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Wood Products continued its focus on establishing pre-COVID-19 manufacturing production levels in response to strong end product demand, particularly for our EWP business during the fourth quarter. Our Wood Products manufacturing business reported segment income of $40.8 million in the fourth quarter compared to $8.1 million in the year ago quarter. Given the extraordinary market conditions caused by an ongoing imbalance between industry supply and then product demand for wood-based commodities, both businesses delivered higher-than-expected operating and financial results during the period.

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Single-family housing starts, the primary driver of our sales volumes increased 30%. housing starts increased 12% compared to the same period last year. Fourth quarter 2020 results also include a $38.8 million income tax expense or $0.98 per share related to the release of stranded tax effects upon elimination of our qualified defined pension - benefit pension plan. Fourth quarter 2020 results include noncash pension settlement charge of $6.2 million or $0.12 a share after-tax related to the elimination of our qualified defined benefit pension plan. Our net income was $26 million or $0.66 per share compared to net income of $14.6 million or $0.37 per share in the year ago quarter. Our fourth quarter sales of $1.5 billion were up 34% from the fourth quarter of 2019. Thank you for joining us on our earnings call today. The appendix of the presentation includes reconciliations from our GAAP net income to EBITDA and adjusted EBITDA and segment income to segment EBITDA.Īnd with that, I will turn the call over to Nate. I would point out the information regarding our forward-looking statements. Nick has announced his retirement for March of this year. Joining me on today's call are Nate Jorgensen, our CEO Mike Brown, Head of our Wood Products operations Nick Stokes, Head of our Building Materials Distribution operations and Jeff Strom, the incoming Head of our Building Materials Distribution operations. I'd like to welcome you to Boise Cascade's Fourth Quarter 2020 Earnings Call and Business update. Wayne Rancourt - Executive Vice President, Chief Financial Officer and Treasurer *Stock Advisor returns as of November 20, 2020 and Boise Cascade wasn't one of them! That's right - they think these 10 stocks are even better buys. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*ĭavid and Tom just revealed what they believe are the ten best stocks for investors to buy right now. When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. Rancourt, you may now begin your conference.ġ0 stocks we like better than Boise Cascade It is now my pleasure to introduce you to Wayne Rancourt, Executive Vice President, CFO and Treasurer, Boise Cascade.

For a discussion of the factors that may cause actual results to differ from the results anticipated, please refer to Boise Cascade's recent filings with the SEC. Actual results may differ materially from those expressed or implied in this call.

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These statements are not guarantees of future performance, and the company undertakes no duty to update them.Īlthough these statements reflect management's expectations today, they are not subject to a number of business risks and uncertainties.

Before we begin, I remind you that this call may contain forward-looking statements about the company's future business prospects and anticipated financial performance. At this time, I would like to welcome everyone to Boise Cascade Fourth Quarter 2020 Conference Call. My name is Celine, and I will be your conference facilitator today.