First-quarter sales were up 27% on a year ago to US$744.9m, with net profits reaching US$80.1m, though the majority of this was down to tax reasons following the company’s conversion to a corporation.
Boise’s initial public flotation on the stock exchange in February has also raised US$262.7m of capital.
Total and single family-housing starts improved 36% and 28% respectively, with forecasts predicting one million housing starts in 2013.
The wood products division – comprising engineered wood, lumber and plywood – recorded a 28% sales increase to US$269.2m. Earnings before interest, tax, depreciation and amortisation (EBITDA) were up 62% to US$27.1m.
The division’s sales grew primarily due to 24% higher plywood sales volumes, a 28% growth for LVL and a 37% boost to I-joist volumes. Higher lumber sales volumes and prices also contributed.
"Commodity wood product prices in the first quarter of 2013, including structural panels and lumber, were well above five-year average historical levels," Boise said.
The building materials division saw its sales rise 29% to US$581.1m, recording profits of US$10.2m (2012: US$1.4m)
"2013 has started with strong commodity pricing for structural panels and lumber, which clearly contributed to our financial performance in both operating segments," said Boise Cascade CEO Tom Carlile.
"Demand improved compared to the prior year quarter primarily driven by increased new home construction activity. Our businesses are doing a good job of leveraging the stronger housing-related activity into higher sales and earnings."
