Simpson(SSD) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter 2024 net sales were $517.4 million, a 3.1% increase from $501.7 million in Q4 2023[3] - Full year 2024 net sales reached $2.2 billion, reflecting a 0.8% year-over-year increase[3] - Gross profit for Q4 2024 was $227.7 million, up 3.3% from $220.5 million in Q4 2023, with a gross profit margin of 44.0%[3] - Full year 2024 income from operations was $430.0 million, resulting in an operating income margin of 19.3%[3] - Full year 2024 net income per diluted share was $7.60, down 8.0% from $8.26 in 2023[3] - Adjusted EBITDA for Q4 2024 was $102,035,000, compared to $92,872,000 in Q4 2023, reflecting a significant improvement[32] - The company reported a net income of $55,458,000 for Q4 2024, slightly up from $54,803,000 in Q4 2023[22] Shareholder Returns - The company declared a quarterly cash dividend of $0.28 per share, totaling $11.7 million[12] - The company repurchased 275,906 shares for $50.0 million during Q4 2024, completing a $100.0 million share repurchase program[12] Future Outlook - The 2025 outlook estimates consolidated operating margin to be in the range of 18.5% to 20.5%[12] - Capital expenditures for 2025 are estimated between $150.0 million and $170.0 million, including $75.0 million for facility expansions[12] - The company anticipates a low single-digit recovery in U.S. housing starts in 2025, with European housing starts expected to remain consistent with 2024 levels[4] Regional Performance - North America accounted for 78.2% of total net sales in Q4 2024, with sales of $404,752,000, up 4.4% from $387,805,000 in Q4 2023[27] - The gross profit margin for North America remained stable at 47.0% for Q4 2024[27] Research and Development - Research and development expenses for the twelve months ended December 31, 2024, totaled $93,576,000, an increase from $92,167,000 in 2023[22] Assets and Debt - The company’s total assets as of December 31, 2024, were $2,737,350,000, compared to $2,704,724,000 in 2023[24] - The company’s long-term debt, net of current portion, decreased to $362,563,000 from $458,791,000 in 2023[24] Strategic Focus - The company plans to continue focusing on market expansion and product development to drive future growth[19]