PLEASANTON, Calif., Feb. 6, 2023
/PRNewswire/ --
- Fourth quarter net sales of $475.6
million increased 13.6% year-over-year
- 2022 net sales of $2.12
billion increased 34.5% year-over-year
- 2022 net income per diluted share of $7.76 increased 26.8% year-over-year
- Declared a $0.26 per share
dividend
- Repurchased $78.6 million in
common stock in 2022
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 2022. 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).
Beginning in 2022, the Company changed its presentation for both
the North America and the
Administrative and all other segment's statement of operations to
display allocated expenses and management fees as a separate item
below income from operations. During 2021, allocated expenses and
management fees between the two segments were previously included
in operating expenses and in income from operations and have been
adjusted herein to conform to the 2022 presentation. Consolidated
income from operations, income before tax and net income for all
periods presented below are not affected by the change in
presentation.
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
December 31, 2022 with the quarter ended December 31,
2021 or the fiscal year ended December 31,
2022 with the fiscal year ended December 31, 2021 and include the results of the
acquisition of FIXCO Invest S.A.S ("ETANCO") on April 1, 2022.
2022 Fourth Quarter Financial Highlights
- Consolidated net sales of $475.6
million increased 13.6% from $418.6
million.
-
- North America net sales of
$368.1 million decreased 1.4% from
$373.2 million, primarily due to
lower sales volumes, partly offset by prior year product price
increases. North America net sales
were negatively impacted by $1.3
million in foreign currency translation.
- Europe net sales of
$103.7 million increased 150.3% from
$41.4 million, primarily due to the
acquisition of ETANCO, which contributed $64.9 million in net sales, along with product
price increases. If the Company had not acquired ETANCO,
Europe net sales would have been
negatively impacted by $5.6 million
in foreign currency translation and lower volumes.
- Consolidated gross profit of $200.7
million increased 1.2% compared to $198.3 million. Consolidated gross margin
decreased to 42.2% from 47.4%.
-
- North America gross margin
decreased to 45.0% from 49.3%, primarily from higher raw material
costs, factory and overhead and labor, as a percentage of net
sales, partly offset by prior year product price increases.
- Europe gross margin increased
to 32.7% from 31.2%. Europe gross
profit of $33.9 million included
$20.9 million from the acquisition of
ETANCO, which is net of $1.4 million
in fair-value adjustments for inventory costs as a result of
purchase accounting related to the acquisition of ETANCO.
- Consolidated income from operations of $78.7 million decreased 18.9% compared to
$97.1 million. The decrease was
primarily due to higher operating expenses, including $18.0 million attributable to ETANCO, and
$2.6 million for integration costs
also related to ETANCO. Consolidated operating margin decreased to
16.6% from 23.2%.
-
- North America income from
operations of $85.6 million decreased
16.6% compared to $102.6 million. The
decrease was primarily due to lower gross profit, partly offset by
lower operating expenses including cash profit sharing, sales
commissions and stock-based compensation.
- Europe reported income from
operations of $0.8 million compared
to a loss from operations of $1.5
million. This includes ETANCO's operating income of
$0.3 million which is net of
$1.4 million in inventory adjustments
as noted above, $4.4 million of
amortization expense on acquired intangible assets and $2.6 million for integration costs for a total of
$8.4 million.
- The Company's effective income tax rate increased to 26.3% from
25.0%.
- Net income was $57.6 million, or
$1.35 per diluted share, compared to
net income of $69.8 million, or
$1.61 per diluted share. Net income
for the quarter ended December 31,
2022, includes $2.7 million of
net interest expense primarily on the Company's borrowings for its
acquisition of ETANCO.
- Cash provided by operating activities was approximately
$137.4 million, an increase of
$108.2 million from $29.2 million primarily from decreases in working
capital offset by the decrease in net income.
- Cash used in investing activities was approximately
$25.4 million, an increase of
$7.8 million from $17.6 million primarily due to increased capital
expenditures of $20.8 million
compared to $12.5 million.
2022 Full-Year Financial Highlights
- Consolidated net sales of $2.12
billion increased 34.5% from $1.57
billion, primarily due to product price increases and the
acquisition of ETANCO, which contributed $212.6 million in net sales, partly offset by the
negative effect of $27.8 million in
foreign currency translation related mostly to Europe's currencies weakening against
the United States dollar.
- Consolidated gross profit of $941.3
million increased 24.7% compared to $755.0 million. Consolidated gross margin
decreased to 44.5% from 48.0%, primarily due to higher material
costs, including $13.6 million in
non-recurring fair-value adjustments for inventory costs as noted
above.
- Consolidated income from operations of $459.1 million increased 24.8% compared to
$367.8 million, primarily due to
higher gross profit, partly offset by higher operating expenses and
$17.3 million in total acquisition
and integration costs. Consolidated income from operations includes
ETANCO's operating income of $0.5
million which is net of $13.6
million in non-recurring inventory adjustments as noted
above, $12.4 million of amortization
expense on acquired intangible assets and $10.3 million for integration costs for a total
of $36.9 million. Consolidated
operating margin decreased to 21.7% from 23.4%.
- The Company's effective income tax rate decreased from 25.7% to
25.5%.
- Net income was $334.0 million, or
$7.76 per diluted share, compared to
net income of $266.4 million, or
$6.12 per diluted share. Net income
for the year ended December 31, 2022,
includes $8.0 million of net interest
expense primarily on the Company's borrowings for its acquisition
of ETANCO.
- Cash provided by operating activities was approximately
$400.8 million, an increase of
$249.5 million from $151.3 million primarily from decreases in
working capital and the increase in net income.
- Cash used in investing activities was approximately
$870.9 million, an increase of
$812.1 million from $58.8 million. The increase was primarily due to
the Company's purchase of ETANCO for $805.4
million. In addition, capital expenditures increased to
$62.4 million from $43.7 million.
- Cash provided by financing activities was approximately
$465.5 million, an increase of
$537.1 million from cash used of
$71.6 million. Cash provided by
financing activities increased mainly from $700.0 million in loan proceeds to fund the
acquisition of ETANCO, offset by approximately $116.0 million in principal repayments on the
Company's Revolving and Term Credit Facility during 2022, as well
as $78.6 million and $43.9 million in repurchase of the Company's
common stock and payment of cash dividend, respectively, compared
to $24.1 million and $41.6 million in repurchases of the Company's
common stock and payments of cash dividends, respectively, in the
prior year.
Management Commentary -
"2022 marked a year of strong financial and operational
performance for Simpson despite a challenging operating
environment," commented Mike Olosky,
President and Chief Executive Officer of Simpson Manufacturing Co.,
Inc. "Our 2022 net sales reflect the impact of product price
increases implemented throughout 2021 to offset rising material
costs as well as a $212.6 million
contribution from the ETANCO acquisition. Our performance further
demonstrates strong operational execution as we continued to
integrate ETANCO and advance our key growth initiatives forward.
Those initiatives enabled us to grow our North America volumes above U.S. housing
starts for the year."
Mr. Olosky concluded, "Looking ahead, we are confident in the
trajectory of our business despite the softer market forecasts for
U.S. housing starts. We continue to believe Simpson remains well
positioned for success given our ongoing focus on expansion of our
growth initiatives into new markets, including commercial, OEM,
national retail and building technology, the majority of which are
not directly tied to U.S. housing starts, along with our strong
balance sheet, solid market position and culture of Simpson
colleagues who remain deeply passionate about our mission of
providing solutions to help people design and build safer, stronger
structures. In addition, the market for multifamily housing
construction continues to remain strong and Simpson stands poised
to benefit from the structural shortage of housing that has
persisted in the U.S. As such, we are confident in our ability to
continue to achieve our Company Ambitions, including our goal to
grow above the market relative to U.S. housing starts with
profitability in the top quartile of our proxy peer group."
Corporate Developments
- During the fourth quarter of 2022, the Company repurchased
47,800 shares of common stock in the open market at an average
price of $84.95 per share, for a
total of $4.1 million. For the
full-year of 2022, the Company repurchased 811,330 shares of its
common stock in the open market at an average price of $96.91 per share, for a total of $78.6 million under its $100 million share repurchase authorization which
expired at the end of 2022.
- On December 15, 2022, the
Company's Board of Directors (the "Board") authorized the Company
to repurchase up to $100.0 million of
the Company's common stock, effective January 1, 2023 through December 31, 2023.
- On January 24, 2023, the Board
declared a quarterly cash dividend of $0.26 per share, estimated to be $11.1 million in total. The dividend will be
payable on April 27, 2023, to the
Company's stockholders of record on April 6,
2023.
- On December 28, 2022, in
conjunction with the appointment of Michael
Olosky to President and Chief Executive Officer, effective
January 1, 2023, the Company
announced changes to its executive officers, also effective
January 1, 2023, as announced in
Exhibit 99.1 of its current report on Form 8-K dated December 28, 2022.
Business Outlook
Based on business trends and conditions as of today,
February 6, 2023, the Company's
outlook for the full fiscal year ending December 31, 2023 is as follows:
- Operating margin is estimated to be in the range of 18% to
20%.
- Interest expense on the outstanding Revolving Credit Facility
and Term Loans, which have borrowings of $150.0 million and $433.1
million as of December 31,
2022, respectively, is expected to be approximately
$9.7 million, including the benefit
from interest rate and cross currency swaps mitigating
substantially all of the volatility from changes in interest
rates.
- The effective tax rate is estimated to be in the range of 25%
to 26%, including both federal and state income tax rates and
assuming no tax law changes are enacted.
- Capital expenditures are estimated to be in the range of
$90.0 million to $95.0 million including the expected spend of
$22.0 million to $25.0 million on its previously announced
Columbus, Ohio facility expansion,
with the balance of that project to be spent in 2024.
- The Company continues to work on integrating ETANCO into its
operations. Plans were developed to realize the Company's
previously identified synergies in the years ahead which resulted
in additional costs in 2022 that are expected to continue in 2023.
The Company remains well positioned to capture meaningful benefits
from the synergies, subject to changing macroeconomic
circumstances, which will delay some of the synergy
opportunities.
Conference Call Details
Investors, analysts and other interested parties are invited to
join the Company's fourth quarter and full-year 2022 financial
results conference call on Monday, February 6, 2023, at
5:00 p.m. Eastern Time (2:00 p.m. 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
https://viavid.webcasts.com/starthere.jsp?ei=1594133&tp_key=86b8d4d38f
or a link on the Investor Relations section of the Company's
website at https://ir.simpsonmfg.com/events-and-presentations. 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 20, 2022, by dialing (844)
512–2921 (U.S. and Canada) or
(412) 317–6671 (International) and entering the conference ID:
13735729. 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 carbon & glass fiber materials. The
Company's common stock trades on the New York Stock Exchange under
the symbol "SSD."
Copies of Simpson Manufacturing's Annual Report to Stockholders
and its proxy statements and other SEC filings, including Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K, are made available free of charge on the
company's website on the same day they are filed with the SEC. To
view these filings, visit the Investor Relations section of the
Company's website.
Cautionary Note Regarding Forward-Looking Statements
This press release 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 2IE of the Securities Exchange Act of 1934, as amended.
Forward-looking statements generally can be identified by words
such as "anticipate," "believe," "estimate," "expect," "intend,"
"plan," "outlook," "target," "continue," "predict," "project,"
"change," "result," "future," "will," "could," "can," "may,"
"likely," "potentially," or similar expressions that concern our
strategy, plans, expectations or intentions. Forward-looking
statements are all statements other than those of historical fact
and include, but are not limited to, statements about future
financial and operating results, our plans, objectives, business
outlook, priorities, expectations and intentions, expectations for
sales and market growth, comparable sales, earnings and
performance, stockholder value, capital expenditures, cash flows,
the housing market, the home improvement industry, demand for
services, share repurchases, the integration of ETANCO, our
strategic initiatives, including the impact of these initiatives on
our strategic and operational plans and financial results, and any
statement of an assumption underlying any of the foregoing.
Although we believe that the expectations, opinions, projections
and comments reflected in these forward-looking statements are
reasonable, such statements involve risks and uncertainties and we
can give no assurance that such statements will prove to be
correct. Actual results may differ materially from those expressed
or implied in such statements.
Forward-looking statements are subject to inherent
uncertainties, risks and other factors that are difficult to
predict and could cause our actual results to vary in material
respects from what we have expressed or implied by these
forward-looking statements. Important factors that could cause our
actual results and financial condition to differ materially from
those expressed in our forward-looking statements include the
ongoing effects of the COVID-19 pandemic on our operations and
supply chain, the operations of our customers, suppliers and
business partners, the effect of general economic conditions,
including employment rates, housing starts, interest rate levels
and strength of the U.S. dollar, and the successful integration of
ETANCO, as well as those discussed in the "Risk Factors" and "
Management's Discussion and Analysis of Financial Condition and
Results of Operations" sections of our most recent Annual Report on
Form 10-K, subsequent Quarterly Reports on Form 10-Q and other
reports we file with the SEC.
We caution that you should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by law.
Readers are urged to carefully review and consider the various
disclosures made in our reports filed with the SEC that advise of
the risks and factors that may affect our business, results of
operations and financial condition.
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,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net sales
|
$ 475,622
|
|
$ 418,556
|
|
$
2,116,087
|
|
$
1,573,217
|
Cost of
sales
|
274,967
|
|
220,286
|
|
1,174,794
|
|
818,187
|
Gross
profit
|
200,655
|
|
198,270
|
|
941,293
|
|
755,030
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development and engineering expense
|
18,461
|
|
16,060
|
|
68,354
|
|
59,381
|
Selling
expense
|
44,929
|
|
35,951
|
|
169,378
|
|
135,004
|
General and
administrative expense
|
55,956
|
|
49,409
|
|
228,468
|
|
193,176
|
Total operating
expenses
|
119,346
|
|
101,420
|
|
466,200
|
|
387,561
|
Acquisition and
integration related costs
|
2,662
|
|
—
|
|
17,343
|
|
—
|
Gain on disposal of
assets
|
(90)
|
|
(212)
|
|
(1,317)
|
|
(324)
|
Income from
operations
|
78,737
|
|
97,062
|
|
459,067
|
|
367,793
|
Interest expense, net
and other financing costs
|
(1,027)
|
|
(306)
|
|
(7,594)
|
|
(1,386)
|
Other & foreign
exchange gain (loss), net
|
406
|
|
(3,678)
|
|
(3,408)
|
|
(7,858)
|
Income before
taxes
|
78,116
|
|
93,078
|
|
448,065
|
|
358,549
|
Provision for income
taxes
|
20,511
|
|
23,280
|
|
114,070
|
|
92,102
|
Net income
|
$
57,605
|
|
$
69,798
|
|
$ 333,995
|
|
$ 266,447
|
Earnings per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
1.35
|
|
$
1.62
|
|
$
7.78
|
|
$
6.15
|
Diluted
|
$
1.35
|
|
$
1.61
|
|
$
7.76
|
|
$
6.12
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
42,572
|
|
43,218
|
|
42,925
|
|
43,325
|
Diluted
|
42,680
|
|
43,437
|
|
43,047
|
|
43,532
|
Other data:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
16,369
|
|
$
9,285
|
|
$
60,890
|
|
$
42,477
|
Pre-tax equity-based
compensation expense
|
1,994
|
|
4,324
|
|
14,980
|
|
17,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simpson Manufacturing
Co., Inc. and Subsidiaries
|
UNAUDITED Consolidated
Condensed Balance Sheets
|
(In
thousands)
|
|
|
|
December
31,
|
|
|
|
2022
|
|
2021
|
|
Cash and short-term
investments
|
|
$
300,742
|
|
$
301,155
|
|
Trade accounts
receivable, net
|
|
269,124
|
|
231,021
|
|
Inventories
|
|
556,801
|
|
443,756
|
|
Other current
assets
|
|
52,609
|
|
22,903
|
|
Total current
assets
|
|
1,179,276
|
|
998,835
|
|
Property, plant and
equipment, net
|
|
361,555
|
|
259,869
|
|
Operating lease
right-of-use assets
|
|
57,652
|
|
45,438
|
|
Goodwill
|
|
503,717
|
|
134,022
|
|
Other noncurrent
assets
|
|
409,842
|
|
45,961
|
|
Total
assets
|
|
$
2,512,042
|
|
$
1,484,125
|
|
Trade accounts
payable
|
|
$
97,841
|
|
$
57,215
|
|
Long-term debt, current
portion
|
|
22,500
|
|
—
|
|
Other current
liabilities
|
|
229,046
|
|
187,387
|
|
Total current
liabilities
|
|
349,387
|
|
244,602
|
|
Operating lease
liabilities, net of current portion
|
|
46,882
|
|
37,091
|
|
Long-term debt, net of
issuance costs
|
|
554,538
|
|
—
|
|
Deferred income tax and
other long-term liabilities
|
|
140,607
|
|
18,434
|
|
Stockholders'
equity
|
|
1,420,628
|
|
1,183,998
|
|
Total liabilities and
stockholders' equity
|
|
$
2,512,042
|
|
$
1,484,125
|
|
Simpson Manufacturing
Co., Inc. and Subsidiaries
|
UNAUDITED Segment and
Product Group Information
|
(In
thousands)
|
|
|
|
|
Three Months
Ended
|
|
|
|
Twelve Months
Ended
|
|
|
|
|
|
December
31,
|
|
%
|
|
December
31,
|
|
%
|
|
2022
|
|
2021
|
|
change
*
|
|
2022
|
|
2021
|
|
change
*
|
Net Sales by
Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
368,129
|
|
$
373,230
|
|
(1.4) %
|
|
$ 1,701,041
|
|
$ 1,362,941
|
|
24.8 %
|
|
Percentage of total
net sales
|
77.4 %
|
|
89.2 %
|
|
|
|
80.4 %
|
|
86.6 %
|
|
|
|
Europe
|
103,712
|
|
41,429
|
|
150.3 %
|
|
400,303
|
|
196,996
|
|
103.2 %
|
|
Percentage of total
net sales
|
21.8 %
|
|
9.9 %
|
|
|
|
18.9 %
|
|
12.5 %
|
|
|
|
Asia/Pacific
|
3,781
|
|
3,897
|
|
(3.0) %
|
|
14,743
|
|
13,280
|
|
11.0 %
|
|
Percentage of total
net sales
|
0.8 %
|
|
0.9 %
|
|
|
|
0.7 %
|
|
0.8 %
|
|
|
|
|
Total
|
$
475,622
|
|
$
418,556
|
|
13.6 %
|
|
$ 2,116,087
|
|
$ 1,573,217
|
|
34.5 %
|
Net Sales by Product
Group**
|
|
|
|
|
|
|
|
|
|
|
|
|
Wood
Construction
|
$
403,527
|
|
$
364,852
|
|
10.6 %
|
|
$ 1,831,580
|
|
$ 1,361,113
|
|
34.6 %
|
|
Percentage of total
net sales
|
84.8 %
|
|
87.2 %
|
|
|
|
86.6 %
|
|
86.5 %
|
|
|
|
Concrete
Construction
|
71,087
|
|
53,363
|
|
33.2 %
|
|
282,205
|
|
210,780
|
|
33.9 %
|
|
Percentage of total
net sales
|
14.9 %
|
|
12.7 %
|
|
|
|
13.3 %
|
|
13.4 %
|
|
|
|
Other
|
1,008
|
|
341
|
|
N/M
|
|
2,302
|
|
1,324
|
|
N/M
|
|
|
Total
|
$
475,622
|
|
$
418,556
|
|
13.6 %
|
|
$ 2,116,087
|
|
$ 1,573,217
|
|
34.5 %
|
Gross Profit (Loss)
by Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
165,564
|
|
$
184,067
|
|
(10.1) %
|
|
$
810,730
|
|
$
681,137
|
|
19.0 %
|
|
North America gross
profit margin
|
45.0 %
|
|
49.3 %
|
|
|
|
47.7 %
|
|
50.0 %
|
|
|
|
Europe
|
33,925
|
|
12,935
|
|
162.3 %
|
|
125,616
|
|
69,164
|
|
81.6 %
|
|
Europe gross profit
margin
|
32.7 %
|
|
31.2 %
|
|
|
|
31.4 %
|
|
35.1 %
|
|
|
|
Asia/Pacific
|
961
|
|
1,312
|
|
N/M
|
|
4,910
|
|
4,902
|
|
N/M
|
|
Administrative and all
other
|
205
|
|
(44)
|
|
N/M
|
|
37
|
|
(173)
|
|
N/M
|
|
|
Total
|
$
200,655
|
|
$
198,270
|
|
1.2 %
|
|
$
941,293
|
|
$
755,030
|
|
24.7 %
|
Income (Loss) from
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$ 85,564
|
|
$
102,626
|
|
(16.6) %
|
|
$
485,899
|
|
$
377,069
|
|
28.9 %
|
|
North America
operating profit margin
|
23.2 %
|
|
27.5 %
|
|
|
|
28.6 %
|
|
27.7 %
|
|
|
|
Europe
|
783
|
|
(1,522)
|
|
151.4 %
|
|
11,121
|
|
14,160
|
|
(21.5) %
|
|
Europe operating
profit (loss) margin
|
0.8 %
|
|
(3.7) %
|
|
|
|
2.8 %
|
|
7.2 %
|
|
|
|
Asia/Pacific
|
(175)
|
|
252
|
|
N/M
|
|
723
|
|
1,193
|
|
N/M
|
|
Administrative and all
other
|
(7,435)
|
|
(4,294)
|
|
N/M
|
|
(38,676)
|
|
(24,629)
|
|
N/M
|
|
|
Total
|
$ 78,737
|
|
$ 97,062
|
|
(18.9) %
|
|
$
459,067
|
|
$
367,793
|
|
24.8 %
|
|
*
|
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.