Earnings call transcript: Boise Cascade Q2 2025 sees earnings miss, stock up 5.39%

Published 05/08/2025, 19:36
 Earnings call transcript: Boise Cascade Q2 2025 sees earnings miss, stock up 5.39%

Boise Cascade (BCC) reported its Q2 2025 earnings, revealing a miss on both earnings per share (EPS) and revenue forecasts. The company’s EPS came in at $1.64, below the expected $1.74, while revenue was $1.74 billion, slightly under the forecasted $1.75 billion. Despite these misses, the market reacted positively, with BCC’s stock rising by 5.39% in after-hours trading. According to InvestingPro data, the company maintains strong financial health with a score of 2.56 (GOOD), supported by a healthy current ratio of 2.82 and more cash than debt on its balance sheet.

Key Takeaways

  • Boise Cascade’s Q2 2025 EPS fell short of expectations by 5.75%.
  • Revenue decreased by 3% year-over-year, reflecting challenges in the housing market.
  • Stock price increased by 5.39% post-earnings announcement.
  • Modernization and operational efficiencies were highlighted as strategic initiatives.
  • The company anticipates continued market uncertainty in the near term.

Company Performance

Boise Cascade’s performance in Q2 2025 reflected broader challenges in the housing and construction sectors. The company’s consolidated sales decreased by 3% compared to the same quarter last year, primarily due to a decline in the U.S. housing starts, which fell by 18%. Despite this, Boise Cascade continues to leverage its strong distribution model and integrated business strategies to remain competitive.

Financial Highlights

  • Revenue: $1.7 billion, down 3% year-over-year.
  • Net income: $62 million, compared to $112.3 million in the previous year.
  • Earnings per share: $1.64, down from $2.84 last year.
  • Wood Products sales: $447.2 million, a 9% decline.
  • Building Materials Distribution sales: $1.6 billion, a 2% decrease.

Earnings vs. Forecast

Boise Cascade’s Q2 EPS of $1.64 missed the forecast of $1.74 by 5.75%, while actual revenue of $1.74 billion was slightly below the forecast of $1.75 billion, missing by 0.57%. This marks a notable deviation from the company’s previous performance, where it has often met or exceeded market expectations.

Market Reaction

Despite the earnings miss, Boise Cascade’s stock surged by 5.39%, closing at $82.71. This positive market reaction suggests investor confidence in the company’s strategic initiatives and long-term growth prospects, despite current challenges. Trading at a P/E ratio of 10.76, InvestingPro analysis indicates that BCC is currently undervalued, presenting a potential opportunity for value investors. The stock’s movement is noteworthy given its 52-week range, where it has traded between $80.3 and $155.42. For deeper insights into BCC’s valuation and 12+ additional ProTips, including management’s share buyback activities, consider exploring the comprehensive Pro Research Report available on InvestingPro.

Outlook & Guidance

Looking ahead, Boise Cascade projects continued market uncertainty. The company expects Q3 2025 EBITDA for Wood Products to be between $20 million and $30 million, with Building Materials Distribution EBITDA around $70 million. While engineered wood product pricing is anticipated to decline, plywood volume is expected to increase. Despite revenue declining by 4.67% over the last twelve months, InvestingPro data shows the company has maintained strong profitability metrics and high shareholder yields, demonstrating resilience in challenging market conditions.

Executive Commentary

CEO Nate Jorgensen emphasized the company’s commitment to shareholder value creation, stating, "No matter the operating conditions, our experienced team remains committed to creating value for our shareholders." He also highlighted the company’s competitive positioning in the engineered wood products market, noting, "We are well positioned to compete and win in that kind of environment."

Risks and Challenges

  • Declining U.S. housing starts, impacting sales.
  • Affordability challenges in residential construction.
  • Market uncertainty and consumer sentiment.
  • Potential supply chain disruptions.
  • Competitive pressures in the engineered wood products sector.

Q&A

During the earnings call, analysts inquired about the resilience of Boise Cascade’s engineered wood product volumes and operating rates. The company reported operating rates of low 80% for engineered wood products and 70-80% for plywood. Additionally, a minor strike at the Billings facility was addressed, with minimal impact reported.

Full transcript - Boise Cascad Llc (BCC) Q2 2025:

Corey, Conference Facilitator: Good morning. My name is Corey, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascade’s Second Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session.

To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising you that your hand is raised. Please be advised that today’s conference is being recorded. It is now my pleasure to introduce Chris Forry, Vice President Finance and Investor Relations of Boise Cascade. Mr.

Forry, you may begin your conference.

Chris Forry, Vice President Finance and Investor Relations, Boise Cascade: Thank you, Corey, and good morning, everyone. I’d like to welcome you to Boise Cascade’s second quarter twenty twenty five earnings call and business update. Joining me on today’s call are Nate Jorgensen, our CEO Jeff Strum, our COO Kelly Hibbs, our CFO Troy Little, Head of our Wood Products Operations and Joe Barney, Head of our Building Material Distribution Operations. Turning to slide two, this call will contain forward looking statements. Please review the warning statements in our press release, on the presentation slides and in our filings with the SEC regarding the risks associated with these forward looking statements.

Also, note that the appendix includes reconciliations from our GAAP net income to EBITDA and adjusted EBITDA and segment income to segment EBITDA. I will now turn the call over to Nate.

Nate Jorgensen, CEO, Boise Cascade: Thanks, Chris. Good morning, everyone. Thank you for joining us on our earnings call today. I’m on slide number three. Total U.

S. Housing starts and single family housing starts decreased 18% respectively compared to the prior year quarter. Our consolidated second quarter sales of $1,700,000,000 were down 3% from 2024. Our net income was $62,000,000 or $1.64 per share compared to net income of $112,300,000 or $2.84 per share in the year ago quarter. Included in our second quarter results are $7,700,000 of pre tax gain on asset sales, where I’m happy to report we monetized non operating properties of both Wood Products and B and P.

We experienced sequential volume growth driven by seasonally stronger activity. However, underlying demand continued to be constrained due to affordability challenges, elevated existing home inventory and consumer uncertainty. I’m pleased to share that the modernization project at our Oakdale Mill is substantially complete, which represents a significant milestone for our Southeast manufacturing system. I want to thank our associates across our organization who made this project successful. We will benefit from enhanced operational efficiency and reliability while advancing our distinct competitive advantage to drive incremental value creation through our self sufficient veneer production.

As we navigate a dynamic marketplace, our actions will address near term challenges without sacrificing the service standards that our customer and supplier partners have come to expect from us. At the same time, we are well positioned to continue to invest in opportunities that drive enduring sustainable growth in the years ahead, supported by the strong structural demand drivers we see in residential construction over the long term. Kelly will now walk through our segment financial results, capital allocation priorities and guidance on our third quarter results, after which I’ll make closing comments before we take your questions. Kelly?

Kelly Hibbs, CFO, Boise Cascade: Thank you, Nate, and good morning, everyone. Wood Products sales in the second quarter, including sales to our Distribution segment, were $447,200,000 down 9% compared to second quarter twenty twenty four. Wood Products segment EBITDA was $37,300,000 compared to EBITDA of $95,100,000 reported in the year ago quarter. The decrease in segment EBITDA was due primarily to lower EWP and plywood sales prices as well as lower plywood volumes and an unfavorable profit in inventory adjustments. In addition, the scheduled Oakdale outage negatively impacted year over year EBITDA comparisons.

These decreases in segment EBITDA were offset partially by a $3,900,000 gain on the sale of a non operating property. In BMD, our sales in the quarter were $1,600,000,000 down 2% from second quarter twenty twenty four. BMD reported segment EBITDA of $91,800,000 in the second quarter compared to segment EBITDA of $97,100,000 in the prior year quarter. The decrease in segment EBITDA was driven primarily by increased selling and distribution expenses of $12,100,000 However, BMD’s gross margin dollars increased $3,400,000 from second quarter twenty twenty four, and our gross margin was 15.4%, a 60 basis point year over year improvement. In an environment where demand was stagnant and many product prices were declining, we are pleased with our gross margin performance, a reflection of very good execution by our team and our focus to increase the portion of our sales in best in class general line products.

In addition, segment income benefited from a $3,800,000 gain on the sale of a nonoperating property. Turning to Slide five. Year over year and sequentially, second quarter LVL volumes were up 818%, respectively, while I joist volumes for the same comparative periods were down 5% and up 14%. As referenced earlier, Wood Products second quarter income included an adjustment to reverse profits associated with inventory sold to our Distribution segment that is yet to be sold into the marketplace. This adjustment resulted in an unfavorable sequential variance of approximately 6,000,000 As it relates to pricing, competitive pressures drove sequential declines for LVL and I joists of 32%, respectively.

Turning to Slide six. Our second quarter plywood sales volume was three fifty six million feet compared to three eighty three million feet in second quarter twenty twenty four. The decrease was primarily driven by the planned outage at our Oakdale mill as well as downtime at our Kettle Falls mill to complete a scheduled maintenance project. The $342 per 1,000 average plywood net sales price in the second quarter was down 6% on a year over year basis and flat compared to first quarter twenty twenty five. Moving to Slide seven and eight.

BMD’s year over year second quarter sales decline of 2% was driven by a 2% decrease in prices as sales volumes were flat. By product line, commodity sales decreased 5%, general line product sales increased 4%, and sales of EWP decreased 12%. However, our sequential sales results reflected seasonally stronger activity, with our sales increasing 15% from first quarter. As I mentioned earlier, BMD’s second quarter gross margin percentage was 15.4%, up 60 basis points year over year. In particular, gross margin dollars were affected by increased margins on general line products, offset partially by decreased margins on commodity and EWP products.

BMD’s EBITDA margin was 5.7% for the quarter, down from the 5.9% reported in the year ago quarter, but up from the 4.5% reported in the first quarter. After market conditions led to a slow start to the year, increased sales activity in the second quarter and good execution by the BMD team allowed our EBITDA margins to rebound nicely. I’m now on Slide nine. We had capital expenditures of $132,000,000 in the six months ended June 2025, with $70,000,000 of spending in Wood Products and $62,000,000 of spending in BMD. We remain committed to the capital plan presented earlier in the year with our capital spending range for 2025 unchanged at two twenty million to $240,000,000 In Wood Products, that range includes the multiyear investments in support of our EWP production capabilities in the Southeast.

As Nate mentioned earlier, the Oakdale modernization is substantially complete and startup and optimization activities are going well. The Thorsby I line is expected to be operational in the 2026. In BMD, part of our capital deployment strategy is to solidify and expand our market leading national distribution presence. In the second quarter, we completed two lease buyouts of our highly successful distribution centers in Chicago and Minneapolis. In addition, construction at our Greenfield distribution center in Hondo, Texas is nearly complete, and we expect to begin servicing the San Antonio market from there by the end of the third quarter.

Speaking to shareholder returns, we paid $18,000,000 in regular dividends in the 2025. Our Board of Directors also recently approved a $0.22 per share quarterly dividend on our common stock, which represents a $01 per share or approximately 5% increase that will be paid in mid September. Through the 2025, we repurchased approximately $96,000,000 of Boise Cascade common stock, which includes approximately $32,000,000 in the second quarter and another $10,000,000 in July. Today, we have about 850,000 shares available for repurchase under our current share repurchase program. In summary, our balance sheet remains strong and we continue to be dedicated to a balanced deployment of capital by investing in our existing asset base, pursuing value enhancing organic and M and A growth opportunities that position the company for sustainable long term growth and returning capital to our shareholders.

We’re fortunate that our solid financial foundation and resilient free cash flow allow us to simultaneously advance each of these objectives. I’m now on Slide 10. Looking forward to the third quarter, we expect headwinds for residential construction activity will persist. With that in mind and recognizing that even near term forecasts are difficult to make given the current market dynamics, we have presented a range of potential EBITDA outcomes and related key drivers. For Wood Products, we currently estimate third quarter EBITDA to be between 20,000,000 and 30,000,000 sequentially as homebuilders moderate their starts pace to align with new home sales and our channel partners reduce inventory levels.

On EWP pricing, low to mid single digit sequential declines are expected as competition per share persists. In Plywood, we expect mid single digit sequential volume increases resulting from the resumption of operations at our Oakdale mill and the avoidance of planned maintenance downtime that we experienced in the second quarter at our Kettle Falls operation. On plywood pricing, July realizations were approximately 5% below our second quarter average. Partially offsetting changes in Wood Products top line are somewhat lower expected manufacturing and web stock costs due to improved operating rates at Oakdale and Kettle Falls and weakness in OSB pricing. For BMD, we currently estimate third quarter EBITDA to be between 70,000,000 approximately 3% below the second quarter sales pace of $25,200,000 per day.

Our daily sales pace for the balance of the third quarter will be dependent upon end market demand, product pricing and our customer partners’ reliance upon us for next day out of warehouse service. Lastly, in addition to limited near term clarity for end market demand are uncertainties from trade and tariff policy changes that create the potential for meaningful forward pricing volatility for plywood, lumber and other commodity products. I’ll now turn it back over to Nate to share our business outlook and closing remarks. Thanks, Kelly. I’m on slide number 11.

No matter the operating conditions,

Nate Jorgensen, CEO, Boise Cascade: our experienced team remains committed to creating value for our shareholders, as well as our customers and suppliers by staying resilient, adaptable and focused on delivering exceptional products and services. Due to our integrated model, we’re able to take advantage of increased channel inventory visibility, allowing us to better navigate market uncertainty by aligning production rates and inventory strategies with end market demand. Cross divisional efficiencies combined with our robust balance sheet provide us the ability to stay focused on the execution of our strategy and creation of long term value for stakeholders. We remain confident that long term demand drivers for residential construction such as the undersupply of housing units, the age of U. S.

Housing stock and the high levels of homeowner equity remain more robust. Additionally, generational tailwinds driven by millennials and Gen Z reaching the peak age for household formation and more seniors opting to age in place continue to support household formation growth. These structural and generational factors underpin the industry’s strong core fundamentals. Repair and remodeling activity has been held back by diminished levels of existing home turnover and from homeowners delaying large repair remodel projects due to the high cost of accessing their equity combined with economic uncertainty. We expect consumer confidence to improve with lower interest rates and greater clarity on U.

S. Economic policy. These factors collectively create a long runway for growth in repair and remodel projects. In addition, consistent investment in our Wood Products assets across all phases of the business cycle is critical to driving overall growth as it enhances efficiency during market downturns and enables greater operating rate flexibility and product availability for our customer base when demand regains momentum. Lastly, markets with limited clarity make for distribution friendly environments and we look forward to again demonstrating the value proposition of two step distribution across a broad mix of products in periods where there’s near term demand or price uncertainty like we’re experiencing today.

As always, we stand ready to serve our customers and expect they will place additional reliance on our auto warehouse capabilities given the environment. Thank you for joining us today and for your continued support and interest in Boise Cascade. We would welcome any questions at this time. Corey, would you please open the phone lines?

Corey, Conference Facilitator: Thank you very much. At this time, we will conduct a question and answer session. Our first question comes from Kurt Yinger of D. A. Davidson.

Kurt, your line is open.

Kurt Yinger, Analyst, D.A. Davidson: Great. Thank you and good morning everyone. Good morning Curt. Just wanted to start off on EWP, your data LVL volumes up to even I joist down four is nicely outperforming kind of what we’re seeing terms of single family starts. Can you talk a little bit about what’s driven that performance gap and similarly, what we should maybe take from the difference between kind of LVL and I joist volume trends?

Nate Jorgensen, CEO, Boise Cascade: Hey, Curtis, Nathan, let me start that. Think when it comes to the LVL market, I think it has probably a little bit better resiliency in terms of just the different application opportunities that exist in the marketplace today. So when you think about, obviously beams and headers, wall framing, those are all growth, continue to be growth opportunities for I think our LDL category. I joist is pretty much centered on floor systems. And so that can have maybe a more limited opportunity or upside just given kind of some of the dynamics there, including some of the competitive factors on plated floor trusses and dimensional lumber, as well as slab on grade construction.

So think I overall, we feel really good about our footprint representation at both LVL and I joist and I joist will have a little bit different cadence in terms of takeaway, in some cases, depending upon where those housing starts are, as well as some of the competitive challenges that might be out there.

Kurt Yinger, Analyst, D.A. Davidson: Okay, so is it fair then, Nate, to say, in terms of even I joists kind of outperforming on the single family side, maybe that’s a mix of where starts are occurring, maybe a little bit of share shift kind of back from plated floor trusts? Or I guess as you think about your dealer partnerships and things like that, do you feel like you’re kind of gaining wallet share?

Corey, Conference Facilitator: One moment for a technical difficulty. We’ll be right back. Please stand by while we get them back on the line.

Kelly Hibbs, CFO, Boise Cascade: Should be able to click back in from the link.

Corey, Conference Facilitator: Thank you. I can hear you again.

Kurt Yinger, Analyst, D.A. Davidson: Okay. Let me ask if I can hear you.

Chris Forry, Vice President Finance and Investor Relations, Boise Cascade: Corey, can you hear us now? Yes, sir.

Corey, Conference Facilitator: I can hear you again. Thank you very much.

Kurt Yinger, Analyst, D.A. Davidson: Yes. Sorry. Just following up there. Nate, in terms of you talked about kind of geographic mix of starts, the competitive dynamics in terms of floor systems. I guess as you kind of look across the customer landscape, whether it’s builders or dealers, do you still feel like you’re gaining wallet share there or the relative performance is mostly due to those other factors?

Corey, Conference Facilitator: One moment while we work through technical difficulties.

Chris Forry, Vice President Finance and Investor Relations, Boise Cascade: Or can you hear us?

Kurt Yinger, Analyst, D.A. Davidson: You said say.

Chris Forry, Vice President Finance and Investor Relations, Boise Cascade: I’m not hearing you.

Corey, Conference Facilitator: One moment, please.

Kelly Hibbs, CFO, Boise Cascade: You have volume here.

Chris Forry, Vice President Finance and Investor Relations, Boise Cascade: Test one two.

Nate Jorgensen, CEO, Boise Cascade: K.

Kurt Yinger, Analyst, D.A. Davidson: I can peek it into my phone.

Chris Forry, Vice President Finance and Investor Relations, Boise Cascade: Alright. Now we’re getting feedback loop, though.

Brad Barton, Analyst, Bank of America: Yes.

Chris Forry, Vice President Finance and Investor Relations, Boise Cascade: We’re gonna try the link again. One moment.

Speaker 6: So you can hear the room. We just can’t hear that.

Speaker 7: He’s muted. We’re live.

Corey, Conference Facilitator: Kurt, will you please ask your question one more time?

Kurt Yinger, Analyst, D.A. Davidson: Yes. Sure. Maybe just switching gears on in terms of the EWP destock kind of referenced in in Q3, is there, I guess, good way to think about the sizing of that and whether that might spill into Q4 as well?

Nate Jorgensen, CEO, Boise Cascade: Maybe the way I would think about that is not just on EWP but other products as well is the purchase profile that’s going to be likely changing. So maybe there’s going to be less mill directs, but there’s going to be more activity in terms of units and job packs and pieces out of distribution. So that theme has been really clear from our customers in terms of how they’re going manage their working capital as they go through the course of 2025 and probably early into ’twenty six on a range of products. So even though the inventory may change a little bit or the order patterns may change a little bit out of our mills, again, we think the consumption will be heavy out of distribution out of our warehouse, which again, we’re really well set up to go perform and execute to that standard.

Corey, Conference Facilitator: Thank you very much. One moment for our next question. Our next question comes from George Staphos of Bank of America. George, your line is open.

Brad Barton, Analyst, Bank of America: Hey, good morning guys. This is Brad Barton on for George. Thanks for taking the question. Just starting off quickly, if you guys could just talk to the operating rates across the business and relatedly, you know I guess how do you see EWP pricing going forward given the the trend downward over the last several quarters you know at what point do we see a bottom and and what’s the catalyst to inflect there?

Troy Little, Head of Wood Products Operations, Boise Cascade: Yeah this is Troy you know in terms of operating rates that in the second quarter you know we entered the quarter with the idea that we would run full out to be prepared for the building season You know obviously late in the quarter that started to play out but during the quarter our operating rates were in the low 80s on the EWP side. You know with the Oakdale out we just wanted to maintain the inventory to not get caught off guard now that we’ve got oatmeal back up you know the plywood side we finished the quarter you know in the probably 70 ish percentile without oatmeal we’re probably closer to 80%. That order you know to Nate’s point they just made you know our operating rates probably are going to be down you know 70 ish 6570% type range depending on demand and that destocking and the effect of that.

Brad Barton, Analyst, Bank of America: Okay great And then one follow-up from me. To the extent that you guys can comment, saw the news about the strike at the Billings facility. Just if you can give any update there and any color on that facility in terms of the size or potential impact there, that’d be very helpful. Thanks and good luck in quarter.

Joe Barney, Head of Building Material Distribution Operations, Boise Cascade: Yeah, hi, this is Joe. I can comment on that. So on July 29, we had 19 union represented employees at our BMD facility in Billings, Montana that initiated the strike. Now that strike is still ongoing as of today. It’s limited to just one of our 38 BMD locations.

We have implemented business continuity protocols, and our billings team is doing a very good job of avoiding any disruptions to our customers. And at this time, the situation is really limited in scope, and we don’t anticipate that there will be a material impact.

Chris Forry, Vice President Finance and Investor Relations, Boise Cascade0: Great. Thanks, guys.

Corey, Conference Facilitator: Thank you. One moment for our next call. Our next call comes from the line of Siswan Makari of Goldman Sachs. Your line is open.

Chris Forry, Vice President Finance and Investor Relations, Boise Cascade0: Thank you. Good morning, everyone. My first question is on the general line part of the business. You saw some really nice results there despite all the pressures that are coming through. Can you talk a bit about how you’re thinking about the next couple of quarters there given some of your suppliers focus on getting price and also maintaining inventories on the ground given the condition?

Chris Forry, Vice President Finance and Investor Relations, Boise Cascade: One

Corey, Conference Facilitator: more time. Can you ask your question, please, ma’am?

Chris Forry, Vice President Finance and Investor Relations, Boise Cascade0: Sure. Can you guys hear me okay?

Corey, Conference Facilitator: Yes.

Chris Forry, Vice President Finance and Investor Relations, Boise Cascade0: The question is on the okay. Okay. The question is on the general line part of the business. Given the conditions that you’re seeing out there, can you talk about how that is performing? And also, as you see some suppliers that are looking to get pricing and control inventory, how that is going to impact results over the next couple of quarters?

Joe Barney, Head of Building Material Distribution Operations, Boise Cascade: Oh, hi, Sue. This is Joe. Yeah. So in q two, our general line categories actually held up really well. Now we feel like we’re well positioned there from an inventory perspective.

You know as our as our customers have leaned out their inventories going into q2 you know there’s disruption and uncertainty in the market you know our customers have leaned heavier onto our onto our inventories and distribution. You know, so we saw our sales out of warehouse pick up in q two pretty significantly, and, our general line categories remain strong. We think that they will remain strong going into the balance of the year. Don’t really see any changes happening there.

Chris Forry, Vice President Finance and Investor Relations, Boise Cascade0: Okay. That’s that’s helpful. And then in your prepared remarks, you talked about aligning production to demand. As you think about the operating backdrop across the business, can you talk about some of those efforts? How we should think about the cost structure of the business and the potential benefits to the margins as those efforts come through to results?

Troy Little, Head of Wood Products Operations, Boise Cascade: Yes, Sue, this is Troy. In terms of just the operating posture, know, like I mentioned, we went into the quarter planning on running full. So right now coming out of Q2, our inventories at the mill level are at the higher end on the AWP side. So we’re now we’re positioned to if the demand is there which looks like it may not be what we expected we would end up just moving veneer over to the plywood side first if we can do that and continue to move that veneer we would essentially continue to

Kelly Hibbs, CFO, Boise Cascade: run our veneer operations somewhat full and then we did take some time in early July and we would anticipate some some down market related downtime and we would anticipate if we needed to do that we would line up around you know major holidays as necessary. And then maybe one other comment Sue to add on would be we don’t expect to obviously have the drag on Oakdale being down like it was in the first half of the year and included in that the value of self sufficient veneer versus having to buy some on the open market we will get the benefit of that and then if OSB prices stay where they are we would expect some tailwinds also for a web stock cost for IGL.

Chris Forry, Vice President Finance and Investor Relations, Boise Cascade0: Okay. That’s helpful color, Kelly. And can I squeeze one more in on EWP? As you think of as as the builders talk to going into 2026 with less inventory on the ground, Can you talk about the competitive backdrop and what that could imply for the dynamics within that business as we think about the upcoming quarters?

Nate Jorgensen, CEO, Boise Cascade: Sue, it’s Nate. Sorry. Yeah, so I think just in terms of the of the competitive dynamics on whether GWP or other products, I think it’s going to be the people remain probably challenged as we go through the course of this year and early next year just given again what we expect in terms of the demand environment. But with that said, think when you think about EWP and what the builder is still looking to do on the job site, cycle times remain important. And so we know that I joist and EWP create a better deliverable in terms of reduced cycle times at the job site.

So I think that in combination with the design flexibility, again, we still feel really good about how we’re set up in terms of EWP going through the balance of the year and early next year. The other thing I would just comment on is when you think about engineered wood products, really the importance of great two step distribution in support of that product. And we are really well set up as an organization with our Boise Cascade EWP franchise. We’ve got great distribution in the marketplace. So having not only product on the ground, but the ability for drawings and services, we feel really good about how we’re positioned to serve the marketplace even on a higher level as we close out this year.

So it’s going be, I think in terms of the competitive landscape, nothing will change, that’s but I think we’re well positioned to compete and win in that kind of environment as well.

Chris Forry, Vice President Finance and Investor Relations, Boise Cascade0: Okay, that’s great color. Thank you all and good luck with the quarter.

Corey, Conference Facilitator: Thank you very much. At this time, I’m showing no further calls. I would like to turn it back to Nate Jurgensen for closing remarks.

Nate Jorgensen, CEO, Boise Cascade: Okay. We appreciate everyone joining us today and our apologies for the technical challenges. So thank you for your patience as well and your continuing interest and support of Boise Cascade. With that, we’ll close the call. Please be safe and be well.

Thank you. And then they’ll have a chance to Thank

Corey, Conference Facilitator: you very much for your participation. This does conclude the

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