Simpson Manufacturing Co., Inc. (NYSE: SSD), an industry leader in engineered structural connectors and building solutions, today announced its financial results for the first quarter of 2024.
The company’s first quarter net sales totaled $XX million, reflecting a modest decline year-over-year. Despite challenges in the U.S. housing market, international volumes increased by 8% and gross margins remained elevated due to pricing discipline and cost management. Operating income margin stood at 18.1%.
CEO Karen Olosky expressed optimism about the company’s long-term prospects, emphasizing their focus on organic growth and strategic investments. Simpson Manufacturing is expanding its facilities, increasing capacity, and improving efficiencies to meet anticipated growth in the housing market.
The company has updated its financial outlook for the full fiscal year ending December 31, 2024. Based on current trends and conditions, the company expects low single-digit growth in U.S. housing starts and below prior-year levels for European housing starts.
Investors and analysts are invited to join the company’s first quarter 2024 financial results conference call on Monday, April 22, 2024, at ( ). A webcast and replay of the call will be available on the company’s website.
Simpson Manufacturing Co., Inc., headquartered in California, is a leading manufacturer of wood and concrete construction products, primarily serving the residential and commercial markets in the United States and internationally. Its common stock trades on the New York Stock Exchange under the symbol “SSD.”
