Sales soar at Simpson Manufacturing

Simpson Manufacturing, the parent company of Simpson-Strong Tie structural connectors, fasteners and building solutions, reported second quarter sales increased 44.6% to $593.2 million from second quarter 2021 sales of $410.3 million.

Sales in North America surged ahead by 30.2% to $456.4 million in the second quarter from sales of $350.6 for the same period a year ago.

In Europe, net sales of $133.2 million increased 136.1% from $56.4 million. The company said the increase was primarily due to the acquisition of ETANCO, which contributed $80.3 million in net sales.

Simpson Strong-Tie completed the acquisition of ETANCO, a designer and manufacturer of fixing and fastening solutions for the European building construction market, this past April.

Profits at Simpson Manufacturing increased 29.1% as the company posted a net income of $93.6 million for the quarter in comparison to a net income of $72.5 million for the second quarter last year.

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The Bottom Line: Simpson Manufacturing’s net income rises 29.1% to $93.6 million as sales jump 44.6% to $593.2 million.

What the CEO said: "We delivered strong financial and operational performance in the second quarter," said Karen Colonias, CEO of Simpson Manufacturing Co., Inc. "Since we announced the acquisition of ETANCO in late December, planning for and initiating the integration has been a primary focus. Our integration efforts, supported by the strong culture of our combined teams, have been progressing according to plan. After several months of hard work, we were very pleased to have found no material adjustments to our previously identified synergy opportunities, although the realization of the full amount is subject to change based on the current environment in Europe. We still believe we are well positioned to capture meaningful benefits from those synergies in the coming years."

Company info: Click here to read the full second quarter 2022 financial report from Simpson Manufacturing.