Simpson Strong-Tie Reports 5.5% Sales Increase in Q4 2023

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Originally Published by: HBS Dealer — February 6, 2024
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Simpson Manufacturing, the parent company of Simpson Strong-Tie, reported fourth quarter sales 2023 increased 5.5% to $501.7 million from sales of $475.6 million in the fourth quarter 2022.

Simspon Manufacturing's North American sales increased 5.3% in the fourth quarter.

North American net sales of $387.8 million increased 5.3% from $368.1 million, primarily due to higher sales volumes, partly offset by price decreases, the company reported.

For the full year, consolidated net sales at Simpson increased 4.6% to $2.2 billion from sales of $2.1 billion for the full year 2022. 

Consolidated income from operations of $71.6 million decreased 9.1% compared to $78.7 million. The decrease was primarily due to higher operating expenses, including increased personnel costs resulting from more employees supporting production, engineering and sales activities; elevated professional fees; and variable compensation, which was partly offset by higher gross profits, Simpson said.

Earnings decreased for the fourth quarter as Simpson reported a net income was $54.8 million compared to net income of $57.6 million for the same period a year ago.

The Pleasanton, California-based manufacturer’s net income for the full year was $354, moving ahead from a net income of $334 million in the prior fiscal year.