7/29/2011 3:29:00 PM
NEWS BRIEFS
Simpson Mfg. Sales, Margins Up in First Half of 2011
Simpson Mfg. reported sales during the second quarter of 2011 increased 7.4% to $177.8 million, while net income declined 7.6% to $19.5 million.
Q2 sales increased throughout most of North America, specifically in California and the western, midwestern and southeastern regions of the U.S. Sales in Canada decreased.
Sales in Asia and Australia, although relatively small, grew in the second quarter, while sales in Europe increased “significantly.”
Gross margins increased slightly to 47.0% in Q2, primarily due to slightly lower manufacturing costs, including lower costs of material and labor, partly offset by increased factory overhead costs.
Steel prices increased from their levels in mid-2010, as steel mills have been raising prices as demand returns to global steel markets, though Simpson expects steel prices to remain at current levels or to increase for the remainder of 2011.
For the first half of 2011, net sales increased 7.2% to $310.3 million, with net income falling 14% to $26.6 million. Gross margins edged up to 45.3%. ©2011 GlobalFastenerNews.com
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