PR Newswire
PLEASANTON, Calif., Feb. 5, 2024
PLEASANTON, Calif., Feb. 5, 2024 /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 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 December 31, 2023 with the quarter ended December 31, 2022 or the fiscal year ended December 31, 2023 with the fiscal year ended December 31, 2022 and include the results of the acquisition of FIXCO Invest S.A.S ("ETANCO") on April 1, 2022. 2023 full year comparisons include twelve months of ETANCO operating results for the fiscal year ending December 31, 2023, compared to nine months for the fiscal year ending December 31, 2022.
2023 Fourth Quarter Financial Highlights
2023 Full-Year Financial Highlights
Management Commentary
"We achieved above market growth and strong profitability in 2023 with $2.2 billion in annual net sales, a 21.5% operating income margin and $8.26 of earnings per diluted share," commented Mike Olosky, President and Chief Executive Officer of Simpson Manufacturing Co., Inc. "Our topline performance was driven by continued share gains across all of our end markets and product lines. While our operating income margin came in below our October guidance primarily due to additional costs incurred in pursuit of our strategic growth opportunities, we believe our recent and future strategic investments will help us accelerate a compounded annual growth rate of sales volumes above market over the mid- to long-term. Our ambitions for this accelerated growth include us exceeding our historical average volume performance in North America of approximately 250 basis points above the housing starts market while also achieving top quartile profitability of our peer group."
Mr. Olosky continued, "In North America, both our 2023 net sales and volume were up approximately 1% year-over-year compared to annual U.S. housing starts which declined by approximately 9%. In Europe, our 2023 net sales increased 15.8% year-over-year on a local currency basis due to having an additional quarter of ETANCO sales in 2023. For the full year, ETANCO sales were in line with 2022 while the remainder of the Europe business was down due to tougher economic headwinds and lower construction activity."
Mr. Olosky concluded, "While 2023 U.S. housing starts finished below 2022 levels, we still believe this is an attractive market given the estimated shortage of approximately 2 million homes in the U.S. coupled with the modestly improved outlook for 2024. We continue to see a lot of variability on a month-to-month basis and continue to believe the market for the first half of the year will be more challenging than the market for the second half of the year."
Corporate Developments
Business Outlook
Based on business trends and conditions as of today, February 5, 2024, the Company's outlook for the full fiscal year ending December 31, 2024 is as follows:
Conference Call Details
Investors, analysts and other interested parties are invited to join the Company's fourth quarter and full-year 2023 financial results conference call on Monday, February 5, 2024, 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=1650316&tp_key=ae8a59eacc 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 19, 2024, by dialing (844) 512–2921 (U.S. and Canada) or (412) 317–6671 (International) and entering the conference ID: 13743431. 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 primarily supplies its building product solutions to both the residential and commercial markets in North America and Europe. 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 21E 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. 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, our ongoing 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.
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 or implied by our forward-looking statements include the effect of global pandemics such as the COVID-19 pandemic and other widespread public health crisis and their effects on the global economy, the effects of inflation and labor and supply shortages, on our operations, the operations of our customers, suppliers and business partners, and our ongoing 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 | ||||
| 2023 | | 2022 | | 2023 | | 2022 |
Net sales | $ 501,710 | | $ 475,622 | | $ 2,213,803 | | $ 2,116,087 |
Cost of sales | 281,212 | | 274,967 | | 1,170,048 | | 1,174,794 |
Gross profit | 220,498 | | 200,655 | | 1,043,755 | | 941,293 |
Operating expenses: | | | | | | | |
Research and development and engineering expense | 25,131 | | 18,461 | | 92,167 | | 68,354 |
Selling expense | 52,483 | | 44,929 | | 203,980 | | 169,378 |
General and administrative expense | 70,836 | | 55,956 | | 268,103 | | 228,468 |
Total operating expenses | 148,450 | | 119,346 | | 564,250 | | 466,200 |
Acquisition and integration related costs | 546 | | 2,662 | | 4,632 | | 17,343 |
Gain on disposal of assets | (53) | | (90) | | (276) | | (1,317) |
Income from operations | 71,555 | | 78,737 | | 475,149 | | 459,067 |
Interest income (expense), net and other financing costs | 3,373 | | (1,027) | | 3,391 | | (7,594) |
Other & foreign exchange gain (loss), net | (523) | | 406 | | (1,993) | | (3,408) |
Income before taxes | 74,405 | | 78,116 | | 476,547 | | 448,065 Werbung Mehr Nachrichten zur Simpson Manufacturing Company Aktie kostenlos abonnieren
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