Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q1 2015 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, Apr 23, 2015
Slide 1: Boise Cascade Company First Quarter 2015 Earnings Webcast
Boise Cascade Company First Quarter 2015 Earnings Webcast April 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 Consensus housing start forecast for 2015 has fallen to 1.14 million. Now closer to our 1.1 million expectation. First quarter sales were $809.9 million, up 6% from 1Q14. First quarter net income was $7.6 million, or $0.19 per share, up 37% from 1Q14 net income of $5.6 millio
Slide 4: 1Q 2015 Financial Highlights
1Q 2015 Financial Highlights $ Millions Sales $ Millions EBITDA $1,000 $40 +6% +16% $900 $35 6.1 $800 $809.9 $30 $700 8.2 $25 $600 622.9 585.5 $31.2 $500 $20 $767.2 $400 $15 31.7 $300 23.0 $26.8 $10 $200 293.3 309.3 $5 $100 $0 $0 (4.4) (111.6) (122.3) (6.6) ($100) ($5) ($200) ($10) 1Q 2014 1Q 2015 1
Slide 5: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 430 $350 335 330 414 412 410 396 312 400 301 $300 294 350 $250 300 250 $200 200 $150 150 $100 100 $50 50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2014 2015 Slide 5 April 23, 2015
Slide 6: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-joists 4.0 3.6 60 57 56 3.4 3.5 55 2.8 50 3.0 2.6 2.7 45 40 41 40 2.5 40 35 2.0 30 1.5 25 20 1.0 15 0.5 10 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,100 1,098 1,068 1,095 1,091 1,016 16.5 16.6 16.3 16.3 $1,000 16.0 $16 $900 $14 $800 $700 $12 $600 $
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $900 100 773 16 17 17 16 17 $800 758 $700 669 80 623 586 32 $600 34 35 34 35 60 $500 $400 40 $300 52 49 48 50 48 $200 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q14 2Q14 3Q14 4Q14 1Q15 2014 2015 Commodity General Line EWP Slide 7 April 23, 2015
Slide 8: Working Capital
Working Capital Balance Sheet Items ($ Millions) 3/31/2015 12/31/2014 Change Receivables $ 219.6 $ 180.4 $ 39.2 Inventory 432.5 394.5 38.0 (a) Other current assets 7.6 5.3 2.3 659.7 580.2 79.5 Accounts payable 211.5 152.4 59.1 (b) Accrued liabilities 73.3 99.5 (26.2) 284.8 251.9 32.9 Net working cap
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 3/31/2015 12/31/2014 Net Debt Long-term debt $ 301.4 $ 301.4 Cash & cash equivalents (134.5) (163.5) Net debt $ 166.9 $ 137.9 Liquidity Position ABL excess availability $ 342.0 $ 266.8 Cash & cash equivalents 134.5 163.5 Total liquidity $ 476.5 $ 430.3 Slid
Slide 10: Outlook
Outlook Current consensus estimate for 2015 U.S. housing starts is currently 1.14 million, up about 14% from 1.00 million in 2014. Our expectation is 1.1 million. Long-term demand fundamentals expected to support recovery in U.S. housing to 1.4 to 1.5 million starts over next few years. Additi
Slide 11: Appendix
Boise Cascade Appendix April 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 March 31, 2015 and 2014, and December 31, 2014: ($ Millions) 1Q15 1Q14 4Q14 Net in
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 March 31, 2015 and 2014, and December 31, 2014 : Three Months Ended ($ Millions) 1Q15 1Q14 4Q14 Wood Products Segment income $ 20
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