Simpson Manufacturing Co., Inc. announced its third-quarter 2024 financial results, reporting net sales of $587.2 million, a 1.2% increase year-over-year. Despite this modest growth, income from operations decreased by 11.0% to $124.9 million, resulting in an operating income margin of 21.3% compared to 24.2% in the prior year. Diluted earnings per share (EPS) also saw a decline of 9.1% year-over-year, reaching $2.21.
During the third quarter, Simpson Manufacturing completed two strategic acquisitions. The company acquired Monet DeSauw Inc. for approximately $48.5 million, a specialist in large-scale saws and material handling equipment for the truss industry in the United States. Additionally, Simpson acquired QuickFrames USA, a manufacturer of pre-engineered structural support systems for commercial construction in North America.
Management updated its 2024 financial outlook, projecting U.S. housing starts to be down in the low single-digit range from 2023 levels. European housing starts are expected to decline in the high single-digit range compared to the prior year. These revised expectations reflect ongoing pressures in the housing markets, which impact the company's overall profitability despite its strategic growth initiatives.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.