PR Newswire
PLEASANTON, Calif., Feb. 6, 2023
PLEASANTON, Calif., Feb. 6, 2023 /PRNewswire/ --
Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an industry leader in engineered structural connectors and building solutions, today announced its financial results for the fourth quarter and full-year of 2022. Refer to the "Segment and Product Group Information" table below for additional segment information (including information about the Company's Asia/Pacific segment and Administrative and All Other segment).
Beginning in 2022, the Company changed its presentation for both the North America and the Administrative and all other segment's statement of operations to display allocated expenses and management fees as a separate item below income from operations. During 2021, allocated expenses and management fees between the two segments were previously included in operating expenses and in income from operations and have been adjusted herein to conform to the 2022 presentation. Consolidated income from operations, income before tax and net income for all periods presented below are not affected by the change in presentation.
All comparisons below (which are generally indicated by words such as "increased," "decreased," "remained," or "compared to"), unless otherwise noted, are comparing the quarter ended December 31, 2022 with the quarter ended December 31, 2021 or the fiscal year ended December 31, 2022 with the fiscal year ended December 31, 2021 and include the results of the acquisition of FIXCO Invest S.A.S ("ETANCO") on April 1, 2022.
2022 Fourth Quarter Financial Highlights
2022 Full-Year Financial Highlights
Management Commentary -
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"2022 marked a year of strong financial and operational performance for Simpson despite a challenging operating environment," commented Mike Olosky, President and Chief Executive Officer of Simpson Manufacturing Co., Inc. "Our 2022 net sales reflect the impact of product price increases implemented throughout 2021 to offset rising material costs as well as a $212.6 million contribution from the ETANCO acquisition. Our performance further demonstrates strong operational execution as we continued to integrate ETANCO and advance our key growth initiatives forward. Those initiatives enabled us to grow our North America volumes above U.S. housing starts for the year."
Mr. Olosky concluded, "Looking ahead, we are confident in the trajectory of our business despite the softer market forecasts for U.S. housing starts. We continue to believe Simpson remains well positioned for success given our ongoing focus on expansion of our growth initiatives into new markets, including commercial, OEM, national retail and building technology, the majority of which are not directly tied to U.S. housing starts, along with our strong balance sheet, solid market position and culture of Simpson colleagues who remain deeply passionate about our mission of providing solutions to help people design and build safer, stronger structures. In addition, the market for multifamily housing construction continues to remain strong and Simpson stands poised to benefit from the structural shortage of housing that has persisted in the U.S. As such, we are confident in our ability to continue to achieve our Company Ambitions, including our goal to grow above the market relative to U.S. housing starts with profitability in the top quartile of our proxy peer group."
Corporate Developments
Business Outlook
Based on business trends and conditions as of today, February 6, 2023, the Company's outlook for the full fiscal year ending December 31, 2023 is as follows:
Conference Call Details
Investors, analysts and other interested parties are invited to join the Company's fourth quarter and full-year 2022 financial results conference call on Monday, February 6, 2023, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). To participate, callers may dial (877) 407-0792 (U.S. and Canada) or (201) 689-8263 (International) approximately 10 minutes prior to the start time. The call will be webcast simultaneously and can be accessed through https://viavid.webcasts.com/starthere.jsp?ei=1594133&tp_key=86b8d4d38f or a link on the Investor Relations section of the Company's website at https://ir.simpsonmfg.com/events-and-presentations. For those unable to participate during the live broadcast, a replay of the call will also be available beginning that same day at 8:00 p.m. Eastern Time until 11:59 p.m. Eastern Time on Monday, February 20, 2022, by dialing (844) 512–2921 (U.S. and Canada) or (412) 317–6671 (International) and entering the conference ID: 13735729. The webcast will remain posted on the Investor Relations section of the Company's website for 90 days.
A copy of this earnings release will be available prior to the call, accessible through the Investor Relations section of the Company's website at www.simpsonmfg.com.
About Simpson Manufacturing Co., Inc.
Simpson Manufacturing Co., Inc., headquartered in Pleasanton, California, through its subsidiary, Simpson Strong-Tie Company Inc., designs, engineers and is a leading manufacturer of wood construction products, including connectors, truss plates, fastening systems, fasteners and shearwalls, and concrete construction products, including adhesives, specialty chemicals, mechanical anchors, powder actuated tools and reinforcing carbon & glass fiber materials. The Company's common stock trades on the New York Stock Exchange under the symbol "SSD."
Copies of Simpson Manufacturing's Annual Report to Stockholders and its proxy statements and other SEC filings, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, are made available free of charge on the company's website on the same day they are filed with the SEC. To view these filings, visit the Investor Relations section of the Company's website.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 2IE of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "outlook," "target," "continue," "predict," "project," "change," "result," "future," "will," "could," "can," "may," "likely," "potentially," or similar expressions that concern our strategy, plans, expectations or intentions. Forward-looking statements are all statements other than those of historical fact and include, but are not limited to, statements about future financial and operating results, our plans, objectives, business outlook, priorities, expectations and intentions, expectations for sales and market growth, comparable sales, earnings and performance, stockholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for services, share repurchases, the integration of ETANCO, our strategic initiatives, including the impact of these initiatives on our strategic and operational plans and financial results, and any statement of an assumption underlying any of the foregoing. Although we believe that the expectations, opinions, projections and comments reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and we can give no assurance that such statements will prove to be correct. Actual results may differ materially from those expressed or implied in such statements.
Forward-looking statements are subject to inherent uncertainties, risks and other factors that are difficult to predict and could cause our actual results to vary in material respects from what we have expressed or implied by these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those expressed in our forward-looking statements include the ongoing effects of the COVID-19 pandemic on our operations and supply chain, the operations of our customers, suppliers and business partners, the effect of general economic conditions, including employment rates, housing starts, interest rate levels and strength of the U.S. dollar, and the successful integration of ETANCO, as well as those discussed in the "Risk Factors" and " Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other reports we file with the SEC.
We caution that you should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Readers are urged to carefully review and consider the various disclosures made in our reports filed with the SEC that advise of the risks and factors that may affect our business, results of operations and financial condition.
Simpson Manufacturing Co., Inc. and Subsidiaries | |||||||
UNAUDITED Consolidated Statements of Operations | |||||||
(In thousands, except per share data) | |||||||
| |||||||
| Three Months Ended | | Twelve Months Ended | ||||
| 2022 | | 2021 | | 2022 | | 2021 |
Net sales | $ 475,622 | | $ 418,556 | | $ 2,116,087 | | $ 1,573,217 |
Cost of sales | 274,967 | | 220,286 | | 1,174,794 | | 818,187 |
Gross profit | 200,655 | | 198,270 | | 941,293 | | 755,030 |
Operating expenses: | | | | | | | |
Research and development and engineering expense | 18,461 | | 16,060 | | 68,354 | | 59,381 |
Selling expense | 44,929 | | 35,951 | | 169,378 | | 135,004 |
General and administrative expense | 55,956 | | 49,409 | | 228,468 | | 193,176 |
Total operating expenses | 119,346 | | 101,420 | | 466,200 | | 387,561 |
Acquisition and integration related costs | 2,662 | | — | | 17,343 | | — |
Gain on disposal of assets | (90) | | (212) | | (1,317) | | (324) |
Income from operations | 78,737 | | 97,062 | | 459,067 | | 367,793 |
Interest expense, net and other financing costs | (1,027) | | (306) | | (7,594) | | (1,386) |
Other & foreign exchange gain (loss), net | 406 | | (3,678) | | (3,408) | | (7,858) |
Income before taxes | 78,116 | | 93,078 | | 448,065 | | 358,549 Werbung Mehr Nachrichten zur Simpson Manufacturing Company Aktie kostenlos abonnieren
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