PLEASANTON, Calif.,
Oct. 29, 2018 /PRNewswire/ --
- 2018 third quarter earnings of $0.95 per diluted share increased 61.0%
year-over-year
- Repurchased $24.1 million of
the Company's common stock during the third quarter
- 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 third
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 its
year-to-date expenses associated with a recent acquisition. The
2017 first and second quarter financial results were 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). The 2017
third quarter financial results were revised to reflect these
changes made to the 2017 first and second quarter results. No
reclassifications were made with respect to the 2017 year-to-date
(9-month) financial results.
2018 Third 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
September 30, 2018 with the quarter ended September 30,
2017. In the third quarter of 2018, the Company recorded an
out-of-period adjustment for the third quarter of 2017, which
increased cost of sales by $0.7
million and decreased general and administrative expenses by
$0.7 million. Such adjustment only
applied to the North America
segment, which resulted from recording certain depreciation expense
on company–owned real estate as general and administrative expense
rather than cost of goods sold. Income from operations and net
income for the third quarter of 2017 as presented below were not
affected by the adjustment.
- Consolidated net sales of $284.2
million increased 8.3% from $262.5
million.
-
- North America net sales of
$239.9 million increased 12.5% from
$213.3 million, primarily due to
increases in average product prices and sales volume. Canada's net sales were negatively affected by
foreign currency translation.
- Europe net sales of
$42.0 million decreased 10.9% from
$47.1 million, primarily due to the
late 2017 sale of Gbo Fastening Systems' Poland and Romania subsidiaries (acquired in January 2017), which contributed $5.3 million in net sales for the third quarter
of 2017. Europe net sales were
negatively affected by approximately $0.7
million of foreign currency translations resulting from
Europe currencies weakening
against the United States dollar.
In local currency, Europe net
sales increased primarily due to increases in average product
prices.
- Consolidated gross profit of $133.9
million increased 12.4% from $119.1
million. Gross profit margin increased to 47.1% from 45.4%
primarily due to an increase in average product prices, which
decreased both material and factory and overhead costs as a
percentage of net sales.
-
- North America gross profit
margin increased to 48.8% from 47.3%.
- Europe gross profit margin of
38.2% was approximately flat.
- Consolidated income from operations of $60.9 million increased 30.5% from $46.7 million. Income from operations for the
third quarter of 2018 included a $1.6
million foreign currency gain on a return of capital from an
investment in a foreign subsidiary, partially offset by increased
SAP related expenses of $1.3 million.
Consolidated operating profit margin increased to 21.4% from
17.8%.
-
- North America income from
operations of $56.9 million increased
36.1% from $41.8 million. Included in
North America's income from
operations were SAP related costs of approximately $2.0 million compared to $0.5 million in the third quarter of 2017.
- Europe income from operations
of $3.6 million decreased 30.3% from
$5.1 million. Europe income from operations for the third
quarter of 2018 was negatively impacted by the late 2017 sale of
Gbo Fastening Systems' Poland and
Romania subsidiaries (acquired in
January 2017), which contributed
$0.6 million in income from
operations for the third quarter of 2017.
- The Company's effective income tax rate decreased to 27.1% from
37.0%, 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 $44.4
million, or $0.95 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. The $28.2 million consolidated
net income for the three months ended September 30, 2017 was negatively impacted by a
nonrecurring $2.1 million reduction
of a gain on a bargain purchase of a business, which decreased
diluted earnings per share for the same period by $0.04.
Year-to-Date (9-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 nine months ended
September 30, 2018 with the nine months ended
September 30, 2017. In the third quarter of 2018, the Company
recorded an out-of-period adjustment for the nine months ended
September 30, 2018 and for the nine
months ended September 30, 2017,
which increased cost of sales and decreased general and
administrative expenses both by $1.8
million for the nine months ended September 30, 2018 and increased cost of sales
and decreased general and administrative expenses both by
$2.1 million for the nine months
ended September 30, 2017. Such
adjustment only applied to the North
America segment, which resulted from recording certain
depreciation expense on company–owned real estate as general and
administrative expense rather than cost of goods sold. Income from
operations and net income for the nine months ended September 30, 2018 and 2017 as presented below
were not affected by the adjustment.
- Consolidated net sales of $837.0
million increased 12.3% from $745.3
million.
-
- North America net sales of
$705.9 million increased 15.2% from
$612.8 million, primarily due to
increases in sales volume as well as average product prices.
Canada's net sales were positively
affected by foreign currency translation.
- Europe net sales of
$124.1 million decreased 2.1% from
$126.8 million, primarily due to
reduced sales volume as a result of to the late 2017 sale of Gbo
Fastening Systems' Poland and
Romania subsidiaries (acquired in
January 2017), which contributed
$12.6 million in net sales for the
nine months ended September 30, 2017.
Europe net sales were positively
impacted by approximately $6.4
million of foreign currency translations resulting from
Europe currencies strengthening
against the United States dollar.
In local currencies, Europe net
sales increased primarily due to increased sales volume and average
product prices.
- Consolidated gross profit of $382.1
million increased 12.0% from $341.5
million. Gross profit margin as a percentage of net sales of
45.7% was approximately flat.
-
- North America gross profit
margin as a percentage of net sales decreased to 47.5% from
48.1%.
- Europe gross profit margin of
36.3% was approximately flat.
- Consolidated income from operations of $154.5 million increased 34.9% from $114.5 million. Income from operations for the
nine months ended September 30, 2018
included a $1.6 million foreign
currency gain on a return of capital from an investment in a
foreign subsidiary and a $1.0 million
gain due to the resolution of an eminent domain claim, and was
negatively impacted by severance costs of $2.8 million and increased SAP related expenses
of $5.6 million. As a percentage of
net sales, consolidated income from operations increased to 18.5%
from 15.4%.
-
- North America income from
operations of $151.3 million
increased 36.9% from $110.5 million.
Included in North America's income
from operations were SAP related costs of approximately
$7.0 million compared to $1.1 million in the nine months ended
September 30, 2017.
- Europe income from operations
of $4.8 million, which included
severance costs of $2.0 million
recorded in general and administrative expense and decreased
foreign currency gains of $2.4
million, decreased 35.7% from $7.4
million. Europe income from
operations for the nine months ended September 30, 2018 was negatively impacted by the
late 2017 sale of Gbo Fastening Systems' Poland and Romania subsidiaries (acquired in January 2017), which contributed $1.2 million in income from operations for the
nine months ended September 30,
2017.
- The Company's effective income tax rate decreased to 26.1% from
34.0%, 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 nine months ended September 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 $113.9
million, or $2.43 per diluted
share of the Company's common stock, compared to net income of
$79.5 million, or $1.66 per diluted share of the Company's common
stock. The $79.5 million consolidated
net income for the nine months ended September 30, 2017 included a $6.3 million nonrecurring gain on a bargain
purchase of a business, which increased diluted earnings per share
for the same period by $0.13.
- Cash flow provided by operating activities increased
approximately $20.0 million to
approximately $105.0 million from
$84.6 million.
- Cash flow used in investing activities decreased
approximately $22.0 million to approximately $41.0 million from $62.8
million. Capital expenditures were approximately
$25.0 million compared to
$45.1 million. The Company did not
make any asset acquisitions in the first nine months of 2018
compared to $27.9 million of asset
acquisitions, net of cash received, in the prior year period.
Management Commentary
"We had a solid third quarter with our net sales increasing 8%
year–over–year to $284.2 million,
driven by growth in sales volume throughout almost all areas of our
company," commented Karen Colonias,
President and Chief Executive Officer of Simpson Manufacturing Co.,
Inc. "Net sales were positively impacted by increases in our
average selling prices and were further supported by U.S. housing
starts. While U.S. housing starts slightly moderated in the third
quarter compared to the second quarter, demand so far in the
current quarter remains steady, subject to typical fourth quarter
seasonality. As a result of our positive third quarter net sales
and strong gross profit margin of 47%, we produced strong third
quarter earnings of $0.95 per diluted
share, an increase of 61% year-over-year."
Mrs. Colonias continued, "Today marks
one year since we announced our 2020 Plan to provide more
clarity into our longer-term strategy and financial objectives. I
am pleased to confirm we remain on track to reach our key financial
targets under the 2020 Plan. We have made solid headway over the
past twelve months thanks to the hard work and commitment of our
employees. Notably, year-to-date, our operating expenses as a
percent of sales were approximately 27%, an improvement of 300
basis points as compared to the first nine months of 2017. We
believe this is a direct result of our strong company culture and
the responsibility our employees feel to the success of Simpson. We
applaud them for their hard work."
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.
- During the third quarter of 2018, the Company repatriated
$20.0 million from one of its foreign
subsidiaries. The Company is evaluating whether to repatriate
additional funds from its foreign subsidiaries in the fourth
quarter of 2018 or the first half of 2019.
- In September 2018, the Company
contracted to sell a facility that is not occupied by it and the
Company leased to a third party. The sale is expected to close in
November 2018. The Company estimates
it will receive net proceeds of approximately $16.0 million, after closing costs and sales
price adjustments.
- On October 22, 2018, the
Company's Board of Directors (the "Board") declared a quarterly
cash dividend of $0.22 per share. The
dividend will be payable on January 24,
2019 to the Company's stockholders of record as of
January 3, 2019. On October 22, 2018, the Board resolved for the 2019
annual meeting of the Company's stockholders to be held on
April 26, 2019 (or such dates to
which such meeting may be adjourned) and fixed the close of
business on February 27, 2019, as the
record date for the determination of stockholders entitled notice
of, and to vote at, the annual meeting.
- During the third quarter of 2018, the Company repurchased
357,465 shares of the Company's common stock in the open market at
an average price of $67.28 per share,
for a total of $24.1 million.
- In October 2018, the Company
repurchased an additional 528,100 shares of the Company's common
stock in the open market at an average price of $68.26 per share, for a total of $36.0 million. As a result, as of October 29, 2018, approximately $65.4 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 could
continue to be volatile during the fourth quarter of 2018, due to
uncertainty related to steel tariffs.
- The Company is updating its 2018 full-year gross profit margin
estimate to be in the range of approximately 45.5% to 46.0% from
its previous estimate of 45.0% to 46.0%.
- 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. 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 third quarter 2018 financial results conference
call on Monday, October 29, 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=131404 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, November 12, 2018, by dialing (844)
512–2921 (U.S. and Canada) or
(412) 317–6671 (International) and entering the conference ID:
13683405. The webcast will remain posted on the Investor Relations
section of 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 strategies, objectives and targets thereunder); 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 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 strategies, objectives and 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 and services as well
as their prices; (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,
agreements and treaties; (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 September 30, 2018, when filed.
Simpson
Manufacturing Co., Inc. and Subsidiaries
|
UNAUDITED
Consolidated Statements of Operations
|
(In thousands,
except per share data)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
(Amounts in
thousands, except per share data)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net sales
|
$
|
284,178
|
|
|
$
|
262,476
|
|
|
$
|
836,964
|
|
|
$
|
745,345
|
|
Cost of
sales
|
150,282
|
|
|
143,338
|
|
|
454,881
|
|
|
403,866
|
|
Gross
profit
|
133,896
|
|
|
119,138
|
|
|
382,083
|
|
|
341,479
|
|
Research and
development and engineering expense
|
10,441
|
|
|
11,265
|
|
|
32,840
|
|
|
35,051
|
|
Selling
expense
|
26,879
|
|
|
27,867
|
|
|
83,653
|
|
|
86,150
|
|
General and
administrative expense
|
36,114
|
|
|
33,457
|
|
|
112,897
|
|
|
105,962
|
|
Gain on disposal of
assets
|
(460)
|
|
|
(147)
|
|
|
(1,769)
|
|
|
(147)
|
|
Income from
operations
|
60,922
|
|
|
46,696
|
|
|
154,462
|
|
|
114,463
|
|
Loss in equity method
investment, before tax
|
(30)
|
|
|
(13)
|
|
|
(52)
|
|
|
(53)
|
|
Interest expense,
net
|
(58)
|
|
|
(296)
|
|
|
(332)
|
|
|
(685)
|
|
Gain (adjustment) on
bargain purchase of a business
|
—
|
|
|
(2,052)
|
|
|
—
|
|
|
6,336
|
|
Gain on disposal of a
business
|
—
|
|
|
443
|
|
|
—
|
|
|
443
|
|
Income before
taxes
|
60,834
|
|
|
44,778
|
|
|
154,078
|
|
|
120,504
|
|
Provision for income
taxes
|
16,473
|
|
|
16,581
|
|
|
40,202
|
|
|
40,972
|
|
Net income
|
$
|
44,361
|
|
|
$
|
28,197
|
|
|
$
|
113,876
|
|
|
$
|
79,532
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.96
|
|
|
$
|
0.60
|
|
|
$
|
2.46
|
|
|
$
|
1.67
|
|
Diluted
|
$
|
0.95
|
|
|
$
|
0.59
|
|
|
$
|
2.43
|
|
|
$
|
1.66
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
46,192
|
|
|
47,367
|
|
|
46,375
|
|
|
47,544
|
|
Diluted
|
46,622
|
|
|
47,686
|
|
|
46,770
|
|
|
47,843
|
|
Cash dividend
declared per common share
|
$
|
0.22
|
|
|
$
|
0.42
|
|
|
$
|
0.65
|
|
|
$
|
0.81
|
|
Other
data:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
|
9,416
|
|
|
$
|
9,945
|
|
|
$
|
29,049
|
|
|
$
|
26,881
|
|
Pre-tax equity-based
compensation expense
|
$
|
2,753
|
|
|
$
|
631
|
|
|
$
|
8,773
|
|
|
$
|
11,816
|
|
|
|
|
|
|
|
|
|
Simpson
Manufacturing Co., Inc. and Subsidiaries
|
UNAUDITED
Consolidated Condensed Balance Sheets
|
(In
thousands)
|
|
|
|
September
30,
|
|
December
31,
|
(Amounts in
thousands)
|
|
2018
|
|
2017
|
|
2017
|
Cash and cash
equivalents
|
|
$
|
166,961
|
|
|
$
|
204,171
|
|
|
$
|
168,514
|
|
Trade accounts
receivable, net
|
|
192,981
|
|
|
159,571
|
|
|
135,958
|
|
Inventories
|
|
279,503
|
|
|
244,476
|
|
|
252,996
|
|
Assets held for
sale
|
|
9,251
|
|
|
—
|
|
|
—
|
|
Other current
assets
|
|
12,220
|
|
|
13,276
|
|
|
26,473
|
|
Total current
assets
|
|
660,916
|
|
|
621,494
|
|
|
583,941
|
|
Property, plant and
equipment, net
|
|
257,679
|
|
|
265,178
|
|
|
273,020
|
|
Goodwill
|
|
136,459
|
|
|
137,313
|
|
|
137,140
|
|
Other noncurrent
assets
|
|
39,559
|
|
|
44,398
|
|
|
43,422
|
|
Total
assets
|
|
$
|
1,094,613
|
|
|
$
|
1,068,383
|
|
|
$
|
1,037,523
|
|
Trade accounts
payable
|
|
$
|
42,734
|
|
|
$
|
30,857
|
|
|
$
|
31,536
|
|
Capital lease
obligation - current portion
|
|
1,081
|
|
|
1,047
|
|
|
1,055
|
|
Other current
liabilities
|
|
123,636
|
|
|
110,629
|
|
|
103,900
|
|
Total current
liabilities
|
|
167,451
|
|
|
142,533
|
|
|
136,491
|
|
Other long-term
liabilities - net of current portion
|
|
13,743
|
|
|
9,808
|
|
|
16,254
|
|
Stockholders'
equity
|
|
913,419
|
|
|
916,042
|
|
|
884,778
|
|
Total liabilities and
stockholders' equity
|
|
$
|
1,094,613
|
|
|
$
|
1,068,383
|
|
|
$
|
1,037,523
|
|
Simpson
Manufacturing Co., Inc. and Subsidiaries
|
UNAUDITED Segment
and Product Group Information
|
(In
thousands)
|
|
|
|
|
Three Months
Ended
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
|
%
|
|
September
30,
|
|
%
|
(Amounts in
thousands)
|
2018
|
|
2017
|
|
change*
|
|
2018
|
|
2017
|
|
change*
|
Net Sales by
Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
239,898
|
|
|
$
|
213,254
|
|
|
12.5%
|
|
$
|
705,932
|
|
|
$
|
612,765
|
|
|
15.2%
|
|
Percentage of
total net sales
|
84.4
|
%
|
|
81.2
|
%
|
|
|
|
84.3
|
%
|
|
82.2
|
%
|
|
|
|
Europe
|
42,020
|
|
|
47,137
|
|
|
(10.9)%
|
|
124,096
|
|
|
126,752
|
|
|
(2.1)%
|
|
Percentage of
total net sales
|
14.8
|
%
|
|
18.0
|
%
|
|
|
|
14.8
|
%
|
|
17.0
|
%
|
|
|
|
Asia/Pacific
|
2,260
|
|
|
2,085
|
|
|
8.4%
|
|
6,936
|
|
|
5,828
|
|
|
19.0%
|
|
|
Total
|
$
|
284,178
|
|
|
$
|
262,476
|
|
|
8.3%
|
|
$
|
836,964
|
|
|
$
|
745,345
|
|
|
12.3%
|
Net Sales by
Product Group**
|
|
|
|
|
|
|
|
|
|
|
|
|
Wood
Construction
|
$
|
238,230
|
|
|
$
|
224,317
|
|
|
6.2%
|
|
$
|
710,880
|
|
|
$
|
639,207
|
|
|
11.2%
|
|
Percentage of
total net sales
|
83.8
|
%
|
|
85.5
|
%
|
|
|
|
84.9
|
%
|
|
85.8
|
%
|
|
|
|
Concrete
Construction
|
45,832
|
|
|
38,051
|
|
|
20.4%
|
|
125,847
|
|
|
105,785
|
|
|
19.0%
|
|
Percentage of
total net sales
|
16.2
|
%
|
|
14.5
|
%
|
|
|
|
15.0
|
%
|
|
14.2
|
%
|
|
|
|
Other
|
116
|
|
|
108
|
|
|
N/M
|
|
237
|
|
|
353
|
|
|
N/M
|
|
|
Total
|
$
|
284,178
|
|
|
$
|
262,476
|
|
|
8.3%
|
|
$
|
836,964
|
|
|
$
|
745,345
|
|
|
12.3%
|
Gross Profit
(Loss) by Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
116,968
|
|
|
$
|
100,861
|
|
|
16.0%
|
|
$
|
335,497
|
|
|
$
|
294,955
|
|
|
13.7%
|
|
North
America gross profit margin
|
48.8
|
%
|
|
47.3
|
%
|
|
|
|
47.5
|
%
|
|
48.1
|
%
|
|
|
|
Europe
|
16,034
|
|
|
18,068
|
|
|
(11.3)%
|
|
45,082
|
|
|
45,933
|
|
|
(1.9)%
|
|
Europe gross
profit margin
|
38.2
|
%
|
|
38.3
|
%
|
|
|
|
36.3
|
%
|
|
36.2
|
%
|
|
|
|
Asia/Pacific
|
894
|
|
|
209
|
|
|
N/M
|
|
1,424
|
|
|
664
|
|
|
N/M
|
|
Administrative and
all other
|
—
|
|
|
—
|
|
|
N/M
|
|
80
|
|
|
(73)
|
|
|
N/M
|
|
|
Total
|
$
|
133,896
|
|
|
$
|
119,138
|
|
|
12.4%
|
|
$
|
382,083
|
|
|
$
|
341,479
|
|
|
11.9%
|
Income (Loss) from
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
56,873
|
|
|
$
|
41,775
|
|
|
36.1%
|
|
$
|
151,323
|
|
|
$
|
110,521
|
|
|
36.9%
|
|
North
America operating profit margin
|
23.7
|
%
|
|
19.6
|
%
|
|
|
|
21.4
|
%
|
|
18.0
|
%
|
|
|
|
Europe
|
3,584
|
|
|
5,139
|
|
|
(30.3)%
|
|
4,783
|
|
|
7,443
|
|
|
(35.7)%
|
|
Europe operating
profit margin
|
8.5
|
%
|
|
10.9
|
%
|
|
|
|
3.9
|
%
|
|
5.9
|
%
|
|
|
|
Asia/Pacific
|
1,132
|
|
|
(218)
|
|
|
N/M
|
|
1,826
|
|
|
(341)
|
|
|
N/M
|
|
Administrative and
all other
|
(667)
|
|
|
—
|
|
|
N/M
|
|
(3,470)
|
|
|
(3,160)
|
|
|
N/M
|
|
|
Total
|
$
|
60,922
|
|
|
$
|
46,696
|
|
|
30.5%
|
|
$
|
154,462
|
|
|
$
|
114,463
|
|
|
34.9%
|
|
|
|
|
*
|
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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/simpson-manufacturing-co-inc-announces-2018-third-quarter-financial-results-300739725.html
SOURCE Simpson Manufacturing Co., Inc.