The 2020 Mid-Year Economic Update_long

Simpson Manufacturing 3Q Sales Decline 23.9%

Sales for the manufacturer of connector and fastening systems declined in all regions except France.

Simpson Manufacturing Co., Inc. (NYSE: SSD), Pleasanton, CA, reported sales for the third quarter 2009 were $167.2 million, a decline of 23.9% from third quarter 2008. Profit declined 45.3% to $12.8 million.

In the first nine months of 2009, sales decreased 25.4% to $452.4 million as compared to the first nine months of 2008. Profit was $15 million, down 71.2%.

Third-quarter sales declined in all geographies except France, which was boosted by the acquisition of Agence Internationale Commerciale et Industrielle, S.A.S. in April 2009.

Simpson Strong-Ties sales decreased 22% during the quarter, primarily a result of decreased sales to contractor distributors and dealer distributors from continued weakness in home-building activity. Simpson Dura-Vents sales decreased 37.5%.

Simpson Manufacturing Co., Inc. designs, engineers and manufactures wood-to-wood, wood-to-concrete and wood-to-masonry connectors and fastening systems, stainless steel fasteners and prefabricated shearwalls.

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