Boise Cascade, L.L.C.

Good morning. My name is Chris, and I'll be your conference facilitator today. At this time, I would like to welcome everyone to the Boise Cascades third quarter 2020 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer period. If you would like to ask a question during that time, simply press star and then the number one on your telephone keypad. Questions will be taken in the order they are received. If you would like to withdraw your question, press the pound key. Before we begin, I remind you that this call may contain forward-looking statements about the company's future business prospects and anticipated financial performance. These statements are not guarantees of future performance, and the company undertakes no duty to update them. Although these statements reflect management's expectations today, they are subject to a number of business risks and uncertainties. Actual results may differ materially from those expressed or implied in this call. For discussion of the factors that may cause actual results to differ from the results anticipated, please refer to Boise Cascade's recent filings with SEC. It is now my pleasure to introduce you to Wayne Rancourt, Executive Vice President, CFO, and Treasurer of Boise Cascade. Mr. Rancourt, you may begin your conference.

Thank you, Chris. Good morning, everyone. I'd like to welcome you to Boise Cascades Third Quarter 2020 Earnings Call and Business Update. Joining me on today's call are Nate Jorgensen, our CEO, Mike Brown, head of our wood products operations, and Nick Stokes, head of our building materials distribution operations. Turning to slide two, I would point out the information regarding our forward-looking statements. The appendix of the presentation includes reconciliations from our GAAP net income EBITDA and adjusted EBITDA and segment income to segment EBITDA. I will now turn the call over to Nate.

Thanks, Wayne. Good morning, everyone. Thank you for joining us on our earnings call today. I'm on slide number three. Our third quarter sales of $1.6 billion were up 25% from the third quarter of 2019. Our net income was $103.2 million, or $2.61 per share, compared to the net income of $27.2 million, or $0.69 per share in the year-ago quarter. Total U.S. housing starts increased 11% compared to the same period last year. Single-family housing starts, the primary driver of our sales volume, increased 17%. Given the extraordinary market conditions caused by an ongoing imbalance between industry supply and end product demand for wood-based commodities, both businesses delivered outstanding operating and financial results during the period. Our wood products manufacturing business reported segment income of 66 million in the third quarter compared to 15.6 million in the year-ago quarter. Wood products continue to focus on establishing pre-COVID-19 manufacturing production levels as product demand exceeded supply during the third quarter. Our building materials distribution business reported segment income of $107.9 million on sales of $1.4 billion for the third quarter, compared to $38.7 million of segment income on sales of $1.1 billion in a comparative prior year quarter. B&B sales and income were robust, and our long-term strategy and commitment to consistently carry a broad base of in-stock products supported by high service levels and a solid financial position continue to deliver value to our vendor and customer partners in the supply chain, as well as our shareholders. Wayne will walk through the financial results in more detail, and then I'll come back to provide our outlook before we take your questions.