Simpson posts Q3 income increase
Pleasanton, Calif.-based Simpson Manufacturing reported third-quarter income of $19.4 million, up 5.4% from $18.4 million in the third quarter of 2010. Net sales for the quarter increased 10.9% to $162.4 million, compared with net sales of $146.4 million in the year-ago period.
Sales increased in North America and Europe in the third quarter. Sales in the United States rose with above-average increases in the western -- excluding California -- Midwestern and southeastern regions, compared with the third quarter of 2010. Sales to contractor distributors, dealer distributors and lumber dealers increased, while sales to home centers decreased.
Simpson purchased the software assets of Keymark Enterprises, valued at $11.5 million, for $6.2 million in net cash payments and its 46.05% equity interest in Keymark. The transactions resulted in a gain of $4.3 million. The company’s customers use the software to design and engineer residential structures.
For the first nine months of 2011, income totaled $46.0 million, down 6.7% from income of $49.3 million for the first nine months of 2010. Net sales increased 8.5% to $472.7 million, compared with net sales of $435.9 million for the year-ago period.