PLEASANTON, Calif., July 31, 2024 /PRNewswire/ -- Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an industry leader in engineered structural connectors and building solutions, today announced that Brian Magstadt, Chief Financial Officer and Treasurer, has informed the Company of his intention to retire effective December 31, 2024. Mr. Magstadt joined Simpson in 2004 and has served as the Company's Chief Financial Officer and Treasurer since 2012. The Company has initiated a comprehensive searc ...

BOISE, Idaho, July 30, 2024 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU), announced today that it is shipping ninth-generation (G9) TLC NAND in SSDs, making it the first in the industry to achieve this milestone. Micron G9 NAND features the industry's highest transfer speed of 3.6 GB/s, delivering unsurpassed bandwidth for reading and writing data. The new NAND enables best-in-class performance for artificial intelligence (AI) and other data-intensive use cases from personal devices and edge ser ...

Core Insights - Micron Technology, Inc. has launched the Micron 9550 NVMe SSD, which is positioned as the fastest data center SSD globally and a leader in AI workload performance and power efficiency [1][2] Performance and Efficiency - The Micron 9550 SSD offers 14.0 GB/s sequential read and 10.0 GB/s sequential write speeds, achieving up to 67% better performance compared to similar competitive SSDs [2] - It provides random reads of 3,300 KIOPS, which is up to 35% better, and random writes of 400 KIOPS, which is up to 33% better than competitors [2] - The SSD enables up to 33% faster workload completion times and up to 60% faster feature aggregation in GNN training with Big Accelerator Memory [2] - It consumes up to 43% less power than comparable SSDs during AI workloads [2] Collaboration and Integration - The Micron 9550 SSD integrates NVIDIA technologies, enhancing data center efficiency and performance for AI workloads [2] - Collaboration with AMD ensures the SSD's capabilities are fully utilized on AMD EPYC-based servers [2] - Intel supports the Micron 9550 SSD as it aligns with Intel's PCIe Gen5 CPU platforms, enhancing the ecosystem for AI workloads [2] Security and Architecture - The SSD features a vertically integrated architecture with advanced security capabilities, including self-encrypting drive capabilities and compliance with Security Protocols and Data Models [2][3] - It supports NVMe 2.0 and OCP 2.0, simplifying data center deployment and management [2] Product Offerings - The Micron 9550 SSD is available in capacities ranging from 3.2TB to 30.72TB and in various form factors, catering to the needs of top OEMs and hyperscalers [3]

Financial Data and Key Metrics Changes - The company's consolidated net sales for Q2 2024 totaled $597 million, consistent with the prior year despite challenging housing markets in the US and Europe [36][68] - Consolidated gross profit decreased by 3.1% to $278.5 million, resulting in a gross margin of 46.7%, down from 48.1% in the previous year [66] - Adjusted EBITDA for the quarter was $152.6 million, reflecting a decline of 7.8% year-over-year [54][68] - Net income totaled $97.8 million, or $2.31 per fully diluted share, compared to $107.2 million, or $2.50 per share in the prior year [68] Business Line Data and Key Metrics Changes - North American net sales were $463 million, a slight decline of 0.5% year-over-year, with wood construction product sales down 1.6% and concrete construction product sales up 6.3% [81] - In Europe, net sales increased by 1.6% to $129.9 million, primarily due to modestly higher sales volumes [38][66] - Gross margin in North America decreased to 50% from 51.2%, while in Europe it decreased to 35.4% from 37.4% [82] Market Data and Key Metrics Changes - The US housing starts are expected to be flat to slightly down for 2024, with a forecast of mid-single-digit growth in 2025 [62][85] - The national retail market saw low single-digit declines due to various factors, while North American volumes for Q2 were relatively flat compared to last year [37][53] Company Strategy and Development Direction - The company aims to continue above-market growth by focusing on product development and customer support, with a target to return to the top quartile of operating margin [5][54] - Significant investments are being made in manufacturing and distribution capabilities, including the expansion of facilities in Columbus, Ohio, and Gallatin, Tennessee [61][62] - The acquisition of Calculated Structured Designs is expected to enhance the company's software offerings and drive digital solutions forward [60][115] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term growth prospects in the US housing market, despite current challenges [36][62] - The company is closely monitoring end-markets and making strategic decisions regarding spending and hiring [5][36] - Management noted that while the housing market is currently slow, they expect a pickup in the second half of the year [96] Other Important Information - The company generated cash from operations of approximately $119 million and invested $79.6 million in capital expenditures during the quarter [71][59] - The effective tax rate was 26.3%, approximately 40 basis points higher than the prior year [68] - The company announced the retirement of a key executive and the hiring of a new Chief Technology Officer to drive innovation [63] Q&A Session Summary Question: Expectations for US housing starts - Management indicated that they expect to continue outpacing the market by low to mid-single digits, despite recent declines in housing starts [2][3] Question: Impact of market conditions on guidance - Management noted that the housing market has shown signs of slowing, leading to a revised expectation of flat to down housing starts for 2024 [96] Question: Capital allocation and M&A opportunities - The company is evaluating tuck-in acquisitions and remains opportunistic regarding share repurchases, having repurchased $50 million in stock during the quarter [6][101]

Exhibit 99.1 Press Release dated July 22, 2024 3 SIMPSON MANUFACTURING CO., INC. ANNOUNCES 2024 SECOND QUARTER FINANCIAL RESULTS Pleasanton, CA – July 22, 2024 l Net sales of $597.0 million lIncome from operations of $132.2 million, resulting in operating income margin of 22.1% l Net income per diluted share of $2.31 l Repurchased $50.0 million of common stock during the quarter Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an industry leader in engineered structural connectors and building s ...

Core Insights - Micron Technology, Inc. has launched the Crucial P310 2230 Gen4 NVMe SSD, designed for handheld gaming enthusiasts and users of ultrathin laptops and mini PCs, offering high performance and capacity without compromising speed [7][2] - The SSD features read speeds of 7,100 MB/s and write speeds of 6,000 MB/s, making it the fastest 2230 Gen4 consumer drive in the industry [2][7] - Capacity options range from 1TB to 2TB, allowing users to store more games and data-intensive content [2][7] Performance and Efficiency - The P310 SSD achieves random read speeds of up to 1 million IOPS, enabling faster game boot times and smoother gameplay [2] - It is designed for power efficiency, providing high performance while minimizing battery loss, which is crucial for data-intensive and graphically demanding applications [2][13] - The SSD is backward compatible with Gen3 devices, enhancing its versatility [2] Technical Collaboration - The development of the P310 SSD involved close collaboration with Phison Technology to optimize the controller for maximum performance with a lower power footprint [8][13] - The use of Micron's advanced 3D NAND technology contributes to the SSD's high performance and efficiency [13] Availability and Warranty - The Crucial P310 2230 Gen4 SSD is available for purchase through crucial.com and select retailers, backed by a five-year warranty [4][7]

Core Points - Simpson Manufacturing Co., Inc. will report its financial results for the second quarter ended June 30, 2024, on July 22, 2024, at 4:15 p.m. Eastern Time [1] - The conference call will be hosted by Michael Olosky, President and CEO, and Brian Magstadt, CFO and Treasurer, at 5:00 p.m. Eastern Time on the same day [1] - The call will be available for live broadcast on the Company's Investor Relations website [1] Conference Call Details - Date: July 22, 2024, at 5:00 p.m. Eastern Time [2] - Dial-in numbers: (877) 407-0792 for U.S. and Canada, (201) 689-8263 for International [2] - Replay available from 8:00 p.m. Eastern Time on July 22, 2024, until 11:59 p.m. Eastern Time on August 5, 2024 [2] Company Overview - Simpson Manufacturing Co., Inc. is headquartered in Pleasanton, California, and is a leading manufacturer of wood and concrete construction products [3] - The Company supplies building product solutions primarily to residential and commercial markets in North America and Europe [3] - The common stock of the Company trades on the New York Stock Exchange under the symbol "SSD" [3]

Corporate Contributions and Community Engagement - The company made corporate contributions exceeding $2.5 million in 2023 [1] - Over the past 16 years, the company has donated more than $5.5 million in cash and products to Habitat for Humanity [1] - The number of scholarships offered has increased from 100 to 120 annually, with the scholarship amount raised from $2,500 to $3,000 [1] - The individual Matching Gift limit for employees has been increased from $1,000 to $5,000 [1] - A new role, Vice President of Strategic Partnerships & Engagement, has been established to enhance community connections and address skilled labor shortages in construction trades [1] Employee Engagement and Development - The company is partnering with Gallup to conduct the 2024 annual Global Employee Engagement Survey [1] - A financial platform named Origin has been launched to provide employees with comprehensive financial wellbeing tools [1] Diversity, Equity, and Inclusion Goals - The company has developed three goals related to diversity, equity, and inclusion [1] Safety and Environmental Commitments - The company aims to reduce its Total Recordable Incident Rate (TRIR) to below 1.5 by the end of 2024 [1] - An Innovation Pillar has been added to the company's report [1] - The company is committed to continuously improving its energy, water, and waste performance [1] Company Overview - Simpson Manufacturing Co., Inc. is a leading manufacturer of engineered structural connectors and building solutions, headquartered in Pleasanton, California [2][4] - The company primarily supplies building product solutions to residential and commercial markets in North America and Europe [4]

PLEASANTON, Calif., May 20, 2024 /PRNewswire/ -- Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an industry leader in engineered structural connectors and building solutions, today announced Udit Mehta has joined the Company as Chief Technology Officer, effective May 10, 2024. Mr. Mehta will primarily be responsible for overseeing Simpson's technology infrastructure and customer- facing digital offering and will report directly to the Company's President and Chief Executive Officer, Mike Olosk ...

Sales Performance - North America net sales increased slightly for Q1 2024 compared to Q1 2023, with an 8% increase in sales volumes measured by pounds shipped, despite price decreases and increased rebates [105]. - Europe sales decreased by 3.4% for Q1 2024 compared to Q1 2023, primarily due to lower sales volumes in the residential market, partially offset by approximately $2.2 million in foreign currency translation [107]. - Net sales decreased by 0.7% to $530.6 million from $534.4 million, with North America sales volume increasing by 8% but offset by price decreases and increased volume rebates [111]. Profitability - Gross profit in Europe decreased by $2.8 million primarily due to lower net sales and a lower gross profit margin, mostly from higher warehouse and freight costs [107]. - Gross profit decreased by 3.3% to $244.6 million from $252.9 million, resulting in consolidated gross margins of 46.1% compared to 47.3% last year [112]. - Adjusted EBITDA decreased by 14.4% to $117.3 million from $137.0 million, primarily due to lower gross profits and increased costs [117]. - Net income was $75.4 million, down from $87.9 million, with diluted earnings per share decreasing to $1.77 from $2.05 [117]. Expenses - Research and development and engineering expense increased by 5.6% to $21.9 million, primarily due to increased personnel costs [113]. - Selling expense increased by 12.0% to $54.5 million, driven by higher personnel costs and advertising expenses [114]. - General and administrative expense rose by 10.2% to $70.2 million, mainly due to increased personnel and IT costs [115]. Capital Expenditures and Investments - Capital expenditures for 2024 are estimated to be approximately $185 million, which includes $105 million for the Columbus facility expansion and the new Gallatin facility construction [110]. - Cash used in investing activities totaled $39.4 million, primarily for facility expansion and equipment purchases, with estimated capital expenditures for 2024 revised to $185.0 million from $200.0 million [134]. Cash Flow and Liquidity - Cash and cash equivalents as of March 31, 2024, were $369.1 million, down from $429.8 million at the end of 2023 [131]. - Net cash provided by operating activities was $7.9 million, an increase from $3.0 million in the prior year [132]. - Operating activities generated $7.9 million in cash, with net income contributing $75.4 million and non-cash expenses of $24.8 million, partially offset by $92.3 million used for changes in operating assets and liabilities [133]. Taxation - The effective tax rate for 2024 is estimated to be in the range of 24.5% to 25.5%, assuming no tax law changes are enacted [110]. - The effective income tax rate decreased to 23.4% from 25.1% [116]. Shareholder Returns - A quarterly cash dividend of $0.28 per share was declared, payable on July 25, 2024, to stockholders of record on July 4, 2024 [136]. - Since 2021, the company has returned $344.9 million to stockholders, repurchasing over 1.7 million shares, representing approximately 3.9% of outstanding shares at the start of 2021 [137]. Debt and Interest Rate Management - Outstanding debt under the Amended and Restated Credit Agreement was $480.0 million, exposing the company to interest rate fluctuations [142]. - The company entered into an interest rate swap agreement to convert variable interest rates to fixed rates, aiming to stabilize cash flow associated with interest payments [143]. Market Outlook - The Company anticipates that the 2024 housing starts market will grow in the low single digits relative to fiscal year 2023 housing starts [105]. - The Company aims to achieve above-market growth in the United States relative to housing starts for fiscal 2024 and beyond [99]. Operational Developments - The integration of ETANCO has resulted in additional scale for European operations and the opportunity to realize synergies [98]. - The Company rolled out 14 new products globally during Q1 2024, contributing to growth in the DIY and construction contractor segments [98]. Risks - The company has foreign exchange rate risk, estimating that a 10% change in exchange rates would not materially affect net income [140]. - Steel prices have stabilized, but future increases could impact operating margins if costs cannot be mitigated through price increases [144].