Pleasanton, California-based fastener manufacturer Simpson Manufacturing Company Inc. announced Thursday its Q3 2010 earnings. Simpson reported that net sales from continuing operations decreased 2.4 percent to $146.4 million compared to $150.1 million Q3 2009.
In the first nine months of 2010, net sales from continuing operations increased 5.9 percent to $435.9 million as compared to $411.4 million in the first nine months of 2009. Simpson had income from continuing operations, of $49.3 million for the first nine months of 2010 compared to $16.9 million for the first nine months of 2009.
In Q3 2010, sales were mixed throughout North America and increased in Europe. Sales decreased in the US with above average decreases in the western and southeastern regions and California as compared to Q3 2009, partly offset by growth in the Midwestern and Northeastern regions. Sales in Canada increased as compared to Q3 2009. Sales in Asia, although relatively small, increased as the company has recently expanded its presence in the region. Sales decreased across most of the Company's major product lines, although sales of anchor products increased.
Income from operations increased 45 percent from $20.2 million Q3 2009 to $29.3 million in Q3 2010.
In the first nine months of 2010, sales increased throughout most of North America and Europe. The growth in the US was strongest in the Midwestern and northeastern regions, while sales in California and the western region declined slightly as compared to the first nine months of 2009. Sales in Canada increased significantly.
Income from operations increased over 140 percent from $32.5 million in the first nine months of 2009 to $80.3 million in the first nine months of 2010.