Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (USD, thousands)

Proceeds from Debt (USD, thousands)

Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

2bfd06fbaf4abd29695b2259bfdd95c225088af79dc5a9456db834b41bcb522b

116a740def11555c4147bcfafef0e0aa2c76b3146343727924bef873799cea17

02003450aacabd65c4baab0c00e84bf1c0ef72650604ef9439a89ea6c9ef1e6d

Wood Construction Products

Concrete Construction Products

Other Products

North America

Europe

Asia/Pacific

Total Revenue

9197e793b150835a2cb35451879cf284b1eb11b9fa9b0df4bbb80e06f5b957ac

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

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.  **[0000920371-24-000154_q22024ex991pressrelease.htm:6]** **[0000920371-23-000180_ssd-20230930.htm:26]** 
2. **Concrete Construction Products** - Provides anchoring systems, adhesives, and other solutions tailored for concrete construction applications, ensuring durability and performance.  **[0000920371-24-000154_q22024ex991pressrelease.htm:6]** **[0000920371-23-000180_ssd-20230930.htm:26]** 
3. **Other Products** - Includes specialized items that complement the company's core offerings, catering to niche construction needs.  **[0000920371-24-000154_q22024ex991pressrelease.htm:6]**

f8e95908a841bc55554b551f575df4934006d5c8d05b0a818e204f487c8b19a7

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?

cb34ed11fbc225b8a4fb8c079a4bcecb7681879ccb8a10d6ac22dc193ceeacad

| **Program Details**       | **Program 1**                          | **Program 2**                          |
|---------------------------|-----------------------------------------|-----------------------------------------|
| **Approval Date**         | October 19, 2023  **[0000920371-24-000182_ssd-20240930.htm:48]** **[0000920371-24-000182_ssd-20240930.htm:41]**                | October 23, 2024  **[0000920371-24-000182_ssd-20240930.htm:26]** **[0000920371-24-000182_ssd-20240930.htm:48]**                 |
| **End Date/Duration**     | January 1, 2024 - December 31, 2024  **[0000920371-24-000182_ssd-20240930.htm:48]** **[0000920371-24-000182_ssd-20240930.htm:41]**  | January 1, 2025 - December 31, 2025  **[0000920371-24-000182_ssd-20240930.htm:26]** **[0000920371-24-000182_ssd-20240930.htm:48]**  |
| **Total Additional Amount** | **$100.0 million**  **[0000920371-24-000182_ssd-20240930.htm:48]** **[0000920371-24-000182_ssd-20240930.htm:41]**             | **$100.0 million**  **[0000920371-24-000182_ssd-20240930.htm:26]** **[0000920371-24-000182_ssd-20240930.htm:48]**               |
| **Remaining Amount**      | **$0** (fully utilized)  **[0000920371-24-000182_ssd-20240930.htm:48]** **[0000920371-24-000182_ssd-20240930.htm:41]**          | **$100.0 million**  **[0000920371-24-000182_ssd-20240930.htm:26]** **[0000920371-24-000182_ssd-20240930.htm:48]**               |
| **Details**               | Fully utilized by November 5, 2024  **[0000920371-24-000182_ssd-20240930.htm:48]** **[0000920371-24-000182_ssd-20240930.htm:41]**  | Effective starting January 1, 2025  **[0000920371-24-000182_ssd-20240930.htm:26]** **[0000920371-24-000182_ssd-20240930.htm:48]**  |

f50858cce3ebf1cd4d4193d6538ce66953f53da72ef535ab41cc79163da1dd5e

---

### **Q3 2024 Earnings Call**
- **Issued Period**: Q3 2024  
- **Guided Period**: FY 2024  
- **Guidance**:
  1. **Operating Margin**: Expected to be in the range of **19% to 19.5%**.  **[SSD_3403141_7]** 
  2. **U.S. Housing Starts**: Revised expectation for U.S. housing starts to be **down from 2023 levels**, with softer sales due to slowing construction activity in the wake of storms in the Southeast.  **[SSD_3403141_7]** 
  3. **Gross Margin**: Lower overall gross margin anticipated due to the addition of new warehouses and increases in labor and tooling costs as a percentage of net sales.  **[SSD_3403141_7]** 
  4. **Defensive Synergies in Europe**: Expected total costs of **$4 million to $5 million** to pursue defensive synergies in Europe and other acquisition opportunities.  **[SSD_3403141_7]** 
  5. **Interest Expense**: Estimated to be approximately **$4.9 million** for the year, including the benefit from interest rate and cross-currency swaps.  **[SSD_3403141_7]** 
  6. **Effective Tax Rate**: Estimated to be in the range of **25.3% to 25.8%**, including both federal and state income tax rates.  **[SSD_3403141_7]** 
  7. **Capital Expenditures**: Estimated to be in the range of **$175 million to $185 million**, including **$90 million to $100 million** for the Columbus facility expansion and the new Gallatin fastener facility construction, with the remaining spend carrying over into 2025.  **[SSD_3403141_7]** 
  8. **Q4 Gross Margin**: Expected to be **flattish to slightly up** compared to Q4 2023, which had a gross margin of **43.9%**.  **[SSD_3403141_15]** 
  9. **Revenue from Recent Acquisitions**: Combined revenue from acquisitions (Monet DeSauw and QuickFrames) expected to contribute **less than $10 million** in Q4 2024.  **[SSD_3403141_13]** 

---

### **Q2 2024 Earnings Call**
- **Issued Period**: Q2 2024  
- **Guided Period**: FY 2024  
- **Guidance**:
  1. **Operating Margin**: Expected to be in the range of **20% to 21%**.  **[SSD_3393866_5]** 
  2. **Key Assumptions**:
     - Moderate volume growth on relatively flat U.S. housing starts and stable pricing.
     - Slightly lower overall gross margin due to the addition of new warehouses and modest increases in labor, factory, and tooling costs as a percentage of net sales.
     - **$4 to $5 million** in expected total costs to pursue defensive synergies in Europe and other acquisition opportunities.
     - Operating expenses at a level necessary to position the company for continued meaningful share gains and growth initiatives.  **[SSD_3393866_5]** 
  3. **Annual Interest Expense**: Approximately **$8 million**, including the benefit from interest rate and cross-currency swaps.  **[SSD_3393866_5]** 
  4. **Effective Tax Rate**: Estimated to be in the range of **24.5% to 25.5%**, including both federal and state income tax rates based on current tax laws.  **[SSD_3393866_5]** 
  5. **Capital Expenditures**: Estimated to be in the range of **$180 million to $190 million**, including **$90 million to $100 million** for the Columbus facility expansion and the new Gallatin facility construction, with the remaining spend carrying over into 2025.  **[SSD_3393866_5]** 

---

### **Q1 2024 Earnings Call**
- **Issued Period**: Q1 2024  
- **Guided Period**: FY 2024  
- **Guidance**:
  1. **Operating Margin**: Expected to be in the range of **20% to 21.5%**.  **[SSD_3380183_4]** 
  2. **Interest Expense**: Approximately **$8 million**, including the benefit from interest rate and cross-currency swaps.  **[SSD_3380183_4]** 
  3. **Effective Tax Rate**: Estimated to be in the range of **24.5% to 25.5%**, including both federal and state income tax rates.  **[SSD_3380183_4]** 
  4. **Capital Expenditures**: Approximately **$185 million**, which includes **$105 million** for the expansion of the Columbus, Ohio, facility and the construction of the new fastener facility in Gallatin, Tennessee. This amount is slightly down from the prior outlook due to the timing of the 2024 cash outlay on real estate projects.  **[SSD_3380183_5]** 

---

### **Q4 2023 Earnings Call**
- **Issued Period**: Q4 2023  
- **Guided Period**: FY 2024  
- **Guidance**:
  1. **Operating Margin**: Expected to be in the range of **20% to 21.5%**.  **[SSD_3371923_4]** 
  2. **Gross Margin**: Anticipated to be slightly lower overall due to the addition of new warehouses and modest increases in labor, factory, and tooling costs as a percentage of net sales.  **[SSD_3371923_4]** 
  3. **Operating Expenses**: Expected to remain at levels necessary to support market share gains and growth initiatives.  **[SSD_3371923_4]** 
  4. **ETANCO Integration Costs**: Estimated at **$4 million to $5 million**, including other synergies in Europe.  **[SSD_3371923_4]** 
  5. **Interest Expense**: Approximately **$8.4 million**, including the benefit from interest rate and cross-currency swaps.  **[SSD_3371923_4]** 
  6. **Effective Tax Rate**: Estimated to be in the range of **25% to 26%**, including both federal and state income tax rates.  **[SSD_3371923_5]** 
  7. **Capital Expenditures**: Estimated at approximately **$200 million**, which includes **$120 million** for the expansion of the Columbus, Ohio facility and the construction of a new fastener facility in Gallatin, Tennessee.  **[SSD_3371923_5]** 

--- 

This table summarizes the guidance provided in the last four earnings calls.

7743941d16be9a8d351d57f559af185365d7f3f60a3e0129cfb5ca88eaaf5f41

| Name                | Position                                   | Start Date           | Short Bio                                                                                                                                                                                                                       |
|---------------------|-------------------------------------------|----------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Michael Olosky      | President and Chief Executive Officer     | January 2023         | Michael 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.  **[0000920371-24-000082_ssd-20240319.htm:19]** **[0000920371-24-000073_ssd-20240308.htm:19]** **[0001140361-23-012067_ny20006183x1_def14a.htm:18]**                |
| Brian Magstadt      | Chief Financial Officer and Treasurer     | January 2012         | Brian 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.  **[0001140361-23-012067_ny20006183x1_def14a.htm:36]** **[0000920371-24-000082_ssd-20240319.htm:36]** **[0000920371-24-000157_ssdpressrelease-cforetir.htm:0]**             |
| Michael Andersen    | Executive Vice President, Europe          | January 2023         | Michael 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.  **[0000920371-24-000082_ssd-20240319.htm:37]** **[0000920371-24-000073_ssd-20240308.htm:37]** **[0001140361-23-012067_ny20006183x1_def14a.htm:36]**                               |
| Phil Burton         | Executive Vice President, North America   | January 2023         | Phil 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.  **[0000920371-24-000082_ssd-20240319.htm:37]** **[0000920371-24-000073_ssd-20240308.htm:37]** **[0001140361-23-012067_ny20006183x1_def14a.htm:36]**                            |
| Roger Dankel        | Executive Vice President, North America Sales | January 2023         | Roger 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).  **[0000920371-24-000082_ssd-20240319.htm:37]** **[0001140361-23-012067_ny20006183x1_def14a.htm:37]** **[0000920371-24-000113_exhibit991ssdpressreleas.htm:0]**                             |
| Jeremy Gilstrap     | Executive Vice President, Innovation      | January 2023         | Jeremy 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).  **[0000920371-24-000082_ssd-20240319.htm:38]** **[0000920371-24-000073_ssd-20240308.htm:38]** **[0001140361-23-012067_ny20006183x1_def14a.htm:38]**                                       |
| Jennifer Lutz       | Executive Vice President, Human Resources | January 2023         | Jennifer 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.  **[0000920371-24-000082_ssd-20240319.htm:38]** **[0000920371-24-000073_ssd-20240308.htm:38]** **[0001140361-23-012067_ny20006183x1_def14a.htm:38]**                           |
| Cassandra Payton    | Executive Vice President, General Counsel | December 1, 2023     | Cassandra 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.  **[0000920371-24-000082_ssd-20240319.htm:38]** **[0000920371-24-000073_ssd-20240308.htm:38]**                                                   |
| Kevin Swartzendruber| Senior Vice President, Finance            | October 2017         | Kevin 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**.  **[0000920371-24-000082_ssd-20240319.htm:39]** **[0000920371-23-000170_ssd-20231006.htm:0]** **[0001140361-23-012067_ny20006183x1_def14a.htm:38]**                                                         |
| Matt Dunn           | Chief Financial Officer and Treasurer     | January 1, 2025      | Matt 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.  **[0000920371-24-000179_exhibit991pressrelease.htm:0]** **[0000920371-24-000179_ssd-20241023.htm:1]**  |

4b8a071c3c8a4d013e6f73135d9242621350e844b3fcd46ff900d101eea33bd9

- **Simpson Manufacturing expects a pullback in gross margins for 2024 due to increased warehousing costs, higher labor expenses, and depreciation from new equipment investments.**  **[SSD_3371923_9]** **[SSD_3371923_12]**
- **The company's SG&A expenses are rising significantly, driven by higher personnel costs, professional fees, and variable compensation tied to growth initiatives, which may pressure operating margins.**  **[SSD_3371923_10]** **[SSD_3371923_8]**
- **Simpson faces limited visibility in its European operations, particularly with the ETANCO acquisition, reporting flat performance in a negative market and acknowledging a lack of backlog visibility.**  **[SSD_3371923_16]**

e1e1f3339830be0a0ec1a27f4977887e9656c60bd1583bae0d77c094aafcb908

- **SSD is committed to maintaining strong operating margins around 20% EBIT**, demonstrating financial discipline and cost management even in challenging market conditions.  **[SSD_3403141_14]**
- **Recent strategic acquisitions, such as Monet DeSauw and QuickFrames USA, expand SSD's offerings** in component manufacturing and commercial markets, providing new growth opportunities.  **[SSD_3403141_13]**
- **Anticipated improved margins in Europe due to one-time costs not repeating** and efforts on rightsizing their footprint, which should positively impact future profitability.  **[SSD_3403141_12]**

8f71074e9c5f9b31f37a75fc4487e4db3f36058ad06b95f82e3e26eea134edec

- **Revised Guidance Due to Weak Housing Market:** Simpson Manufacturing has revised its guidance for U.S. housing starts from previous expectations of low single-digit growth to now being **flat to slightly down** in 2024, due to a weaker than anticipated market, particularly with housing starts **down 7%** in the second quarter * **[SSD_3393866_10]** *.
- **Margin Pressures from Increased Costs:** The company anticipates margin pressures due to increased freight and logistics costs, higher warehouse, labor, and overhead expenses. These increased costs may not be offset by potential raw material cost benefits, potentially impacting the **gross margin**, which is expected to be slightly lower for the full year * **[SSD_3393866_13]** *.
- **Incomplete Software Offerings Limiting Growth:** Simpson acknowledges that its software offerings are still **incomplete to service the largest component manufacturers**, requiring further development to integrate truss, wall panels, and floor panels into one seamless solution. This limitation may hinder their ability to attract large clients and impact growth in this market segment * **[SSD_3393866_16]** **[SSD_3393866_15]** *.

9aa4ea8fe6ffa226880b78ae167b8d31a1d720f9d347a6f15fbe872e86b037c0

- **Operating margin declined to 18.1% from 22.1%**, due to higher operating expenses including increased personnel costs, professional fees, and IT spending, which may continue to pressure profitability.  **[SSD_3380183_9]** **[SSD_3380183_15]** **[SSD_3380183_13]** **[SSD_3380183_7]**
- **Adjusted EBITDA decreased by 14% year-over-year**, indicating that profitability is under pressure despite adjustments for depreciation and amortization from significant investments.  **[SSD_3380183_15]**
- **Increased rebates and pricing impacts led to flat net sales despite an 8% increase in North American volumes**; these factors are expected to continue and could pose a headwind to future revenue growth.  **[SSD_3380183_9]** **[SSD_3380183_13]** **[SSD_3380183_6]**

b0daaf74877a2df8e8a2c96cb53afbc1cd7dc5378c843be0ca51b87c2235ce0b

1. **Operating Margin Target**  
   **Q:** Is 20% operating margin the new floor? How will you achieve it?  
   **A:** Management stated that **20% operating margin is their floor**, aiming to return to that level next year  **[SSD_3403141_10]** **[SSD_3403141_14]** . They will be more selective with investments in SG&A and cost of goods, focusing on controlling costs while still providing strong customer support.  **[SSD_3403141_14]**  Anything below 20% is unacceptable, and they will work to improve profitability  **[SSD_3403141_10]** **[SSD_3403141_14]** .

2. **Housing Starts Outlook**  
   **Q:** What are your expectations for housing starts in 2025?  
   **A:** They anticipate **3–4% growth in U.S. housing starts** next year, based on customer input and forecasters.  **[SSD_3403141_10]**  In Europe, they expect **1–2% growth**, with modest recovery due to lower interest rates  **[SSD_3403141_10]** **[SSD_3403141_11]** . However, they acknowledge uncertainty and note that the second half of the year may be better than the first.  **[SSD_3403141_10]** 

3. **Gross Margin Expectations**  
   **Q:** How do you expect gross margins to trend in Q4 and next year?  
   **A:** They expect gross margins in Q4 to be **flattish to slightly up** from last year's **43.9%**  **[SSD_3403141_9]** **[SSD_3403141_15]** . Factors include slightly higher factory and tooling costs as a percent of revenue, potential benefits on freight costs, and a good position on material costs.  **[SSD_3403141_15]**  They are comfortable with steel costs and haven't seen significant pricing pressure from competitors  **[SSD_3403141_15]** **[SSD_3403141_18]** .

4. **Acquisitions Impact**  
   **Q:** What can you tell us about the recent acquisitions?  
   **A:** The acquisitions of Monet DeSauw and QuickFrames add new tools to serve component manufacturers and commercial customers.  **[SSD_3403141_13]**  The combined revenue from these acquisitions is expected to be less than **$10 million** in Q4.  **[SSD_3403141_13]**  They see these additions as strategic fits that enhance their product offerings.  **[SSD_3403141_13]** 

5. **Cost Control Measures**  
   **Q:** How will you manage costs to support margins?  
   **A:** Management plans to **dial in SG&A investments**, being more selective on where they add both in SG&A and cost of goods.  **[SSD_3403141_14]**  They aim to control costs while ensuring they provide great support to customers, which is key to their business model.  **[SSD_3403141_14]** 

6. **Exposure to True Value Bankruptcy**  
   **Q:** Are there any risks from the True Value bankruptcy filing?  
   **A:** They have sold to True Value in the past but the revenue is **not material** for Simpson.  **[SSD_3403141_20]**  They are evaluating the situation and the potential buyer, with whom they have a good relationship, and will assess credit decisions accordingly.  **[SSD_3403141_20]** 

7. **Impact of Hurricanes on Q4**  
   **Q:** How will the hurricanes affect Q4 sales and operating income?  
   **A:** Hurricanes have caused **slowdowns in the Southeast**, with some customers significantly impacted  **[SSD_3403141_9]** **[SSD_3403141_10]** . They haven't specified the exact impact on guidance, but forecasted Q4 sales in affected areas are definitely lower than expected.  **[SSD_3403141_10]** 

8. **European Margin Improvement**  
   **Q:** Do you expect margin improvement in Europe next year?  
   **A:** They are working on defensive synergies and rightsizing their footprint in Europe.  **[SSD_3403141_12]**  Some costs incurred this year will not repeat, which should help improve gross margins going forward.  **[SSD_3403141_12]** 

9. **Facility Expansions**  
   **Q:** What are the costs associated with facility expansions?  
   **A:** They plan to provide more details in their 2025 guidance.  **[SSD_3403141_17]**  The Ohio expansion adds to the existing footprint with no significant OpEx expected.  **[SSD_3403141_17]**  Gallatin will involve moving costs but further granularity will be provided later.  **[SSD_3403141_17]** 

a1d2af4614f8c89dee4a3f2b0d55559e10c0abbfa9e8a6a7a6770374be999e83

- **Strong Volume Growth in North America**: Despite market challenges, SSD achieved healthy North American volume growth of **8%** in Q1, and executives noted continued strength into Q2.  **[SSD_3380183_7]** **[SSD_3380183_6]**
- **Successful Investments in National Retail Segment Yielding Double-Digit Growth**: Investments in sales teams and merchandising efforts have led to **double-digit volume growth** in the national retail segment, particularly in fastener products.  **[SSD_3380183_16]**
- **Strategic Investments Positioning for Future Growth**: The company is making significant investments in new facilities and equipment, enhancing capacity and efficiency, and maintains its operating margin guidance of **20% to 21.5%** for 2024.  **[SSD_3380183_15]** **[SSD_3380183_6]**

893393e4fe338ce82ad933aae921b4386f3b50cc15e4ac7afa5c68b670d573a5

- *• Simpson Manufacturing continues to outpace the market, growing revenue and operating profit significantly even in flat housing markets, and aims to outgrow the market by at least 250 basis points going forward.**  **[SSD_3393866_7]**
- *• The company is enhancing its software offerings, including the acquisition of Calculated Structured Designs (CSD), which will enable them to provide a comprehensive solution for the component manufacturing industry and target larger customers.**  **[SSD_3393866_15]**
- *• Simpson Manufacturing is actively investing in growth opportunities, including M&A and capacity expansions, while maintaining flexibility to control costs, positioning them well for future market upturns and continued above-market growth.**  **[SSD_3393866_9]** **[SSD_3393866_8]** **[SSD_3393866_12]**

621feaf5d6a1db84f0c16d0415abd80900de4d9ab68ef6bef3a4a50fa3d4f101

- **Simpson Manufacturing expects to outperform the housing market by growing above market rates**, targeting to exceed historical averages of **250 basis points above U.S. housing starts**.  **[SSD_3371923_6]**
- **Strategic investments in technology, product development, and sales force are expected to drive future growth and market share gains**, including launching a **record number of new products in 2023**.  **[SSD_3371923_10]**
- **Shifting from two-step distribution to direct distribution channels is expected to boost market share and improve margins over time** by enhancing customer relationships and offering complete product lines, supported by investment in warehouses to improve service levels.  **[SSD_3371923_12]**

2293d3189cf2c4c4f2d0e2d14f325c0afc5309e919d96484ef8812e997b682cd

- **Simpson Manufacturing expects lower Q4 sales and operating income due to slowdowns in the Southeast from hurricanes**, with customers' facilities significantly impacted, leading to forecasts being **"definitely lower than we thought it was going to be"**.  **[SSD_3403141_9]**
- **Margins in Europe have been declining for 2 to 3 quarters**, and significant growth in the European market is not expected until at least 2026, delaying recovery and potentially impacting profitability.  **[SSD_3403141_12]** **[SSD_3403141_11]**
- The company needs to be **more selective in investments** and is adjusting to a **lower level of market activity**, which may impact future growth opportunities as they throttle back investments in response to updated views on housing starts.  **[SSD_3403141_14]**

ff7482496500a3941be89025c0e64da7c29de3f5dea46f46e5d1374165024059

Simpson Manufacturing Co Inc (SSD)

Financials