PR Newswire
PLEASANTON, Calif., Oct. 23, 2023
PLEASANTON, Calif., Oct. 23, 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 third 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 September 30, 2023, with the quarter ended September 30, 2022.
2023 Third Quarter Financial Highlights
Management Commentary
"We delivered solid financial performance in a challenging operating environment with third quarter net sales of $580.1 million increasing 4.8% over the prior year quarter led by improved volumes in our North America segment," commented Mike Olosky, President and Chief Executive Officer of Simpson Manufacturing Co., Inc. "We achieved double-digit volume growth year-over-year in our commercial, national retail and building technology markets as we have continued to execute on our strategies, enabling us to win new applications and customers. While Europe net sales were relatively flat year-over-year on a local currency basis, our gross margin has continued to improve versus historical levels and ETANCO continues to perform well."
Mr. Olosky concluded, "While 2023 U.S. housing starts will likely finish below 2022 levels, we continue to believe in the sustainable strength of the housing market in the mid to long-term given the shortage of new housing. However, based on the current interest rate environment and the resultant impact on the housing market, we anticipate that our fourth quarter 2023 results will start reflecting some downward pressure, in addition to typical seasonality, compared to the third quarter of 2023. Further, while our operations throughout the Company were mostly down for approximately three days in mid-October due to a cybersecurity incident, the swift actions of our dedicated team and commitment to our customers led us to resume shipments to clear our backlog within just one week. Looking ahead, we continue to believe that we have ample opportunities to pursue our growth initiatives and enhance stockholder value over time."
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Corporate Developments
Business Outlook
The Company has updated its 2023 financial outlook based on three quarters 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, October 23, 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 third quarter 2023 financial results conference call on Monday, October 23, 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=1634882&tp_key=4c1fcebd79 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, November 6, 2023, by dialing (844) 512–2921 (U.S. and Canada) or (412) 317–6671 (International) and entering the conference ID: 13741278. 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 wood construction products, including connectors, truss plates, fastening systems, fasteners and shear walls, and concrete construction products, including adhesives, specialty chemicals, mechanical anchors, powder actuated tools and reinforcing 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 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 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 | |||||||
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| Three Months Ended September 30, | | Nine Months Ended | ||||
| 2023 | | 2022 | | 2023 | | 2022 |
Net sales | $ 580,084 | | $ 553,662 | | $ 1,712,093 | | $ 1,640,464 |
Cost of sales | 297,167 | | 309,139 | | 888,835 | | 899,828 |
Gross profit | 282,917 | | 244,523 | | 823,258 | | 740,636 |
Research and development and engineering expense | 24,751 | | 17,084 | | 67,035 | | 49,892 |
Selling expense | 52,391 | | 42,539 | | 151,497 | | 124,449 |
General and administrative expense | 64,793 | | 60,319 | | 197,267 | | 172,511 |
Total operating expenses | 141,935 | | 119,942 | | 415,799 | | 346,852 |
Acquisition and integration related costs | 785 | | 1,866 | | 4,086 | | 14,681 |
Gain on disposal of assets | (16) | | (100) | | (223) | | (1,227) |
Income from operations | 140,213 | | 122,815 | | 403,596 | | 380,330 |
Interest income (expense), net and other | 1,292 | | (2,983) | | 18 | | (6,568) |
Other & foreign exchange loss, net | (1,429) | | (1,707) | | (1,471) | | (3,814) |
Income before taxes | 140,076 | | 118,125 | | 402,143 | | 369,948 |
Provision for income taxes | 36,055 | | 29,882 | | 102,958 | | 93,559 Werbung Mehr Nachrichten zur Simpson Manufacturing Company Aktie kostenlos abonnieren
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