By Roshan Fernandez
Boise Cascade reported lower sales and profits in the first quarter, as home construction continues to slow in the U.S. due to macroeconomic uncertainties and elevated mortgage rates.
The Boise, Idaho, maker of wood products on Monday reported a first-quarter profit of $40.3 million, or $1.06 a share, compared with $104.1 million, or $2.61 a share, a year earlier.
Revenue fell 7% from a year earlier, to $1.54 billion. Analysts surveyed by FactSet had forecast sales of $1.52 billion.
The company said that total U.S. housing starts and single-family housing starts fell 2% and 6%, respectively, during the first quarter. Single-family housing starts are key to the company's sales.
Sales of wood products and building materials distribution decreased 11% and 7%, respectively.
The company's chief executive, Nate Jorgensen, said its results were constrained by demand, difficult weather conditions and planned downtime at its Oakdale veneer and plywood mill in Louisiana.
"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," Jorgensen said.
The company said the 2025 market demands are difficult to predict, with most forecasts for housing starts ranging from flat to mid-single-digit declines, year-over-year.
Future product pricing, particularly for commodities, could be volatile as a result of economic uncertainty and tariffs, the company said.
Shares fell 3.4% in Monday's aftermarket trading.
Write to Roshan Fernandez at roshan.fernandez@wsj.com
(END) Dow Jones Newswires
May 05, 2025 16:57 ET (20:57 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。