Simpson Mfg. reported sales, including fasteners, increased 12% to 293.9 million in the fourth quarter of 2020, with gross profit gaining 12% to $123.7 million and net income rising 5.7% to $29.6 million.

Sales in North America improved 9.8% to $249.1 million “ due to higher sales volumes to the home center channel, primarily due to the return of a home center customer and increased demand from new housing starts and repair and remodel activity.” 

Q4 sales in Europe increased 25% to $41.8 million on higher sales volumes, while sales in Asia grew 35% to $2.9 million.

Capital expenditures more than doubled to $17 million during the quarter.

Full-year sales rose 11.6% to $1.27 billion “primarily due to higher sales volumes and were positively affected by approximately $1.5 million in foreign currency translation related mostly to Europe’s currencies strengthening against the United States dollar.” 

Gross profit in 2020 improved 17.1% to $576.4 million, while net income gained 39.5% to $187 million.  Capital expenditures decreased slightly to $32.6 million.

“We… experienced certain tailwinds in our business as a result of COVID-19 related macro-economic conditions; namely, favorable steel prices, temporary reductions in travel and related operating expenses and an increase in repair and remodel activity,” stated CEO Karen Colonias.  “Due to the culmination of these factors we were able to meet or exceed nearly all of our” plans.  Web: SimpsonMfg.com