Simpson Manufacturing Co., Inc. Files 10-Q for Q2 2024

TL;DR

Simpson Mfg Q2 10-Q filed. Financials look solid.

AI Summary

Simpson Manufacturing Co., Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the company, which is involved in the manufacturing of construction and industrial products. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This filing provides investors and analysts with a detailed look at Simpson Manufacturing's financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 0.28 — EPS (Diluted) (Earnings per share for the quarter)
• 0.27 — EPS (Diluted) (Earnings per share for the year-to-date)
• 0.55 — EPS (Diluted) (Earnings per share for the prior year quarter)
• 0.53 — EPS (Diluted) (Earnings per share for the prior year year-to-date)

Key Players & Entities

• Simpson Manufacturing Co., Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240807 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share SSD New York Stock Exchange
• $0.28 — ash dividends declared on common stock, $0.28 per share — — — ( 11,804 ) — — ( 11,804
• $0.55 — ash dividends declared on common stock, $0.55 per share — — — ( 23,260 ) — — ( 23,260
• $0.53 — ash dividends declared on common stock, $0.53 per share — — — ( 22,508 ) — — ( 22,508

Filing Documents

• ssd-20240630.htm (10-Q) — 1313KB
• exhibit311_6302024.htm (EX-31.1) — 11KB
• exhibit312_6302024.htm (EX-31.2) — 11KB
• exhibit320_6302024.htm (EX-32) — 9KB
• 0000920371-24-000163.txt ( ) — 6731KB
• ssd-20240630.xsd (EX-101.SCH) — 34KB
• ssd-20240630_cal.xml (EX-101.CAL) — 75KB
• ssd-20240630_def.xml (EX-101.DEF) — 162KB
• ssd-20240630_lab.xml (EX-101.LAB) — 538KB
• ssd-20240630_pre.xml (EX-101.PRE) — 384KB
• ssd-20240630_htm.xml (XML) — 1058KB

- Financial Information

Part I - Financial Information

- Financial Statements

Item 1 - Financial Statements Page No. Condensed Consolidated Balance Sheets (unaudited) as of June 30, 2024, 2023 and December 31, 2023 4 Condensed Consolidated Statements of Earnings and Comprehensive Income (unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity (unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 9

- Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 24

- Quantitative and Qualitative Disclosures about Market Risk

Item 3 - Quantitative and Qualitative Disclosures about Market Risk 35

- Controls and Procedures

Item 4 - Controls and Procedures 36

- Other Information

Part II - Other Information

- Legal Proceedings

Item 1 - Legal Proceedings 37

- Risk Factors

Item 1A - Risk Factors 37

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 37

- Defaults Upon Senior Securities

Item 3 - Defaults Upon Senior Securities 37

- Mine Safety Disclosures

Item 4 - Mine Safety Disclosures 37

- Other Information

Item 5 - Other Information 38

- Exhibits

Item 6 - Exhibits 39

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Simpson Manufacturing Co., Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands, unaudited) June 30, December 31, 2024 2023 2023 ASSETS Current assets Cash and cash equivalents $ 354,851 $ 407,982 $ 429,822 Trade accounts receivable, net 377,584 387,917 283,975 Inventories 533,625 523,561 551,575 Other current assets 65,016 53,344 47,069 Total current assets 1,331,076 1,372,804 1,312,441 Property, plant and equipment, net 459,297 375,240 418,612 Operating lease right-of-use assets 84,305 63,358 68,792 Goodwill 497,990 495,065 502,550 Intangible assets, net 352,496 369,649 365,339 Other noncurrent assets 48,197 43,233 36,990 Total assets $ 2,773,361 $ 2,719,349 $ 2,704,724 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Trade accounts payable $ 104,670 $ 97,847 $ 107,524 Accrued liabilities and other current liabilities 233,155 276,601 231,233 Long-term debt, current portion 22,500 22,500 22,500 Total current liabilities 360,325 396,948 361,257 Operating lease liabilities 69,223 51,560 55,324 Long-term debt, net of issuance costs 448,171 544,309 458,791 Deferred income tax 93,098 104,113 98,170 Other long-term liabilities 37,743 38,808 51,436 Total liabilities 1,008,560 1,135,738 1,024,978 Commitments and contingencies (see Note 12) Stockholders' equity Common stock, at par value 424 426 426 Additional paid-in capital 313,323 301,612 313,119 Retained earnings 1,526,192 1,290,686 1,426,554 Treasury stock ( 50,257 ) — ( 50,363 ) Accumulated other comprehensive loss ( 24,881 ) ( 9,113 ) ( 9,990 ) Total stockholders' equity 1,764,801 1,583,611 1,679,746 Total liabilities and stockholders' equity $ 2,773,361 $ 2,719,349 $ 2,704,724 The accompanying notes are an integral part of these condensed consolidated financial statements 4 Simpson Manufacturing Co., Inc. and Subsidiaries Condensed Consolidated Statements of Earnings and Comprehensive Income (In thousands

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View this 10-Q filing on SEC EDGAR