Simpson Manufacturing Company Inc. (SSD) Quarterly 10-Q Report
Simpson Manufacturing Company Inc. (SSD) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a slight increase in net sales to $587.2 million from $580.1 million in the same quarter the previous year. This increase is attributed to a favorable sales mix and incremental sales from acquisitions.
Cost of sales for the quarter was $312.1 million, compared to $297.2 million in the same quarter of the previous year. The increase is due to higher factory overhead and labor costs.
The company reported a gross profit of $275.1 million for the quarter, down from $282.9 million in the previous year, with the decline attributed to changes in product mix and increased costs.
Research and development expenses decreased slightly to $23.7 million from $24.8 million, primarily due to decreased professional fees and variable incentive compensation costs.
Selling expenses increased to $54.6 million from $52.4 million, driven by higher personnel costs and advertising expenses.
General and administrative expenses rose to $70.6 million from $64.8 million, due to increased personnel costs, professional fees, and software expenses.
Net income for the quarter was $93.5 million, down from $104.0 million in the previous year. Diluted earnings per share decreased to $2.21 from $2.43.
Cash provided by operating activities was $222.4 million, while cash used in investing and financing activities was $202.1 million and $111.0 million, respectively.
Simpson Manufacturing had total assets of $2.9 billion as of September 30, 2024, with cash and cash equivalents amounting to $339.4 million.
The filing also details various financial activities, including the acquisition of Calculated Structured Designs, Inc., Monet DeSauw Inc., and QuickFrames USA, LLC.
The company declared a quarterly cash dividend of $0.28 per share, payable on January 23, 2025, and authorized a share repurchase program of up to $100 million for 2025.
Simpson Manufacturing continues to focus on expanding its product lines and market share, leveraging its engineering expertise and distribution capabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Simpson Manufacturing Company Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email [email protected].