Q1 sales were up 27% on a year ago to US$744.9m, with net profits reaching US$80.1m, though the majority of this was down to tax reasons following the company’s conversion to a corporation.

Boise’s initial public flotation on the stock exchange in February has also raised US$262.7m of capital.

The wood products division – comprising engineered wood, lumber and plywood – recorded a 28% sales increase to US$269.2m. Earnings before interest, tax, depreciation and amortisation (EBITDA) were up 62% to US$27.1m.

The division’s sales grew primarily due to 24% higher plywood sales volumes, a 28% growth for LVL and a 37% boost to I-joist volumes.