PLEASANTON, Calif., May 6, 2024 /PRNewswire/ -- Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an industry leader in engineered structural connectors and building solutions, today announced Roger Dankel's retirement from the Company effective June 30, 2025. Mr. Dankel will continue in his role as Executive Vice President, North America Sales of Simpson Strong-Tie Company Inc. through December 31, 2024, after which he will remain employed as an Executive Advisor until June 30, 2025. Mike Olosky ...

PLEASANTON, Calif., May 2, 2024 /PRNewswire/ -- Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an industry leader in engineered structural connectors and building solutions, today announced that on May 1, 2024, the Company's Board of Directors (the "Board") declared a regular quarterly dividend of 28 cents per share on the Company's common stock. The dividend is payable on July 25, 2024, to stockholders of record on July 4, 2024. About Simpson Manufacturing Co., Inc.Simpson Manufacturing Co., ...

Key PointsSimpson Manufacturing stock is down because of today's end-market weakness, but the long-term outlook is robust.The company's healthy balance sheet and capital return strategy suggest this stock will be crowned a Dividend King. Analysts favor the name and see it moving higher. 5 stocks we like better than Simpson ManufacturingSimpson Manufacturing Co. NYSE: SSD sent its share price reeling as it reported its struggles during Q1 2024, but this is a great time to buy this construction stock. You don ...

Simpson Manufacturing Co., Inc. (NYSE:SSD) Q1 2024 Earnings Conference Call April 22, 2024 5:00 PM ET Company Participants Kim Orlando - ADDO Investor Relations Mike Olosky - President & Chief Executive Officer Brian Magstadt - Chief Financial Officer Conference Call Participants Daniel Moore - CJS Securities Tim Wojs - Baird Kurt Yinger - D.A. Davidson Operator Greetings. Welcome to the Simpson Manufacturing Company First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen ...

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, 2024, with the quarter ended March 31, 2023. 2024 First Quarter Financial Highlights Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of Adjusted EBITDA to U.S. GAAP ("GAAP") net income see the schedule titled "Reconciliation of Net Income to Adjusted EBITDA." 1 3 Exhibit 99.1 Press Release dated ...

Simpson Manufacturing Co., Inc. (SSD) is slated to report first-quarter 2024 results on Apr 22, after the closing bell.In the last reported quarter, the company’s earnings missed the Zacks Consensus Estimate by 16.3% and decreased 5.2% year over year. Net sales of $501.7 million increased 5.5% year over year.The company’s earnings topped analysts’ expectations in five of the trailing six quarters.The Trend in Estimate RevisionThe Zacks Consensus Estimate for Simpson Manufacturing’s first-quarter earnings is ...

PLEASANTON, Calif., April 8, 2024 /PRNewswire/ -- Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an industry leader in engineered structural connectors and building solutions, announced today that it will report its financial results for the first quarter ended March 31, 2024 on Monday, April 22, 2024 at 4:15 p.m. Eastern Time. Michael Olosky, Simpson's President and Chief Executive Officer, and Brian Magstadt, Chief Financial Officer and Treasurer, will host a conference call that same day at ...

Part I [Business](index=5&type=section&id=Item%201.%20Business) Simpson Manufacturing designs and manufactures structural solutions for wood, concrete, and steel, expanding globally through product innovation and strategic acquisitions - The company is a leading manufacturer of structural solutions for wood, concrete, and steel connections, with a strong brand presence under the **Simpson Strong-Tie®** name[18](index=18&type=chunk) - The April 2022 acquisition of **ETANCO** significantly expanded the company's product portfolio and market presence across Europe[19](index=19&type=chunk) - Key growth strategies include diversifying product and software portfolios, leveraging industry relationships, and providing extensive engineering and field support[21](index=21&type=chunk) - The company's primary raw material is **steel**, with prices subject to market fluctuations, and it does not typically hedge against these changes[39](index=39&type=chunk)[40](index=40&type=chunk) Employee Headcount by Region (as of Dec 31, 2023) | Region | Employee Count | | :--- | :--- | | North America | 3,274 | | Europe | 1,555 | | Asia Pacific | 668 | | **Total** | **5,497** | - As of December 31, 2023, approximately **9%** of employees are represented by labor unions and covered by collective bargaining agreements[56](index=56&type=chunk) [Risk Factors](index=13&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from economic volatility, cyclical markets, raw material prices, cybersecurity, and international operations - The business is significantly dependent on the housing and residential construction markets, influenced by factors like interest rates and consumer confidence[64](index=64&type=chunk)[65](index=65&type=chunk) - A significant portion of net sales comes from a few large customers, where loss of any could materially reduce net sales and income[66](index=66&type=chunk) - **Steel** is the principal raw material, and its price volatility means the company may not be able to pass on all cost increases to customers[72](index=72&type=chunk)[73](index=73&type=chunk) - The company faces significant cybersecurity risks, including data breaches and system disruptions, and must comply with evolving data privacy laws[77](index=77&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) - International operations, accounting for **26.4%** of consolidated sales in 2023, expose the company to currency fluctuations, complex laws, and political instability[94](index=94&type=chunk)[108](index=108&type=chunk) - The business is exposed to product liability claims and potential recalls due to the structural nature of its products, risking financial and reputational damage[110](index=110&type=chunk)[111](index=111&type=chunk)[113](index=113&type=chunk) [Unresolved Staff Comments](index=26&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[140](index=140&type=chunk) [Cybersecurity](index=26&type=section&id=Item%201C.%20Cybersecurity) The company employs a multi-layered "defense-in-depth" cybersecurity strategy, with Board oversight, and experienced no material financial impact from a 2023 incident - The company's cybersecurity risk management employs a "defense-in-depth" strategy to identify and manage threats[141](index=141&type=chunk) - On October 11, 2023, a cybersecurity incident caused approximately **three days** of business disruption but resulted in no material financial impact[145](index=145&type=chunk)[146](index=146&type=chunk) - The Audit and Finance Committee of the Board oversees the information security program and cybersecurity risks, receiving regular updates from management[148](index=148&type=chunk) [Properties](index=27&type=section&id=Item%202.%20Properties) The company's headquarters are in Pleasanton, California, operating 80 owned and leased facilities globally totaling approximately 6.4 million square feet Owned and Leased Facilities by Region (as of Feb 27, 2024) | Region | Number of Properties | Owned (sq. ft. in thousands) | Leased (sq. ft. in thousands) | Total (sq. ft. in thousands) | | :--- | :--- | :--- | :--- | :--- | | North America | 32 | 2,235 | 1,271 | 3,506 | | Europe | 38 | 1,886 | 668 | 2,554 | | Asia/Pacific | 9 | 175 | 41 | 216 | | Administrative and all other | 1 | 89 | — | 89 | | **Total** | **80** | **4,385** | **1,980** | **6,365** | [Legal Proceedings](index=28&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings, none of which are expected to have a material adverse effect on its financial condition or operations - The company is not currently a party to any legal proceedings expected to have a material adverse effect on its financial condition or results of operations[155](index=155&type=chunk) [Mine Safety Disclosures](index=28&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[156](index=156&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=28&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock is listed on the NYSE under "SSD," with **$45.2 million** in dividends and **$50.0 million** in share repurchases in 2023, and a new **$100.0 million** repurchase program authorized for 2024 - The company's common stock is listed on the New York Stock Exchange (NYSE) under the trading symbol "**SSD**"[158](index=158&type=chunk) - In 2023, the company paid a total of **$45.2 million** in cash dividends, and a quarterly dividend of **$0.27 per share** was declared on January 19, 2024[159](index=159&type=chunk) Share Repurchases in Q4 2023 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Oct 1 - Oct 31, 2023 | 128,093 | $133.12 | | Nov 1 - Nov 30, 2023 | 232,746 | $141.62 | | Dec 1 - Dec 31, 2023 | 73 | $166.97 | - The Board of Directors authorized a new share repurchase program of up to **$100.0 million**, effective from January 1, 2024, through December 31, 2024[165](index=165&type=chunk) [Reserved](index=31&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and contains no information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, net sales increased **4.6%** to **$2.21 billion**, gross margin improved to **47.1%**, and net income rose to **$354.0 million**, with 2024 projections for operating margin between **20.0%** and **21.5%** [Overview](index=32&type=section&id=Overview) The company's strategy focuses on achieving above-market revenue growth through organic opportunities and strategic acquisitions, strengthening its culture, and leading in innovation - The company's core ambitions include achieving above-market growth relative to U.S. housing starts and maintaining a top-quartile operating income margin among its peers[174](index=174&type=chunk) - Key achievements in 2023 include the integration of **ETANCO**, expansion of product lines, a path-to-market shift, and the rollout of over **50** new products[174](index=174&type=chunk)[175](index=175&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) For 2023, net sales increased **4.6%** to **$2.21 billion**, gross margin expanded to **47.1%** due to lower material costs, and net income reached **$354.0 million** Consolidated Results of Operations (2023 vs. 2022) | (in thousands) | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | Net sales | $2,213,803 | $2,116,087 | 4.6% | | Gross profit | $1,043,755 | $941,293 | 10.9% | | *Gross Margin* | *47.1%* | *44.5%* | *+260 bps* | | Income from operations | $475,149 | $459,067 | 3.5% | | *Operating Margin* | *21.4%* | *21.8%* | *-40 bps* | | Net income | $353,987 | $333,995 | 6.0% | | Diluted EPS | $8.26 | $7.76 | 6.4% | - The increase in gross margin to **47.1%** was primarily due to lower material costs, with the prior year including a **$13.6 million** inventory fair-value adjustment from the **ETANCO** acquisition[188](index=188&type=chunk) - Operating expenses increased significantly year-over-year: R&D by **34.8%**, Selling by **20.4%**, and General & Administrative by **17.3%**, mainly due to higher personnel costs and strategic investments[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk) [Business Outlook](index=34&type=section&id=Business%20Outlook) For fiscal year 2024, the company projects an operating margin between **20.0%** and **21.5%**, an effective tax rate of **25.0%** to **26.0%**, and capital expenditures of approximately **$200.0 million** - 2024 Operating margin is estimated to be in the range of **20.0%** to **21.5%**[183](index=183&type=chunk) - 2024 Effective tax rate is estimated to be between **25.0%** and **26.0%**[183](index=183&type=chunk) - 2024 Capital expenditures are estimated to be approximately **$200.0 million**, including **$120.0 million** for facility expansions in Ohio and Tennessee[183](index=183&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) The company ended 2023 with **$429.8 million** in cash, generated **$427.0 million** from operations, and returned **$95.2 million** to stockholders through repurchases and dividends Cash Flow Summary (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash from Operating activities | $427,022 | $399,821 | | Net cash used in Investing activities | ($103,251) | ($870,244) | | Net cash (used in) from Financing activities | ($199,034) | $465,526 | - As of December 31, 2023, the company had **$75.0 million** in borrowings under its revolving credit facility and **$410.6 million** under its term loan, with **$375.0 million** available under the revolver[220](index=220&type=chunk) - In 2023, the company returned **$95.2 million** to stockholders through **$50.0 million** in share repurchases and **$45.2 million** in dividends[226](index=226&type=chunk)[228](index=228&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages foreign exchange and interest rate risks using derivatives but does not hedge commodity price risk for steel, its primary raw material - The company manages foreign exchange risk through foreign currency forward contracts, particularly for the **Euro** and **Chinese Yuan**[236](index=236&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk) - Interest rate risk on variable-rate debt is managed by using interest rate swap agreements to convert variable rates to fixed rates[240](index=240&type=chunk)[241](index=241&type=chunk) - The company is exposed to commodity price risk from **steel**, its main raw material, but does not use derivative or hedging instruments to manage this risk[242](index=242&type=chunk) [Consolidated Financial Statements and Supplementary Data](index=44&type=section&id=Item%208.%20Consolidated%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2023, 2022, and 2021, including the independent auditor's unqualified opinion and detailed notes [Consolidated Balance Sheets](index=47&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2023, total assets increased to **$2.70 billion**, driven by higher cash and property, while total liabilities decreased to **$1.02 billion** due to reduced long-term debt Key Balance Sheet Items (in thousands) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $429,822 | $300,742 | | Total current assets | $1,312,441 | $1,179,250 | | Total assets | $2,704,724 | $2,503,971 | | Long-term debt, net | $458,791 | $554,539 | | Total liabilities | $1,024,978 | $1,090,592 | | Total stockholders' equity | $1,679,746 | $1,413,379 | [Consolidated Statements of Operations](index=48&type=section&id=Consolidated%20Statements%20of%20Operations) For 2023, net sales reached **$2.21 billion**, gross profit was **$1.04 billion** (47.1% gross margin), and net income was **$354.0 million**, or **$8.26** per diluted share Key Income Statement Data (in thousands, except per share data) | Metric | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Net sales | $2,213,803 | $2,116,087 | $1,573,217 | | Gross profit | $1,043,755 | $941,293 | $755,030 | | Income from operations | $475,149 | $459,067 | $367,793 | | Net income | $353,987 | $333,995 | $266,447 | | Diluted EPS | $8.26 | $7.76 | $6.12 | [Consolidated Statements of Cash Flows](index=50&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In 2023, the company generated **$427.0 million** from operations, used **$103.3 million** in investing, and **$199.0 million** in financing, resulting in a **$129.1 million** increase in cash Summary of Cash Flows (in thousands) | Activity | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $427,022 | $399,821 | $151,295 | | Net cash used in investing activities | ($103,251) | ($870,244) | ($58,805) | | Net cash (used in) provided by financing activities | ($199,034) | $465,526 | ($71,616) | | Net increase (decrease) in cash | $129,080 | ($413) | $26,516 | [Notes to Consolidated Financial Statements](index=51&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Key notes include the **$805.4 million** **ETANCO** acquisition, North America's leading sales contribution, and **85%** of 2023 sales from wood construction products - On April 1, 2022, the company acquired **ETANCO** for a total purchase consideration of **$805.4 million**, net of cash acquired, financed with cash on hand and borrowings[329](index=329&type=chunk) Net Sales by Product Group (in thousands) | Product Group | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Wood Construction | $1,881,700 | $1,831,580 | $1,361,113 | | Concrete Construction | $320,500 | $282,205 | $210,780 | | Other | $11,603 | $2,302 | $1,324 | | **Total** | **$2,213,803** | **$2,116,087** | **$1,573,217** | Segment Performance - 2023 (in thousands) | Segment | Net Sales | Income from Operations | | :--- | :--- | :--- | | North America | $1,716,422 | $473,229 | | Europe | $480,756 | $45,998 | | Asia/Pacific | $16,625 | $535 | - As of December 31, 2023, the company had **$485.7 million** outstanding under its Amended and Restated Credit Facility, consisting of a term loan and revolver borrowings[401](index=401&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=86&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[435](index=435&type=chunk) [Controls and Procedures](index=86&type=section&id=Item%209A.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2023, with no material changes identified - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[436](index=436&type=chunk) - Management assessed internal control over financial reporting as effective as of December 31, 2023, based on the **COSO** framework[438](index=438&type=chunk) [Other Information](index=86&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[441](index=441&type=chunk) [Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=86&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[442](index=442&type=chunk) Part III [Directors, Executive Officers, Corporate Governance, Compensation, and Principal Accounting Fees](index=87&type=section&id=Items%2010-14) Information for Items 10 through 14, covering governance, compensation, and accounting fees, is incorporated by reference from the company's 2024 Proxy Statement - Information for Items **10**, **11**, **12**, **13**, and **14** will be contained in the company's **2024 Proxy Statement** and is incorporated herein by reference[444](index=444&type=chunk)[445](index=445&type=chunk)[446](index=446&type=chunk)[447](index=447&type=chunk)[448](index=448&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=87&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all consolidated financial statements, schedules, and exhibits filed as part of the Annual Report on Form 10-K, including corporate governance documents and certifications - This section contains a list of all financial statements, schedules, and exhibits filed with the **Form 10-K**[450](index=450&type=chunk)[452](index=452&type=chunk) [Form 10-K Summary](index=91&type=section&id=Item%2016.%20Form%2010-K%20Summary) No summary is provided for this item - None[457](index=457&type=chunk)

Key PointsSimpson Manufacturing stock doubled in 2023 and is on track to double again over the next year or two.Industry-leading growth, investment in expansion and capital returns are driving the story. Analysts support the market and are leading it higher. 5 stocks we like better than Simpson ManufacturingSimpson Manufacturing’s NYSE: SSD share price more than doubled in 2023 and is on track to double again over the coming years. The company is supported by a double tailwind with favorable housing market ...

Financial Data and Key Metrics Changes - In Q4 2023, net sales totaled $501.7 million, reflecting a 5.5% increase over Q4 2022 [5][24] - Annual net sales reached $2.2 billion, with a 21.5% operating income margin and earnings per diluted share of $8.26 [11][35] - Consolidated gross margin improved to 47.1% from 44.5% in the previous year, driven by lower raw material costs and productivity improvements [45][59] Business Line Data and Key Metrics Changes - In North America, net sales increased 5.3% to $387.8 million, with wood product volume up 10.2% and concrete product volume up 7.5% [24][42] - In Europe, annual net sales were $480.8 million, a 20.1% increase over 2022, with a gross margin of 34.2% [6][55] - The OEM market saw low single-digit volume improvements, while national retail was slightly down [13][42] Market Data and Key Metrics Changes - U.S. housing starts finished below 2022 levels, but a shortage of approximately 2 million homes is expected to support market attractiveness [5][22] - The European market faced challenges, yet ETANCO sales remained stable compared to 2022 levels [6][30] Company Strategy and Development Direction - The company aims to invest in growth opportunities, including new product launches and market penetration, with a focus on innovation and customer service [4][20] - Strategic investments are expected to accelerate compounded annual growth rates above market levels, targeting a top quartile profitability [51][52] - The company is shifting away from two-step distribution to enhance direct relationships with distribution partners [46][120] Management's Comments on Operating Environment and Future Outlook - Management anticipates a challenging first half of 2024, with expectations for low single-digit growth overall [22][90] - The company remains confident in its ability to outperform the market, having historically achieved growth above market rates [92][91] - There is a commitment to maintaining a strong balance sheet and liquidity to support growth strategies [23][31] Other Important Information - The company generated strong cash from operations of $429.9 million in 2023, financing significant capital expenditures and share repurchases [51][84] - Capital expenditures for 2024 are estimated at approximately $200 million, including expansions in Ohio and Tennessee [65][138] Q&A Session Summary Question: Outlook for 2024 and growth expectations - Management expects flat to positive growth in the first half of 2024, with a stronger second half anticipated [37][90] Question: SG&A expenses and growth expectations - SG&A growth is expected to align with revenue growth, with a focus on maintaining investments for long-term growth [71][77] Question: Gross margin expectations and cost drivers - A modest pullback in gross margin is anticipated for 2024 due to new capacity and increased labor and distribution costs [113][106] Question: Opportunities for further market penetration - Management sees solid growth opportunities across all market segments, with a focus on enhancing customer relationships and service [92][120] Question: ETANCO business outlook - The ETANCO segment is expected to grow due to increasing energy regulations, with a reported growth of 10-15% over the prior year [127][128]