Simpson Manufacturing sees strong gains in Q2
Pleasanton, Calif.-based Simpson Manufacturing reported a strong second quarter, highlighted by a net sales gain of a 17.1%.
Consolidated net sales increased to $308.0 million in the quarter, up from $263.0 million in the same quarter last year. North America net sales increased even more -- up 20.4% to $215.7 million. Consolidated net income was $44.1 million, compared to net income of $28.2 million in the same quarter last year.
President and CEO Karen Colonias described the quarter as excellent. “Positive demand trends, supported by strong North American housing starts, resulted in high growth in sales volume throughout almost all areas of our company," Colonias said.
Effective July 1, 2018, the Company increased prices on a majority of its wood connector products sold in the United States by an average of 11.5% in an effort to offset rising raw materials costs. Colonias said the company does not believe the price increase resulted in significant pre-buying activity in advance of the hike. Demand has been strong so far in the third quarter, she added.
The company also currently believes the market price for steel will continue to be volatile during the third quarter of 2018, due to uncertainty related to steel tariffs.
Consolidated net sales increased to $308.0 million in the quarter, up from $263.0 million in the same quarter last year. North America net sales increased even more -- up 20.4% to $215.7 million. Consolidated net income was $44.1 million, compared to net income of $28.2 million in the same quarter last year.
President and CEO Karen Colonias described the quarter as excellent. “Positive demand trends, supported by strong North American housing starts, resulted in high growth in sales volume throughout almost all areas of our company," Colonias said.
Effective July 1, 2018, the Company increased prices on a majority of its wood connector products sold in the United States by an average of 11.5% in an effort to offset rising raw materials costs. Colonias said the company does not believe the price increase resulted in significant pre-buying activity in advance of the hike. Demand has been strong so far in the third quarter, she added.
The company also currently believes the market price for steel will continue to be volatile during the third quarter of 2018, due to uncertainty related to steel tariffs.