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SIMPSON MANUFACTURING CO., INC. ANNOUNCES 2017 FOURTH QUARTER AND FULL-YEAR FINANCIAL RESULTS
l 2017 net sales of $977.0 million increased 14% year–over–year
l Reiterating aggressive 2020 financial targets under the Company's "2020 Plan"
l Committed $70 million in accelerated share repurchases in 2017
l Declared quarterly cash dividend of $0.21 per share
Consolidated net sales of $231.7 million increased 16% compared to $200.2 million. Recently acquired businesses as a whole accounted for $8.3 million (26%) of the increased net sales.
North America net sales of $190.9 million increased 10% compared to $172.8 million, primarily due to increases in average net sales unit prices and sales volumes. Canada's net sales increased primarily due to increased sales volumes and were not significantly affected by foreign currency translation.
Europe net sales of $38.4 million increased 52% compared to $25.3 million, primarily due to acquired net sales of $7.0 million, which accounted for 53% of the increased net sales, and increases in average net sales unit prices and sales volumes. Europe net sales were positively affected by approximately $2.4 million in foreign currency translations primarily related to the strengthening of the Euro, British pound, Polish zloty and Danish kroner against the United States dollar.
Consolidated gross profit of $102.7 million increased 8% compared to $95.0 million. Gross profit as a percentage of net sales ("gross profit margin") decreased to 44% from 47%. Recently acquired businesses had an average gross profit margin of 30% in the fourth quarter of 2017.
North America gross profit margin decreased to 47% from 49%, primarily due to increased material costs, partly offset by lower factory and overhead costs.
Europe gross profit margin decreased to 34% from 37%, primarily due to the recently acquired Gbo business.
Consolidated income from operations of $24.7 million decreased 5% compared to $26.1 million. As a percentage of net sales, consolidated income from operations ("operating profit margin") decreased to 11% from 13%. Recently acquired businesses as a whole recorded $3.0 million in operating losses, in the fourth quarter of 2017, including purchase accounting adjustments such as recognizing intangible amortization expense.
North America income from operations of $22.1 million decreased 9% compared to $24.4 million.
Europe loss from operations was $3.0 million compared to a loss of $3.3 million. The loss from operations in the fourth quarter included $2.0 million of severance costs.
The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in a provisional net charge of $2.2 million in the fourth quarter of 2017, or an impact of $0.04 per fully diluted share. The charge encompasses several elements, including a federal tax on accumulated overseas profits, changes to tax credits and valuation allowances, and the revaluation of
The following information was filed by Simpson Manufacturing Co Inc (SSD) on Monday, February 5, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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