PLEASANTON, Calif.,
Feb. 4, 2019 /PRNewswire/ --
- 2018 net sales of approximately $1.1
billion increased 10% year-over-year
- Repurchased a record $111.1
million of the Company's common stock in 2018
- Declared quarterly cash dividend of $0.22 per share
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 fourth
quarter and full-year 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).
2018 Fourth 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 fourth quarter of 2018
with the fourth quarter of 2017. In the fourth quarter of 2018, the
Company recorded an out-of-period adjustment for the fourth quarter
of 2017, which increased cost of sales and decreased general and
administrative expenses by $0.8
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 fourth quarter
of 2017 as presented below were not affected by the adjustment. In
the fourth quarter of 2018, the Company changed the presentation of
its consolidated statement of operations to display foreign
exchange gain (loss), net, as a separate item below income from
operations. Foreign exchange gain (loss), net, was previously
included in general and administrative expenses and in income from
operations. Income before tax and net income for the fourth quarter
of 2017 presented below were not affected by the change in
presentation.
- Consolidated net sales of $241.8
million increased 4.4% compared to $231.7 million.
-
- North America net sales of
$204.7 million increased 7.2%
compared to $190.9 million, mostly
due to increases in average net sales unit prices. Canada's net sales were not significantly
affected by foreign currency translation.
- Europe net sales of
$34.9 million decreased 9.0% compared
to $38.4 million on lower sales
volumes. Europe net sales were
negatively affected by approximately $1.3
million in foreign currency translations primarily related
to the weakening of local currencies against the United States dollar.
- Consolidated gross profit of $98.4
million decreased 3.4% compared to $101.9 million. Gross profit as a percentage of
net sales decreased to 40.7% from 44.0%.
-
- North America gross profit
margin decreased to 42.3% from 46.2%, primarily due to increased
factory and overhead costs on lower production, as well as
increased material and labor costs.
- Europe gross profit margin
decreased to 31.7% from 34.0%, primarily due to increased factory
and overhead costs on lower production, as well as increased
material and warehouse costs.
- Consolidated income from operations of $22.7 million decreased 6.7% compared to
$24.4 million. Income from operations
for the three months ended December 31,
2018 included an $8.8 million
gain on the sale of a facility that was not occupied by the Company
and was leased to a third party, and was negatively impacted by
goodwill impairment of $6.7 million
related to its Europe segment. As
a percentage of net sales, consolidated income from operations
decreased to 9.4% from 10.5%.
-
- North America income from
operations of $18.9 million decreased
14.0% compared to $22.0 million.
- Europe loss from operations
was $8.8 million compared to a loss
of $3.3 million, primarily due to the
$6.7 million goodwill impairment
charge.
- The Company's effective income tax rate decreased to 28.7% from
45.3%, primarily due to the enactment of U.S. Tax Cuts and Jobs Act
of 2017. The effective income tax rate for the quarter ended
December 31, 2018 was affected by
reduction of the United States
statutory federal corporate tax rate from 35% to 21% and by a
nonrecurring impairment of goodwill related to the Europe segment, which was not taxable. The
enactment of the Tax Cuts and Jobs Act in December 2017 resulted in a provisional net
charge of $2.2 million in the fourth
quarter of 2017, or an impact of $0.04 per fully diluted share. The charge
encompasses several elements, including a federal tax on
accumulated overseas profits, changes to tax credits and valuation
allowances, and the revaluation of deferred tax assets and
liabilities resulting in a higher effective tax rate of 45% for the
fourth quarter of 2017
- Consolidated net income was $15.6
million, or $0.34 per diluted
share of the Company's common stock, compared to net income of
$13.1 million, or $0.27 per diluted share of the Company's common
stock.
2018 Full-Year 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 year ended
December 31, 2018 with the year ended December 31, 2017.
In 2018, the Company recorded an out-of-period adjustment for the
year ended December 31, 2017, which
increased cost of sales and decreased general and administrative
expenses by $2.9 million for the year
ended December 31, 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 year ended December 31, 2017 as presented below were not
affected by the adjustment. In the fourth quarter of 2018, the
Company changed its presentation of its consolidated statement of
operations to display foreign exchange gain (loss), net, as a
separate item below income from operations. Foreign exchange gain
(loss), net, was previously included in general and administrative
expenses and in income from operations. Income before tax and net
income for the year ended December 31,
2017 presented below were not affected by the change in
presentation.
- Consolidated net sales of $1,078.8
million increased 10.4% compared to $977.0 million.
-
- North America net sales of
$910.6 million increased 13.3%
compared to $803.7 million, due to
increases in both sales volumes and average net sales unit prices.
Canada's net sales were not
significantly affected by foreign currency translation.
- Europe net sales of
$159.0 million decreased 3.7%
compared to $165.2 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
$12.8 million in net sales for the
year ended December 31, 2017. Net
sales were positively affected by approximately $4.9 million in foreign currency translations,
primarily related to the strengthening of the Euro, British pound,
Danish Kroner and Polish zloty against the United States dollar.
- Consolidated gross profit of $480.5
million increased 8.4% compared to $443.4 million. Gross profit as a percentage of
net sales decreased to 44.5% from 45.4%.
-
- North America gross profit
margin decreased to 46.3% from 47.7%, primarily due to increased
material, labor and shipping costs, partly offset by decreased
factory and overhead costs.
- Europe gross profit margin
decreased to 35.3% from 35.7% primarily due to increased factory
and overhead and warehousing costs, partly offset by decreased
material and labor costs.
- Consolidated income from operations of $176.2 million increased from $137.9 million. Income from operations for the
year ended December 31, 2018 included
an $8.8 million gain on the sale of a
facility that is not occupied by the Company and was leased to a
third party, and was negatively impacted by goodwill impairment of
$6.7 million related to its
Europe segment and increased SAP
related expenses of $6.1 million. As
a percentage of net sales, consolidated income from operations
increased to 16.3% from 14.1%.
-
- North America income from
operations of $168.3 million
increased 26.6% compared to $133.0
million. Included in income from operations were SAP related
costs of $7.7 million.
- Europe loss from operations of
$3.0 million compared to income from
operations of $2.7 million, primarily
due to a $6.7 million goodwill
impairment charge, a $1.6 million
severance expense and increased expenses associated with SAP of
$1.9 million.
- The Company's effective income tax rate decreased to 26.4% from
35.9%, 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 year ended December
31, 2017 was also reduced by a nonrecurring gain on a
bargain purchase related to the Gbo Fastening Systems acquisition,
which was not taxable. The effective income tax rate for the year
ended December 31, 2018 was increased
by a nonrecurring impairment of goodwill related to the
Europe segment, which was also not
taxable.
- Consolidated net income was $129.5
million, or $2.78 per diluted
share of the Company's common stock, compared to net income of
$92.6 million, or $1.94 per diluted share of the Company's common
stock. The $92.6 million consolidated
net income for the year ended December 31,
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 $41.0 million to
approximately $160.0 million from
$119.1 million.
- Cash flow used in investing activities decreased approximately
$64.0 million to approximately
$12.0 million from $75.8 million. Capital expenditures were
approximately $30.0 million compared
to $58.0 million. Proceeds from the
sale of property and equipment, primarily real estate, were
approximately $21.0 million compared
to $0.7 million. The Company had
asset acquisitions of $2.0 million in
2018 compared to $27.9 million of
asset acquisitions, net of cash received, in the prior year
period.
Management Commentary
"2018 was a year of positive operational execution at Simpson,
as we achieved full year net sales of approximately $1.1 billion, an increase of 10% year-over-year,
due to increases in both sales volume and average unit prices,"
commented Karen Colonias, President
and Chief Executive Officer of Simpson Manufacturing Co., Inc. "Our
full year gross profit margin of 44.5% was solid, though lower than
our projection of between 45.5% to 46.0%, due to an unexpected
sharp decline in revenues during December, which resulted in
an increase of factory, material and labor costs as a percentage of
net sales in our fourth quarter. Looking ahead, we expect
demand to remain relatively stable as demand in January was strong,
indicating the December buying patterns may have been
postponed due to short term uncertainty."
Mrs. Colonias continued, "Our strong sales for the year,
combined with our focus on cost containment initiatives, resulted
in a 2018 operating income of $176.2
million, an increase of 28% compared to the prior year
period. Net income increased by 40% to $129.5 million, and we produced strong earnings
of $2.78 per diluted share, an
increase of 43% year-over-year. These results represent
meaningful progress towards our key financial targets under the
2020 Plan, which we announced in the third quarter of 2017 with a
goal of maximizing operating efficiencies and driving long-term
shareholder value. Our team has worked hard to execute
against these goals, and we thank them for their dedication and
commitment. Today we remain focused on achieving our 2020 financial
targets. Our 2018 share repurchases of $111.1 million of our common stock, a record for
Simpson, reflect our continued confidence in the strength and
outlook for our business."
Corporate Developments
- During the fourth quarter of 2018, the Company repatriated
$43.5 million, net of tax from its
foreign subsidiaries. In the year ended December 31, 2018 the Company repatriated a total
of $63.5 million, net of tax from its
foreign subsidiaries.
- In November 2018, the Company
sold a facility that was not occupied by the Company and was leased
to a third party. The Company received net proceeds of $17.5 million, after closing costs and sales
price adjustments.
- On December 6, 2018, the
Company's Board of Directors authorized the Company to repurchase
up to $100.0 million of the Company's
common stock. The authorization is in effect from January 1, 2019 through December 31, 2019.
- On January 28, 2019, the Company's Board of Directors
declared a quarterly cash dividend of $0.22 per share. The dividend will be payable on
April 25, 2019 to shareholders of record as of April 4,
2019.
- During the fourth quarter of 2018, the Company repurchased
970,093 shares of the Company's common stock in the open market at
an average price of $62.93 per share,
for a total of $61.0 million. For the
year ended December 31, 2018, the
Company repurchased 1,772,658 shares of the Company's common stock
on the open market at an average price of $62.69 per share. The Company also received
182,171 shares of its common stock as the final delivery of a
$50.0 million accelerated share
repurchase program initiated in December
2017. As of December 31, 2018, the Company repurchased
approximately $234.6 million of the
Company's previously announced $275.0
million share repurchase authorization (which expired at the
end of 2018).
Business Outlook
Subject to changing economic conditions, future events and
circumstances:
- The Company currently believes the market price for steel will
be flat during the first quarter of 2019.
- The Company estimates that its full-year 2019 gross profit
margin will be between 44.5% to 45.5%.
- The Company estimates that its 2019 full-year effective tax
rate will be between approximately 25% to 27% including both
federal and state income tax rates. The ultimate impact of the Tax
Cuts and Jobs Act 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 have taken or 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 impacts 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 2018 fourth quarter and full-year financial
results conference call on Monday, February 4, 2019, 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/player/index.php?id=132732 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, February 18, 2019, by dialing (844)
512–2921 (U.S. and Canada) or
(412) 317–6671 (International) and entering the conference ID:
13686314. 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, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). All statements relating to events or results that
may occur in the future are forward-looking statements, including
but not limited to, statements or estimates regarding our plans,
sales, sales trends, sales growth rates, revenues, profits, costs,
working capital, balance sheet, inventories, products (including
truss and concrete products as well as software offerings),
relationships with contractors and partners (including our
collaboration with The Home Depot, Inc.), market strategies, market
share, expenses (including operating expenses and research,
development and engineering investments), inventory turn rates,
cost savings or reduction measures, repatriation of funds, results
of operations, tax liabilities, losses, capital spending, housing
starts, price changes (including product and raw material prices,
such as steel prices), profitability, profit margins, operating
income, operating income margin (referring to consolidated income
from operations as a percentage of net sales), operating expenses
as a percentage of net sales, effective tax rates, depreciation or
amortization expenses, amortization periods, capital return (also
called return on invested capital), stock repurchases, dividends,
compensation arrangements, prospective adoption of new accounting
standards, effects of changes in accounting standards, effects and
expenses of (including eventual gains or losses related to) mergers
and acquisitions and related integrations, effects and expenses of
equity investments, effects of changes in foreign exchange rates or
interest rates, effects and costs of SAP and other software program
implementations (including related expenses, such as capital
expenditures, and savings), effects and costs of credit facilities
and capital lease obligations, headcount, engagement of
consultants, the Company's 2020 Plan and other operating
initiatives, the Company's efforts and costs to implement the 2020
Plan and initiatives, the targets and assumptions under the 2020
Plan and such other initiatives (including targets associated with
organic compound annual growth rate in consolidated net sales,
operating income, operating income margin, operating expenses as a
percentage of net sales, cost structure rationalization, improved
working capital management, return on invested capital, stock
repurchases, and overall balance sheet discipline) and the
projected effects and impact of any of the foregoing on our
business, financial condition and results of operations.
Forward-looking statements generally can be identified by words
such as "anticipate," "believe," "estimate," "expect," "intend,"
"plan," "target," "continue," "predict," "project," "change,"
"result," "future," "will," "could," "can," "may," "likely,"
"potentially," or similar expressions. Forward-looking statements
are necessarily speculative in nature, are based on numerous
assumptions, and involve known and unknown risks, uncertainties and
other factors (some of which are beyond our control) that could
significantly affect our operations and may cause our actual
actions, results, financial condition, performance or achievements
to be substantially different from any future actions, results,
financial condition, performance or achievements expressed or
implied by any such forward-looking statements. Those factors
include, but are not limited to: (i) the impact, execution and
effectiveness of the Company's current strategic plan, the 2020
Plan, and initiatives the realization of the assumptions made under
the plan and the efforts and costs to implement the plan and
initiatives; (ii) general economic cycles and construction business
conditions including changes in U.S. housing starts; (iii) customer
acceptance of our products; (iv) product liability claims,
contractual liability, engineering and design liability and similar
liabilities or claims, (v) relationships with partners, suppliers
and customers and their financial condition; (vi) materials and
manufacturing costs; (vii) technological developments, including
system updates and conversions; (viii) increased competition; (ix)
changes in laws or industry practices; (x) litigation risks and
actions by activist shareholders; (xi) changes in market
conditions; (xii) governmental and business conditions in countries
where our products are manufactured and sold; (xiii) natural
disasters and other factors that are beyond the Company's
reasonable control; (xiv) changes in trade regulations, treaties or
agreements or in U.S. and international taxes, tariffs and duties
including those imposed on the Company's income, imports,
exports and repatriation of funds; (xv) effects of merger or
acquisition activities; (xvi) actual or potential takeover or other
change-of-control threats; (xvii) changes in our plans,
strategies, objectives, expectations or intentions; and (xviii)
other risks and uncertainties indicated from time to time in our
filings with the U.S. Securities and Exchange Commission, including
the Company's most recent Annual Report on Form 10-K and the
Company's most recent Quarterly Report on Form 10-Q under the
heading "Item 1A - Risk Factors." In light of the foregoing,
investors are advised to carefully read the Company's securities
filings in connection with the important disclaimers set forth
above and are urged not to rely on any forward-looking statements
in reaching any conclusions or making any investment decisions
about us or our securities. Except as required by law, we do not
intend and undertake no obligation to update, revise or publicly
release any updates or revisions to any forward-looking statements
hereunder, whether as a result of the receipt of new information,
the occurrence of future events, the change of circumstances or
otherwise. We further do not accept any responsibility for any
projections or reports published by analysts, investors or other
third parties. Each of the terms the "Company," "we," "our," "us"
and similar terms used herein refer collectively to Simpson
Manufacturing Co., Inc., a Delaware corporation and its wholly-owned
subsidiaries, including Simpson Strong-Tie Company Inc., unless
otherwise stated. The financial information set forth herein is
presented on a preliminary unreviewed and unaudited basis; audited
financial statements will be included in the Company's Annual
Report on Form 10-K for the year ended December 31, 2018, when
filed. In addition, the Company regularly uses its website to post
information regarding its business and governance. The Company
encourages investors to use http://www.simpsonmfg.com/ as a source
of information about Simpson.
Simpson Manufacturing
Co., Inc. and Subsidiaries
|
UNAUDITED
Consolidated Statements of Operations
|
(In thousands, except
per share data)
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net sales
|
$
|
241,845
|
|
|
$
|
231,681
|
|
|
$
|
1,078,809
|
|
|
$
|
977,025
|
|
Cost of
sales
|
143,409
|
|
|
129,777
|
|
|
598,290
|
|
|
533,644
|
|
Gross
profit
|
98,436
|
|
|
101,904
|
|
|
480,519
|
|
|
443,381
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development and engineering expense
|
10,216
|
|
|
12,565
|
|
|
43,056
|
|
|
47,616
|
|
Selling
expense
|
26,278
|
|
|
28,753
|
|
|
109,931
|
|
|
114,903
|
|
General and
administrative expense
|
41,325
|
|
|
36,236
|
|
|
155,223
|
|
|
143,107
|
|
Total operating expenses
|
77,819
|
|
|
77,554
|
|
|
308,210
|
|
|
305,626
|
|
Net gain on disposal
of assets
|
(8,810)
|
|
|
(13)
|
|
|
(10,579)
|
|
|
(160)
|
|
Impairment of
goodwill
|
6,686
|
|
|
—
|
|
|
6,686
|
|
|
—
|
|
Income from
operations
|
22,741
|
|
|
24,363
|
|
|
176,202
|
|
|
137,915
|
|
Loss in equity
investment, before tax
|
(11)
|
|
|
(33)
|
|
|
(63)
|
|
|
(86)
|
|
Foreign exchange gain
(loss), net
|
(571)
|
|
|
342
|
|
|
430
|
|
|
1,252
|
|
Interest expense,
net
|
(239)
|
|
|
(104)
|
|
|
(571)
|
|
|
(788)
|
|
Gain on bargain
purchase of a business (adjustment)
|
—
|
|
|
—
|
|
|
—
|
|
|
6,336
|
|
Loss on disposal of a
business
|
—
|
|
|
(654)
|
|
|
—
|
|
|
(211)
|
|
Income before
taxes
|
21,920
|
|
|
23,914
|
|
|
175,998
|
|
|
144,418
|
|
Provision for income
taxes
|
6,288
|
|
|
10,829
|
|
|
46,490
|
|
|
51,801
|
|
Net income
|
$
|
15,632
|
|
|
$
|
13,085
|
|
|
$
|
129,508
|
|
|
$
|
92,617
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.34
|
|
|
$
|
0.28
|
|
|
$
|
2.81
|
|
|
$
|
1.95
|
|
Diluted
|
$
|
0.34
|
|
|
$
|
0.27
|
|
|
$
|
2.78
|
|
|
$
|
1.94
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
45,357
|
|
|
47,307
|
|
|
46,132
|
|
|
47,486
|
|
Diluted
|
45,774
|
|
|
47,594
|
|
|
46,527
|
|
|
47,774
|
|
Other
data:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
|
10,345
|
|
|
$
|
6,844
|
|
|
$
|
39,393
|
|
|
$
|
33,724
|
|
Pre-tax equity-based
compensation expense
|
2,402
|
|
|
2,092
|
|
|
11,176
|
|
|
13,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simpson Manufacturing
Co., Inc. and Subsidiaries
|
UNAUDITED
Consolidated Condensed Balance Sheets
|
(In
thousands)
|
|
|
|
December
31,
|
|
|
|
2018
|
|
2017
|
|
Cash and short-term
investments
|
|
$
|
160,180
|
|
|
$
|
168,514
|
|
|
Trade accounts
receivable, net
|
|
146,052
|
|
|
135,958
|
|
|
Inventories
|
|
276,088
|
|
|
252,996
|
|
|
Other current
assets
|
|
17,198
|
|
|
26,473
|
|
|
Total current
assets
|
|
599,518
|
|
|
583,941
|
|
|
Property, plant and
equipment, net
|
|
254,597
|
|
|
273,020
|
|
|
Goodwill
|
|
130,250
|
|
|
137,140
|
|
|
Other noncurrent
assets
|
|
37,287
|
|
|
43,422
|
|
|
Total
assets
|
|
$
|
1,021,652
|
|
|
$
|
1,037,523
|
|
|
Trade accounts
payable
|
|
$
|
34,361
|
|
|
$
|
31,536
|
|
|
Capital lease
obligation - current portion
|
|
1,874
|
|
|
1,055
|
|
|
Other current
liabilities
|
|
111,475
|
|
|
103,900
|
|
|
Total current
liabilities
|
|
147,710
|
|
|
136,491
|
|
|
Other long-term
liabilities - net of current portion
|
|
15,553
|
|
|
16,254
|
|
|
Stockholders'
equity
|
|
858,389
|
|
|
884,778
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
1,021,652
|
|
|
$
|
1,037,523
|
|
|
Simpson Manufacturing
Co., Inc. and Subsidiaries
|
UNAUDITED Segment and
Product Group Information
|
(In
thousands)
|
|
|
|
|
Three Months
Ended
|
|
|
|
Twelve Months
Ended
|
|
|
|
|
|
December
31,
|
|
%
|
|
December
31,
|
|
%
|
|
2018
|
|
2017
|
|
change
*
|
|
2018
|
|
2017
|
|
change
*
|
Net Sales by
Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
204,656
|
|
|
$
|
190,932
|
|
|
7%
|
|
$
|
910,587
|
|
|
$
|
803,697
|
|
|
13%
|
|
Percentage of
total net sales
|
85
|
%
|
|
82
|
%
|
|
|
|
84
|
%
|
|
82
|
%
|
|
|
|
Europe
|
34,931
|
|
|
38,404
|
|
|
(9)%
|
|
159,027
|
|
|
165,155
|
|
|
(4)%
|
|
Percentage of
total net sales
|
14
|
%
|
|
17
|
%
|
|
|
|
15
|
%
|
|
17
|
%
|
|
|
|
Asia/Pacific
|
2,258
|
|
|
2,345
|
|
|
(4)%
|
|
9,195
|
|
|
8,173
|
|
|
13%
|
|
Percentage of
total net sales
|
1
|
%
|
|
1
|
%
|
|
|
|
1
|
%
|
|
1
|
%
|
|
|
|
|
Total
|
$
|
241,845
|
|
|
$
|
231,681
|
|
|
4%
|
|
$
|
1,078,809
|
|
|
$
|
977,025
|
|
|
10%
|
Net Sales by
Product Group**
|
|
|
|
|
|
|
|
|
|
|
|
|
Wood
Construction
|
$
|
202,323
|
|
|
$
|
193,993
|
|
|
4%
|
|
$
|
913,202
|
|
|
$
|
833,200
|
|
|
10%
|
|
Percentage of
total net sales
|
84
|
%
|
|
84
|
%
|
|
|
|
85
|
%
|
|
85
|
%
|
|
|
|
Concrete
Construction
|
39,470
|
|
|
37,317
|
|
|
6%
|
|
165,317
|
|
|
143,102
|
|
|
16%
|
|
Percentage of
total net sales
|
16
|
%
|
|
16
|
%
|
|
|
|
15
|
%
|
|
15
|
%
|
|
|
|
Other
|
52
|
|
|
371
|
|
|
N/M
|
|
290
|
|
|
723
|
|
|
N/M
|
|
|
Total
|
$
|
241,845
|
|
|
$
|
231,681
|
|
|
4%
|
|
$
|
1,078,809
|
|
|
$
|
977,025
|
|
|
10%
|
Gross Profit by
Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
86,556
|
|
|
$
|
88,292
|
|
|
(2)%
|
|
$
|
422,053
|
|
|
$
|
383,282
|
|
|
10%
|
|
North America
gross profit margin
|
42
|
%
|
|
46
|
%
|
|
|
|
46
|
%
|
|
48
|
%
|
|
|
|
Europe
|
11,070
|
|
|
13,041
|
|
|
(15)%
|
|
56,152
|
|
|
58,973
|
|
|
(5)%
|
|
Europe gross
profit margin
|
32
|
%
|
|
34
|
%
|
|
|
|
35
|
%
|
|
36
|
%
|
|
|
|
Asia/Pacific
|
661
|
|
|
307
|
|
|
N/M
|
|
2,085
|
|
|
971
|
|
|
N/M
|
|
Administrative and
all other
|
149
|
|
|
263
|
|
|
N/M
|
|
229
|
|
|
155
|
|
|
N/M
|
|
|
Total
|
$
|
98,436
|
|
|
$
|
101,903
|
|
|
(3)%
|
|
$
|
480,519
|
|
|
$
|
443,381
|
|
|
8%
|
Income (Loss) from
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
18,907
|
|
|
$
|
21,995
|
|
|
(14)%
|
|
$
|
168,323
|
|
|
$
|
132,995
|
|
|
27%
|
|
North America
operating profit margin
|
9
|
%
|
|
12
|
%
|
|
|
|
18
|
%
|
|
17
|
%
|
|
|
|
Europe
|
(8,779)
|
|
|
(3,298)
|
|
|
(166)%
|
|
(3,026)
|
|
|
2,724
|
|
|
N/M
|
|
Europe operating
profit margin
|
(25)
|
%
|
|
(9)
|
%
|
|
|
|
(2)
|
%
|
|
2
|
%
|
|
|
|
Asia/Pacific
|
313
|
|
|
1,600
|
|
|
N/M
|
|
2,040
|
|
|
1,296
|
|
|
N/M
|
|
Administrative and
all other
|
12,300
|
|
|
4,066
|
|
|
N/M
|
|
8,865
|
|
|
901
|
|
|
N/M
|
|
|
Total
|
$
|
22,741
|
|
|
$
|
24,363
|
|
|
(7)%
|
|
$
|
176,202
|
|
|
$
|
137,916
|
|
|
28%
|
|
|
|
|
*
|
Unfavorable
percentage changes are presented in parentheses.
|
|
**
|
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.