Boise Cascade reports increased earnings in second quarter

July 22, 2013 

Boise Cascade Co. Monday reported second-quarter sales of $852.3 million, 16 percent higher than in the same quarter last year, with a net income of $10.4 million.

The Boise-based company’s reported second-quarter earnings were $30.7 million, of which the company’s wood products division represented 29.6 million – up 36 percent from the same period last year.

The net income figure translates to $0.24 per share on 43.2 million shares outstanding.

In addition to its earnings, Boise Cascade announced it has agreed to acquire two plywood plants in the Carolinas for $102 million in cash. The plants in Chester, S.C., and Moncure, N.C., represent the Southeast holdings of Wood Resources LLC, a Shelton, Wash. firm owned by Connecticut-based Atlas Holdings.

“These facilities will complement our existing plywood and engineered wood manufacturing businesses and enable us to better serve our customers in the eastern and southeastern United States,” Boise Cascade CEO Tom Carlile said.

Carlile said strong pricing for structural panels and lumber helped the company surpass its 2012 earnings, He said the company expects that demand for its products will continue to lag below historical levels, but “the housing industry has shown signs of improvement … and we remain optimistic that the recent improvement in demand for our products will continue.”

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