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Simpson Manufacturing Co., Inc. (NYSE: SSD), headquartered in Pleasanton, California, stands as a global leader in the design, engineering, manufacturing, and sale of building construction products for wood and concrete structures. Through its subsidiaries, including Simpson Strong-Tie Company Inc., the company offers an extensive range of products that are crucial to the residential, light industrial, and commercial construction markets.
For wood construction, Simpson Manufacturing provides products such as connectors, truss plates, fastening systems, fasteners, shear walls, and prefabricated lateral systems. These products are primarily used in light-frame construction, offering stability and strength in building structures. In addition, the company caters to the concrete construction sector with products including adhesives, specialty chemicals, mechanical anchors, carbide drill bits, powder-actuated tools, and fiber-reinforced materials. These items are pivotal for construction repair, protection, and strengthening applications.
Simpson Manufacturing is committed to innovation and quality, continuously enhancing its product offerings to meet evolving market needs. The company's operations span three primary regions: North America, Europe, and Asia Pacific, with North America being the largest contributor to its revenue.
Recent financial highlights indicate solid performance despite challenging market conditions. For the third quarter of 2023, the company reported net sales of $580.1 million, a 4.8% increase from the same period in the previous year. This growth was driven by improved volumes in the North American segment and double-digit volume growth in commercial, national retail, and building technology markets. However, the company anticipates some downward pressure on results in the fourth quarter of 2023 due to market conditions and typical seasonality.
In corporate developments, Simpson Manufacturing continues to focus on strategic investments and growth initiatives, such as expanding its digital offerings and enhancing customer experience. The recent appointment of Udit Mehta as Chief Technology Officer in May 2024 underscores the company’s commitment to advancing its technological infrastructure and driving innovation.
Simpson Manufacturing also emphasizes its social and environmental responsibilities. The company’s Fiscal 2023 Corporate Social Responsibility Report highlights its ongoing commitment to sustainable business practices and social responsibility, reflecting its dedication to positive impacts on society and the environment.
As Simpson Manufacturing looks to the future, it remains focused on leveraging its strong market position, innovative product offerings, and strategic investments to drive long-term growth and enhance shareholder value.
Simpson Manufacturing Co. (NYSE: SSD) reported its Q2 2024 financial results with net sales of $597.0 million, a slight 0.1% decrease year-over-year. The company's income from operations was $132.2 million, resulting in an operating income margin of 22.1%. Net income per diluted share was $2.31, down from $2.50 in Q2 2023. Despite challenging housing markets in the U.S. and Europe, Simpson's North America segment saw relatively flat sales, while Europe experienced a modest 1.6% increase. The company repurchased $50.0 million of common stock during the quarter and completed the acquisition of Calculated Structured Designs, Inc. Simpson updated its 2024 outlook, projecting an operating margin between 20.0% and 21.0%.
Simpson Manufacturing will release its Q2 2024 financial results on July 22, 2024, at 4:15 p.m. Eastern Time. CEO Michael Olosky and CFO Brian Magstadt will host a conference call at 5:00 p.m. Eastern Time to discuss the results. The call will be accessible via a live webcast on the company's Investor Relations website. Dial-in options are available for participants from the U.S., Canada, and internationally. A replay of the call will be available on the same day from 8:00 p.m. Eastern Time until August 5, 2024, and the webcast will remain on the website for 90 days.
Simpson Manufacturing (NYSE: SSD) has released its Fiscal 2023 Corporate Social Responsibility Report, highlighting significant strides in social responsibility and sustainability. Key achievements include over $2.5 million in corporate contributions and $5.5 million in donations to Habitat for Humanity over 16 years. The company increased annual scholarships from 100 to 120 and raised the amount from $2,500 to $3,000. Employee Matching Gift limits were increased from $1,000 to $5,000. A new VP of Strategic Partnerships & Engagement was appointed. Simpson launched 'Origin,' a financial well-being platform for employees and partnered with Gallup for a global employee engagement survey. The company also set diversity, equity, and inclusion goals, aimed to reduce TRIR below 1.5 by the end of 2024, and committed to improving its energy, water, and waste performance.
Simpson Manufacturing announced its participation in the 2024 Wells Fargo Industrials Conference. The event is set for June 12, 2024, at The Loews Chicago in Illinois. Chief Financial Officer and Treasurer, Brian Magstadt, will present at 10:15 a.m. CT and engage in investor meetings throughout the day. The presentation will be webcast live on the company's Investor Relations webpage and a replay will be accessible for 90 days.
Simpson Manufacturing has announced the appointment of Udit Mehta as Chief Technology Officer, effective May 10, 2024. Mehta will report directly to CEO Mike Olosky and will focus on enhancing the company's technology infrastructure and digital offerings. Mehta joins Simpson from Carrier Global , where he modernized their Digital Enterprise and launched various digital solutions. He also has extensive experience from Siemens Power Services. Simpson's leadership believes Mehta's expertise will drive further innovation, efficiency, and software development, enhancing customer and employee experiences.
Simpson Manufacturing Co., Inc. announced the retirement of Roger Dankel, Executive Vice President, North America Sales, effective June 30, 2025. Dankel will continue in his role until December 31, 2024, transitioning to Executive Advisor until retirement. The Company praised Dankel's 31 years of service, highlighting his contributions to sales growth and fostering a customer-focused culture.
Simpson Manufacturing Co., Inc. declared a quarterly dividend of 28 cents per share on May 1, 2024, for stockholders of record on July 4, 2024. The dividend is payable on July 25, 2024. Simpson Manufacturing Co., Inc. is known for its engineered structural connectors and building solutions.
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