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PLEASANTON, Calif. - Simpson Manufacturing Co., Inc. (NYSE: NYSE:SSD) reported fourth quarter earnings that fell short of analyst expectations, sending shares down 1.4% in after-hours trading Monday.
The engineered structural connectors manufacturer posted adjusted earnings per share of $1.31 for the quarter ended December 31, 2024, missing the consensus estimate of $1.55. Revenue came in at $517.43 million, slightly above the $510.17 million analysts were expecting.
"During 2024, we grew revenues modestly in a challenging year where housing starts in both the U.S. and Europe declined," said Mike Olosky, President and CEO of Simpson Manufacturing. "In North America, I am very pleased that volume growth in pounds shipped exceeded U.S. housing starts by approximately 600 basis points."
For the full year 2024, net sales increased 0.8% YoY to $2.23 billion. Net income declined 9% to $322.2 million, or $7.60 per diluted share.
Looking ahead to fiscal 2025, Simpson Manufacturing expects consolidated operating margin to be in the range of 18.5% to 20.5%, below its long-term target of 20% or higher. The company cited uncertainty around 2025 U.S. housing starts compared to 2024 levels.
"While the midpoint of our 2025 guidance range for operating margin is below our ambition, we are working to offset significant input cost increases over the past three years," Olosky noted.
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