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    Simpson Manufacturing Co Inc (SSD)

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    Business Description

    Simpson Manufacturing Co., Inc. (SSD) designs, manufactures, and sells high-quality building construction products. The company specializes in engineered load-rated construction systems and solutions, focusing on wood and concrete construction materials. SSD operates across North America, Europe, and Asia/Pacific, serving residential, commercial, and industrial markets with innovative and cost-effective products.

    1. Wood Construction Products - Offers a wide range of engineered connectors, fasteners, and systems designed to enhance the strength and safety of wood-based construction projects.
    2. Concrete Construction Products - Provides anchoring systems, adhesives, and other solutions tailored for concrete construction applications, ensuring durability and performance.
    3. Other Products - Includes specialized items that complement the company's core offerings, catering to niche construction needs.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Michael OloskyPresident and Chief Executive OfficerJanuary 2023Michael Olosky has been CEO since January 2023. He previously served as President and COO (2022) and COO (2020-2022). Before joining SSD, he spent 22 years at Henkel in various leadership roles.
    Brian MagstadtChief Financial Officer and TreasurerJanuary 2012Brian Magstadt has been CFO since January 2012. He joined SSD in 2004 as a Financial Reporting Specialist and later became Financial Reporting Manager (2008-2012). He is a CPA and holds an MBA.
    Michael AndersenExecutive Vice President, EuropeJanuary 2023Michael Andersen has been EVP, Europe since January 2023. He joined SSD in 2005 and has held roles such as Regional Controller, General Manager, and VP of European Operations.
    Phil BurtonExecutive Vice President, North AmericaJanuary 2023Phil Burton has been EVP, North America since January 2023. He joined SSD in 1994 as a Sales Manager and became VP, Branch Manager in 2004. He oversees North American operations.
    Roger DankelExecutive Vice President, North America SalesJanuary 2023Roger Dankel has been EVP, North America Sales since January 2023. He joined SSD in 1993 and held roles such as Sales Manager and President of North American Sales (2014-2022).
    Jeremy GilstrapExecutive Vice President, InnovationJanuary 2023Jeremy Gilstrap has been EVP, Innovation since January 2023. He joined SSD in 2001 and has held roles such as VP of Engineering and Northwest Regional VP (2020-2023).
    Jennifer LutzExecutive Vice President, Human ResourcesJanuary 2023Jennifer Lutz has been EVP, Human Resources since January 2023. She joined SSD in April 2013 as Director of HR and became VP, HR in 2015. She oversees HR strategy and operations.
    Cassandra PaytonExecutive Vice President, General CounselDecember 1, 2023Cassandra Payton has been EVP, General Counsel since December 1, 2023. She joined SSD in August 2021 as Assistant General Counsel and became VP, Legal in 2022.
    Kevin SwartzendruberSenior Vice President, FinanceOctober 2017Kevin Swartzendruber has been SVP, Finance since October 2017. He previously worked at Flex Ltd. (2005-2017) and is set to retire on March 1, 2024.
    Matt DunnChief Financial Officer and TreasurerJanuary 1, 2025Matt Dunn will become CFO on January 1, 2025. He joined SSD in June 2024 as SVP of Finance. He has over 23 years of financial management experience, including roles at Helen of Troy and Procter & Gamble.

    Questions to Ask Management

    1. Given the revision of your operating margin guidance to 19%-19.5%, below your previous expectations, can you elaborate on the specific factors contributing to this decrease and what concrete steps you're taking to enhance profitability in the near term?
    2. With European margins under pressure despite efforts on defensive synergies and rightsizing, when do you anticipate seeing a meaningful improvement in Europe, and what actions are you implementing to achieve your midterm target of a 15% operating income margin?
    3. Considering the elevated finished goods inventory levels, what are the underlying reasons for this buildup, and how do you plan to reduce inventory without compromising your high service levels?
    4. You mentioned balancing growth-focused investments with cost control in a challenging housing market; can you detail how you're adjusting your investment strategy, and whether this includes reconsidering or reducing planned capital expenditures like facility expansions?
    5. In light of the recent hurricanes impacting your sales in the Southeast region, have you quantified the expected impact on your Q4 revenues and operating income, and what measures are you taking to mitigate these disruptions and sustain momentum in those markets?

    Share Repurchase Program

    Program DetailsProgram 1Program 2
    Approval DateOctober 19, 2023 October 23, 2024
    End Date/DurationJanuary 1, 2024 - December 31, 2024 January 1, 2025 - December 31, 2025
    Total Additional Amount$100.0 million $100.0 million
    Remaining Amount$0 (fully utilized) $100.0 million
    DetailsFully utilized by November 5, 2024 Effective starting January 1, 2025