record highest that or XX%, for think to you noted, say maintain you go-forward general the fair that look would a with that is be line company basis? maintain XQ the the on you. can it some Got in on which

Kelly Hibbs

should and that probably But of in stronger carry we more the general they able are some quarter. the second seasonal might mix are then for third, off similar yes, the continue -- second there -- mean could a to component and fourth first. comparatively, the third guess, I a a a categories tail line rate be the we or product third I in bit at that I to within Yes. think similar

Michael Roxland

And on Got last sales. then about X Nate's question, just to response just it. comment warehouse

Given sales in Have backdrop, the seen you just to an given they increase know volatility have was have mix. how around seen in you become? around warehouse accelerate? XX% That particularly your versus historically I the of the represented -- XX% that XX%. beyond you XX% volatile environment acceleration to

Jeff Strom

Jeff. is This

position We warehouse see the people can absolutely real commodity sales up. up, seen clearly in data have to pick undeniable in are our especially the and for a uncertainty you warehouse It's rely it. the on want no and the sales reward taking and picking with that and

Michael Roxland

Jeff. quarters of Are One XX% terms couple a -- the XX% you, Just that Got quick sales? between in of now were and follow-up. so ago? you a that warehouse you you Is quoting beyond XX% ballpark. are

Kelly Hibbs

No, would I north I don't us of Mike. put XX%, think

like I and pushing maybe like think it's XX% we're probably historically, now more more XX%.

Operator

from next of of the The Reuben question comes line Benchmark. Garner

Reuben Garner

Good you. morning, everybody. Thank

selling stabilized breakdown gross like little X, are distribution a ago. EBITDA, question of that? higher or of the So X is? of that come of things Any expect maybe higher for costs mix X, margins mix question, Is the mix the point a to higher It has of More margin do start. of what that go they why those about materially other drivers but continue kind about seems Can versus as it looks higher. general warehouse, today BMD higher margin like were kind at like the a that the with to on Is company-specific we'd forward? talk selling expenses? something line that you years

Kelly Hibbs

Yes.

part things a be. selling I BROSCO, can that color terms little right? maybe margin also speak think a distribution big need is of and but So expenses. Really meaningful then in distribution Reuben that we couple recent But address, selling year-over-year the Jeff there's with most all a a to anecdotally meaningful add results. if of to nice business added and of

thing. whether with generally, sales, We've And added folks, sales the and you and door more Houston to it's BROSCO, Dallas services, more our one more that's across so growth cetera. millwork, door whether need then just it's capabilities. And -- millwork system, have et more or

more Anything it's general think that purposeful. just line you'd is products, I growth because carrying add, so Jeff? natural but a are And we

Jeff Strom

say load up bodies there -- before places have I'd especially start the with people the before just we to have do and in on producing millwork you sales. you

So there's into of timing well. that's as effect it there playing kind a

Reuben Garner

your organic you'd investments any categories investments And out? some grow. Got And you then there. helpful. within it particular outside of specific of in strength products I number call out That's line. it. that is weakness you a I that that because any thing call of you've sell made or general of of know you kind guys know to Are actually seeing

Jeff Strom

to didn't, been year, have and hard we the into there because are even. few and we where the last you I across we on leaned I'd share the up it's certain maybe areas some have would it there board, But load that's areas grown picking committed really say I we're I where across like that winter we feel There it the buy tell ground we're sure making it's share. pretty steady tell a And board. you, are why some really think up. taking we

Nathan Jorgensen

we of vendors, franchises -- privilege but Maybe in we've the that line have, the Nate. our to about as all some got I the again, our it's is kind vendors, there think general and we just represent. data another line, think point, terrific of general Reuben, terrific brands

positioned they including around in they're and you innovation new that's great how a about BMD. environment think So are, as what doing, terms who for us they're and products, in of

the but would I product, represent as of probably again, some we brands well. that to So not only speak the

Reuben Garner

pretty perspective? early Great. And And a one I strong picture from think there know been mixing that of you mix/size-of-home read a do mixing the know you're much are to single-family color reasons? could you share some on building or basis? front, sort volume go-forward the on I'm guys big more of but if think of there. down what out builders sneak plans home, size going question affordability pretty a are I I and would on of about from seeing headwind down Any usually you people the thoughts on the is How that how has you could. a or

Kelly Hibbs

something to Yes. terms home right, obviously then you're builders off think so in Reuben, I respond No, needing year-over-year, homebuyers, are to like, for I affordability concerns think sizes I amenities. of X% and less think,

so And its guess smaller if go less venture a sure make yet. wood. I I guess from way you have that not consumption forward here? we into have you of do Where structures, I'm does

I will affordability here. from to might will venture upon on rates, I braving be where economy a go think but mortgage depend and depend wouldn't it the up guess we

Operator

next the comes of from from of Staphos -- question next Ketan America. question Bank the line of the question The of George next Mamtora BMO. The of comes line

actually am further I questions. no showing

the to said, that being I will with Nate call Jorgensen. over back turn So

Nathan Jorgensen

Thank Cascade. us interest Great. your for support update, this morning Please our Thank you. and you. and We appreciate of for continued Boise everyone you be be well. safe joining and thank

Operator

This call. does conclude today's conference

disconnect. now may You

Boise Cascade (BCC) 6 Aug 242024 Q2 Earnings call transcript