Simpson Manufacturing Q1 Profit Rises

(RTTNews) - Simpson Manufacturing Co., Inc. (SSD) reported first-quarter net income of $50.4 million or $1.16 per share, compared to profit of $36.8 million or $0.83 per share last year.

Net sales for the quarter was $347.6 million, up 22.6% from $283.7 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.89 per share and revenues of $313.83 million for the quarter. Analysts' estimates typically exclude special items.

CEO Karen Colonias said, "Our net sales grew 22.6% year-over-year to $347.6 million on significantly higher sales volume driven by ongoing momentum in the home center distribution channel where sales increased over 60% year-over-year due to higher activity in the repair and remodel space along with the return of Lowe's as a home center customer in the second quarter of 2020."

Colonias also said that sales growth were further driven by solid U.S. housing starts and strong demand trends in Europe.