7/25/2014 1:59:00 AM
NEWS BRIEFS
Simpson Mfg. Reports Volume Gains in U.S. & Europe
Simpson Mfg. reported sales, including fasteners, increased 6.4% to $207.9 million in the second quarter of 2014, while gross profit grew 7.5% to $95.9 million. Q2 net income rose 10.8% to $20.5 million, and diluted net income per common share was $0.42 for the second quarter of 2014 compared to $0.38 per common share for the second quarter of 2013.
Q2 sales increased the North America, Europe and Asia/Pacific segments, with North America reporting the largest increase in dollars. North America sales increased 5.5% to $168.6 million, primarily due to increased sales volumes, partly offset by slightly lower average selling prices and the effects of foreign currency translations.
Second-quarter sales in Europe gained 9.1% to $35 million, boosted by increased volume.
R&D and engineering expense increased 6.4% in the second quarter to $10.1 million, primarily due to increases of $0.2 million in cash profit sharing and $0.1 million in each of stock-based compensation, personnel costs, software development costs and professional fees.
During the first six months of 2014, Simpson Mfg. sales increased 7.6% to $376.2 million. Net income rose 39% to $32.5 million, while diluted net income per common share was $0.66 in the first half of 2014 compared to $0.48 per common share in the first half of 2013.
First-half sales in North America grew 6.3% to $305.5 million, primarily due to increased sale volumes, partly offset by slightly lower average selling prices and the effects of foreign currency translations.
First-half sales Europe increased 12% to $62.7 million.
First-half R&D and engineering expense increased 11.3% to $19.8 million, primarily due to increases of $1.1 million in professional fees and $0.6 million in cash profit sharing.
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