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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. (SSD) reported a 42.4% year-over-year increase in fourth quarter net sales to $418.6 million, with net income per diluted share rising 136.8% to $1.61. For the full year, net sales reached $1.57 billion, up 24.1%, and net income increased 43.3% to $6.12 per share. The company announced an $818 million acquisition of Etanco Group, enhancing its European market presence. Despite higher material costs, operating margins improved to 23.2%.
A quarterly cash dividend of $0.25 was also declared.
Simpson Manufacturing Co., Inc. (NYSE: SSD) will report its financial results for Q4 and full year 2021 on February 7, 2022, at 4:15 p.m. ET. CEO Karen Colonias and CFO Brian Magstadt will host a conference call at 5:00 p.m. ET, which can be accessed via the company's Investor Relations website. A replay will be available until February 21, 2022. Simpson is a leader in engineered structural connectors and building solutions, headquartered in Pleasanton, California.
Simpson Manufacturing Co. has promoted Mike Olosky to President and COO, while Karen Colonias remains as CEO. Olosky, who joined the company in 2020 as COO, will continue to lead market initiatives and expand the product portfolio. Colonias praised his leadership and experience, stating it is crucial for shaping growth strategies. Olosky comes with a robust background, including executive roles at Henkel and management experience in Asia and Europe. Simpson Manufacturing is known for its engineered structural connectors and trades under the symbol SSD.
Simpson Manufacturing Co. (NYSE: SSD) declared a quarterly dividend of 25 cents per share on January 20, 2022. This dividend is payable on April 28, 2022, to shareholders on record as of April 7, 2022. The company is a leader in engineered structural connectors and building solutions, with a focus on wood and concrete construction products.
Simpson Manufacturing Co. (NYSE: SSD) has submitted a binding offer to acquire Etanco Group for €725 million (approximately $818 million). This acquisition aims to bolster Simpson's market position and expand its portfolio in Europe, particularly in commercial building markets. Etanco, a leader in building product solutions, reported net sales of approximately €258 million and an operating margin of 19.7% as of September 30, 2021. The deal is expected to close in early 2022 and should be accretive to earnings within the first full fiscal year post-acquisition.
Simpson Manufacturing Co. (NYSE: SSD) announced its participation in the Baird 2021 Global Industrial Conference on November 10, 2021. CEO Karen Colonias and senior management will present at 2:00 p.m. ET and engage in virtual investor meetings throughout the day. The presentation will be live-streamed on the Company's website, with a replay available for 90 days post-event. Simpson manufactures construction products, including structural connectors and adhesives, under its subsidiary, Simpson Strong-Tie.
Simpson Manufacturing Co. (NYSE: SSD) reported third-quarter 2021 net sales of $396.7 million, up 8.9% year-over-year. Gross margin improved to 49.9%, from 47.6% in the prior year. Income from operations rose 10.2% to $100.6 million, with an operating margin of 25.4%. Diluted EPS increased 10.4% to $1.70. The company repurchased $24.1 million of stock and declared a $0.25 per share dividend. Despite strong results, the CEO noted lower sales volumes and challenging macroeconomic conditions affecting the building industry.
Simpson Manufacturing Co. (NYSE: SSD) will announce its third quarter 2021 financial results on October 25, 2021, at 4:15 p.m. Eastern Time. The earnings call will be hosted by CEO Karen Colonias and CFO Brian Magstadt at 5:00 p.m. Eastern Time, accessible via a live webcast. A replay will be available until November 8, 2021. The company specializes in engineered structural connectors and building solutions, designed to enhance construction efficiency and safety.
Simpson Manufacturing Co. (NYSE: SSD) announced its participation in two virtual investor conferences. The D.A. Davidson 20th Annual Virtual Diversified Industrials and Services Conference is on September 22, 2021, where the Company will present at 11:00 a.m. ET. The Sidoti & Company Fall Virtual Smallcap Investor Conference follows on September 23, 2021, with a presentation at 1:00 p.m. ET. Both presentations will be accessible via live webcast on the Company's website and available for replay for 90 days.
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