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Boise Cascade (BCC) Q1 Earnings & Sales Top Estimates, Up Y/Y
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Boise Cascade Company (BCC - Free Report) reported splendid first-quarter 2024 results, wherein earnings and sales topped the Zacks Consensus Estimate and increased year over year.
The uptrend in the company’s results was attributable to the seasonal tailwinds and strength in new single-family housing starts, resulting in sales volume growth. These factors aided the increased contributions from BCC’s two reportable segments.
The company remains optimistic about the increasing trajectory of single-family housing starts, given the low supply of existing single-family homes, as this metric is the key driver of its sales. Also, it aims to effectively allocate its capital and ensure shareholder value, along with fostering its growth.
Detailed Discussion
Boise Cascade reported adjusted earnings per share (EPS) of $2.61, beating the Zacks Consensus Estimate of $2.30 by 13.5%. In the year-ago quarter, the company reported adjusted EPS of $2.43.
Quarterly sales of $1.65 billion beat the consensus estimate of $1.56 million by 5.3% and grew year over year by 7% from the prior year’s figure of $1.54 billion.
Boise Cascade, L.L.C. Price, Consensus and EPS Surprise
Adjusted EBITDA of $168.5 million was up 6% from the prior-year quarter’s level.
Segmental Analysis
Wood Products: The segment’s sales (including sales to BMD segment) of $468.9 million were up 7.2% from the prior-year period. The uptick was backed by higher sales volumes for engineered wood products and higher plywood sales prices.
Adjusted EBITDA was $95.6 million, up 3% from $93.2 million reported a year ago.
During the quarter, the segment’s costs and expenses — as a percentage of segment sales — increased to 84.8% from 84.1% year over year. The increase in materials, labor and manufacturing costs drove the uptick.
Building Materials Distribution or BMD: Sales in the segment increased 9% year over year to $1.51 billion, primarily driven by sales volume increases of 12%.
The segment’s adjusted EBITDA grew 9% year over year to $83.6 million from $76.8 million.
The segment’s costs and expenses — as a percentage of segment sales — increased to 95.2% from 94.9% year over year. The increase in selling and distribution expenses, along with distribution and amortization attributed to the uptick.
Financials
The total liquidity of Boise Cascade, as of Mar 31, 2024 was $1.29 billion, down from $1.35 billion reported at the end of Dec 31, 2023. Total liquidity includes $395.7 million of undrawn committed bank line availability, and cash and cash equivalents. At first-quarter 2024 end, the company had cash and cash equivalents of $890.2 million, down from $949.6 million at 2023 end.
Long-term debt was $445.5 million, marginally up from $445.3 million reported at 2023 end.
As of Mar 31, 2024, net cash provided by operations was $27.5 million, down from $48 million reported at the year-ago period.
During the first- quarter, the company repurchased 205,938 shares of its common stock for a total value of $27 million.
MasTec, Inc. (MTZ - Free Report) reported better-than-expected first-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate and increasing year over year.
The company’s results reflect solid contributions from its Oil and Gas segment, which were partially offset by soft contributions from the other reportable segments. The uptick in the Oil and Gas segment was attributable to higher levels of project activity, including project timing-related increases in large-diameter and midstream project activity due to improved market and regulatory conditions.
Quanta Services Inc. (PWR - Free Report) reported better-than-expected results for first-quarter 2024, wherein adjusted earnings and revenues surpassed the Zacks Consensus Estimate. Both metrics increased on a year-over-year basis.
Quanta's performance marks a strong beginning to the year, characterized by impressive growth across key metrics. Double-digit increases in revenues, adjusted EBITDA and earnings per share, alongside record cash flow, underscore the company's robust performance. Notably, the Electric Power Infrastructure Solutions segment exceeded expectations, delivering superior profitability attributed to consistent operational excellence and safe execution.
Vulcan Materials Company (VMC - Free Report) reported better-than-expected results for first quarter 2024, wherein earnings and revenues surpassed the Zacks Consensus Estimate. On a year-over-year basis, both metrics decreased due to lower Aggregate shipments.
Strong shipments in Arizona and California attributed to 9.7% year-over-year revenue growth in the company’s Asphalt segment. Cash gross profit per ton improved to $8.86 from $8.03, backed by continued pricing momentum and solid execution despite lower shipments due to unfavorable weather conditions for most of the quarter.
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Boise Cascade (BCC) Q1 Earnings & Sales Top Estimates, Up Y/Y
Boise Cascade Company (BCC - Free Report) reported splendid first-quarter 2024 results, wherein earnings and sales topped the Zacks Consensus Estimate and increased year over year.
The uptrend in the company’s results was attributable to the seasonal tailwinds and strength in new single-family housing starts, resulting in sales volume growth. These factors aided the increased contributions from BCC’s two reportable segments.
The company remains optimistic about the increasing trajectory of single-family housing starts, given the low supply of existing single-family homes, as this metric is the key driver of its sales. Also, it aims to effectively allocate its capital and ensure shareholder value, along with fostering its growth.
Detailed Discussion
Boise Cascade reported adjusted earnings per share (EPS) of $2.61, beating the Zacks Consensus Estimate of $2.30 by 13.5%. In the year-ago quarter, the company reported adjusted EPS of $2.43.
Quarterly sales of $1.65 billion beat the consensus estimate of $1.56 million by 5.3% and grew year over year by 7% from the prior year’s figure of $1.54 billion.
Boise Cascade, L.L.C. Price, Consensus and EPS Surprise
Boise Cascade, L.L.C. price-consensus-eps-surprise-chart | Boise Cascade, L.L.C. Quote
Adjusted EBITDA of $168.5 million was up 6% from the prior-year quarter’s level.
Segmental Analysis
Wood Products: The segment’s sales (including sales to BMD segment) of $468.9 million were up 7.2% from the prior-year period. The uptick was backed by higher sales volumes for engineered wood products and higher plywood sales prices.
Adjusted EBITDA was $95.6 million, up 3% from $93.2 million reported a year ago.
During the quarter, the segment’s costs and expenses — as a percentage of segment sales — increased to 84.8% from 84.1% year over year. The increase in materials, labor and manufacturing costs drove the uptick.
Building Materials Distribution or BMD: Sales in the segment increased 9% year over year to $1.51 billion, primarily driven by sales volume increases of 12%.
The segment’s adjusted EBITDA grew 9% year over year to $83.6 million from $76.8 million.
The segment’s costs and expenses — as a percentage of segment sales — increased to 95.2% from 94.9% year over year. The increase in selling and distribution expenses, along with distribution and amortization attributed to the uptick.
Financials
The total liquidity of Boise Cascade, as of Mar 31, 2024 was $1.29 billion, down from $1.35 billion reported at the end of Dec 31, 2023. Total liquidity includes $395.7 million of undrawn committed bank line availability, and cash and cash equivalents. At first-quarter 2024 end, the company had cash and cash equivalents of $890.2 million, down from $949.6 million at 2023 end.
Long-term debt was $445.5 million, marginally up from $445.3 million reported at 2023 end.
As of Mar 31, 2024, net cash provided by operations was $27.5 million, down from $48 million reported at the year-ago period.
During the first- quarter, the company repurchased 205,938 shares of its common stock for a total value of $27 million.
Zacks Rank & Recent Construction Releases
Boise Cascade currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
MasTec, Inc. (MTZ - Free Report) reported better-than-expected first-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate and increasing year over year.
The company’s results reflect solid contributions from its Oil and Gas segment, which were partially offset by soft contributions from the other reportable segments. The uptick in the Oil and Gas segment was attributable to higher levels of project activity, including project timing-related increases in large-diameter and midstream project activity due to improved market and regulatory conditions.
Quanta Services Inc. (PWR - Free Report) reported better-than-expected results for first-quarter 2024, wherein adjusted earnings and revenues surpassed the Zacks Consensus Estimate. Both metrics increased on a year-over-year basis.
Quanta's performance marks a strong beginning to the year, characterized by impressive growth across key metrics. Double-digit increases in revenues, adjusted EBITDA and earnings per share, alongside record cash flow, underscore the company's robust performance. Notably, the Electric Power Infrastructure Solutions segment exceeded expectations, delivering superior profitability attributed to consistent operational excellence and safe execution.
Vulcan Materials Company (VMC - Free Report) reported better-than-expected results for first quarter 2024, wherein earnings and revenues surpassed the Zacks Consensus Estimate. On a year-over-year basis, both metrics decreased due to lower Aggregate shipments.
Strong shipments in Arizona and California attributed to 9.7% year-over-year revenue growth in the company’s Asphalt segment. Cash gross profit per ton improved to $8.86 from $8.03, backed by continued pricing momentum and solid execution despite lower shipments due to unfavorable weather conditions for most of the quarter.