Company Summary
Boise Cascade Company is one of the largest wood products manufacturers and a leading United States wholesale distributor of building products, headquartered in Boise, ID. The company manufactures engineered wood products, plywood, lumber and particleboard and distributes wood products, such as decking, engineered wood products (EWP), lumber, panel, particleboard, and MDF products. Its main market operations are in the United States and Canada.
The company’s products are primarily used in the construction of new residential housing, including single-family, multi-family and manufactured homes, the repair-and-remodeling of existing housing, the construction of light industrial and commercial buildings, and industrial applications.
The company operates through two reportable segments including:
The Wood Products segment (contributing 23.8% to 2023 sales) is engaged in the manufacture and sale of laminated veneer lumber (LVL), I-joists, and laminated beams, collectively referred to as EWP. Also, it manufactures structural, appearance and industrial plywood panels, and ponderosa pine lumber. As of May 2024, this segment housed 18 manufacturing facilities across the country.
The Building Materials Distribution, or BMD segment (76.2%), operates a nationwide network of 40 owned and leased distribution facilities across the United States, including door and millwork facilities in 13 markets. It sells a broad line of building materials, including oriented strand board (OSB), plywood, and lumber (collectively referred to as commodities); general line items such as siding, composite decking, doors, metal products, insulation, and roofing; and EWP. The segment’s EWP is sourced from the in-house Wood Products segment.
On Oct 26, 2023, the company’s board of directors approved a special dividend of $5 per share to its common stockholders. The dividend was paid on Dec 15, 2023, to stockholders of record on Dec 1. Also, on Jul 4, 2023, the company’s board of directors approved a 33.3% quarterly dividend hike to 20 cents per share (or 80 cents annually) to its common stockholders.