Higher volumes boosts Simpson Manufacturing’s net sales

Simpson Manufacturing Co. had consolidated net sales of $580.1 million in the third quarter of 2023, an increase of 4.8 percent compared to net sales of $553.7 million in the third quarter of 2022. North America net sales were up 4.4 percent year over year to $456.8 million, mostly due to higher volumes. Income from operations for the quarter was up 14.2 percent year over year to $140.2 million and earnings per share were up 14.2 percent to $2.43. The company had consolidated gross profit of $282.9 million, 15.7 percent from $244.5 million in the year-ago period. Gross margin increased to 48.8 percent from 44.2 percent. North America gross margin increased to 51.8 percent from 47.5 percent, primarily due to lower raw material costs, offset by higher warehouse and freight costs, as a percentage of net sales. Overall net income was $104 million for the third quarter compared to $88.2 million in the year-ago period.