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l 2018 second quarter net sales of $308.0 million increased 17.1% year–over–year
l 2018 second quarter earnings of $0.94 per diluted share increased 59.3% year-over-year
l Declared a $0.22 cash dividend
Consolidated net sales of $308.0 million increased 17.1% from $263.0 million.
North America net sales of $259.8 million increased 20.4% from $215.7 million, primarily due to increases in sales volume. Canada's net sales were positively affected by foreign currency translation.
Europe net sales of $45.8 million increased 1.2% from $45.2 million, primarily due to approximately $2.7 million of positive foreign currency translations resulting from Europe currencies strengthening against the United States dollar, as well as increases in sales volume. Net sales were partly offset by reduced sales volume due to the late 2017 sale of Gbo Fastening Systems' Poland and Romania subsidiaries (acquired in January 2017), which contributed $4.3 million in net sales for the second quarter of 2017.
Consolidated gross profit of $141.5 million increased 14.5% from $123.5 million. Gross profit margin decreased to 45.9% from 47.0% mostly due to increased material costs.
North America gross profit margin decreased to 47.6% from 49.4%.
Europe gross profit margin increased to 38.2% from 37.2%.
Consolidated income from operations of $60.7 million increased 34.6% from $45.1 million. Income from operations for the second quarter of 2018 included severance expenses of $2.2 million recorded for the quarter and increased SAP related expenses of $1.1 million. Consolidated operating profit margin increased to 19.7% from 17.2%.
North America income from operations of $58.5 million, which included severance costs of $0.7 million recorded in cost of sales, increased 39.2% from $42.0 million.
Europe income from operations of $2.8 million, which included severance costs of $1.6 million recorded in general and administrative expense and increased SAP related costs of $0.5 million, decreased 31.2% from $4.1 million. Europe income from operations for the second quarter of 2018 was negatively impacted by the late 2017 sale of Gbo Fastening Systems' Poland and Romania subsidiaries (acquired in January 2017), which subsidiaries contributed $0.4 million in income from operations for the second quarter of 2017.
The Company's effective income tax rate decreased to 27.2% from 37.2%, primarily due to the U.S. Tax Cuts and Jobs Act of 2017, which reduced the United States statutory federal corporate tax rate from 35% to 21%.
Consolidated net income was $44.1 million, or $0.94 per diluted share of the Company's common stock, compared to net income of $28.2 million, or $0.59 per diluted share of the Company's common stock.
The following information was filed by Simpson Manufacturing Co Inc (SSD) on Monday, July 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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