PLEASANTON, Calif.,
July 25, 2013 /PRNewswire/
-- Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD)
today announced its second quarter 2013 results.
Results for the Three Months Ended June 30, 2013, Compared with the Three Months
Ended June 30, 2012
Overview
Net sales increased 7.6% to $195.6
million for the second quarter of 2013 from $181.7 million for the second quarter of 2012.
The Company had net income of $18.5
million for the second quarter of 2013 compared to net
income of $15.9 million for the
second quarter of 2012. Diluted net income per common share was
$0.38 for the second quarter of 2013
compared to diluted net income of $0.33 per common share for the second quarter of
2012. The Company continues to invest in its strategic initiatives,
such as an expanded offering of concrete construction products,
particularly specialty chemicals, and wood construction products,
particularly truss plate and software offerings.
Net sales
The increase in the Company's second quarter 2013 net sales was
primarily due to increased sales in North
America, which were affected by improved economic
conditions, including a greater number of housing starts compared
to the second quarter of 2012. Net sales were affected negatively
by economic conditions in Europe,
reduced home center sales and lower selling prices in regions of
the United States, Canada and Europe.
- Segment net sales:
- North America net sales
increased 10.5% in the second quarter of 2013, compared to the
second quarter of 2012. Net sales in the
United States increased in all regions over the same period
in 2012, despite the loss of some home center business and price
reductions. Canada net sales
decreased over the same period in 2012 due to lower sales volumes
and lower selling prices.
- Europe net sales decreased
5.9% in the second quarter of 2013, compared to the second quarter
of 2012, with approximately half of the decrease due to exiting the
heavy-duty mechanical anchor business. The region's economic
conditions, extended winter conditions and price decreases also
contributed to the lower net sales. Effects due to foreign currency
translation were not significant.
- Consolidated net sales channels and product groups:
- Net sales to contractor distributors, dealer distributers and
lumber dealers increased in the second quarter of 2013, compared to
the second quarter of 2012, while net sales to home centers
decreased, partly as a result of the loss of Lowe's Companies Inc.
("Lowes") as a customer in the second quarter of 2012. Lowes
accounted for $5.3 million in net
sales in the second quarter of 2012.
- Excluding Lowes, net sales to home centers increased 6% in the
second quarter of 2013 compared to the second quarter of 2012,
while net sales to the Company's largest customer increased 10%
over the same period.
- Wood construction product sales, including connectors, truss
plates, fastening systems, fasteners and shearwalls, represented
85% of total Company sales in the second quarter of each of 2013
and 2012.
- Concrete construction product sales, including adhesives,
chemicals, mechanical anchors, powder actuated tools and
reinforcing fiber materials, represented 15% of total Company sales
in the second quarter of each of 2013 and 2012.
Gross profit
Gross profit increased to $89.4
million in the second quarter of 2013 from $83.1 million in the second quarter of 2012.
Gross profit as a percentage of net sales decreased slightly from
45.8% in the second quarter of 2012 to 45.7% in the second quarter
of 2013.
- North America – Gross profit
margin decreased from 48.2% in the second quarter of 2012 to 47.6%
in the second quarter of 2013, as a result of competitive price
pressure, higher factory overhead and higher distribution costs, as
a percentage of sales, partly offset by lower material costs as a
percentage of sales. Concrete construction product sales, which
have a lower gross margin than wood construction product sales,
increased to 13% of North America
sales in the second quarter of 2013 from 12% over the same period
in 2012 and negatively affected the gross profit margin.
- Europe – Gross profit margin
increased to 39.2% in the second quarter of 2013 from 37.3% in the
second quarter of 2012, as a result of decreased material, labor
and factory overhead costs (due to higher production volumes) and
distribution costs, as a percentage of sales. Exiting the
heavy-duty mechanical anchor business also contributed to the
increased gross profit margin. Concrete construction product sales,
which have a lower gross margin than wood construction product
sales, decreased from 22% of Europe sales in the second quarter of 2012 to
20% in the second quarter of 2013, and positively affected the
gross profit margin.
- Product mix – The gross profit margin differential between wood
construction products and concrete construction products decreased
from 13% in the second quarter of 2012 to 9% in the second quarter
of 2013, primarily due to reduced concrete construction product
costs, including material and factory overhead costs, partly offset
by higher distribution costs.
- Steel prices – Steel prices increased slightly during the
second quarter in the United
States market. The Company expects steel prices to continue
to increase during the third quarter of 2013 if demand increases as
expected.
Research and development and engineering expenses
Research and development and engineering expenses increased 4.9%
to $9.5 million in the second quarter
of 2013 from $9.0 million in the
second quarter of 2012, primarily due to the Company replacing
Keymark, an outside software development firm contracted by the
Company during 2012, with an in-house software development team at
the beginning of 2013.
- North America – Research and
development and engineering expenses increased $0.3 million, primarily due to $2.0 million in 2013 in-house software
development costs, comprising mostly personnel costs, compared to
$1.6 million in 2012 paid to Keymark
for software development. The increase in in-house software
development costs for the second quarter of 2013 was primarily due
to the hiring of additional programmers and contracted
services.
Selling expenses
Selling expenses increased 8.9% to $21.7
million in the second quarter of 2013 from $19.9 million in the second quarter of 2012,
primarily due to increases of $0.7
million in personnel costs, $0.4
million in cash profit sharing, and $0.2 million in each of stock-based compensation,
professional and legal fees and promotional expenses.
- North America – Selling
expenses increased $1.7 million,
primarily due to increases of $0.5
million in personnel costs, mostly from additional sales
representatives in support of new businesses acquired in 2011 and
2012 and increased pay rates, $0.3
million in cash profit sharing costs due to increased
profits, and $0.2 million in each of
stock-based compensation and professional and legal fees.
General and administrative expenses
General and administrative expenses increased 5.6% to
$28.6 million in the second quarter
of 2013 from $27.1 million in the
second quarter of 2012, primarily due to increases of $0.9 million in personnel costs, $0.8 million in cash profit sharing and
$0.6 million in stock-based
compensation, partly offset by decreases of $0.5 million in professional and legal fees and
$0.2 million in communication and
computer expense and a reduction of $0.2
million in losses from foreign currency translations.
- North America – General and
administrative expenses increased $1.3
million, primarily due to increases of $1.0 million in personnel costs due to the
addition of administrative and information technology staff and pay
rate increases instituted in January
2013 and $0.7 million in cash
profit sharing due to increased profits, partly offset by decreases
of $0.2 million in bad debt expense
and $0.2 million in communication and
computer expense.
- Europe – General and
administrative expenses decreased slightly by $0.1 million, primarily due to reduced losses
from foreign currency translations of $0.2
million and various other decreases, mostly offset by
increased stock-based compensation of $0.4
million.
- Admin & All Other – General and administrative expenses
increased $0.4 million, primarily due
to various increases, including personnel costs, cash profit
sharing and stock-based compensation, partly offset by a decrease
of $0.6 million in legal and
professional fees.
Income taxes
The effective income tax rate decreased from 41.7% in the second
quarter of 2012 to 37.7% in the second quarter of 2013, due to
reduced operating losses in the second quarter 2013 in the
Europe and Asia/Pacific segments for which a valuation
allowance was recorded.
Results for the Six Months Ended June
30, 2013, Compared with the Six Months Ended June 30, 2012
Overview
Net sales increased 2.8% to $350.1
million in the first half of 2013 from $340.4 million in the first half of 2012. The
Company had net income of $23.3
million in the first half of 2013 compared to net income of
$23.1 million in the first half of
2012. Diluted net income per common share was $0.48 in the first half of each of 2013 and
2012.
Net sales
The increase in net sales was primarily due to increased sales
in North America, which were
positively affected by improved economic conditions, including a
greater number of housing starts compared to the first half of
2012, despite reduced home center sales and lower selling
prices.
- Segment net sales:
- North America net sales were
up 5.5% in the first half of 2013, compared to the first half of
2012. Sales in the United States
increased over the same period in 2012, despite reduced home center
business and lower selling prices. Canada net sales decreased slightly over the
same period in 2012 due to lower sales volumes and lower selling
prices.
- Europe net sales decreased
10.2% in the first half of 2013, compared to the first half of
2012, primarily due to exiting the heavy-duty mechanical anchor
business, the region's economic conditions, lower sales volumes and
lower selling prices. Based on current information, the Company
does not expect the region's economic conditions to improve during
the second half of 2013, which will continue to negatively affect
net sales. Effects due to foreign currency translation were not
significant.
- Consolidated net sales channels and product groups:
- Net sales to contractor distributors, dealer distributors and
lumber dealers increased in the first half of 2013, compared to the
first half of 2012, while net sales to home centers decreased,
partly as a result of the loss of Lowes as a customer in the second
quarter of 2012. Lowes accounted for $11.7
million in net sales in the first half of 2012.
- Excluding Lowes, net sales to home centers decreased 2% in the
first half of 2013, compared to the same period in 2012, while net
sales to the Company's largest customer increased 1% over the same
period.
- Wood construction product sales represented 85% of total
Company sales in the first half of 2013, down from 86% in the first
half of 2012.
- Concrete construction product sales increased as a percentage
of total sales to 15% in the first half of 2013, from 14% in the
first half of 2012.
Gross profit
Gross profit increased to $154.4
million in the first half of 2013 from $152.6 million in the first half of 2012. Gross
profit as a percentage of net sales decreased from 44.8% in the
first half of 2012 to 44.1% in the first half of 2013. Based on
current information, the Company estimates that its 2013 full-year
gross profit margin will be 42% to 43%.
- North America – Gross profit
margin decreased from 47.5% in the first half of 2012 to 46.3% in
the first half of 2013, as a result of competitive price pressure,
higher factory overhead and higher distribution costs as a
percentage of sales. Concrete construction product sales, which
have a lower gross margin than wood construction product sales,
increased to 13% of North America
sales in the first half of 2013 from 12% in the first half of 2012,
and negatively affected the gross profit margin.
- Europe – Gross profit margin
increased to 35.5% in the first half of 2013 from 35.0% in the
first half of 2012, as a result of lower material, labor,
distribution, and factory overhead costs as a percentage of sales,
partly due to exiting the heavy-duty mechanical anchor
business.
- Product mix – The gross profit margin differential between wood
construction products and concrete construction products decreased
from 16% in the first half of 2012 to 11% in the first half of
2013, primarily due to reduced concrete construction product costs
including material and labor costs as well as savings from exiting
the heavy-duty mechanical anchor business, partly offset by higher
factory overhead and distribution costs.
Research and development and engineering expenses
Research and development and engineering expenses decreased 2.5%
from $18.2 million in the first half
of 2012 to $17.8 million in the first
half of 2013, primarily due to the Company replacing Keymark, an
outside software development firm contracted by the Company during
2012, with an in-house software development team at the beginning
of 2013, partly offset by increased personnel costs.
- North America – Research and
development and engineering expenses decreased $0.2 million, primarily due to $3.6 million in 2012 Keymark fees for software
development costs compared to $3.4
million in 2013 in-house software development costs,
comprising mostly personnel costs and contracted services.
- North America – The pace of
spending on software development accelerated by $0.5 million in the second quarter of 2013 over
the first quarter of 2013. Based on current information, the
Company estimates the pace of spending to continue at the higher
rate in the second half of 2013.
- Europe – Research and
development and engineering expenses decreased $0.5 million, primarily due to a decrease of
$0.6 million in professional
fees.
Selling expenses
Selling expenses increased 6.7% to $43.0
million in the first half of 2013 from $40.3 million in the first half of 2012,
primarily due to increases of $1.2
million in personnel costs, $0.6
million in promotional costs, $0.4
million in stock-based compensation, $0.2 million in professional fees and
$0.2 million in cash profit
sharing.
- North America – Selling
expenses increased $2.8 million,
primarily due to increases of $1.2
million in personnel costs (mostly from additional sales
representatives in support of new businesses acquired in 2011 and
2012 and increased pay rates), $0.6
million in promotional costs, $0.4
million in stock-based compensation and $0.2 million in professional fees.
General and administrative expenses
General and administrative expenses increased 2.9% to
$54.9 million in the first half of
2013 from $53.3 million in the first
half of 2012, primarily due to increases of $0.8 million in personnel cost, $0.6 million in impairment expenses and
$0.5 million in facility expenses, as
well as a $0.5 million increase in
net losses from foreign currency translations and a $0.4 million reduction in intangible amortization
expense. These changes were partly offset by a $1.2 million decrease in legal and professional
fees.
- North America – General and
administrative expenses increased $0.5
million, primarily due to increases of $1.3 million in personnel costs due to the
addition of administrative and information technology staff and pay
rate increases instituted in January
2013 and $0.5 million in
intangible amortization expense due to recent acquisitions, partly
offset by decreases of $0.5 million
in impairment costs and $0.4 million
in legal and professional fees and various other decreases in
expenses.
- Europe – General and
administrative expenses increased $0.7
million, primarily due to a $1.0
million impairment associated with the Company's real estate
in Ireland and a $0.5 million reduction in gains from foreign
currency translations, partly offset by a $0.6 million decrease in personnel costs.
Income taxes
The effective income tax rate decreased from 43.5% in the first
half of 2012 to 39.8% in the first half of 2013 primarily due to
$2.3 million in non-deductible
acquisition costs recorded in 2012. Based on current information
and subject to future events and circumstances, the Company
estimates that its 2013 effective tax rate will be 40% to 42%.
Additional information
At its meeting on July 17, 2013,
the Company's Board of Directors declared a cash dividend of
$0.125 per share. The record date for
the dividend will be October 3, 2013,
and it will be paid on October 24,
2013.
At the same July 17, 2013 meeting,
the Company's Board of Directors elected Karen Colonias to the Board for an initial term
expiring at the annual meeting of stockholders in 2014. Ms.
Colonias has been the Company's Chief Executive Officer since
January 2012. From May 2009 to January
2012, she was our Chief Financial Officer, Secretary and
Treasurer. Prior to that, she held the position of Vice President
of our subsidiary, Simpson Strong-Tie Company Inc., and in that
capacity since 2004 served as the Branch Manager of Simpson
Strong-Tie's manufacturing facility in Stockton, California. She joined Simpson
Strong-Tie in 1984 as an engineer in the research and development
department, where she was responsible for the design and testing of
new products and code development. In 1998, Simpson Strong-Tie
promoted Ms. Colonias to Vice President of Engineering, responsible
for Simpson Strong-Tie's research and development efforts. Before
joining Simpson Strong-Tie, she worked as a civil engineer for the
Bechtel Corporation. Ms. Colonias has a BS in Engineering and an
MBA and is also a licensed professional engineer. Ms. Colonias has
not yet been appointed to any committees of the Board.
Investors, analysts and other interested parties are invited to
join the Company's conference call on Friday, July 26, 2013, at 6:00 am Pacific Time. To participate, callers may
dial 866-952-1906. The call will be webcast simultaneously as well
as being available for one month through a link on the Company's
website at www.simpsonmfg.com.
This document contains forward-looking statements, based on
numerous assumptions and subject to risks and uncertainties.
Although the Company believes that the forward-looking statements
are reasonable, it does not and cannot give any assurance that its
beliefs and expectations will prove to be correct. Many factors
could significantly affect the Company's operations and cause the
Company's actual results to differ substantially from the Company's
expectations. Those factors include, but are not limited to: (i)
general economic and construction business conditions; (ii)
customer acceptance of the Company's products; (iii) relationships
with key customers; (iv) materials and manufacturing costs; (v) the
financial condition of customers, competitors and suppliers; (vi)
technological developments; (vii) increased competition; (viii)
changes in capital and credit market conditions; (ix) governmental
and business conditions in countries where the Company's products
are manufactured and sold; (x) changes in trade regulations; (xi)
the effect of acquisition activity; (xii) changes in the Company's
plans, strategies, objectives, expectations or intentions; and
(xiii) other risks and uncertainties indicated from time to time in
the Company's filings with the U.S. Securities and Exchange
Commission. Actual results might differ materially from
results suggested by any forward-looking statements in this
document. The Company does not have an obligation to publicly
update any forward-looking statements, whether as a result of the
receipt of new information, the occurrence of future events or
otherwise.
The Company's results of operations (unaudited) for the three
and six months ended June 30, 2013
and 2012, were as follows:
|
|
|
Three
Months
|
|
Six
Months
|
|
|
|
Ended June
30,
|
|
Ended June
30,
|
(Amounts in
thousands, except per share data)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Net sales
|
$195,596
|
|
$181,703
|
|
$350,130
|
|
$340,437
|
|
Cost of
sales
|
106,176
|
|
98,557
|
|
195,736
|
|
187,886
|
|
|
Gross
profit
|
89,420
|
|
83,146
|
|
154,394
|
|
152,551
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development and engineering expenses
|
9,484
|
|
9,043
|
|
17,792
|
|
18,240
|
|
Selling
expenses
|
21,652
|
|
19,881
|
|
43,024
|
|
40,314
|
|
General and
administrative expenses
|
28,595
|
|
27,087
|
|
54,884
|
|
53,331
|
|
Loss (gain) on sale
of assets
|
11
|
|
(13)
|
|
3
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
29,678
|
|
27,148
|
|
38,691
|
|
40,656
|
|
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
1
|
|
58
|
|
40
|
|
123
|
|
|
Income before
taxes
|
29,679
|
|
27,206
|
|
38,731
|
|
40,779
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
11,177
|
|
11,347
|
|
15,434
|
|
17,719
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
18,502
|
|
$
15,859
|
|
$
23,297
|
|
$
23,060
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.38
|
|
$
0.33
|
|
$
0.48
|
|
$
0.48
|
|
|
Diluted
|
0.38
|
|
0.33
|
|
0.48
|
|
0.48
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
48,529
|
|
48,340
|
|
48,532
|
|
48,307
|
|
|
Diluted
|
48,628
|
|
48,419
|
|
48,627
|
|
48,378
|
|
|
|
|
|
|
|
|
|
|
|
Other
data:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
7,290
|
|
$
7,093
|
|
$
14,777
|
|
$
13,813
|
|
|
Pre-tax impairment of
assets
|
–
|
|
–
|
|
1,025
|
|
461
|
|
|
Pre-tax equity-based
compensation expense
|
3,023
|
|
2,116
|
|
6,001
|
|
5,300
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividend
declared per common share
|
$
0.125
|
|
$
0.125
|
|
$
0.125
|
|
$
0.25
|
The Company's financial position (unaudited) as of June 30, 2013 and 2012, and December 31, 2012, was as follows:
|
|
|
June
30,
|
|
December
31,
|
(Amounts in
thousands)
|
2013
|
|
2012
|
|
2012
|
|
Cash and short-term
investments
|
$165,275
|
|
$162,719
|
|
$
175,553
|
|
Trade accounts
receivable, net
|
126,888
|
|
120,119
|
|
82,812
|
|
Inventories
|
196,247
|
|
185,217
|
|
204,124
|
|
Assets held for
sale
|
586
|
|
–
|
|
593
|
|
Other current
assets
|
21,339
|
|
26,640
|
|
34,972
|
|
|
Total current
assets
|
510,335
|
|
494,695
|
|
498,054
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
209,544
|
|
208,685
|
|
213,452
|
|
Goodwill
|
122,678
|
|
127,983
|
|
121,981
|
|
Other noncurrent
assets
|
54,428
|
|
47,542
|
|
56,835
|
|
|
Total
assets
|
$896,985
|
|
$878,905
|
|
$
890,322
|
|
|
|
|
|
|
|
|
|
Trade accounts
payable
|
$
29,579
|
|
$
34,740
|
|
$
37,117
|
|
Notes payable and
lines of credit
|
1,201
|
|
4,837
|
|
178
|
|
Other current
liabilities
|
64,953
|
|
60,448
|
|
58,220
|
|
|
Total current
liabilities
|
95,733
|
|
100,025
|
|
95,515
|
|
|
|
|
|
|
|
|
|
Other long-term
liabilities
|
8,221
|
|
5,936
|
|
5,239
|
|
Stockholders'
equity
|
793,031
|
|
772,944
|
|
789,568
|
|
|
Total liabilities and
stockholders' equity
|
$896,985
|
|
$878,905
|
|
$
890,322
|
Additional financial data of the Company (unaudited) for the
three months and six months ended June 30,
2013 and 2012, were as follows:
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
June
30,
|
%
|
June
30,
|
%
|
(Amounts in
thousands)
|
2013
|
|
2012
|
change
|
2013
|
|
2012
|
change
|
Net Sales by
Reporting Segment
|
|
|
|
|
|
|
|
|
|
North
America
|
$159,757
|
|
$144,532
|
11%
|
$287,493
|
|
$272,500
|
6%
|
|
Europe
|
32,099
|
|
34,120
|
(6%)
|
56,016
|
|
62,356
|
(10%)
|
|
Asia/Pacific
|
3,502
|
|
2,735
|
28%
|
6,147
|
|
5,107
|
20%
|
|
Administrative and
all other
|
238
|
|
316
|
N/M
|
474
|
|
474
|
N/M
|
|
|
Total
|
$195,596
|
|
$181,703
|
8%
|
$350,130
|
|
$340,437
|
3%
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales by
Product Group*
|
|
|
|
|
|
|
|
|
|
Wood
Construction
|
$165,869
|
|
$154,810
|
7%
|
$298,666
|
|
$292,589
|
2%
|
|
Concrete
Construction
|
29,421
|
|
26,488
|
11%
|
50,856
|
|
47,230
|
8%
|
|
Other
|
306
|
|
405
|
N/M
|
608
|
|
618
|
N/M
|
|
|
Total
|
$195,596
|
|
$181,703
|
8%
|
$350,130
|
|
$340,437
|
3%
|
Gross Profit
(Loss) by Reporting Segment
|
|
|
|
|
|
|
|
|
|
North
America
|
$
76,036
|
|
$
69,707
|
9%
|
$133,128
|
|
$129,533
|
3%
|
|
Europe
|
12,585
|
|
12,729
|
(1%)
|
19,886
|
|
21,854
|
(9%)
|
|
Asia/Pacific
|
881
|
|
339
|
160%
|
1,327
|
|
749
|
77%
|
|
Administrative and
all other
|
(82)
|
|
371
|
N/M
|
53
|
|
415
|
N/M
|
|
|
Total
|
$
89,420
|
|
$
83,146
|
8%
|
$154,394
|
|
$152,551
|
1%
|
Income (Loss) from
Operations
|
|
|
|
|
|
|
|
|
|
North
America
|
$
29,665
|
|
$
26,583
|
12%
|
$
44,924
|
|
$
44,456
|
1%
|
|
Europe
|
2,241
|
|
2,088
|
7%
|
(1,939)
|
|
(284)
|
N/M
|
|
Asia/Pacific
|
(46)
|
|
(163)
|
N/M
|
(1,229)
|
|
(817)
|
N/M
|
|
Administrative and
all other
|
(2,182)
|
|
(1,360)
|
N/M
|
(3,065)
|
|
(2,699)
|
N/M
|
|
|
Total
|
$
29,678
|
|
$
27,148
|
9%
|
$
38,691
|
|
$
40,656
|
(5%)
|
|
|
*
|
The Company manages
its business by geographic segment but is presenting sales by
product group as additional information.
|
N/M
|
Statistic is not
meaningful.
|
Simpson Manufacturing Co., Inc., headquartered in Pleasanton, California, through its
subsidiary, Simpson Strong-Tie Company Inc., designs, engineers and
is a leading manufacturer of wood construction products, including
connectors, truss plates, fastening systems, fasteners and
shearwalls, and concrete construction products, including
adhesives, specialty chemicals, mechanical anchors, powder actuated
tools and reinforcing fiber materials. The Company's common stock
trades on the New York Stock Exchange under the symbol "SSD."
For further information, contact Tom
Fitzmyers at (925) 560-9030.
SOURCE Simpson Manufacturing Co., Inc.