BCC - Earnings call transcript Q4 2024

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Operator

Good morning. My name is Josh, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascade's Fourth Quarter and Full Year 2024 Earnings Conference Call. [Operator Instructions]

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

your begin may you conference. Forrey,

Chris Forrey

and Thank like Earnings everyone. Update. would morning, welcome you, Call you Business XXXX Josh, to Quarter to I Fourth good Boise and Cascade's

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

in Please Slide press X. will review the regarding This the these the slides release, our statements. statements. with forward-looking presentation filings statements to on Turning with our contain learning risks call in associated forward-looking SEC and the

segment that net appendix and and EBITDA EBITDA. please reconciliations from to EBITDA the income note to our GAAP adjusted Also, income includes segment

turn Nate. I the to call over will now

Nathan Jorgensen

everyone. results. Thanks, I'll Slide on you accomplishments as on Chris. today. us I some our for #X. call earnings for of morning, reflect Thank XXXX Good our I'm start highlighting by joining our

net associates commitment our support growth meaningful they EWP provided to customers, suppliers year and acquisition million distribution capital significant -- as our organic to our for shown our full We returns or I'm other. our have our and both values support business grateful made through steadfast reported progress our to to share. diluted strategy, income capital initiatives, on grew We per shareholders. our $X.XX $XXX.X investments of and each and

respectively, housing to fourth quarter. to decreased now the me Total housing X%, and the turn results. compared starts Let U.S. starts X% and quarter single-family prior-year

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

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

by the acquisition. Alabama for per share BROSCO ago approximately the expenses to from facility share quarter impacted year accelerated lumber Chapman, closure Our transaction depreciation related $X.XX and negatively were per earnings

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

Kelly Hibbs

Nate. were segment you, million X% compared $XXX.X primarily fourth EWP the ago was in quarter Products of to quarter. segment Wood $XX.X including decrease year in distribution down segment, our EBITDA due compared million, reported in lower Thank sales sales to XXXX. Wood EBITDA to plywood and EBITDA was fourth Products million, to sales quarter, the The prices. $XX.X

were to the from in margin In to BMD, EBITDA BMD gross reported basis in sales segment our a compared deliver million XX quarter. the positioned dollars. percentage quarter $XX.X X% Despite point of increase fourth fourth quarter quarter, $XX.X margin EBITDA in decline, comparable year-over-year gross the $X.X sales XXXX. down in prior-year million segment billion, BMD of the

$X.X expenses general BROSCO. million by expenses BMD's the the year addition, for quarter decreased in primarily administrative acquisition-related to and prior In due acquisition of

testament nationwide Turning a decline year-over-year which a to quarter Slide of better manufacturing X% both the I-joists On volumes and down LVL the distribution in than X%, X. increased volumes believe we an tightly-aligned to XX% for year-over-year our capabilities. starts, impressive single-family were strength basis, and is fourth

single-family again, better seasonal than I-joist our expected, and and activity volumes LVL starts down drove in basis, sequential period, imply. lower respectively. with XX%, changes were As volumes volume would on construction a declines But X% this activity underlying for than comparative

respectively. is our levels, marketplace pricing for the competition X% and today, I-joists sequential share X%, LVL in and demand prevalent were down LVL current for At and

X. Slide to Turning

fourth sales average year-over-year down in basis. plywood feet, quarter price XXX fourth to a million in the quarter XXXX. feet XXX sales X,XXX plywood XXX was The Our compared quarter X% volume fourth was million net on per

fourth the pricing approximately plywood up sales realizations with prices half net seasonal per price quarter XXX set before declines X% through of expected sequentially. We higher plywood experienced the X,XXX. were December of However, in, first average

year-over-year and fourth decline and volume. Slide General sales commodity both sales product X. X% of By of X in sales to price quarter product Moving decreased decreased a was sales line, sales X%. and BMD's XX%. X% increased line driven decrease X%, EWP by

I was BMD's fourth to quarter points As year-over-year. alluded up gross earlier, basis XX percentage margin XX.X%,

half commodity fourth the our strengthening commodity during coupled margins. for our with particular, markets In position, provided of tailwinds inventory commodity quarter, the first

reported ago Very in X.X% BMD's results basis EBITDA and quarter, XX for quarter. from margin X.X% year strong up up points was the a in sequentially. the the slower seasonally

a of start unplanned and we quarter Slide couple made across downtime had Weather on has difficult X. as several a to distribution locations. have the now of manufacturing for days I'm of our

to forward EWP declines. fourth for volumes is look to from increase are and quarter, sequential EWP first reflect expected expectations our pricing to we As levels, quarter the low expected modestly single-digit

the projects plywood, modernization facility progressing significant In well. Oakdale at are our

XX% the near As operate capacity the for down and quarter. expected first planned, to quarter that is second will of facility the in of entirety be

As be our a term. plywood the and cost result, near will impacted in absorption volumes negatively

we and below quarter incur averages. decline impacts cost of negative realizations For we single mid- approximately $X that On plywood pricing, fourth expect quarter-to-date plywood are the approximately high volumes downtime. due will the to quarter, Oakdale million to first X% digits to sequentially

about the to impacts sales seasonal daily towards evident regards quarter sales daily with move expect our as We'd quarter-to-date spring strengthen pace averages. building season. With fourth below we the BMD X% are to our sales, activity

in million XX. on of expenditures BMD. $XXX $XXX We in and XXXX, spending with capital Slide Now of Wood Products million of $XXX had in million spending

I-joist to expect we our million. multiyear Looking range EWP on plywood $XXX mill. veneer Oakdale, million adding spending spending our and additional investments at of capital EWP and projects $XXX support at capabilities, Louisiana production production in Alabama modernization including forward XXXX, the includes This to be our significant and Thorsby, our between facility

in expect Carolina back we of half greenfield has BMD, Activity South greenfield been distribution Walterboro, progress Texas. there center Hondo, the making we are In slow, XXXX. great our momentum gain but the on in at to

shareholder quarterly $X per regular dividend. dividends in special in comprised paid share to a special we returns Speaking $XXX in was of and share and which regular XXXX, million dividends, $X.XX per

Our Board approved Shareholders quarterly dividend receive Directors per record of March this stock. of XX on share payment of as of XX. $X.XX recently will on a common our February also dividend

under the million For program. XXXX, X.X XX repurchased X.X% approximately X.XX share months available ended January for our or shares have for Today we shares we $XXX million repurchase outstanding million. have about of repurchase our shares approximately

our actions in base, returns asset our continue As a ongoing balanced we investments that strive organic shareholders. for includes our to existing projects and demonstrate, to allocation to capital approach growth

flexibility sheet the if opportunities gives surface also to strategy. pursue us our M&A align that balance with Our

now to to I back turn and it Nate outlook our business will closing over remarks. share

Nathan Jorgensen

industry the for total around million Current U.S. starts #XX. for Slide Bureau. on XXXX I'm X.XX U.S. as XXXX, essentially Census flat reported Kelly. in are starts forecasts housing housing by with Thanks, actual XXXX facing despite in be rate XXXX the X% starts consumers the in environment. housing affordability to expected challenges Single-family outpaced . and again X million are are by levels current level around the

sharply XXXX. continue unit capital to declined in prohibitive are due completions elevated developers, face of in with for headwinds XXXX in XXXX multifamily to starts Multifamily and costs both expected levels combined to XXXX,

in U.S. as For home backdrop levels a equity reflect existing growth sales modest for homeowner spending. of repair improvement age XXXX favorable recent provide spending, stock, home the and of remodel housing and elevated expect improvement will to we some

ability execution macro new housing the policy it near-term which the the us environment, predict around remains, affords make uncertainties a focus view initiatives. our medium on our of and longer-term administration challenging the decisions While and the clear fundamentals economy on growth to from demand strategy to constructive the our and maintain

Lastly, to continued for as and seasoned Jo new forward our and take recently their accomplished leaders the the in were shareholders, Barney to look These contributions to support continued the I promotions. succession their position Both our in process to announced planning and would changes our part opportunity service stakeholders congratulate strategic their Strom and like roles. future. we intentional Jeff are company on of

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

Operator

with [Operator Instructions] from D.A. Our question Kurt Yinger Davidson. first comes

Kurt Yinger

we on have U.S. market? Canadian but to data is and consumption, call those, run murkier maybe relative where off how And see supply there, EWP picture. about tariff if just maybe implementation? and Canadian to I OSB sort into is opportunities wanted how supply I some frame robust the tariffs, thinking a were some of important of we arise to in Boise you secondary for you you suppliers on that kind could start and lumber of could guess, pretty are off, it, first

Nathan Jorgensen

Kurt, it's Nate.

how your tariff the clarity think, jump in Boise in. Cascade in and knowns from our obviously an that, some terms the from that. some of unknowns kind commodities. relative much U.S., start into of perspective there think me of more largely question, I the is is Kelly and Let terms is across, that volume industry around Yes, point, and moving of obviously, Canada for others to To can than of I there's and

of of web-stock we tariffs. kind may actions -- But lot items, need you -- we understand haven't the there's modeling But we've impact, some that Kurt, nothing stage other we kind of sure concluded a that whether as of doing the or be make result of the immediate to in of bring and think other a about the take of the to just anything I and we in it's at the a it's terms think work, in some board, lot -- this across we'll we've as of marketplace. terms decisions items done of that

effect at of talked environment thing challenge on we've point, this a the that other the ripple demand potential the is with looking in tariffs. the terms of is affordabilities about we're kind At

think items closely. something other that So But done on that's discussion consequences place, lot possible. And the forward and well, just make a kind going that's be there's the not to we're on what we're take watching we've lumber and arrive. of as sure about of carefully as move to lot items just again, should that tariff we debate if when could again, of of a to prepared and work but

we're you terms maybe just on of So thinking backdrop maybe about a with add that and that, just that? Kelly, anything would how in

Kelly Hibbs

Yes. Sure, Kurt. Good Nate. hear to you,

X our us, in about segments. you kind think So yes, for it of could

positioned a ability more in that again, well is Canada. point, well Nate's are in based our lot there, have from so there's would we point, As pressure some about substantially from OSB to that very space. we do feel our unknowns given are you knowns that, good and cost to there than operate, know, And to But the we U.S. Nate's manufacturing get web-stock

for Canada, example, we if in import there would costs play do we And intent there a as normal of push were day, we market and if then higher lot if and our to that's from kind our percentage. BMD, the be tariffs, every those commodity margin of how there, will. through you -- maintain are And products

And so be would our expectation. that

up, concern challenges, affordability is be further causing broader the probably if do broader bigger, that destruction? we The it tariffs to a And Nate's would point, gets concern. demand if -- end have

Nathan Jorgensen

on kind the Kurt, about hesitancy think Maybe of of close marketplace. just described, a out the in uncertainty risk-reward, Kelly you policy the of to I lot that, that the there's it's kind think even weather out just kind the -- there, of of and some the that's -- when

and think And seeing experiencing so that. we're I

strength people that continued us, is seeing as of manage think warehouse and we're of I for good out the kind risk-reward. news mitigate that

certainly business the the So steady, warehouse conversations risk the influence of can that in but policy hear industry. you our remains across

Kurt Yinger

Right.

are demand, balance, moving the Okay. some over then of And now and margin, No, to side like color. some like environment, competitive market appreciate you're you more about look to big And supply to talked I feel kind of guess the this last Or finding terms any on it. pricing. a it maybe supply bringing dynamics great and XXXX more out flattish starts do I equilibrium? close kind been that about we housing some on the seems slide in pretty that It's is the securing variables X EWP thinking a that's of there years. excess that's as of share. finding closely? other you of out maybe watching

Kelly Hibbs

side, the Yes. of online know I there. do variables will a think a don't I or this here in X.X the term. near But share. think Kelly single-family we're -- new on X.XX in I don't if there's million continue be on I environment, no capacity a mean there's I supply is Kurt, lot coming that again. competition think total to per million there

that see erosion. like see stays some if expect to some And we'd price environment so we've in continued the modest erosion. to And that,

at some little kind some seasonally continue I where there we demand less believe could if where no it a of is. -- to us maybe reason it's won't But of then competitive there's to stronger periods for be And see erosion level stays times.

Nathan Jorgensen

Kurt, in think and at options, for maybe time job site, you the available. terms when of about EWP that the still and materials I right think other thing it the other add be I the other builder, is relative the just answer simplicity to represents cycle the relative might options to would

I to So and the the get and done terms think, at as overall, builder look again, in it's needing of of job we at favorable site. what looking backdrop EWP is the

moving good being continuing feel -- kind that about forward. And EWP a be to so of for tailwind we

Kurt Yinger

potential on sneak don't as a pricing substitution and floor mean we or Or to upward between see could I huge evidence of open saw be if that solid have think the support trusses. that. up driver really that? you web not kind margin And of lumber it. But a there could think is positive? you were to I ever guys following one viewed more pressure more I on on historical any that in historically, commodity is on Got if pricing, I-joist something the just there

Nathan Jorgensen

the it's lumber, web EWP. Yes. -- to most -- open your builders of trusses pretty to point, whether it's stay kind Kurt, floor of the Generally, that product or generally true dimensional

conversion. they're a at that probably lumber that dimensional some margin, on to point, as discussion will fair -- So there's probably for example, on if the But higher I your potential pressure of there's if some there. consistency think and pricing an bit create opportunities

also of job site they'll But foremost I just to and think the part on on look not is materials at that the mind. side And the as their continue affordability certainly and well. builder, job speed but affordability That's simplicity first of the site things. at

Operator

from comes question Goldman next Sachs. Our Susan with Maklari

Susan Maklari

Congrats to Jeff.

Jeff Strom

you. I appreciate that. Thank

Susan Maklari

Yes. talking to by environment. I start bit operating want the about a

come are first think mentioned You will environment? weather that into a quarter. the the through to weather early bit the also parts we you're get And how in hearing about you should can impact the what of macro as to builders selling starting talk the of the But the season?

Nathan Jorgensen

Yes. Sue, Nate. it's

foremost conversation. in the -- remains probably the think I affordability first there's builders, and the

And rates. cost active when you of prices, terms I so front remains buying And the some been -- when know, home as think they've look at money, in that you look of center. down you and at builders, been have of

part what So builders I think I what the been important terms describing we think of that's an in we as and XXXX, XXXX. are experienced of closed

believe the of are think I of term, I there's kind think terms of in a and still a optimism to underbuilt medium lot still we country. as that longer

and the I happening like some including that heard is medium and that complexity more unknowns, tariffs think is that around term, economy kind that if there's so But probably for short term. that of over things In the the And again, be of certainly weeks. I that the we've maybe -- that. this again, to hesitancy narrative think more, remains, could longer couple could of there, drive past here -- maybe the of what and theme part

they more bit a the don't a a of me, what there's It's have term, environment people think that's, simply short are view measured, I little probably So in least lot the of for anxiety. better at is. until

basis in choices sure they're And their and manage making decisions the of I the a their to So stakeholders, it day-by-day that the to I going near of on still each they're about make future. shareholders. certainly including optimistic right think for remain, think, the term, I homebuilders think kind

Susan Maklari

Yes.

helpful environment perhaps the offset can of this And a how business, That's kind about the the increasing nature products, about then in Okay. color. there's potential talk the maybe be and more the competition and situation? benefits could part of relative some thinking on line and the of fact EWP that that resilient general you commodity

Jeff Strom

competitive This And market That competitive, we need there. things where to our get and incredibly The very it looking rack well. does to people on eye that out are is having slow keep share, being Jeff. as hold line, and said, it to. continues is general for it we're up down

Susan Maklari

That's want was I it that Okay. is, XXXX. sneak which helpful. in, nice more just see then to And the buybacks through in one to came

about you about shareholder versus this color As there? to and about do talk thinking a you how can think special you're approach your Just for dividend? bit capital allocation perhaps year, buybacks returns any

Kelly Hibbs

sure, Sue. Yes,

more guess, way little I questions. a our me, to we maybe specific work let your So can broadly then and start

the capital heavy year in of allocation, for capital the materials, spending seen a, So second us, pretty as a we have you've program.

main objectives. going here, be sense. to something capital is on find if we is we that So spending to makes sure our get M&A execute Go focus the make that

later to again, the going seek if Specific a we're upon also dividend, in -- the seen M&A board, additional more conversation buying special basis, we've quarter in the in growth anticipate that. dependent -- opportunities. to find I recently. shares the the but we then returns, more a that I'd market that in out and And like or what if find might year, consistent a that -- event, stay could Board and do expect to be some third shareholder on to we we be us space And chooses opportunistically with more will then organic be and do like --

Susan Maklari

appreciate. an you, got I answer of I Well, Okay. X which from all

talk luck And We'll soon. everyone. good to so

Operator

with Our question Securities. comes Mike from Truist next Roxland

Michael Roxland

sales better also than a certainly unfavorable quarter. the was Congrats deterioration we in more noted, expected, as Kelly, on XQ. little you progress. margin is the versus some despite during XQ, pace strong all Mix BMD

sequential on how help and of as lower us to, any margin margins margin in -- especially provide about then Nate's the you higher margin, achieve how point, warehouse you sequentially? you of type color can any a increasing the So sales? to XQ? that due Just generated are Was you're understand seasonally able to the around can

Kelly Hibbs

increases components and how There you uncertainty them, several marketplace our is are customers in inventory there, several and in Yes. our from the warehouse, hit position. on that one the and again, of The on Mike. reliance

half then And capture of a part us to little able were and fourth quarter, helped. decent of commodities fourth tailwinds had would the that also some in So first say, the the we kind that run the really that first gave I -- quarter.

Michael Roxland

it. Got

to you when transition XQ a from to in we deteriorated should think to EBITDA you winter we are I further Because the some the Obviously, So to maintain level think about it? of get how XQ has type you pace sales about XQ? see margin, terms said guiding uncertainty. erosion obviously, Or weather, sales deterioration relative the that that. relative you're But in XQ of in XQ? pace should all that XQ. able to there's of because

Kelly Hibbs

Yes.

erosion We to the coupled with will that no in that quarter not so decline the appreciation. in from quarter, sales Yes, same level EBITDA base lines first given that of price margin the product in quarter. compared here far for tailwinds mean, the we first And will we've in quarter. fourth fourth any of X% sure, of I terms see across Mike, report terms seen

Michael Roxland

growth LVL? us strong one growth understand Obviously, what you in Got the me. it. Can drove very one XX%. XQ, in help And for up then last

how Why you to gain help down what -- frame did X% you the Just we about should that are that go-forward. happened X%. share something to think Is continue? your us single-family think peers? and expect against I starts

Kelly Hibbs

sales yes, we Products a in alluded value I selling efforts segue active proposition. up single-family Yes. give combined volumes. BMD my volumes that's in to And to our to underlying in imply. of would year and getting our Wood Very comments, -- than really what out out great showing And me starts like better great teams. that's shout and this the The -- a for the

and showed really distribution And so, linkage that really execution, our good well. manufacturing and up again, between

Nathan Jorgensen

Mike it's Nate. The other thing, --

it's in growing of application you the of headers, a applications and terms As probably that beams think and steady it's and opportunities. LVL for really about -- kind

So continues I-joist floor support as specifically we EWP talked complexity beam such open trusses on competitiveness in lumber, web the of to times designs use. about and with and header and dimensional

specifically, backdrop we And our shows so product that's consistent about up represents. we think in from thought that the And good that that obviously, how feel standpoint. grow the for how a to opportunity invest with what I of of production on terms and and about that business continuing part category

So what's And independent market. that yes, of where and of finished feel about of It's housing us. in somewhat out. good front we kind thanks again, for really calling we the

Operator

with Our of next question Securities. America comes Bank from George Staphos

George Staphos

segue Joe. and Congrats question, just to off discussion I'll I guess first with maybe we the my Jeff were of having Mike.

you're and way homes talk the this can hand, of What all, right talk demand complexity that might you the of greater about other materials, and at seeing the given how to size beam use, as for inflation, demand that EWP is it be So you conservation now? on whether header supporting for home, impacting, affordability. if about,

we know I it market? other dimensional, seeing price but How right, think to it's you from parse is against coming guys, this from the of precisely, should coming competition more from about Relatedly, it are trusses? erosion is that? coming in Or products the hard

Kelly Hibbs

Yes.

George. start, I'll So

second to EWP. answer first. to your EWP competition products for from It's So not not products. dimension from as -- light is lumber it's competing like price related referenced. question Yes, erosion It's the you

gee, And right, the the does how how homes demand or yes, in will. you're of the, demand, of environment impact does terms it then size

the if If smaller necessarily builders smaller. is a used will -- usage be create less the the that not of home, but terms in will applications products will or you that footprint smaller, that footage use, homes, home have in

Nathan Jorgensen

consumption statement I probably and Maybe that's, I-joist point morning. When square focuses of -- me, think you grow, on to look George, at footage, kind around though spaces little the certainly, even more about when the terms headers of good and, a and that smaller, it's to kind the Kelly's footprints Nate. think terms of wall in beams the in open that part the are complexity continues are those that. and designs But the you framing. to expectations bit today, getting of again, of

I that result. theme that's as and supportive of LVL backdrop and beams think growth really So our the and a remains,

are other -- is of The dependent starts you basis. consumption it, housing the of EWP really the really piece as on know, is geography

So consumption Colorado. different in Florida is than

And influence so remain as you start what's around as of think that think of about well. resides, header has generally housing has overall, techniques where terms upon market and the that in the that some beam is But stability out it expected in based construction I a there. little more part

George Staphos

to mean, on hold to headwinds we I look, this, Nate, square footage the what of to some So seeing understand you're in just just the never with the even and market, summarize want of and to it, terms we're going like. you

related fair? else dangerous factors, see that view, design constant, there, everything would and complexity points for is of be those you phrase should Your that on of demand holding because incrementally better EWP

Nathan Jorgensen

and Yes. things, I header floor more of on of system. side say George, would the beam the kind the to opposed as

today. X I been and the is certainly the say job kind speed to -- separated again product and builder. that and creating that's I-joists categories. a do role those again, of terms would that has simplicity site, always So But separate pretty at It in of important have

that's to think to there. are favorable relative be other options out I that So going

George Staphos

sort effect into we called we then impact weather million Is to And XQ we build qualitatively you this us, be number Kelly, beyond any you has called a quarter any of size little and Anything XQ. up. bit of to the there the our been above out, start hey, it, appreciate models? residual would model? the could there of should you coming and think than in it's relatedly, do XQ. the sort the a out normally for $X -- from give Oakdale, case Is that effect would a weather and kind you tougher hey, in normal that I it's

all of right be? BMD is where again, the where appreciate in question, to my And it kind your then really position I you'd last inventory color, like relative and now to

Kelly Hibbs

Yes. Sure, George.

that kind guess indicators, going days. towards were So we've for of sales pace some in very BMD, and yes, there is yes, I with of Even weather. terms Products. That's important price QX table would and for close out Wood expectations tough you several really locations the down volume we I then point had down the will And locations much the the to on week very because how an of the matter. And very this have multiple multiple impact quarter. on

So challenges yes, it's created for us. some

And working that some project then -- Oakdale, we've that's now. time been for

down to as will that's mill. of to the quarter excited and be big, expected, supplier we're do project for is facility significant that entirety important modernization do. veneer again, So down that Alexandria, Louisiana this we a as that And EWP

completion second second of some cost as we'll second part XX%-ish probably that we're then in And that impacts. quarter plan, towards will because we And see the on will of be quarter so end schedule. us by quarter. was it But running of of and we'll projects at the the give yes, the those negative sequential continue into work certainly, again, have -- And some we lose some that. volume from the

And then Strom. I Mr. think over send to inventory position, that I'll

Jeff Strom

about out it's pretty conversation On level there, inventory I've much position, our out George, of working on now, in Jeff. good. that material dealers, overall, all our lack talking our clarity in And more from and capital pulling hand. so this, and warehouse. years doing feel heard people of been to never are I days net Right more the I've with uncertainty

a there real is reliance. So

And so we're seeing that ready to serve every single day.

George Staphos

Good the luck on quarter.

Operator

BMO with comes Ketan from Capital next Our question Markets. Mamtora

Ketan Mamtora

that side, margins. levels. of below last done guys normalized the above the in BMD Is little sort last sort be are in over what you of at is that on of like, [ ] terms with, slide would level that the of probably that and start Would look the Clearly, have margins given 'XX, to have year, few sort you this in you certainly, years X%? tougher environment BMD years the start say, of characterization? mix, you -- the product fair Maybe a the trough operating a can bit kind looks where EBITDA of say X you

Kelly Hibbs

Yes.

first product and then we've that a made could quarter. the periods significant with is have with pretty hit because the is, the and -- the quarter, that. So yes, in this is X% on here And we're like, strategy our But erosion the first for sales first we've not shifts mid-Xs, that expectation example, cycle, mix in challenges here in the line, the our time, through is pace here absolutely, strategy and over now quarter and demonstrated the we we investments top with BMD's mid-Xs. we've in the may in margin made of

Ketan Mamtora

it. pipeline, Got And M&A on that you on area curious, as to related for then side an of just at then there any seller your within either as distribution the that, make sort something sort moderate or Products of expectations the Wood other that that would look are think side? interest product distribution is And guys? would Understood. categories sense you be of you

Kelly Hibbs

Yes.

potential there the would on distribution the short interest Wood M&A the on And answer front, side. have opportunity with So strategy. if aligns there's it side probably than yes, say would the more be Products would is Ketan, on I we our

I think we're continuing world-class lot SKU growth from fortunate we're suppliers, And growth natural -- it relates to products the categories, we've there. add product think, we to to opportunity BMD with and were kind a and get to of some towards very they're aligned as I be then before, set new as talked side, organic focused -- oftentimes of their you and really

Nathan Jorgensen

the to are add where I out experiencing? can Where are they there at opportunities, opportunities in? What the always they to as the conversation as they're same to try step And just in what conversation and new we start Boise Cascade in with comments, look okay, we to try the do which Maybe with customer is Kelly new need? as to, cases Nate. think we SKUs, market described, it's Ketan, products, suppliers, new exciting. is many have bringing Kelly's

needs part it that's a to of competencies, we into I a deliberate it's think think move we important been kind always with but opportunity, story, And ask to we'll I our as us our to where So of have. growth an our and conversation customers and strategy step fit forward. continue look different

Operator

closing now turn would Nate for you. Jorgensen I any remarks. the Thank to back to call like over

Nathan Jorgensen

Great. call Boise first everyone's interest time team Cascade. Thank in quarter. this end to today caught you. And the with the look and of we getting appreciate forward on at the I here up

thank you, day. again, So a have and great

Operator

you Thank concludes Thank your you. the This participation. for conference.

disconnect. may now You

Boise Cascade (BCC) 21 Feb 252024 Q4 Earnings call transcript