PLEASANTON, Calif.,
July 30, 2018 /PRNewswire/ --
- 2018 second quarter net sales of $308.0 million increased 17.1%
year–over–year
- 2018 second quarter earnings of $0.94 per diluted share increased 59.3%
year-over-year
- Declared a $0.22 cash
dividend
Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an
industry leader in engineered structural connectors and building
solutions, today announced its financial results for the second
quarter of 2018. Refer to the "Segment and Product Group
Information" table below for additional segment information
(including information about the Company's Asia/Pacific segment and Administrative and
All Other segment). In the third quarter of 2017, the Company
reclassified year to date expenses associated with a recent
acquisition. As a result, the 2017 second quarter financial results
presented below have been revised to reflect these changes with
$1.3 million of costs being
reclassified from research and development and engineering expense
to general and administrative expense ($1.2
million) and selling expense ($0.1
million). The 2017 year-to-date (6-month) financial results
presented below have been revised to reflect these changes with
$2.6 million of costs being
reclassified from research and development and engineering expense
to general and administrative expense ($2.3
million) and selling expense ($0.3
million).
2018 Second Quarter Financial Highlights
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
June 30, 2018 with the quarter ended June 30, 2017.
- Consolidated net sales of $308.0
million increased 17.1% from $263.0
million.
-
- North America net sales of
$259.8 million increased 20.4% from
$215.7 million, primarily due to
increases in sales volume. Canada's net sales were positively affected by
foreign currency translation.
- Europe net sales of
$45.8 million increased 1.2% from
$45.2 million, primarily due to
approximately $2.7 million of
positive foreign currency translations resulting from Europe currencies strengthening against
the United States dollar, as well
as increases in sales volume. Net sales were partly offset by
reduced sales volume due to the late 2017 sale of Gbo Fastening
Systems' Poland and Romania subsidiaries (acquired in January 2017), which contributed $4.3 million in net sales for the second quarter
of 2017.
- Consolidated gross profit of $141.5
million increased 14.5% from $123.5
million. Gross profit margin decreased to 45.9% from 47.0%
mostly due to increased material costs.
-
- North America gross profit
margin decreased to 47.6% from 49.4%.
- Europe gross profit margin
increased to 38.2% from 37.2%.
- Consolidated income from operations of $60.7 million increased 34.6% from $45.1 million. Income from operations for the
second quarter of 2018 included severance expenses of $2.2 million recorded for the quarter and
increased SAP related expenses of $1.1
million. Consolidated operating profit margin increased to
19.7% from 17.2%.
-
- North America income from
operations of $58.5 million, which
included severance costs of $0.7
million recorded in cost of sales, increased 39.2% from
$42.0 million.
- Europe income from operations
of $2.8 million, which included
severance costs of $1.6 million
recorded in general and administrative expense and increased SAP
related costs of $0.5 million,
decreased 31.2% from $4.1 million.
Europe income from operations for
the second quarter of 2018 was negatively impacted by the late 2017
sale of Gbo Fastening Systems' Poland and Romania subsidiaries (acquired in January 2017), which subsidiaries contributed
$0.4 million in income from
operations for the second quarter of 2017.
- The Company's effective income tax rate decreased to 27.2% from
37.2%, primarily due to the U.S. Tax Cuts and Jobs Act of 2017,
which reduced the United States
statutory federal corporate tax rate from 35% to 21%.
- Consolidated net income was $44.1
million, or $0.94 per diluted
share of the Company's common stock, compared to net income of
$28.2 million, or $0.59 per diluted share of the Company's common
stock.
Year-to-Date (6-month) 2018 Financial Highlights
All comparisons below (which are generally indicated by words
such as "increased," "decreased," "remained," or "compared to"),
unless otherwise noted, are comparing the six months ended
June 30, 2018 with the six months ended June 30,
2017.
- Consolidated net sales of $552.8
million increased 14.5% from $482.9
million.
-
- North America net sales of
$466.0 million increased 16.7% from
$399.5 million, primarily due to
increases in sales volume. Canada's net sales were positively affected by
foreign currency translation.
- Europe net sales of
$82.1 million increased 3.1% from
$79.6 million, primarily due to
approximately $7.1 million of
positive foreign currency translations resulting from Europe currencies strengthening against
the United States dollar. Net
sales were partly offset by reduced sales volume due to the late
2017 sale of Gbo Fastening Systems' Poland and Romania subsidiaries (acquired in January 2017), which contributed $7.3 million in net sales for the six months
ended June 30, 2017. In local
currencies, Europe net sales
increased primarily due to increased sales volumes and average net
sales unit prices.
- Consolidated gross profit of $250.0
million increased 11.8% from $223.7
million. Gross profit as a percentage of net sales decreased
to 45.2% from 46.3%.
-
- North America gross profit as
a percentage of net sales decreased to 47.3% from 48.9%.
- Europe gross profit as a
percentage of net sales increased to 35.4% from 35.0%.
- Consolidated income from operations of $93.5 million increased 38.0% from $67.8 million. Income from operations for the six
months ended June 30, 2018 included a
$1.0 million gain reported in 2018
due to the resolution of an eminent domain claim, severance costs
of $2.3 million and increased SAP
related expenses of $4.3 million. As
a percentage of net sales, consolidated income from operations
increased to 16.9% from 14.0%.
-
- North America income from
operations of $94.5 million,
including severance costs of $0.7
million, increased 37.3% from $68.8
million.
- Europe income from operations
of $1.2 million, which included
severance costs of $1.6 million
recorded in general and administrative expense and increased SAP
related costs of $1.2 million,
decreased 48.0% from $2.3 million.
Europe income from operations for
the six months ended June 30, 2018
was negatively impacted by the late 2017 sale of Gbo Fastening
Systems' Poland and Romania subsidiaries (acquired in January 2017), which subsidiaries contributed
$0.6 million in income from
operations for the six months ended June 30,
2017.
- The Company's effective income tax rate decreased to 25.4% from
32.2%, primarily due to the U.S. Tax Cuts and Jobs Act of 2017,
which reduced the United States
statutory federal corporate tax rate from 35% to 21%. The effective
income tax rate for the six months ended June 30, 2017 was also reduced by a nonrecurring
gain on a bargain purchase related to the Gbo Fastening Systems
acquisition, which was not taxable.
- Consolidated net income was $69.5
million, or $1.48 per diluted
share of the Company's common stock, compared to net income of
$51.3 million, or $1.07 per diluted share of the Company's common
stock. The $51.3 million consolidated
net income for the six months ended June 30,
2017 included an $8.4 million
nonrecurring gain on a bargain purchase of a business, which
increased diluted earnings per share for the same period by
$0.18.
- Cash flow provided by operating activities increased
approximately $47.6 million to
$55.4 million from $7.7 million.
- Cash flow used in investing activities decreased approximately
$39.3 million to $17.0 million from $56.4
million. Capital expenditures were $19.0 million compared to $30.2 million. The Company did not make any asset
acquisitions in the first six months of 2018 compared to
$26.3 million of asset acquisitions,
net of cash received, in the prior year period.
Management Commentary
"We had an excellent second quarter with our net sales up 17%
year-over-year to $308.0 million,"
commented Karen Colonias, President
and Chief Executive Officer of Simpson Manufacturing Co., Inc.
"Positive demand trends, supported by strong North American housing
starts, resulted in high growth in sales volume throughout almost
all areas of our company. We do not believe our growth in second
quarter sales volume was a result of significant pre-buying
activity in advance of the 11.5% average price increase for a
majority of our U.S. wood connector products which became effective
on July 1, 2018. So far in the third
quarter, demand remains strong."
Mrs. Colonias continued, "During the quarter, we continued to
execute against our key operating initiatives, many of which stem
from the 2020 Plan we unveiled three quarters ago to provide more
clarity into our longer-term strategy and financial objectives. I
am pleased to reiterate our 2020 financial targets as part of this
plan today. In addition, we made important headway in the second
quarter with our third-party consultants in regard to identifying
improvements to our cost structure and working capital and these
improvements are expected to be realized in the future. We also
continued to concentrate on growing our market share and improving
our technologies and systems to provide best-in-class service to
our customers, an important part of our longstanding, trusted
reputation, and what sets the Simpson Strong-Tie brand apart. We
remain confident in our ability to execute based on current market
conditions and believe our key objectives will provide additional
runway to continue returning capital to shareholders."
Corporate Developments
- Effective July 1, 2018, the
Company increased prices on a majority of its wood connector
products sold in the United States
by an average of 11.5% in an effort to offset rising raw materials
costs.
- On July 26, 2018, the Company's
Board of Directors declared a quarterly cash dividend of
$0.22 per share. The dividend will be
payable on October 25, 2018 to the
Company shareholders of record as of October
4, 2018.
- During the first two quarters of 2018, the Company received and
repurchased 627,271 shares of the Company's common stock, including
445,100 shares of its common stock repurchased in the open market
at an average price of $57.15 per
share, for a total of $25.4 million
and 182,171 shares of its common stock received as the final
delivery of a $50.0 million
accelerated share repurchase program initiated in December 2017. As a result, as of June 30, 2018, approximately $126.1 million remained available for share
repurchase through December 31, 2018
under the Company's previously announced $275.0 million share repurchase
authorization.
Business Outlook
Subject to changing economic conditions, future events and
circumstances:
- The Company currently believes the market price for steel will
continue to be volatile during the third quarter of 2018, due to
uncertainty related to steel tariffs.
- The Company estimates that its 2018 full-year gross profit
margin will be between approximately 45% to 46%.
- The Company estimates that its 2018 full-year effective tax
rate will be between approximately 26% to 27%, including both
federal and state income tax rates. The ultimate impact of the Tax
Cuts and Jobs Act signed into law in 2017 and the Company's 2018
effective tax rate may differ materially from the Company's
estimates due to changes in the interpretations and assumptions
made by the Company as well as additional regulatory guidance that
may be issued and actions the Company may take as a result of the
Tax Cuts and Jobs Act, such as cash repatriation to the United States, if any. The Company will
continue to assess the expected impact of the new tax law and
provide additional disclosures at appropriate times.
Conference Call Details
Investors, analysts and other interested parties are invited to
join the Company's second quarter 2018 financial results conference
call on Monday, July 30, 2018, at
5:00 pm Eastern Time (2:00 pm Pacific Time). To participate, callers
may dial (877) 407-0792 (U.S. and Canada) or (201) 689-8263 (International)
approximately 10 minutes prior to the start time. The call will be
webcast simultaneously and can be accessed through
http://public.viavid.com/index.php?id=130399 or a link on the
Company's website at www.simpsonmfg.com/financials/events.html. For
those unable to participate during the live broadcast, a replay of
the call will also be available beginning that same day at
8:00 p.m. Eastern Time until 11:59 p.m.
Eastern Time on Monday, August 13, 2018, by dialing (844)
512–2921 (U.S. and Canada) or
(412) 317–6671 (International) and entering the conference ID:
13681442. The webcast will remain posted on the Company's website
for 90 days.
A copy of this earnings release will be available prior to the
call, accessible through the Investor Relations section of the
Company's website at www.simpsonmfg.com.
About Simpson Manufacturing Co., Inc.
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."
Forward-Looking Statements
This document contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, based on numerous assumptions and
subject to risks and uncertainties (some of which are beyond our
control), such as statements regarding the achievement and the
effects of the Company's 2020 Plan and other operating initiatives
(including the financial targets thereunder such as improvements to
the Company's cost structure and working capital); the impact of
the Company's price increases and its efforts to offset rising
material costs; the future demand for the Company's products and
services, the Company's future market share, the Company's
technology and system improvements; the Company's 2018 full-year
gross profit margin and effective tax rate; the Company's potential
cash repatriation to the United
States; as well as future steel prices. Forward-looking
statements are necessarily speculative in nature, and it can be
expected that some or all of the assumptions of the forward-looking
statements the Company furnishes will not materialize or will vary
significantly from actual results. Although the Company believes
that these forward-looking statements are reasonable, it does not
and cannot give any assurance that its beliefs and expectations
will prove to be correct, and our actual results might differ
materially from results suggested by any forward-looking statement
in this document. 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) the impact, execution and
effectiveness of the Company's current strategic plan, the 2020
Plan (including the financial targets thereunder), and the
Company's efforts and costs to implement the plan, (ii) general
business cycles and construction business conditions; (iii)
customer acceptance of the Company's products; (iv) product
liability claims, contractual liability, engineering and design
liability and similar liabilities or claims, (v) relationships with
key customers; (vi) materials and manufacturing costs; (vii) the
financial condition of customers, competitors and suppliers; (viii)
technological developments including software development; (ix)
increased competition; (x) changes in industry practices or
regulations; (xi) litigation risks and actions by activist
shareholders, (xii) changes in capital and credit market
conditions; (xiii) governmental and business conditions in
countries where the Company's products are manufactured and sold;
(xiv) changes in trade regulations; (xv) the effects of acquisition
activities of the Company or the lack thereof; (xvi) changes in the
Company's plans, strategies, objectives, assumptions, expectations
or intentions; (xvii) natural disasters and other factors that are
beyond the Company's reasonable control; (xviii) changes in U.S.
and international taxes, tariffs and duties including those imposed
on the Company's income, imports, exports and repatriation of
funds; and (xix) other risks and uncertainties indicated from time
to time in the Company's filings with the U.S. Securities and
Exchange Commission including in the Company's most recent Annual
Report on Form 10-K under the heading "Item 1A - Risk Factors."
Actual results might differ materially from results suggested by
any forward-looking statements in this document. Except as required
by law, the Company undertakes no obligation to publicly release
any update or revision to these forward-looking statements, whether
as a result of the receipt of new information, the occurrence of
future events or otherwise. The information in this document speaks
as of the date hereof and is subject to change. Any distribution of
this document after the date hereof is not intended and should not
be construed as updating or confirming such information. In light
of the foregoing, investors are urged not to rely on our
forward-looking statements in making an investment decision about
our securities. The Company further does not accept any
responsibility for any projections or reports published by
analysts, investors or other third parties. The financial
information set forth herein is presented on a preliminary
unreviewed and unaudited basis; and the reviewed and unaudited data
will be included in the Company's Quarterly Report on Form 10-Q for
the period ended June 30, 2018, when filed.
Simpson
Manufacturing Co., Inc. and Subsidiaries
|
UNAUDITED
Consolidated Statements of Operations
|
(In thousands,
except per share data)
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
(Amounts in
thousands, except per share data)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net sales
|
$
|
308,007
|
|
|
$
|
263,002
|
|
|
$
|
552,786
|
|
|
$
|
482,869
|
|
Cost of
sales
|
166,538
|
|
|
139,477
|
|
|
302,791
|
|
|
259,188
|
|
Gross
profit
|
141,469
|
|
|
123,525
|
|
|
249,995
|
|
|
223,681
|
|
Research and
development and engineering expense
|
11,249
|
|
|
11,967
|
|
|
22,398
|
|
|
23,785
|
|
Selling
expense
|
29,201
|
|
|
28,646
|
|
|
56,774
|
|
|
58,283
|
|
General and
administrative expense
|
40,400
|
|
|
37,725
|
|
|
78,592
|
|
|
73,846
|
|
Loss (gain) on
disposal of assets
|
(125)
|
|
|
50
|
|
|
(1,309)
|
|
|
(1)
|
|
Income from
operations
|
60,744
|
|
|
45,137
|
|
|
93,540
|
|
|
67,768
|
|
Income (loss) in
equity method investment, before tax
|
2
|
|
|
(12)
|
|
|
(22)
|
|
|
(41)
|
|
Interest expense,
net
|
(184)
|
|
|
(199)
|
|
|
(274)
|
|
|
(388)
|
|
Gain on bargain
purchase of a business
|
—
|
|
|
—
|
|
|
—
|
|
|
8,388
|
|
Income before
taxes
|
60,562
|
|
|
44,926
|
|
|
93,244
|
|
|
75,727
|
|
Provision for income
taxes
|
16,476
|
|
|
16,712
|
|
|
23,729
|
|
|
24,392
|
|
Net income
|
$
|
44,086
|
|
|
$
|
28,214
|
|
|
$
|
69,515
|
|
|
$
|
51,335
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.95
|
|
|
$
|
0.59
|
|
|
$
|
1.50
|
|
|
$
|
1.08
|
|
Diluted
|
$
|
0.94
|
|
|
$
|
0.59
|
|
|
$
|
1.48
|
|
|
$
|
1.07
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
46,323
|
|
|
47,634
|
|
|
46,468
|
|
|
47,634
|
|
Diluted
|
46,677
|
|
|
47,920
|
|
|
46,842
|
|
|
47,922
|
|
Cash dividend
declared per common share
|
$
|
0.22
|
|
|
$
|
0.21
|
|
|
$
|
0.43
|
|
|
$
|
0.39
|
|
Other
data:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
|
9,945
|
|
|
$
|
8,572
|
|
|
$
|
19,633
|
|
|
$
|
16,935
|
|
Pre-tax equity-based
compensation expense
|
$
|
2,904
|
|
|
$
|
3,209
|
|
|
$
|
6,020
|
|
|
$
|
11,185
|
|
Simpson
Manufacturing Co., Inc. and Subsidiaries
|
UNAUDITED
Consolidated Condensed Balance Sheets
|
(In
thousands)
|
|
|
June
30,
|
|
December
31,
|
(Amounts in
thousands)
|
2018
|
|
2017
|
|
2017
|
Cash and cash
equivalents
|
$
|
155,035
|
|
|
$
|
140,950
|
|
|
$
|
168,514
|
|
Trade accounts
receivable, net
|
211,179
|
|
|
172,331
|
|
|
135,958
|
|
Inventories
|
258,180
|
|
|
265,293
|
|
|
252,996
|
|
Other current
assets
|
15,772
|
|
|
17,765
|
|
|
26,473
|
|
Total current
assets
|
640,166
|
|
|
596,339
|
|
|
583,941
|
|
Property, plant and
equipment, net
|
269,127
|
|
|
261,362
|
|
|
273,020
|
|
Goodwill
|
136,398
|
|
|
137,160
|
|
|
137,140
|
|
Other noncurrent
assets
|
40,196
|
|
|
46,616
|
|
|
43,422
|
|
Total
assets
|
$
|
1,085,887
|
|
|
$
|
1,041,477
|
|
|
$
|
1,037,523
|
|
Trade accounts
payable
|
$
|
47,985
|
|
|
$
|
37,742
|
|
|
$
|
31,536
|
|
Capital lease
obligation - current portion
|
1,072
|
|
|
525
|
|
|
1,055
|
|
Other current
liabilities
|
118,935
|
|
|
95,989
|
|
|
103,900
|
|
Total current
liabilities
|
167,992
|
|
|
134,256
|
|
|
136,491
|
|
Capital lease
obligations - net of current portion
|
2,154
|
|
|
1,477
|
|
|
2,607
|
|
Deferred income tax
and other long-term liabilities
|
11,939
|
|
|
6,333
|
|
|
13,647
|
|
Stockholders'
equity
|
903,802
|
|
|
899,411
|
|
|
884,778
|
|
Total liabilities and
stockholders' equity
|
$
|
1,085,887
|
|
|
$
|
1,041,477
|
|
|
$
|
1,037,523
|
|
Simpson
Manufacturing Co., Inc. and Subsidiaries
|
UNAUDITED Segment
and Product Group Information
|
(In
thousands)
|
|
|
|
|
Three Months
Ended
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
June
30,
|
|
%
|
|
June
30,
|
|
%
|
(Amounts in
thousands)
|
2018
|
|
2017
|
|
change*
|
|
2018
|
|
2017
|
|
change*
|
Net Sales by
Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
259,822
|
|
|
$
|
215,739
|
|
|
20.4%
|
|
$
|
466,034
|
|
|
$
|
399,510
|
|
|
16.7%
|
|
Percentage of
total net sales
|
84.4%
|
|
|
82.0%
|
|
|
|
|
84.3%
|
|
|
82.7%
|
|
|
|
|
Europe
|
45,784
|
|
|
45,234
|
|
|
1.2%
|
|
82,077
|
|
|
79,615
|
|
|
3.1%
|
|
Percentage of
total net sales
|
14.9%
|
|
|
17.2%
|
|
|
|
|
14.8%
|
|
|
16.5%
|
|
|
|
|
Asia/Pacific
|
2,401
|
|
|
2,029
|
|
|
18.3%
|
|
4,675
|
|
|
3,744
|
|
|
24.9%
|
|
|
Total
|
$
|
308,007
|
|
|
$
|
263,002
|
|
|
17.1%
|
|
$
|
552,786
|
|
|
$
|
482,869
|
|
|
14.5%
|
Net Sales by
Product Group**
|
|
|
|
|
|
|
|
|
|
|
|
|
Wood
Construction
|
$
|
260,103
|
|
|
$
|
224,013
|
|
|
16.1%
|
|
$
|
472,650
|
|
|
$
|
414,890
|
|
|
13.9%
|
|
Percentage of
total net sales
|
84.4%
|
|
|
85.2%
|
|
|
|
|
85.5%
|
|
|
85.9%
|
|
|
|
|
Concrete
Construction
|
47,859
|
|
|
38,917
|
|
|
23.0%
|
|
80,015
|
|
|
67,734
|
|
|
18.1%
|
|
Percentage of
total net sales
|
15.5%
|
|
|
14.8%
|
|
|
|
|
14.5%
|
|
|
14.0%
|
|
|
|
|
Other
|
45
|
|
|
72
|
|
|
N/M
|
|
121
|
|
|
245
|
|
|
N/M
|
|
|
Total
|
$
|
308,007
|
|
|
$
|
263,002
|
|
|
17.1%
|
|
$
|
552,786
|
|
|
$
|
482,869
|
|
|
14.5%
|
Gross Profit
(Loss) by Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
123,639
|
|
|
$
|
106,484
|
|
|
16.1%
|
|
$
|
220,377
|
|
|
$
|
195,474
|
|
|
12.7%
|
|
North
America gross profit margin
|
47.6%
|
|
|
49.4%
|
|
|
|
|
47.3%
|
|
|
48.9%
|
|
|
|
|
Europe
|
17,480
|
|
|
16,809
|
|
|
4.0%
|
|
29,048
|
|
|
27,865
|
|
|
4.2%
|
|
Europe gross
profit margin
|
38.2%
|
|
|
37.2%
|
|
|
|
|
35.4%
|
|
|
35.0%
|
|
|
|
|
Asia/Pacific
|
343
|
|
|
326
|
|
|
5.2%
|
|
530
|
|
|
455
|
|
|
16.5%
|
|
Administrative and
all other
|
7
|
|
|
(94)
|
|
|
N/M
|
|
40
|
|
|
(113)
|
|
|
N/M
|
|
|
Total
|
$
|
141,469
|
|
|
$
|
123,525
|
|
|
14.5%
|
|
$
|
249,995
|
|
|
$
|
223,681
|
|
|
11.8%
|
Income (Loss) from
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
58,483
|
|
|
$
|
42,011
|
|
|
39.2%
|
|
$
|
94,450
|
|
|
$
|
68,778
|
|
|
37.3%
|
|
North
America operating profit margin
|
22.5%
|
|
|
19.5%
|
|
|
|
|
20.3%
|
|
|
17.2%
|
|
|
|
|
Europe
|
2,845
|
|
|
4,138
|
|
|
(31.2)%
|
|
1,198
|
|
|
2,304
|
|
|
(48.0)%
|
|
Europe operating
profit margin
|
6.2%
|
|
|
9.1%
|
|
|
|
|
1.5%
|
|
|
2.9%
|
|
|
|
|
Asia/Pacific
|
541
|
|
|
71
|
|
|
662%
|
|
692
|
|
|
(124)
|
|
|
658%
|
|
Administrative and
all other
|
(1,125)
|
|
|
(1,083)
|
|
|
N/M
|
|
(2,800)
|
|
|
(3,190)
|
|
|
N/M
|
|
|
Total
|
$
|
60,744
|
|
|
$
|
45,137
|
|
|
34.6%
|
|
$
|
93,540
|
|
|
$
|
67,768
|
|
|
38.0%
|
|
|
*
|
Unfavorable
percentage changes are presented in parentheses, if any.
|
**
|
The Company manages
its business by geographic segment but is presenting sales by
product group as additional information.
|
N/M
|
Statistic is not
material or not meaningful.
|
CONTACT:
Addo Investor Relations
investor.relations@strongtie.com
(310) 829-5400
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SOURCE Simpson Manufacturing Co., Inc.