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- **Revenue Growth**: 6.2% YoY driven by $100 million price increases, offsetting 1.4% volume decline.
- **Cost Savings**: $30 million annualized via workforce reduction, $9-12 million one-time costs.
- **Gross Margin Resilience**: 46.4% despite tariffs, Europe margin up 1.3pts to 37.9%.
- **Share Buybacks**: $30 million Q3, $150 million 2026 authorization.
- **Market Outlook**: U.S. housing starts down mid-single digits, Europe stable.

**【Management Opening Remarks】**
- Simpson Manufacturing Co. reported third-quarter 2025 net sales of $623.5 million, a 6.2% year-over-year increase, driven by price hikes and foreign exchange gains.
- The company emphasized navigating a challenging housing market through strategic cost-saving initiatives and innovation.

**【CEO Summary Section】**
- **Revenue Growth**: 6.2% YoY increase, with $30 million from June price increases and $100 million annualized impact from October tariffs.
- **Market Challenges**: North American volumes down 2.7% Q/Q, Europe up 10.9% YoY on local currency basis.
- **Strategic Initiatives**: $30 million annualized cost savings via workforce reduction and portfolio optimization, with $9-12 million one-time severance costs.
- **Innovation**: Launch of CS Producer software for truss manufacturers, gaining industry traction.

**【CFO Financial Commentary】**
- **Gross Margin**: 46.4% (down 40bps YoY) due to tariffs, labor costs; Europe margin improved to 37.9%.
- **Operating Expenses**: +9% YoY to $162.3 million, driven by variable compensation and severance costs.
- **Adjusted EBITDA**: $155.3 million (+4.5% YoY), with $12.9 million gain from Gallatin facility sale.
- **Balance Sheet**: $297.3 million cash, $369.2 million debt; $150-160 million 2025 capex for facility expansions.
- **Share Repurchases**: $30 million Q3 buyback; $150 million 2026 authorization.

**【Q&A Key Highlights】**
- **Cost Savings Breakdown**: 90%+ in SG&A, $3 million Q3 severance costs, $9-12 million 2025 total.
- **Market Outlook**: U.S. housing starts expected down mid-single digits in 2025, Europe stable.
- **Tariff Impact**: 80% of tariff effects reflected in Q3, full flow-through by Q1 2026.
- **Gross Margin Trends**: Concrete products down 1.7pts YoY, wood products stable.
- **Europe Performance**: +4.3% local currency sales, outpacing market with +10.9% reported growth.

Simpson Manufacturing Co., Inc. (SSD) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SSD

SSD fundamentals

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