PR Newswire
PLEASANTON, Calif., April 24, 2023
PLEASANTON, Calif., April 24, 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 first quarter of 2023. 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).
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 March 31, 2023, with the quarter ended March 31, 2022, and include the results of the acquisition of FIXCO Invest S.A.S ("ETANCO") on April 1, 2022.
2023 First Quarter Financial Highlights
Management Commentary
"Our first quarter net sales of $534.4 million increased 8.3% year-over-year. ETANCO contributed $80.0 million to our sales in the first quarter which increased modestly year-over-year, offsetting volume declines in North America and the rest of our business in Europe," commented Mike Olosky, President and Chief Executive Officer of Simpson Manufacturing Co., Inc. "Although we experienced softer sales volumes resulting from ongoing macroeconomic challenges and weather-related issues, our strong business model encompassing our increasingly diverse portfolio of complete product solutions, dedication to innovation, unparalleled product availability and rapid delivery standards, exceptional customer service and field support, and long-standing reputation in the building industry, enabled us to deliver solid first quarter performance. Further, we maintained a strong gross margin and operating margin as a result of our effective cost control efforts despite pressures from a higher cost environment and ongoing ETANCO integration expenses. April 1st marked the one-year anniversary of our acquisition of ETANCO, which was accretive to our earnings this quarter. ETANCO has been an excellent addition to our Company given its highly complementary values-based culture and talented team of experts. We remain on-track with our defensive synergies, many of which we are already benefiting from in 2023."
Mr. Olosky concluded, "Looking ahead, while we continue to believe our North America net sales will be pressured by a softer housing market in 2023, we expect to maintain our industry-leading position as the partner of choice due to our strong business model and competitive differentiators. We are confident in our ability to continue achieving 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."
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Business Outlook
The Company has updated its 2023 financial outlook based on one quarter of financial information to reflect its latest expectations regarding demand trends, raw material costs and operating expenses. Based on business trends and conditions as of today, April 24, 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 first quarter of 2023 financial results conference call on Monday, April 24, 2023, at 5:00 pm Eastern Time (2:00 pm 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=1607079&tp_key=b56dffbfdd or a link on the Company's website at ir.simpsonmfg.com. 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, May 8, 2023, by dialing (844) 512–2921 (U.S. and Canada) or (412) 317–6671 (International) and entering the conference ID: 13737589. The webcast will remain posted on the Investor Relations section of Simpson's website at ir.simpsonmfg.com 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 ir.simpsonmfg.com.
About Simpson Manufacturing Co., Inc.
Simpson Manufacturing Co., Inc., headquartered in Pleasanton, California, through its subsidiaries, including, Simpson Strong-Tie Company Inc., designs, engineers and is a leading manufacturer of high quality wood and concrete construction products designed to make structures safer and more secure. Our products are designed to perform at high levels and be easy to use and cost-effective for customers. Our wood construction products are used in light-frame construction and include connectors, truss plates, fastening systems, fasteners and pre-fabricated lateral resistive systems. Our concrete construction products are used in concrete, masonry and steel construction and include adhesives, chemicals, mechanical anchors, carbide drill bits, powder actuated tools, fiber reinforced materials and other repair products used for protection and strengthening. We market our products to the residential construction, light industrial and commercial construction, remodeling and do-it-yourself markets domestically in North America, primarily in the United States, and Europe internationally. We also provide engineering services in support of some of our products and increasingly offer design and other software that facilitates the specification, selection and use of our products. 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 web site on the same day they are filed with the SEC. To view these filings, visit the Investor Relations section of the Company's web site at ir.simpsonmfg.com.
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 the acquisition 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 prolonged impact of the COVID-19 pandemic on our operations and supply chain, the operations of our customers, suppliers and business partners, 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
| |||
| Three Months Ended March 31, | ||
| 2023 | | 2022 |
Net sales | $ 534,430 | | $ 493,570 |
Cost of sales | 281,554 | | 256,789 |
Gross profit | 252,876 | | 236,781 |
Research and development and engineering expense | 20,747 | | 15,866 |
Selling expense | 48,667 | | 36,836 |
General and administrative expense | 63,707 | | 53,774 |
Total operating expenses | 133,121 | | 106,476 |
Acquisition and integration related costs | 1,442 | | 6,951 |
Gain on disposal of assets | (50) | | (1,083) |
Income from operations | 118,363 | | 124,437 |
Interest expense, net and other | (570) | | (212) |
Other & foreign exchange loss, net | (398) | | (216) |
Income before taxes | 117,395 | | 124,009 |
Provision for income taxes | 29,441 | | 29,433 |
Net income | $ 87,954 | | $ 94,576 |
Earnings per common share: | | | |
Basic | $ 2.06 | | $ 2.19 |
Diluted | $ 2.05 | | $ 2.18 |
Weighted average shares outstanding: | | | |
Basic | 42,610 | | 43,179 |
Diluted | 42,827 | | 43,376 |
Cash dividend declared per common share | $ 0.26 | | $ 0.25 |
Other data: | | | |
Depreciation and amortization | $ 17,365 | | $ 10,795 |
Pre-tax equity-based compensation expense | $ 4,629 | | $ 4,872 |
Simpson Manufacturing Co., Inc. and Subsidiaries | ||||||
| | March 31, | | December 31, Werbung Mehr Nachrichten zur Simpson Manufacturing Company Aktie kostenlos abonnieren
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