SSD - Earnings call transcript Q1 2024 | Simpson Manufacturing Co., Inc.

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Operator

Greetings. Welcome to the Simpson Manufacturing Company's First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to your host, Kim Orlando of ADDO Investor Relations.

You may begin.

Kimberly Orlando

gentlemen, Earnings to Conference and First Manufacturing ladies XXXX Quarter Call. afternoon, and Simpson welcome Company's Good

in risks Any to statements statements or those Except made company's reports, applicable subject as Actual statements statements. future a are extent make certain the any of future on forward-looking no filings and implied public which to this read call facts new revise the estimates events of the or result by encourage described vary otherwise. risks We publicly undertake forward-looking of available and by we that a are results or number here SEC's the statements. and and forward-looking obligation may today, expressed Such company's expectations are on or the that of information, to on securities required to historical whether the laws, we based you are corporate update website. are the uncertainties. not from statements materially

On comparable we which the earnings as release. to such is net reconciled to adjusted most refer this press non-GAAP will measure in the EBITDA, of income company's call, GAAP measures, also

release Investor Eastern on Please Relations release webcast, available website. a earnings today of the Today's is press X:XX ir.simpsonmfg.com. the be call company's p.m. of page replay also the issued being page and note available the approximately on Time. that at press earnings Investor will The was is Relations the company's website at

would Olosky, to Executive Mike Simpson's like President conference Chief I to Officer. over Now and the turn

Michael Olosky

for you joining Good call. Kim. Thanks, thank and everyone, afternoon, today's

our Chief Brian is Officer. Financial today Magstadt, me With

XXXX updates our through capital markets Brian and then allocation quarter fiscal quarter overview outlook performance you an Our remarks end in greater provide today of first and detail. talk on will financials priorities. and our our will first

I and to starts housing a pleased the Europe. market in U.S. both quarter continues performance what be our in for with first am challenging new

maintaining and to wins which executing our led relentless customer customer our awards various Our strategy new quarter. team continues and the focus during

sales $XXX.X a net quarter million, first decline year-over-year. modest Our totaled

regions at for U.S. in in volumes American a X our up North X% Looking were greater year-over-year relatively flat housing approximately detail. market. quarter

sales increased the volume year volume created applied timing North significant which prior decreases American led The we discounts discounts the price with wider by starts offset in last of were the than implemented year year. Our $XXX.X period, historically. $XXX.X versus of saw we disparity net partly in million volumes seen prior and variability in to million a we've sales

component we business in new down double-digit North break achieved retail benefit carryover year-over-year further American wins. both our we growth national performance, markets previous volume To from our manufacturer as have and

residential also the improvement volumes market. mid-single-digit in a the We our and the range improved OEM both commercial markets modest in with in

Europe. to Turning

or of sales were net quarter first X.X% declining Our on as $XXX.X a basis anticipated, X.X% local currency million year-over-year.

While approach customer Europe the macroeconomic line and teams new challenges and continued our remains solution with in due resulting our pressured applications broad product construction overall selling wins. our market activity, to in lower

to compared cost prior year European discipline our our While gross elevated levels, remain focus historical and pricing on reduced from quarter, given margins ongoing management.

growing optimism broader Our secular customer of regulations increasingly construction positioned with shortage, including and midst an use to that ongoing stringent to the Europe, well strategy wood grow applications. us share provides our from benefit in strong environmental of to coupled commitment new our in with housing Simpson drive service trends that the is

additional the EBITDA, of opportunities Beginning costs, now this quarter, reflecting XX.X% first primarily million higher partly gross disclosing fixed penetration. On operating quarter, declined which of as productivity a we consolidated year-over-year a The growth margin incurred to in adjusted in XX.X% for consolidated anticipated, costs decline basis, our our pursue year-over-year. improvements. the offset primarily also products by are reflected totaled market our new quarter areas were to and decline XX% $XXX.X to margin which

an making above to market. business the sustainable, our new underscore to drive long-term turn which are now update the wins I'll on within X growth we markets, investments end-use further

led first benefited service, various specification Beginning a and dealers division builder we U.S. with of from the large the share and by market, programs. demonstrations for to gains national site residential program, the during and due our through quarter competing specification from business a homebuilder Canada structural training relentless regional our recapturing plans. the fasteners of of into Further, which job both we in to conducted the on conversion lumber customer their solutions exercises

new we significant than formed of spot to in conversions dealers XX,XXX fasteners home growth. connectors, the large retail centers our our commercial products. stores, sales sales hardware more with steel independent bright pro-lumber a agreement which double-digit anchor led for quarter partnership a market, year-over-year a addition, In with and form co-op products In were serving cold and the

the partner industry to with and provide innovative solutions. continue educate building We commercial to

market, including new OEM during the reaccelerate manufacturers we the the OEM growth. is focus material construction of gained market of sheds, one we're to handling. on areas quarter, buildings, metal buildings, additional The In modular and customers offsite providing

national customers test led increased customers. center opportunities for connectors with off-shelf the to we ] retail space, our added are growth has additional structural home Within our cards locations. with to and one [ our home center sales of fastener largest other near This continuing

and in marketing also merchandising line. Our our product to continue Outdoor efforts growth Accents drive

teams we with remain as Our our and sales build merchandising customers, on sales season. education staff, focused into efforts the head retail national

the equipment increase better to new our serve customers. our And finally, manufacturer are and in processes solutions in capacity software investment we the committed growing improvements, in improved component with market, development, product manufacturing to ongoing order to space, and offering

released a trust commercial new and As for product we example, recently agricultural an long-span play applications.

direct to margin and culture, we top striving U.S. including wins income operating the peers growth to peers that for of above-market our proxy invested capital. our ambitions partner to returning the relative values-based innovative on are These the returning proxy continuing quartile our quartile an continue leader to operate, the for markets in housing we to customer return of starts, business the top pursue, with of company in core strengthening our being alignment choice, be

These major ambitions first to product our of service the and from of and standards we for who high was several being receipt awards availability provide the during customers from well customer complete stem delivery solutions serve, the levels dedication of innovative for markets multiple superior of our as the customers. to our choice partner our following recognized quarter as

from to priorities. which $X.X capital finance turn we million of QX, maintain in I'll capital quarterly and stockholder helped our million a through million both opportunities operations $XX.X cash and balanced $XX.X dividends. growth In approach on We Next, expenditures on a our returns. focus cash discussion of allocation generated

to We also finance term acquisition paid loan, we the which our down $X.X incurred of ETANCO. million against

in discussed, are this other number of investments evaluating business. making previously significant opportunities growth strategy, we growth capabilities engineering, drive As tuck-in the equipment to Concurrent M&A with accelerate and we continue to help a us initiatives. people, our in organic

We expected growth XXXX, increased are to these in provide capacity improving We starts. U.S. our an expanding and recovery and leading of support market believe efficiencies. overall investments for high to in service customer housing for mid-single-digit facilities also levels housing are important

below single-digit low starts expect XXXX, prior housing housing year. with For in growth starts European we U.S.

also investments date making ensure term. the our us while We for the over pleased are strategic growth volume returning to market North sales with term, the we annual mid- continued In long to business to approximately as to average XXX in our longer points XXXX necessary our historical top summary, outperformance the believe we lay will execution help groundwork market profitability. versus I'm in accelerate performance the in American the quartile compounded of above the basis

With like results quarter who Brian, over greater detail. to discuss that, turn the to I'd first in call the financial will

Brian Magstadt

Thank our afternoon, first everyone. good us financial you and quarter joining today. discuss Mike, for Thanks, results to

first Before of prepared to that financial unless first measures I remarks to year-over-year begin, quarter will versus discussed comparisons my XXXX, like be I'd XXXX. refer the otherwise all all the stated, and mention of comparisons quarter in

beginning quarter first results. with our Now

X.X% sales net $XXX.X consolidated Our million. to decreased

sales applied decreases million, Mike during of to America sales by well X.X% mentioned, the volumes price North the discount as timing offset were as implemented $XXX.X X%, which net volume XXXX. Within to due the partially segment, primarily as of higher increased

recall, estimated expected volumes. revenues our or from are deducted estimated volume may and for you As discounts allowances

sales volume such, first anticipated. than impacted discounts our net quarter more As

X.X%. by In lower of to percentage to and up On currency to net resulting North compared $XXX.X million volume costs, sales margin basis, America, of product gross volumes, as XX.X% America decreased warehouse the wood Consolidated X.X% translation. all to to X.X% in decreased product In million, segment XX.X% sales. a volume foreign due North in partially was our gross a was costs, Europe, X.X% partially by freight and offset $XXX.X net $X.X profit positive higher up to million due gross to concrete lower XX.X% compared effect of margin decreased offset in sales primarily a material XX.X%. primarily

Our a margin From compared was our wood warehouse in in XX% from product also and quarter to perspective, for as net to XX% sales. products freight decreased gross both periods. was on concrete margin higher XX.X%, and Europe due percentage primarily a XX.X% to of first gross costs products XX%

professional first to to million growth, including million, $XXX.X head software our increase count operating increased Now approximately due licenses. an costs, costs expenses. turning and XX.X%, personnel fees quarter our $XX.X operating were primarily expenses and to higher of or added Total drive

IT spend to improve systems. internal enhance processes our In our our addition, increased we and

solutions, Mike on, select and of products, continue Simpson digital to and growth-oriented As many and specifiers to touched the fuel deliver engineer new to increase designs costs our and are services of investments customers takeoff development enable which these products.

operating of percentage net a As XX.X%. compared were expenses to sales, XX.X% total

to research a well million, costs costs to engineering investments, costs, increased increases the personnel the detail travel up as further as higher to Selling to million, in our increased SG&A higher trade primarily costs, due due well also and expenses noted both million, in personnel our and to were above. selling expenses down XX% as quarter On advertising, primarily expenses were XX.X%. administrative and as expenses IT to development increased segment in America $XX.X General X.X% primarily and higher noted basis, in first promotion $XX.X And as To and personnel they licensing X.X%. due above. XX.X% $XX.X Europe, software North shows. spend

operations result, from decline income $XX.X our $XXX.X million. XX.X% totaled a million, from consolidated As of

margin consolidated down XX.X%. was operating income Our from XX.X%,

to with XX.X% costs, personnel Europe, primarily income and In $XX.X operations lower America, related, costs, show million decreased profit higher North was due IT-related operations to spend, due gross from lower compared trade licenses travel and increased to advertising income gross software costs. to million from million, personnel and profit. $XX.X $X.X In coupled

period. fully per $X.XX diluted the $X.XX million tax share approximately points Accordingly, fully effective or to diluted share. net per XX.X%, income million prior year than basis XXX compared rate or Our lower totaled $XX.X $XX was

of growth higher-than-expected which has levels significant to depreciation. expected make is investment in result We in the to continue business, and

Mike of now performance As we provide our EBITDA, measure adjusted compared a to in will insight noted, operating flows to are stack. the approximation disclosing operating our light better of non-GAAP also provide additional cash This into income. financial a

reconciled $XXX.X is quarter, measure comparable first earnings million the XX%. in to adjusted release. For net EBITDA the Adjusted income our most declined press EBITDA of of GAAP

cash Now sheet turning and to flow. our balance

remained XX, March sheet $XX.X at million and with March changes in at due XXXX, balance balance healthy Our cash cash our million down XX, from at and capital, $XXX.X totaling working million up December balance $XXX.X XX, from XXXX, to XXXX. our equivalents

was our net million, was position net of capitalized finance costs Our million. and approximately $XXX.X debt debt $XXX balance

credit. borrowing for on We our primary available have of line $XXX remaining million

position inventory element our advantage to balance March competitive $X.X management million, our on-time remains a XX, slightly as XXXX, of our inventory to compared Effective to higher ensure million core service which was on December of and strategy down delivery XX, Our exceptional of was pounds. customers. and $XXX.X XXXX, as

expenditures, generated the million cash facility million million $X first $XX.X investments, million. our to operations dividends in quarter, approximately and stockholders. capital from We of our including During we to compared invested $X.X paid $XX.X flow for

repurchase While shares expect our common being continue we did of to opportunistic. not stock, we

our committed quarterly remain to also dividend. We

XX, the full outlook. as today, financial XX, trends business ending our and December is guidance turning XXXX as follows. XXXX, year Based our for April conditions Next, to on of

slightly continued margin growth million sales. expenses and as level believe and range our cost increase the gross to a to a net in to initiatives Operating the $X percentage of growth to make $X total we the to of necessary gains at our be and tooling overall in new assumptions Key in labor factory on above in lower and moderate are synergies to position XX% Europe. addition operating expected market, warehouses based share a pursue and million company meaningful XX.X%. the continue include modest in margin expect to markets expected We of housing

mitigating revolving of XX, had expected loans, $XXX.X million, facility and $X of expected to interest rate including the be interest changes benefit term XXXX, as interest to of rates. from cash and outstanding the million in which from credit our and markets million Next, is on and volatility is $XX Interest substantially cross-currency offset borrowings swaps this expense. the money approximately expense on all respectively, December

now tax range estimated federal income of XX.X% to based in to laws. current including XX.X%, state rate is Our the effective and tax be rates on both

cash finally, to we our is $XXX on the of approximately amount million fastener prior new be expansion And the construction outlay real of Gallatin, projects. the the outlook timing of This capital XXXX due down includes Ohio, the Tennessee. Columbus, are from slightly outlook expenditures estate the facility facility million, updating to our for which the $XXX and in

first furthered our as the strategy continued marked core summary, against the start solid we and our In year a growth traction quarter to ambitions.

remains market by business continued we performance model. were our with pleased the strong challenged, our While enabled

above Our market, in that job financial our position to solid enable remains strong These a coming growth years. grow market especially us thank the to anticipating investments team fast-growing entire done. I'd in investments sheet the in the are balance initiatives. Simpson supports the well that we for like with ongoing a

now the over Q&A operator that, turn to session. I begin will to With the call the

Operator

first of with question Securities. the our Moore Daniel And from Instructions] [Operator comes line CJS

Dan Moore

Kind be give of to a X%, North in as that detail a just pricing QX flat, balance importantly, expect of and year? bit estimates very of think when quarter Start you applied? little and dynamic general were Can the of we more the this regarding how just with revenue timing described. more impacted do volumes how the much or about headwind you healthy to that America volume discount you up as closer at

Brian Magstadt

to you, Brian. talk to is nice Dan, this

some which are -- So XX% the to as noted believe margin issues last the XXXX just timing but in to to to comparison the sales touch in year are those be related in -- for we rebates, on there. still there points XX.X% range impacted with remarks, but QX reiterate, net full a were year's has we projecting operating to we few

So in lot housing a start throughout in there's of forecast the variability general, XXXX.

come production and that about rebate And us large ultimately XX%, builder end And submissions based we so on it's builders an data, the estimate saw but data we builders and than market. actual did based year. total down the better those but starts of our still expense expense larger is on housing after the for were overall estimate often by the payment and in to market

increasing variability as of So year. going starts, those last housing we to the through of projecting noted, projections those back a lot year, primarily saw throughout

will complexity shift the bigger ultimately that estimates the with starts increase and those that be coupling after for rebates period. the So in to the builders, paid making

on a pricing increased forward, impacts based we couple other rebates see of going and also So factors.

are rebates. at new higher at higher customers, into incremental incremental who revenues, revenues tier existing So getting customers experiencing revenues new new

customers percentage new often of incremental or rebated So as they product customers. the at up could more those those on a go little revenues lines buy be bit

increased lead customers gaining associated competitive jump couple tiers. Rebates increased to So by factors. business product other volumes rebates are of new buybacks a in and with

and well, terms couple Lastly, of a changes. condition points, other

pay customers sales their price own So decreases when for example, freight.

-- revenue in net be lastly, mix So but that the net revenue, would then complicates gross product would neutral profit, increases. And impact sorry. net

quarter to year experience A expect concludes we see and basis, that would the is the a saw first after that of believe lot in parties. increased those we on the the would that So the we after revenues we rebates. incremental go-forward lead that

sell out product we starts. we builders, directly to don't So their do to of goes builders rebate based on each but that into

actuals are our So are The that that in estimates done afterwards after. period. period in in basically come true-up the

believe go-forward it's So or we be of quarter-over-quarter, basis, additional revenues the would saw bit incremental volumes, we etc. a on over a But QX. in comparability -- primarily it QX

Dan Moore

didn't the street a Margin margin obviously change and/or on your to relative And is expectations. our front, softer guidance. bit

as remarks, the XX got prepared days view higher end of the you further the maybe at the has were XX, in said or likelihood they the lower end now And How you expected. internal changed results your to describe regarding range would that QX of year? think expectations? your relative into the I all we've

Michael Olosky

Dan, it's Mike.

So we're in quartile ROIC income and still ambitions, shooting of to that the growth, peer with proxy peer group top our the top return level. we our of for above-market the those three to proxy operating profitability financial ROIC, And need in get for then to group. quartile

investments plan on the operating gave, guidance a So track margin still -- that but believe that, of we some of the made, got for. we've because we've behind we we're

Brian Magstadt

would the Again, same some the seeing our the -- quarter, still we're we're And Dan, comfortable did and volumes guide few earning a do that North April in the now income into we period into data reason why and near for is that into change middle. that's weeks operating year only additional add I into second it's few the that but quarter, still America as our weeks we're total providing feel that we in also year. not a the outlook the range, -- above last

Dan Moore

Maybe and out. jump last I'll back one, helpful. Very

press release our the are that average you range. point American you XXX-basis Just one of relative and North making remarks accelerate that the the performance starts, to investments in of historical sort should in hope housing on which now, grasping right the comments -- the the that help was prepared

that reading very helpful additional provide expectation or that you And and right. hope the it appreciate to the want again. beyond would spread beyond, I'm accelerate sure either just might XXXX that is color making be to So XXX, you any

Michael Olosky

Yes.

and points is we're the our up to time. X stated, be a we that. assuming was versus market years, XXX is be the believe we're We which on The to as try thinking little points our performance do X to digits, low starts basis to basis -- where going we budget about going XXX And track for year trend. starts, U.S. bit market. you housing were continue last want we now above were that is to years housing from Dan, we So single expand to last above

housing we're that growth market, that sooner with peers along to our get up. we, going the help kick our in and making going And lot we're customers to are in provide market more and a investments later, going market. issue picks of when believe or service is and all to drive above to the mid-single-digit shortage even us growth that great it Hopefully

Operator

Our of Baird. from question the next Wojs line with comes Tim

Timothy Wojs

Maybe just expectations to of Brian, quarter? the relative to way what deviation this start was rebate a on there is quantify question. your the to kind

Brian Magstadt

was it It -- $X million. was about

Timothy Wojs

types Okay. in kind mind? like of all takes of sort and But of certain any of And is things just lines? of been then in puts guess, those structural to the rebates this I underlying and kind certain volume there's product Or obviously, and growth the happening. kind has in your environment pricing mix there change customers and

Michael Olosky

No.

there's after pieces a call we changed. upfront. contracts for it's when I are fundamentally new going Tim, of business, So think I rebate the that's Mike. anything don't mean sometimes

buybacks. for call they Sometimes

different Sometimes they tier for call levels.

think off business. a definitely the out I go-forward lot pointed Brian the incremental was of that based

has believe pricing changed perspective. from not anything a So do we fundamentally

Timothy Wojs

a of kind then you think I in I from effective the last And XXXX -- -- about pricing about should from time year. guys general, decreases, Good. I think guess Okay. were this guess as

go-forward volume it's of and then of of sort decline? through we kind kind basis, any are So considerations? just mix And basically then kind a on that of

Michael Olosky

quarters quarter the volume year adjustments before XXXX. last the mention, was bit were the bit little implications the were But mix had tiers, we little of little of a last on a about of last in a of bulk and of So the year. there -- did in they X we pricing throughout first what I But in of the here year. balance talking bit and

Timothy Wojs

going gap I gap a this narrow as and volume through different should that be should revenue of year? forward, of and way, kind growth Okay. go the kind you peak Maybe if the say between the

Brian Magstadt

Yes.

Michael Olosky

Yes.

Timothy Wojs

Okay.

Got the just Okay. And then one you. last margins. on

and while is the the you're XX% of guess, so kind XX% a I It's been in So guide we've since quarter or to year. first the seen, normal XX.X% for at seasonality.

margin [ that How you year? track of would ] expecting cadence to kind get through the how China through to should So the to the you think are it year range? track guided

Michael Olosky

Okay.

thinking from year, kind higher bit last typical I of quarters, quarters course. year, a we're than seasonality, maybe would margin they definitely higher So to say down but the due are little middle if the QX, of this

guide from comparable guide each down So bit the based being midpoint of on in would prior from yes. where little let XXXX the down was, quarters. the our -- just be the operating quarters And me just margin of a year

Timothy Wojs

on luck Good year. the of rest the

Operator

of next Kurt comes Our question with D.A. Davidson. Yinger from line the

Kurt Yinger

the Great. gross leverage warehouse of Is some related a type year, from I is of new remainder there the with a the better those fixed of way to of some perhaps of size volume as some to Or event inefficiencies of we costs? subside? that through perhaps margin the should some move pressure on kind XXXX guess facilities the impact additional and that more

Michael Olosky

Yes.

X-step warehouses, enables ability to we that to those new move the end open when those service us away thus provide customers to from Kurt, up the So direct, distribution.

warehouse bit of but a run us. because the is associated costs pieces a but inside not direct, there up, additional are we to sales with also some only that in price SG&A sales, going So sales, some increase there's to

that's of level. an think about it we kind at how So overall

detailed Brian, level? a more on

Brian Magstadt

year, last that a the a of few those costs lot we the running associated and opened were that expense. with mostly XXXX operations So getting up up

over more looking experienced Simpson's -- more we're we the of part those. that one and But doing we from lift connectors, a costs really said, getting get bit with of we've any say little of a of Mike's the set can Strong-Tie at what It would XXXX, incrementally being of that to this point, that. a definitely of our and year, primarily see of benefits one being of next is each that's product to I addition that think in we're year that reasons see step as a the to big function. now in time we going -- through -- pulled So more

I I'd know a function, expect that the but big incremental coming we and step next would is don't call -- years. we it nice margin revenue over gains think I what

Kurt Yinger

Got down the beyond those gross it. And costs wrong, I correct a there? terms being versus I'm warehouse of was if in margins but of that in factored me 'XX touch of, guess, in EBITDA something 'XX, Or primary was kind there driver additional compression?

Michael Olosky

we we year Kurt, a in synergy So have Europe. big defensive

margin associated So with additional some at line. had we've gross the that, that's costs

Brian Magstadt

implication. with EBITDA it that, reason show EBITDA we're X- part number new got percent, of the of that to our what reflective the got a And facilities, call those but Part I is why net number that making lot in now And part displayed the real of that's accelerated as think, the that. of a external years first down racking, have in using is lot their Those of of of an to is being kind of adjusted the XX-ish depreciation of life. the only EBITDA X-year it, adjusted too, of into lives. we're facility, well facilities is couple machinery, filings associated investments that one equipment also, that's why of in estate and a the reasons adjusted is necessarily internally not goes as Kurt, everything new

bit Part of to the freight. little other is element increased a

long or truckloads then market from that than gets parcels Going smaller less to too. because the we is for that path some that made to change believe up of that But and impacting again, in run. truckloads

Michael Olosky

In the midterm.

Brian Magstadt

run, long yes. to Mid

Kurt Yinger

then about plays helpful. kind on kind customer bit. or repair that think But Maybe expanded the retail more And you guess, being about type wins. like of just Okay. subset? do balance partnership January, you're this if flat little some referenced can XXXX, in kind was of the color some there around and remarks, double-digit think into some over looked year, I remodel growth little saw think give us just [indiscernible]. of on, national changes? executing you replicate customer of the in generally of -- a these you of in kind it with that and that we prepared you strength a what And I that quarter, bit within talked That's Mike, the just this you given can of I

Michael Olosky

question, Kurt. Good

So let me of background. you give a little bit

XXXX, in digits was in low in revenue. So retail national up our business single volume, flattish

fourth quarter. For for digits the business the significantly whole Revenue XXXX volume. the single were down was digits mid-single low down we in up The fourth quarter, there. has picked from

digits, So revenue that of up here, single because the the in mentioned. see in we've partly for mentioned volume, double as of And low we digits prepared remarks. was some the reasons Brian had

] -- X%. to into we to according thinking the market that was going be the retail to to roughly that firm Kurt, firm we is that year follow. came From going the from market perspective, the estimates a [ that NASH are market into Latest flattish grow

lot got things that we're really So doing are lot off-shelf market. on of tailwind excited feeling think merchandising efforts. that We a merchandising We're associated going the well. of we've pretty a with about efforts,

e-commerce our fastener really nice with the we're good increase a then see several to to as then continue about especially in to sell-through our of We connectors. hard fasteners our to rate pretty bump products. well. products, seeing And doing the help well. attachment working also customers our as We're we're our that. area of We're excited that And things

lot in salespeople of Kurt, this And going So we've a segment. in over things invested of years on. the couple last

end lot them. a We're training getting those in we're frequently. more now helping So them We're merchandising. stores We're with caps.

well, more is So we just us that a helping in lot. lot which have presence segment as a

Kurt Yinger

sneak it. more And if one I could Got in. just

of customers, the the guess, other of Or pretty strength sales and retail strength, with be, terms stage? customers this that then kind quarter? driver of is growth that the the at would guess, national of In home mix saw in in split among and one guys of volume primary evenly those you I the I big some two center

Michael Olosky

Kurt, Yes. individual our a segment. on got things really, comment with don't going we in mean that as of customers I lot customers. you all of positive know, we on

Operator

of Thank have at And your session. the this also we conclude may end today's the And reached participation. you your you question-and-answer conference, disconnect this and does time. for lines

Simpson Manufacturing (SSD) 22 Apr 242024 Q1 Earnings call transcript