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“We delivered solid results during the quarter when considering an environment influenced by constrained demand, difficult weather, and planned downtime at our Oakdale veneer and plywood mill. I am proud of how our team remained both steady and agile in the face of these challenges while continuing to deliver superior value to our customer and vendor partners,” stated Nate Jorgensen, CEO. “As we move through the second quarter and better understand the underlying demand for 2025, we will be prepared and flexible as the economic situation changes. In addition, our strong balance sheet positions us to stay committed to our ongoing strategic investments and make decisions supported by our constructive view of the long-term demand drivers underlying residential construction.”


	1Q 2025		1Q 2024		% change
	(in thousands, except per-share data and percentages)
Consolidated Results
Sales	$	1,536,494	$	1,645,420	(7)	%
Net income	40,348		104,124		(61)	%
Net income per common share - diluted	1.06		2.61		(59)	%
Adjusted EBITDA 1	91,607		168,496		(46)	%

Segment Results
Wood Products sales	$	415,845	$	468,928	(11)	%
Wood Products income	17,709		71,238		(75)	%
Wood Products EBITDA 1	40,195		95,622		(58)	%

Building Materials Distribution sales	1,407,116		1,505,021		(7)	%
Building Materials Distribution income	48,417		72,463		(33)	%
Building Materials Distribution EBITDA 1	62,779		83,570		(25)	%

Wood Products' sales, including sales to Building Materials Distribution (BMD), decreased $53.1 million, or 11%, to $415.8 million for the three months ended March 31, 2025, from $468.9 million for the three months ended March 31, 2024. The decrease in sales was driven by lower sales prices and sales volumes for LVL and I-joists (collectively referred to as EWP). In addition, lower plywood sales prices and sales volumes also contributed to the decrease in sales. Wood Products' segment income decreased $53.5 million to $17.7 million for the three months ended March 31, 2025, from $71.2 million for the three months ended March 31, 2024. The decrease in segment income was due primarily to lower EWP and plywood sales prices, as well as higher per-unit conversion costs as a result of downtime to complete the modernization projects at our Oakdale, Louisiana veneer and plywood mill.

BMD's sales decreased $97.9 million, or 7%, to $1,407.1 million for the three months ended March 31, 2025, from $1,505.0 million for the three months ended March 31, 2024. Compared with the same quarter in the prior year, the decrease in sales was driven by a decrease in sales volume and sales price of 5% and 2%, respectively. By product line, commodity sales decreased 7%, general line product sales decreased 3%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 13%. BMD segment income decreased $24.0 million to $48.4 million for the three months ended March 31, 2025, from $72.5 million for the three months ended March 31, 2024. The decrease in segment income was driven by a gross margin decrease of $20.4 million, resulting primarily from lower sales volumes and decreased margins on commodity and EWP products. In addition, depreciation and amortization expense increased $3.3 million.

We expect capital expenditures in 2025, excluding potential acquisition spending, to total approximately $220 million to $240 million. This level of capital expenditures could increase or decrease as a result of several factors, including acquisitions, efforts to further accelerate organic growth, exercise of lease purchase options, our financial results, future economic conditions, availability of engineering and construction resources, and timing and availability of equipment purchases.

For the three months ended March 31, 2025, the Company paid $53.9 million for the repurchase of approximately 482,700 shares of our common stock. In April 2025, the Company repurchased an additional 179,445 shares of our common stock at a cost of approximately $17 million. Subsequent to these share repurchases, there were approximately 1.1 million shares available for repurchase under our existing share repurchase program.

Demand for the products we manufacture, as well as the products we purchase and distribute, is correlated with new residential construction, residential repair-and-remodeling activity, and light commercial construction. Residential construction, particularly new single-family construction, is the key demand driver for the products we manufacture and distribute. Over the past quarter, the operating environment was challenged. In addition to seasonally slower activity, consumer and homebuilder sentiment was dampened due to significant macroeconomic uncertainties and elevated mortgage rates. Given the current environment, 2025 end market demand expectations are difficult to predict, with most forecasts for housing starts ranging between flat to mid-single digit year-over-year declines. Ultimately, the level and expectations for mortgage rates, home affordability, home equity levels, home size, levels of new and existing home inventory for sale, unemployment levels, consumer confidence, and other factors will influence the near-term demand environment. Long term demand drivers for residential construction, characterized by an undersupply in housing units, aging U.S. housing stock, and elevated levels of homeowner equity remain in place.

As a manufacturer of certain commodity products, we have sales and profitability exposure to declines in commodity product prices and rising input costs. Our distribution business purchases and resells a broad mix of products with periods of increasing prices providing the opportunity for higher sales and increased margins, while declining price environments expose us to declines in sales and profitability. Future product pricing, particularly commodity products pricing and input costs, may be volatile in response to economic uncertainties, industry operating rates, supply-related disruptions, imposition of tariffs, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns. In addition, EWP volumes will continue to be influenced by changes in new single-family housing starts and we expect modest EWP price erosion in the second quarter.

We refer to the terms EBITDA, Adjusted EBITDA and Segment EBITDA in this earnings release and the accompanying Quarterly Statistical Information as supplemental measures of our performance and liquidity that are not required by or presented in accordance with generally accepted accounting principles in the United States (GAAP). We define EBITDA as income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. We also disclose Segment EBITDA, which is segment income before depreciation and amortization.

We believe EBITDA, Adjusted EBITDA and Segment EBITDA are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. We also believe EBITDA, Adjusted EBITDA and Segment EBITDA are useful to investors because they provide a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that are used by our management and because they are frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. EBITDA, Adjusted EBITDA and Segment EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income, income from operations, or any other performance measure derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. The use of EBITDA, Adjusted EBITDA and Segment EBITDA instead of net income or segment income have limitations as analytical tools, including: the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. Management compensates for these limitations by relying on our GAAP results. Our measures of EBITDA, Adjusted EBITDA and Segment EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. For a reconciliation of net income to EBITDA and Adjusted EBITDA and segment income to Segment EBITDA, please see the section titled, "Summary Notes to Consolidated Financial Statements and Segment Information" below.

This press release includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements regarding our outlook. Statements preceded or followed by, or that otherwise include, the words "believes," "expects," "anticipates," "intends," "project," "estimates," "plans," "forecast," "is likely to," and similar expressions or future or conditional verbs such as "will," "may," "would," "should," and "could" are generally forward-looking in nature and not historical facts. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. The accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those projected, including, but not limited to, prices for building products, changes in the competitive position of our products, commodity input costs, the effect of general economic conditions, mortgage rates and availability, housing demand, housing vacancy rates, governmental regulations, unforeseen production disruptions, as well as natural disasters. These and other factors that could cause actual results to differ materially from such forward-looking statements are discussed in greater detail in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release. We undertake no obligation to revise them in light of new information. Finally, we undertake no obligation to review or confirm analyst expectations or estimates that might be derived from this release.


	Three Months Ended
	March 31				December 31, 2024
	2025		2024

Sales	$	1,536,494	$	1,645,420	$	1,567,480

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	1,276,183		1,307,439		1,269,769
Depreciation and amortization	37,121		35,850		37,035
Selling and distribution expenses	143,648		144,110		143,512
General and administrative expenses	24,997		25,117		25,085

Other (income) expense, net	26		(78)		(640)
	1,481,975		1,512,438		1,474,761

Income from operations	54,519		132,982		92,719

Foreign currency exchange loss	—		(299)		(1,061)
Pension expense (excluding service costs)	(33)		(37)		(38)
Interest expense	(5,312)		(6,070)		(5,810)
Interest income	5,510		10,597		7,831
Change in fair value of interest rate swaps	(490)		(220)		(465)

	(325)		3,971		457

Income before income taxes	54,194		136,953		93,176
Income tax provision	(13,846)		(32,829)		(24,276)
Net income	$	40,348	$	104,124	$	68,900

Weighted average common shares outstanding:
Basic	38,017		39,608		38,490
Diluted	38,215		39,956		38,735

Net income per common share:
Basic	$	1.06	$	2.63	$	1.79
Diluted	$	1.06	$	2.61	$	1.78

Dividends declared per common share	$	0.21	$	0.20	$	0.21


	Three Months Ended
	March 31						December 31, 2024
	2025			2024

Segment sales	$	415,845		$	468,928		$	419,670

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	362,246			357,721			348,601
Depreciation and amortization	22,486			24,384			22,998
Selling and distribution expenses	10,603			10,551			11,016
General and administrative expenses	3,313			5,020			3,394

Other (income) expense, net	(512)			14			78
	398,136			397,690			386,087

Segment income	$	17,709		$	71,238		$	33,583

	(percentage of sales)

Segment sales	100.0		%	100.0		%	100.0		%

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	87.1		%	76.3		%	83.1		%
Depreciation and amortization	5.4		%	5.2		%	5.5		%
Selling and distribution expenses	2.5		%	2.3		%	2.6		%
General and administrative expenses	0.8		%	1.1		%	0.8		%

Other (income) expense, net	(0.1		%)	—		%	—		%
	95.7		%	84.8		%	92.0		%

Segment income	4.3		%	15.2		%	8.0		%


	Three Months Ended
	March 31						December 31, 2024
	2025			2024

Segment sales	$	1,407,116		$	1,505,021		$	1,438,785

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	1,200,940			1,278,421			1,212,013
Depreciation and amortization	14,362			11,107			13,758
Selling and distribution expenses	133,099			133,614			132,550
General and administrative expenses	9,765			9,534			10,482
Other (income) expense, net	533			(118)			(719)
	1,358,699			1,432,558			1,368,084

Segment income	$	48,417		$	72,463		$	70,701

	(percentage of sales)

Segment sales	100.0		%	100.0		%	100.0		%

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	85.3		%	84.9		%	84.2		%
Depreciation and amortization	1.0		%	0.7		%	1.0		%
Selling and distribution expenses	9.5		%	8.9		%	9.2		%
General and administrative expenses	0.7		%	0.6		%	0.7		%
Other (income) expense, net	—		%	—		%	—		%
	96.6		%	95.2		%	95.1		%

Segment income	3.4		%	4.8		%	4.9		%


	Three Months Ended
	March 31				December 31, 2024
	2025		2024
Segment sales
Wood Products	$	415,845	$	468,928	$	419,670
Building Materials Distribution	1,407,116		1,505,021		1,438,785

Intersegment eliminations	(286,467)		(328,529)		(290,975)
Total net sales	$	1,536,494	$	1,645,420	$	1,567,480

Segment income
Wood Products	$	17,709	$	71,238	$	33,583
Building Materials Distribution	48,417		72,463		70,701
Total segment income	66,126		143,701		104,284
Unallocated corporate costs	(11,607)		(10,719)		(11,565)
Income from operations	$	54,519	$	132,982	$	92,719

Segment EBITDA
Wood Products	$	40,195	$	95,622	$	56,581
Building Materials Distribution	62,779		83,570		84,459


	March 31, 2025		December 31, 2024

ASSETS

Current
Cash and cash equivalents	$	561,781	$	713,260
Receivables
Trade, less allowances of $3,335 and $5,506	450,664		321,820
Related parties	174		173
Other	23,379		22,772
Inventories	921,434		803,296
Prepaid expenses and other	22,092		24,747
Total current assets	1,979,524		1,886,068

Property and equipment, net	1,075,466		1,047,083
Operating lease right-of-use assets	47,412		49,673
Finance lease right-of-use assets	21,528		22,128
Timber deposits	6,865		6,916
Goodwill	171,945		171,945
Intangible assets, net	167,941		173,027
Deferred income taxes	3,561		3,705
Other assets	7,402		8,838
Total assets	$	3,481,644	$	3,369,383


	March 31, 2025		December 31, 2024

LIABILITIES AND STOCKHOLDERS' EQUITY

Current
Accounts payable
Trade	$	511,292	$	297,676
Related parties	1,406		1,315
Accrued liabilities
Compensation and benefits	71,187		127,415
Income taxes payable	5,469		—
Interest payable	5,072		9,957

Other	108,033		127,653
Total current liabilities	702,459		564,016

Debt
Long-term debt, net	446,389		446,167

Other
Compensation and benefits	39,016		42,006
Operating lease liabilities, net of current portion	41,164		43,174
Finance lease liabilities, net of current portion	26,473		26,883
Deferred income taxes	79,450		78,849
Other long-term liabilities	19,616		17,014
	205,719		207,926

Commitments and contingent liabilities

Stockholders' equity
Preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding	—		—
Common stock, $0.01 par value per share; 300,000 shares authorized, 45,248 and 45,139 shares issued, respectively	452		451
Treasury stock, 7,439 and 6,956 shares at cost, respectively	(396,284)		(341,974)
Additional paid-in capital	562,859		565,041
Accumulated other comprehensive loss	(454)		(460)
Retained earnings	1,960,504		1,928,216
Total stockholders' equity	2,127,077		2,151,274
Total liabilities and stockholders' equity	$	3,481,644	$	3,369,383


	Three Months Ended March 31
	2025		2024
Cash provided by (used for) operations
Net income	$	40,348	$	104,124
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other	37,960		36,621
Stock-based compensation	3,757		4,105
Pension expense	33		37
Deferred income taxes	741		5,062
Change in fair value of interest rate swaps	490		220

Other	(821)		55

Decrease (increase) in working capital, net of acquisitions
Receivables	(129,683)		(119,235)
Inventories	(118,138)		(103,331)
Prepaid expenses and other	(3,786)		(1,689)
Accounts payable and accrued liabilities	127,935		75,041

Income taxes payable	11,654		25,834
Other	1,034		618
Net cash provided by (used for) operations	(28,476)		27,462

Cash provided by (used for) investment
Expenditures for property and equipment	(53,205)		(34,330)
Acquisitions of businesses and facilities, net of cash acquired	—		(3,387)

Proceeds from sales of assets and other	980		559
Net cash used for investment	(52,225)		(37,158)

Cash provided by (used for) financing



Treasury stock purchased	(53,884)		(26,971)
Dividends paid on common stock	(10,485)		(11,205)
Tax withholding payments on stock-based awards	(5,907)		(10,980)


Other	(502)		(475)
Net cash used for financing	(70,778)		(49,631)

Net decrease in cash and cash equivalents	(151,479)		(59,327)

Balance at beginning of the period	713,260		949,574

Balance at end of the period	$	561,781	$	890,247

The Consolidated Statements of Operations, Segment Statements of Operations, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, and Segment Information presented herein do not include the notes accompanying the Company's Consolidated Financial Statements and should be read in conjunction with the Company’s 2024 Form 10-K and the Company's other filings with the Securities and Exchange Commission. Net income for all periods presented involved estimates and accruals.

EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2025 and 2024, and December 31, 2024:


	Three Months Ended
	March 31				December 31, 2024
	2025		2024
	(in thousands)
Net income	$	40,348	$	104,124	$	68,900
Interest expense	5,312		6,070		5,810
Interest income	(5,510)		(10,597)		(7,831)
Income tax provision	13,846		32,829		24,276
Depreciation and amortization	37,121		35,850		37,035
EBITDA	91,117		168,276		128,190
Change in fair value of interest rate swaps	490		220		465

Adjusted EBITDA	$	91,607	$	168,496	$	128,655


	Three Months Ended
	March 31				December 31, 2024
	2025		2024
	(in thousands)
Wood Products
Segment income	$	17,709	$	71,238	$	33,583
Depreciation and amortization	22,486		24,384		22,998
Segment EBITDA	$	40,195	$	95,622	$	56,581

Building Materials Distribution
Segment income	$	48,417	$	72,463	$	70,701
Depreciation and amortization	14,362		11,107		13,758
Segment EBITDA	$	62,779	$	83,570	$	84,459

Corporate
Unallocated corporate costs	$	(11,607)	$	(10,719)	$	(11,565)
Foreign currency exchange gain (loss)	—		(299)		(1,061)
Pension expense (excluding service costs)	(33)		(37)		(38)
Change in fair value of interest rate swaps	(490)		(220)		(465)

Depreciation and amortization	273		359		279
EBITDA	(11,857)		(10,916)		(12,850)
Change in fair value of interest rate swaps	490		220		465

Corporate Adjusted EBITDA	$	(11,367)	$	(10,696)	$	(12,385)

Total Company Adjusted EBITDA	$	91,607	$	168,496	$	128,655


Boise Cascade Company			Exhibit 99.1
1111 West Jefferson Street, Suite 300
Boise, ID 83702


	1Q 2025 vs. 1Q 2024	1Q 2025 vs. 4Q 2024

Average Net Selling Prices
LVL	(9)%	(3)%
I-joists	(9)%	(3)%
Plywood	(10)%	(3)%

Sales Volumes
LVL	(3)%	1%
I-joists	(3)%	3%
Plywood	(2)%	(2)%


Investor Relations Contact - Chris Forrey investor@bc.com						Media Contact - Amy Evans mediarelations@bc.com


News Release