Simpson Manufacturing Co Inc

NYSE:SSDUnited States

Jul 22, 2024

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• DJ Simpson Manufacturing Shares Fall, 2Q Profit Drops on Housing Market, from 7:30PM ET on Monday Jul 22, 2024 by Dow Jones

  7:30PM ET on Monday Jul 22, 2024 by Dow Jones
  Companies Mentioned: SSD
  
  By Sabela Ojea
  
  Shares of Simpson Manufacturing fell 5.4% to $171 in postmarket trading after the company reported a drop in profit in the second quarter, citing a continued challenging housing market in both the U.S. and Europe.
  

• Simpson Manufacturing Q2 Earnings, Sales Decline -- Shares Fall After Hours, from 4:52PM ET on Monday Jul 22, 2024 by MT Newswires

  4:52PM ET on Monday Jul 22, 2024 by MT Newswires
  Companies Mentioned: SSD
  04:52 PM EDT, 07/22/2024 (MT Newswires) -- Simpson Manufacturing (SSD) reported Q2 earnings late Monday of $2.31 per diluted share, down from $2.50 a year earlier. Three analysts polled by Capital IQ expected $2.48 per share. Net sales for the quart...

• -- Earnings Flash (SSD) SIMPSON MANUFACTURING CO. Posts Q2 Revenue $597M, vs. Street Est of $607.9M, from 4:16PM ET on Monday Jul 22, 2024 by MT Newswires

  4:16PM ET on Monday Jul 22, 2024 by MT Newswires
  Companies Mentioned: SSD
  04:16 PM EDT, 07/22/2024 (MT Newswires) -- ...

• SIMPSON MANUFACTURING CO., INC. ANNOUNCES 2024 SECOND QUARTER FINANCIAL RESULTS, from 4:15PM ET on Monday Jul 22, 2024 by PR Newswire

  4:15PM ET on Monday Jul 22, 2024 by PR Newswire
  Companies Mentioned: SSD

   

  -- Net sales of $597.0 million

  -- Income from operations of $132.2 million, resulting in operating income margin of 22.1%

  -- Net income per diluted share of $2.31

  -- Repurchased $50.0 million of common stock during the quarter

• SIMPSON MANUFACTURING CO., INC. ANNOUNCES 2024 SECOND QUARTER FINANCIAL RESULTS, from 4:15PM ET on Monday Jul 22, 2024 by Dow Jones

  4:15PM ET on Monday Jul 22, 2024 by Dow Jones
  Companies Mentioned: SSD
  -------------------- -------------------- ------------------- Total current liabilities 360,325 396,948 361,257 Operating lease liabilities, net of current portion 69,223 51,560 55,324 Long-term debt, net of current portion and issuance costs 448,171 544,309 458,791 Deferred income tax 93,098 104,113 98,170 Other long-term liabilities 37,743 38,808 51,436 Stockholders' equity 1,764,801 1,583,611 1,679,746 -------------------- -------------------- ------------------- Total liabilities and stockholders' equity $ 2,773,361 $ 2,719,349 $ 2,704,724 ==================== ==================== =================== Simpson Manufacturing Co., Inc. and Subsidiaries UNAUDITED Segment and Product Group Information (In thousands) Three Months Ended Six Months Ended June 30, % June 30, % ------------------------------------- 2024 2023 change* 2024 2023 change* ------------- ---------------------- -------- ----------- ----------- -------- Net Sales by Reporting Segment North America $ 463,022 $ 465,467 (0.5) % $ 869,771 $ 871,797 (0.2) % Percentage of total net sales 77.6 % 77.9 % 77.1 % 77.0 % Europe 129,877 127,817 1.6 % 249,814 252,031 (0.9) % Percentage of total net sales 21.8 % 21.4 % 22.2 % 22.3 % Asia/Pacific 4,079 4,296 (5.1) % 7,971 8,182 (2.6) % $ 596,978 $ 597,580 (0.1) % $ 1,127,556 $ 1,132,010 (0.4) % ============= ====================== =========== =========== Net Sales by Product Group** Wood Construction $ 507,082 $ 515,378 (1.6) % $ 956,593 $ 970,137 (1.4) % Percentage of total net sales 84.9 % 86.2 % 84.8 % 85.7 % Concrete Construction 86,447 81,319 6.3 % 165,177 157,990 4.5 % Percentage of total net sales 14.5 % 13.6 % 14.6 % 14.0 % Other 3,449 883 N/M 5,786 3,883 49.0 % ------------- ---------------------- ----------- ----------- $ 596,978 $ 597,580 (0.1) % $ 1,127,556 $ 1,132,010 (0.4) % ============= ====================== =========== =========== Gross Profit (Loss) by Reporting Segment North America $ 231,581 $ 238,245 (2.8) % $ 432,117 $ 443,767 (2.6) % North America gross margin 50.0 % 51.2 % 49.7 % 50.9 % Europe 45,949 47,819 (3.9) % 89,762 94,423 (4.9) % Europe gross margin 35.4 % 37.4 % 35.9 % 37.5 % Asia/Pacific 1,486 1,820 N/M 2,161 2,744 N/M Administrative and all other (469) (418) N/M (938) (593) N/M ------------- ---------------------- ----------- ----------- $ 278,547 $ 287,466 (3.1) % $ 523,102 $ 540,341 (3.2) % ============= ====================== =========== =========== Income (Loss) from Operations North America $ 132,055 $ 143,430 (7.9) % $ 230,960 $ 257,823 (10.4) % North America operating margin 28.5 % 30.8 % 26.6 % 29.6 % Europe 12,145 13,974 (13.1) % 20,402 27,444 (25.7) % Europe operating margin 9.4 % 10.9 % 8.2 % 10.9 % Asia/Pacific (302) 379 N/M (877) 241 N/M Administrative and all other (11,712) (12,762) N/M (22,204) (22,125) N/M ------------- ---------------------- ----------- ----------- $ 132,186 $ 145,021 (8.9) % $ 228,281 $ 263,383 (13.3) % ============= ====================== =========== =========== * Unfavorable percentage changes are presented in parentheses, if any. ** The Company manages its business by geographic segment but presents sales by product group as additional information. N/M Statistic is not material or not meaningful. Simpson Manufacturing Co., Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (In thousands) (Unaudited) A reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, is set forth below. Three Months Ended June 30, 2024 2023 --------------------- --------------------- Net Income $ 97,831 $ 107,211 --------------------- --------------------- Provision for income taxes 34,859 37,462 Interest (income) expense, net and other financing costs (2,092) 705 Depreciation and amortization 19,370 18,680 Other* 2,603 1,492 --------------------- --------------------- Adjusted EBITDA $ 152,571 $ 165,550 ===================== ===================== *Other: Includes acquisition integration and restructuring related expenses, other & foreign exchange loss net, and net loss or gain on disposal of assets.