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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. reported net sales of $553.7 million for Q3 2022, a 39.6% increase year-over-year. Income from operations rose to $122.8 million, reflecting a 22.1% increase. Earnings per share hit $2.06, up 20.8% compared to last year. North America sales increased 29.3%, while Europe sales surged 104.1% due to the acquisition of ETANCO, which contributed $67.5 million. However, gross margin decreased to 44.2% from 49.9%, primarily due to higher raw material costs.
Simpson Manufacturing Co., Inc. (NYSE: SSD) will report its financial results for the third quarter ending September 30, 2022, on October 24, 2022, at 4:15 p.m. ET. CEO Karen Colonias and CFO Brian Magstadt will lead a conference call at 5:00 p.m. ET, available via webcast on the company's Investor Relations website. Replay options will be available until November 7, 2022. Simpson specializes in engineered structural connectors and building solutions for residential and commercial markets in North America and Europe.
Simpson Manufacturing Co. (NYSE: SSD) announced its participation in two upcoming investor conferences. The first is the Sidoti & Company Fall Virtual Small Cap Investor Conference on September 21, 2022, where the company will present at 11:30 a.m. ET. The second is the D.A. Davidson 21st Annual Diversified Industrials & Services Conference in Nashville on September 22, 2022, with a presentation at 8:00 a.m. CT. The presentations will be webcast live and accessible for 90 days on the company's investor relations webpage.
Simpson Manufacturing Co. (NYSE: SSD) announces Karen Colonias will step down as CEO on December 31, 2022, transitioning to an Executive Advisor role until her retirement on June 30, 2023. Michael Olosky has been appointed as her successor, effective January 1, 2023, following a strategic succession plan. Olosky, with a strong background from Henkel and experience since November 2020 at Simpson, aims to enhance the company's market position. Colonias acknowledges the company’s strong foundation and employee commitment, expressing confidence in Olosky's leadership.
On July 27, 2022, Simpson Manufacturing Co. (NYSE: SSD) declared a quarterly dividend of 26 cents per share, set to be paid on October 27, 2022, to stockholders of record by October 6, 2022. Headquartered in Pleasanton, California, the company specializes in engineered structural connectors and building solutions for the residential and commercial markets across North America and Europe. This dividend declaration highlights the company's ongoing commitment to returning value to its shareholders.
Simpson Manufacturing Co. reported a strong second quarter for 2022, with net sales reaching $593.2 million, up 44.6% year-over-year. Income from operations increased 30.8% to $133.1 million, and diluted earnings per share rose 30.1% to $2.16. The company repurchased $25 million in stock. While gross profits grew 32.0% to $259.3 million, gross margins dipped to 43.7%. The company expects its operating margin for the fiscal year to be between 19.0% and 21.0%, reflecting integration costs from the ETANCO acquisition.
Simpson Manufacturing Co. will report its second quarter 2022 financial results on July 25, 2022, at 4:15 p.m. ET. A conference call led by CEO Karen Colonias and CFO Brian Magstadt will follow at 5:00 p.m. ET. Investors can join the call via the company's Investor Relations website. A replay will be available until August 8. The company specializes in engineered structural connectors and reported an upcoming earnings call for stakeholders to gain insights into its performance.
Simpson Manufacturing Co. reported net sales of $493.6 million for Q1 2022, a 42.0% increase year-over-year. Gross margin rose to 48.0% from 46.7%, while income from operations surged 82.0% to $124.4 million, achieving an operating margin of 25.2%. Diluted EPS reached $2.18, up 87.9% year-over-year. The company completed its acquisition of ETANCO on April 1, 2022, enhancing its product offerings in Europe. The outlook for 2022 includes an operating margin projection of 19.0% to 20.0% with anticipated capital expenditures of $65 million to $70 million.
Simpson Manufacturing Co. (NYSE: SSD) will report its Q1 2022 financial results on April 25, 2022, at 4:15 p.m. ET. The CEO Karen Colonias and CFO Brian Magstadt will host a conference call at 5:00 p.m. ET that day, available live online. Interested parties can join the call via the Investor Relations website. A replay will be accessible starting 8:00 p.m. ET on April 25 until May 9, 2022.
On April 7, 2022, Simpson Manufacturing Co. (NYSE:SSD) announced the successful acquisition of ETANCO Group for €725 million (approx. $800 million). ETANCO, known for its fastening solutions in the European construction market, reported net sales of €258 million and an operating income margin of 19.7% for the year ending September 30, 2021. Simpson aims to enhance its product portfolio and expand its footprint in Europe, as highlighted by CEO Karen Colonias and ETANCO President Ronan Lebraut. Financial advisors included EC Mergers & Acquisitions and KPMG LLP, with Wells Fargo and MUFG providing debt financing.
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