Boise Cascade, L.l.c. · NYSE:BCC

Boise Cascade, L.l.c — Q3 2014 Earnings Presentation

13 slides from Boise Cascade, L.l.c's earnings presentation, Oct 23, 2014

  1. Slide 1: Boise Cascade Company Third Quarter 2014 Earnings Webcast

    Boise Cascade Company Third Quarter 2014 Earnings Webcast October 23, 2014

  2. 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

  3. Slide 3: Executive Summary

    Executive Summary  Third quarter sales were $983.3 million, up 12% from the prior year quarter.  Third quarter net income was $32.3 million, or $0.82 per share.  Third quarter plywood pricing remained strong, with our mills operating near capacity.  EWP prices moved up again in third quarter and

  4. Slide 4: 3Q 2014 Financial Highlights

    3Q 2014 Financial Highlights $ Millions Sales $ Millions EBITDA $1,200 $70 +12% +75% $1,100 23.5 $1,000 $60 $69.1 $900 $983.3 $50 $800 773.4 $700 $40 721.5 $600 20.1 $878.0 $39.5 $500 $30 $400 51.3 $300 $20 $200 24.6 355.7 $10 283.2 $100 $0 $0 ($100) (126.7) (145.8) (5.2) (5.8) ($200) ($10) 3Q 2013

  5. Slide 5: Wood Products Plywood

    Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 430 428 $350 331 328 335 414 396 301 303 302 400 294 $300 355 346 344 350 $250 300 250 $200 200 $150 150 $100 100 $50 50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2013 2014 Slide 5 October 23, 2014

  6. Slide 6: Wood Products EWP

    Wood Products EWP (mmcf) LVL (mmelf) I-joists 4.0 3.6 60 57 56 3.4 3.5 55 51 3.0 50 3.0 2.7 2.7 2.7 44 44 2.6 45 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 1,068 1,095 1,016 1,017 1,024 16.6 989 16.3 $1,000 964 16.0 15.9 15.9 $16 15.7 15

  7. Slide 7: Building Materials Distribution Sales

    Building Materials Distribution Sales ($ Millions) (% of Sales) $900 100 15 14 17 17 16 17 17 $800 758 773 722 $700 681 80 615 $600 581 586 31 35 34 32 32 34 35 60 $500 $400 40 $300 54 51 49 51 52 $200 49 48 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 2013 2014 Commodity General Line

  8. Slide 8: Working Capital

    Working Capital Balance Sheet Items ($ Millions) 9/30/2014 6/30/2014 Change Receivables $ 221.1 $ 226.0 $ (5.0) Inventory 398.9 410.6 (11.7) (a) Other current assets 8.9 8.7 0.1 628.8 645.3 (16.5) Accounts payable 188.4 206.7 (18.3) (b) Accrued liabilities 109.7 87.4 22.3 298.1 294.1 4.0 Net working

  9. Slide 9: Debt and Liquidity Highlights

    Debt and Liquidity Highlights ($ Millions) 9/30/2014 6/30/2014 Net Debt Long-term debt $ 301.5 $ 301.5 Cash & cash equivalents (170.0) (129.9) Net debt $ 131.5 $ 171.6 Liquidity Position ABL excess availability $ 328.2 $ 342.0 Cash & cash equivalents 170.0 129.9 Total liquidity $ 498.2 $ 471.9 Slide

  10. Slide 10: Outlook

    Outlook  The current consensus estimate for 2014 U.S. housing starts is 1.01 million, up about 9% from 925,000 in 2013.  We believe the long-term demand fundamentals for housing are still sound based on demographics in the U.S. and expect housing starts to return to 1.4 to 1.5 million starts over

  11. Slide 11: Appendix

    Boise Cascade Appendix October 23, 2014

  12. Slide 12: Appendix: Net Income to EBITDA Reconciliation

    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 September 30, 2014 and 2013: ($ Millions) 3Q14 3Q13 Net income $ 32.3 $ 15.9 Inter

  13. Slide 13: Appendix: Segment Income to Segment EBITDA Reconciliation

    Appendix Segment EBITDA represents segment income before depreciation and amortization. The following table reconciles segment income to EBITDA for the three months ended September 30, 2014 and 2013: ($ Millions) 3Q14 3Q13 Wood Products Segment income $ 40.6 $ 17.9 Depreciation and amortization 10.7

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