Simpson Manufacturing Q1 sales flat

Simpson Manufacturing Co., Inc. had consolidated net sales of $530.6 million for the first quarter of 2024, down 0.7 percent compared to consolidated net sales of $534.4 million in the first quarter of 2023. Net sales for North America increased 0.1 percent year over year to $406.7 million and net sales for Europe decreased 3.4 percent to $119.9 million. The company had overall gross profit of $244.6 million, down 3.3 percent from $252.9 million in the year-ago period. Gross margin decreased to 46.1 percent from 47.3 percent. North America gross margin decreased to 49.3 percent from 50.6 percent, primarily due to higher warehouse and freight costs, as a percentage of net sales and Europe gross margin decreased to 36.5 percent from 37.5 percent, also primarily due to higher warehouse and freight costs, as a percentage of net sales. Overall net income was $75.4 million, a decrease of 14.3 percent compared to net income of $88 million in the prior-year period.