Simpson Manufacturing Projects Net Sales, Gross Margin To Improve In 2020

(RTTNews) - Simpson Manufacturing Co., Inc. (SSD) reported second quarter earnings per share of $1.22, compared to $0.88, previous year. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.55, for the quarter. Analysts' estimates typically exclude special items. Gross margin was 45.9%, an increase of 1.9%.

Second quarter net sales were $326.1 million, up 7.0% from last year. Analysts expected revenue of $251.94 million for the quarter.

Karen Colonias, CEO, said: "Our sales volume improved primarily due to the addition of Lowe's, a returning home center customer, which resulted in considerably higher demand associated with the initial product rollout into stores. We also experienced improved sales in the repair and remodel market as a result of a shift in consumer behavior toward home renovations."

For the fiscal year ending December 31, 2020, the company projects: net sales to increase in the range of 1.5% to 4.0%; and gross margin to be in the range of 43.0% to 45.0%.