Simpson Manufacturing (SSD) Tops Q3 EPS by 5c, Revenues Miss

Simpson Manufacturing (NYSE: SSD) reported Q3 EPS of $0.95, $0.05 better than the analyst estimate of $0.90. Revenue for the quarter came in at $284.2 million versus the consensus estimate of $296.8 million.

"We had a solid third quarter with our net sales increasing 8% year–over–year to $284.2 million, driven by growth in sales volume throughout almost all areas of our company," commented Karen Colonias, President and Chief Executive Officer of Simpson Manufacturing Co., Inc. "Net sales were positively impacted by increases in our average selling prices and were further supported by U.S. housing starts. While U.S. housing starts slightly moderated in the third quarter compared to the second quarter, demand so far in the current quarter remains steady, subject to typical fourth quarter seasonality. As a result of our positive third quarter net sales and strong gross profit margin of 47%, we produced strong third quarter earnings of $0.95 per diluted share, an increase of 61% year-over-year."

Mrs. Colonias continued, "Today marks one year since we announced our 2020 Plan to provide more clarity into our longer-term strategy and financial objectives. I am pleased to confirm we remain on track to reach our key financial targets under the 2020 Plan. We have made solid headway over the past twelve months thanks to the hard work and commitment of our employees. Notably, year-to-date, our operating expenses as a percent of sales were approximately 27%, an improvement of 300 basis points as compared to the first nine months of 2017. We believe this is a direct result of our strong company culture and the responsibility our employees feel to the success of Simpson. We applaud them for their hard work."

For earnings history and earnings-related data on Simpson Manufacturing (SSD) click here.

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