BOISE, Idaho — Boise Cascade Corp. reported Monday that second-quarter profits tumbled 69.5 percent, mainly due to falling prices.
Earnings in the April-June period totaled $23 million, or 52 cents a share, down from $75.3 million, or $1.68 a share, for the same quarter a year ago. Sales slipped to $1.06 billion from $1.10 billion a year earlier.
Chairman John Fery also said the 59 percent drop in operating income from the paper segment was caused by operating problems at pulp and paper mills in Maine, Washington, Alabama and Louisiana.
Fery said, “And we have planned major capital-related downtime at our paper mills in International Falls, Minn., and Rumford, Maine. However, we believe we are at or near the cyclical trough for newsprint and uncoated papers.”