Simpson recognized for diversity
NACD NXT is a multi-year initiative to highlight boardroom practices that promote diversity and inclusion.
Simpson Manufacturing Company Inc. has been named a finalist for the 2018 NXT Awards by the National Association of Corporate Directors (NACD).
NACD NXT is a multi-year initiative to highlight corporate boardroom practices that promote greater diversity and inclusion while helping to develop the next generation of boardroom leadership. The annual awards showcase boards that have embraced diverse perspectives to support sustainable long-term shareholder value.
“We’re proud to have our board of directors recognized for the NXT Award,” said Simpson Manufacturing CEO, Karen Colonias. “The members welcome and support diversity in all aspects of our business to strengthen and support our continued growth.”
Company boards recognized by the NXT Awards include public and private organizations and institutions spanning many sizes and industry sectors. The winners will be announced during the NACD NXT Recognition Gala on September 29 at the NACD Global Board Leaders’ Summit in Washington, D.C.
Based in Pleasanton, Calif., Simpson Manufacturing is the parent company of fastener and connector manufacturer Simpson Strong-Tie.
WD-40 turns in strong Q3
Net sales of maintenance products, considered the primary growth focus for the company, increased 11% in the third quarter.
WD-40, the maintenance, cleaning, and homecare products manufacturer, reported third quarter 2018 net sales of $107.0 million, a 9% increase from 2017 net sales of $98.1 million for the same period a year ago.
The San Diego based manufacturer also reported year-to-date total net sales were $305.9 million, up 8% from year-to-date sales of $283.9 million for the first 3 quarters of 2017.
The company reported a net income of $16.1 million for the third quarter, a 12% increase compared to the third quarter 2017. For the first three quarters of the year, WD-40 posted a net income of $43.6 million, up 13% from the prior period.
“We had a solid quarter and are pleased that we achieved both sales and earnings results which reflect new record highs for the Company,” said Garry Ridge, WD-40 president and CEO. “Our maintenance products delivered solid sales increases in the third quarter including 10% growth of WD-40 Multi-Use Product and 16%growth of WD-40 Specialist.”
Net sales of maintenance products, considered the primary growth focus for the company, increased 11% in the third quarter when compared to the prior year fiscal period. This sales growth was primarily attributable to increased sales of WD-40 Multi-Use Product within the Americas and EMEA segments. Sales of homecare and cleaning products decreased 12% for the quarter, however.
WD-40 also noted that it is seeing the impact of higher commodity prices, which have begun to deteriorate the manufacturer’s gross margins in all 3 of its operating segments.
As a result, the company has made some price increases to ensure that its “gross margin remains in-line,” Ridge said.
HBSDealer Stock Watch: Tuesday’s Ticker
|The majority of hardware and building supply stocks finished the day lower. Of the 30 companies tracked below, 11 showed gains on Tuesday. The day’s biggest movers were LOW, up 2.1%; and BECN, down 3.5%.|
|BLDR (Builders FS)||18.46||-1.91%|
|BMCH (BMC Stock)||21.65||N.C.|
|CENT (Central Garden)||43.69||+0.83%|
|DE (Deere & Co.)||144.55||+0.09%|
|HD (Home Depot)||197.61||+0.78%|
|LL (Lumber Liquidators)||26.40||-0.04%|
|SMG (Scotts Miracle-Gro)||87.38||+0.24%|
|TSCO (Tractor Supply)||77.72||+0.19%|
|UFPI (Universal Forest)||37.83||-1.02%|