Simpson Manufacturing sales rise in Q1
Simpson Manufacturing, the structural connectors, fasteners and building solutions provider, reported fourth quarter 2020 consolidated net sales of $293.9 million, a 12% increase from sales of $262.5 million in the prior fourth quarter.
North America net sales of $249.1 million increased 9.8% from $226.8 million due to higher sales volumes to the home center channel, primarily due to the return of business at Lowe’s and increased demand from new housing starts and repair and remodel activity.
Consolidated net sales for the full year were $1.27 billion, rising 11.6% from $1.14 billion, primarily due to higher sales volumes. Sales were also positively affected by approximately $1.5 million in foreign currency translation related mostly to Europe's currencies strengthening against the United States dollar, the company said.
Simpson posted a net income of $29.6 million for the fourth quarter, up 5.3% compared to a net income of $28.1 million. For the full year, Simpson reported a net income of $187 million, rising nearly 40% from a net income of $134 million in 2019.
Simpson Manufacturing is the parent company of Simpson Strong-Tie and is based in Pleasanton, Calif.
Bottom Line: Profits at Simpson Manufacturing move ahead 5.3% to $29.6 million in the fourth quarter as profits for 2020 surge 40%.
What the CEO said: “I’m extremely pleased with our strong financial and operational performance in 2020, which we delivered in a highly challenging operating environment amidst the COVID-19 pandemic,” said Karen Colonias, president and CEO of Simpson Manufacturing Co., Inc. “Our net sales improved 11.6% over 2019 to $1.27 billion, the highest in our Company’s history, driven by strong sales volume.”
Company info: The full fourth quarter 2020 report from Simpson Manufacturing is available here.