4/26/2013 3:30:00 PM
NEWS BRIEFS
Inclement Weather Dings Simpson Mfg. Sales & Profit

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Simpson Mfg. reported sales, including fasteners, decreased 2.6% to $158.7 million in the first quarter of 2013.
The decrease in the Company’s first quarter 2013 net sales was primarily due to lower sales in Europe, which were affected by difficult economic conditions in Europe. In addition, net sales were also affected negatively by reduced home center sales, lower selling prices and inclement weather.

North America Q1 net sales were flat, with inclement weather delaying construction projects in regions of the United States and Canada. The U.S. had a slight increase in sales over the same period in 2012, despite the loss of some home center business and price reductions. Canadian net sales decreased slightly over the same period in 2012 due to lower sales volumes and selling prices.

Europe net sales decreased in the first quarter of 2013, compared to the first quarter of 2012, primarily due to the region’s economic conditions, inclement weather delaying construction projects and price decreases. 

First quarter gross profit fell 6.3% to $65 million in Q1.

Q1 net income declined 33% to $4.8 million, while diluted net income per common share was $0.10 for the first quarter of 2013. ©2013 GlobalFastenerNews.com