Boise Cascade (BCC) Misses Q3 EPS Views; Updates Outlook
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Boise Cascade (NYSE: BCC) reported Q3 EPS of $0.26, $0.31 worse than the analyst estimate of $0.57. Revenue for the quarter came in at $1.07 billion versus the consensus estimate of $1.09 billion.
The Company expects its capital expenditures during 2016 to be $85-$95 million, inclusive of capital spending associated with the recently acquired EWP facilities. During 2017, the Company expects its capital expenditures to be $70-$80 million.
We expect to experience seasonally slower demand in fourth quarter 2016. On an annual basis, housing starts in the U.S. continue to show modest improvement and we remain optimistic that the improvement in demand for our products will continue as household formation rates and residential construction recover. We expect to manage our production levels to our sales demand, which will likely result in operating some of our facilities below their capacity, and could also include temporary plant curtailments in our plywood operations. In addition, maintenance related capital projects at our plywood plant in Chester, South Carolina, will cause that facility to be down for approximately one month during the fourth quarter. Future commodity product pricing could be volatile in response to industry operating rates, net import and export activity, inventory levels in our distribution channels, and seasonal demand patterns.
For earnings history and earnings-related data on Boise Cascade (BCC) click here.
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