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l 2018 first quarter net sales of $244.8 million increased 11% year–over–year
l Repurchased $25.0 million of the Company's common stock
l Declared a $0.22 cash dividend (5% increase from the 2018 first quarter dividend)
l Reiterating financial targets and assumptions under the Company's "2020 Plan"
Consolidated net sales of $244.8 million increased 11% compared to $219.9 million.
North America net sales of $206.2 million increased 12% compared to $183.8 million, primarily due to increases in sales volume. Canada's net sales were positively affected by foreign currency translation.
Europe net sales of $36.3 million increased 6% compared to $34.4 million, primarily due to approximately $4.2 million of positive foreign currency translations resulting from Europe currencies strengthening against the United States dollar, as well as increases in average net sales unit prices. Net sales were partly offset by reduced sales volume due to the 2017 sale of Gbo Fastening Systems' Poland and Romania subsidiaries (acquired January 2017), which contributed $3.0 million in net sales for the first quarter of 2017.
Consolidated gross profit of $108.5 million increased 8% compared to $100.2 million. Gross profit margin decreased to 44.3% from 45.6% mostly due to increased material costs.
North America gross profit margin decreased to 47% from 48%.
Europe gross profit margin of 32% was in line with the first quarter of 2017.
Consolidated income from operations of $32.8 million increased from $22.6 million, in spite of increased SAP related expenses of $3.0 million in the first quarter of 2018 compared to the first quarter of 2017, partly offset by $1.0 million gain due to the resolution of an eminent domain claim. Consolidated operating profit margin increased to 13% from 10%.
North America income from operations of $36.0 million increased 34% compared to $26.8 million.
Europe loss from operations of $1.6 million decreased from $1.8 million. Included in Europe’s loss from operations were ERP–related costs of approximately $0.7 million compared to $0.1 million in the first quarter of 2017.
Consolidated net income was $25.4 million, or $0.54 per diluted share of the Company's common stock, compared to net income of $23.1 million, or $0.48 per diluted share of the Company's common stock. The $23.1 million consolidated net income for the first quarter of 2017 included an $8.4 million gain on a bargain purchase of a business, which increased diluted earnings per share for that quarter by $0.18.
Cash flow provided by operating activities increased approximately $23.8 million to $16.3 million compared to cash flow used in operating activities of $7.5 million.
The following information was filed by Simpson Manufacturing Co Inc (SSD) on Monday, April 30, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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