Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q2 2015 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, Jul 23, 2015
Slide 1: Boise Cascade Company Second Quarter 2015 Earnings Webcast
Boise Cascade Company Second Quarter 2015 Earnings Webcast July 23, 2015
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The accuracy of such statements is subject to a nu
Slide 3: Executive Summary
Executive Summary Second quarter sales were $955.4 million, down 1% from 2Q14. Second quarter net income was $20.2 million, or $0.51 per share, down 23% from 2Q14 net income of $26.4 million, or $0.67 per share. Wood Products reported EBITDA of $34.1 million: Lower lumber prices Operating
Slide 4: 2Q 2015 Financial Highlights
2Q 2015 Financial Highlights $ Millions Sales $ Millions EBITDA $1,200 $70 $1,100 $1,000 $60 $900 (14%) (1%) $50 21.8 $800 $58.7 22.5 $700 758.4 762.1 $961.2 $40 $600 $50.7 $955.4 $500 $30 $400 $300 $20 41.3 34.1 $200 351.0 339.9 $10 $100 $0 $0 ($100) (148.2) (146.6) (4.4) (5.8) ($200) ($10) 2Q 2014
Slide 5: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 430 $350 335 330 414 412 410 410 396 312 400 301302 $300 294 350 $250 300 250 $200 200 $150 150 $100 100 $50 50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2014 2015 Slide 5 July 23, 2015
Slide 6: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-joists 4.0 3.6 60 57 57 56 3.4 3.5 3.5 55 2.8 50 3.0 2.6 2.7 45 40 41 40 2.5 40 35 2.0 30 1.5 25 20 1.0 15 0.5 10 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,100 1,098 1,098 1,095 1,091 1,068 16.5 16.6 16.3 16.5 16.3 1,016 16.0 $16 $1,000 $14 $900 $1
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $900 100 773 16 17 17 16 17 18 $800 758 762 $700 669 80 623 586 32 $600 34 35 34 35 37 60 $500 $400 40 $300 52 49 48 50 48 $200 20 45 $100 $0 0 1Q 2Q 3Q 4Q 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 2014 2015 Commodity General Line EWP Slide 7 July
Slide 8: Working Capital
Working Capital Balance Sheet Items ($ Millions) 6/30/2015 3/31/2015 Change Receivables $ 242.3 $ 219.6 $ 22.7 Inventory 415.1 432.5 (17.4) (a) Other current assets 10.2 7.6 2.6 667.6 659.7 7.9 Accounts payable 241.8 211.5 30.3 (b) Accrued liabilities 86.6 73.3 13.2 328.3 284.8 43.5 Net working capi
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 6/30/2015 3/31/2015 Net Debt Long-term debt $ 351.3 $ 301.4 Cash & cash equivalents (194.9) (134.5) Net debt $ 156.4 $ 166.9 Liquidity Position ABL excess availability $ 314.7 $ 342.0 Cash & cash equivalents 194.9 134.5 Total liquidity $ 509.6 $ 476.5 Slide
Slide 10: Outlook
Outlook Current consensus estimate for 2015 U.S. housing starts is currently 1.11 million, up about 11% from 1.00 million in 2014. Long-term demand fundamentals expected to support recovery in U.S. housing to 1.4 to 1.5 million starts over next few years. Optimistic that we can continue to gro
Slide 11: Appendix
Boise Cascade dead Appendix July 23, 2015
Slide 12: Appendix
Appendix EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. The following table reconciles net income to EBITDA for the three months ended June 30, 2015 and 2014, and March 31, 2015: ($ Millions) 2Q15 2Q14 1Q15 Net income
Slide 13: Appendix
Appendix Segment EBITDA represents segment income before depreciation and amortization. The following table reconciles segment income to EBITDA for the three months ended June 30, 2015 and 2014, and March 31, 2015 : Three Months Ended ($ Millions) 2Q15 2Q14 1Q15 Wood Products Segment income $ 23.7 $
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