Simpson Mfg. Sales Slow
Simpson Mfg. Sales Slow
Jason Sandefur
Simpson Manufacturing Co. reported sales decreased 4.2% to $217.3 million during the third quarter of 2007, with net income dropping 16.4% to $22.6 million. Income loss was spread across most of the U.S., while sales in Canada and Europe improved.
During Q3 subsidiary Simpson Strong-Tie Co. saw revenue decrease 2.5%. Simpson Strong-Tie sales to contractor distributors had the largest percentage rate decrease, while sales to home centers increased. Sales decreased across most of Simpson Strong-Tie’s major product lines.
Simpson Strong-Tie acquired Swan Secure Products Inc., a manufacturer and distributor of stainless steel fasteners, for $43.5 million cash during Q3 (see FIN 7/25/07).
Overall sales during the first nine months of 2007 slipped 6.1% to $641.7 million, with net income declining 18.6% to $68.3 million. Web: simpsonmfg.com �2007 FastenerNews.com
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