Boise Cascade reported a net income of $12.2 million in its first quarter of public trading, well above the $1.7 million the company reported after the first quarter of 2012.
The Boise-based building supply had a total net income of $80.8 million, though $68.7 million was from an income tax benefit associated with becoming going public in February.
The company issued 13.5 million shares in February. The shares started at $25 apiece then. They closed Monday at $31.92.
Profits were driven by a rebound in the building industry. Sales in the companys Wood Products division increased 62 percent from the first quarter in 2012.
Demand improved compared to the prior year quarter primarily driven by increased new home construction activity, CEO Tom Carlile said in a press release Monday. Our businesses are doing a good job of leveraging the stronger housing-related activity into higher sales and earnings.