Simpson Manufacturing (SSD) Q4 FY2023 earnings: revenue $502 million, up 5.5% on the year

Simpson Manufacturing Co., Inc. (SSD) reported revenue of $502 million for Q4 FY2023, the quarter ended 31 December 2023, up 5.5% on the same quarter a year earlier. Net income was $55 million, down 4.9% on the year, and diluted earnings per share $1.28. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue$502 millionup 5.5%

Net income$55 milliondown 4.9%

Diluted EPS$1.28

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	502	580	n/a	n/a
Cost of revenue	281	297	n/a	n/a
Gross profit	220	283	n/a	n/a
Gross margin	43.9%	48.8%	n/a
Operating income	71.6	140	n/a	n/a
Operating margin	14.3%	24.2%	n/a
Pre-tax income	74.4	140	n/a	n/a
Income tax	19.6	36.1	n/a	n/a
Effective tax rate	26.3%	25.7%	n/a
Net income	54.8	104	n/a	n/a
Net margin	10.9%	17.9%	n/a
Diluted EPS	$1.28	$2.43	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	28.8	201	n/a	n/a
Capital expenditure	31.3	19.6	n/a	n/a
Free cash flow	-2.5	181	n/a	n/a
Free cash flow margin	-0.5%	31.3%	n/a
Cash from investing	-36.7	-18.5	n/a	n/a
Cash from financing	-141	-17.2	n/a	n/a
Depreciation and amortisation	20.5	18.2	n/a	n/a
Share-based compensation	6.1	6.6	n/a	n/a
Buybacks	50.0	0.0	n/a	n/a
Dividends paid	11.5	11.5	n/a	n/a
Dividend per share	n/a	$0.27	n/a	n/a
Diluted shares, weighted	43m	43m	n/a	n/a
Shares outstanding at period end	42m	43m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,680	1,669	n/a	n/a
Debt	411	416	n/a	n/a
Operating lease liabilities	55.3	53.8	n/a	n/a
Other liabilities	559	676	n/a	n/a
Total liabilities and equity	2,705	2,815	n/a	n/a
Fixed assets	419	383	n/a	n/a
Goodwill	503	483	n/a	n/a
Intangible assets	365	356	n/a	n/a
Cash and equivalents	430	571	n/a	n/a
Receivables	284	351	n/a	n/a
Inventory	552	504	n/a	n/a
Other assets	153	166	n/a	n/a
Total assets	2,705	2,815	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	580	502	531	597	587	517	539	631	624	539	588	671
Cost of revenue	297	281	286	318	312	290	288	338	334	305	322	353
Gross profit	283	220	245	279	275	228	251	293	289	234	266	318
Gross margin	49%	44%	46%	47%	47%	44%	46%	46%	46%	43%	45%	47%
Operating income	140	71.6	96.1	132	125	76.8	102	140	141	74.8	115	169
Operating margin	24%	14%	18%	22%	21%	15%	19%	22%	23%	14%	19%	25%
Pre-tax income	140	74.4	98.4	133	126	76.4	104	139	144	74.7	116	171
Tax rate	26%	26%	23%	26%	26%	27%	25%	26%	25%	25%	24%	26%
Net income	104	54.8	75.4	97.8	93.5	55.4	77.9	104	107	56.2	88.2	127
Net margin	18%	11%	14%	16%	16%	11%	14%	16%	17%	10%	15%	19%
Diluted EPS	$2.43	$1.28	$1.77	$2.31	$2.21	$1.31	$1.85	$2.47	$2.58	$1.35	$2.13	$3.09
Operating cash flow	201	28.8	7.9	111	103	116	7.6	125	170	156	35.5	213
Capital expenditure	19.6	31.3	39.4	58.1	107	55.5	50.2	41.0	36.4	36.7	17.6	15.4
Free cash flow	181	-2.5	-31.5	53.1	-3.2	60.3	-42.6	84.2	134	119	17.9	198
Buybacks	0.0	50.0	0.0	50.0	0.0	50.0	25.0	35.0	30.0	30.0	50.0	48.7
Dividends paid	11.5	11.5	11.4	11.5	11.8	11.8	11.7	11.8	12.1	12.0	12.0	11.9
Shares outstanding	43m	42m	42m	42m	42m	42m	42m	42m	41m	41m	41m	41m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 28 February 2024, accession 0000920371-24-000063: the filing on EDGAR. All of Simpson Manufacturing Co., Inc.'s filings: EDGAR company page.

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