Key Highlights

  • BCC shares traded down 0.07% at $76.23, with the 50-day moving average moving below the 200-day average.
  • Second-quarter sales rose 5% to $1.83 billion, while net income fell 7% to $57.3 million.
  • Adjusted EBITDA increased 6% to $126.2 million, and diluted earnings per share were $1.63 against $1.64.
  • Plywood net selling prices rose 15% from a year earlier, and Wood Products segment income rose 84%.
  • Third-quarter total adjusted EBITDA is guided to between about $82 million and $114 million by management.

Boise Cascade (NYSE:BCC) shares are trading down 0.07% at $76.23, and the stock's 50-day simple moving average has moved below its 200-day, a pattern technical analysts call a death cross. The company has a market capitalization of $2.66 billion.

The signal is derived from past prices and does not reflect operating results. Boise Cascade manufactures engineered wood products and plywood and distributes building materials, and it reported second-quarter results in early August.

Sales Grow While Net Income Slips

Sales were $1.83 billion, up 5% from $1.74 billion. Net income was $57.3 million, down 7% from $62.0 million, and diluted earnings per share were $1.63 against $1.64.

Adjusted EBITDA was $126.2 million, up from $119.0 million. The year-earlier quarter included after-tax gains on property sales of $5.8 million, or $0.15 per share.

Plywood Strength Lifts Wood Products While Distribution Margins Narrow

Wood Products sales were $459.6 million, up 3%, and segment income rose 84% to $25.7 million. Segment EBITDA was $52.4 million, up 40%.

Plywood average net selling prices were up 15% from a year earlier and up 15% from the first quarter. Laminated veneer lumber prices were down 4% year over year and flat sequentially, while I-joist prices were down 7% and down 1%.

Building Materials Distribution sales were $1.70 billion, up 5%, with commodity sales up 7% and general line sales up 9%. Segment income fell 10% to $70.1 million and segment EBITDA fell 7% to $85.6 million.

The chief executive described a mixed demand backdrop. Single-family starts fell 4% in the second quarter and 5% year to date, and the release called residential construction subdued while describing long-term fundamentals as constructive.

Guidance, Balance Sheet and Capital Returns

For the third quarter, the company guided to Building Materials Distribution EBITDA of about $53 million to $68 million and Wood Products EBITDA of about $42 million to $57 million. After unallocated corporate costs of about $11 million to $13 million, that implies total adjusted EBITDA of about $82 million to $114 million.

Cash was $304.8 million at June 30, with total liquidity of $699.9 million and debt of $452.5 million. Capital expenditures for 2026 are expected at about $150 million to $170 million, excluding acquisitions.

The company paid $108.3 million for 1,404,815 shares in the first half and has about $130 million left under its authorization. The board declared a quarterly dividend of $0.23 per share, payable on September 16.

Signal Versus Segment Results

The death cross reflects past price action, while the reported figures show higher sales and plywood pricing offset by lower distribution profit and a wide third-quarter guidance range. The release says future commodity pricing is expected to remain dynamic. This review is limited to reported results and company guidance and does not assess valuation.