By Connor Hart
Shares of Simpson Manufacturing fell 4.5% to $177.70 in after-hours trading after the company said its profit fell in the third quarter and issued a downbeat outlook.
The stock, which ended the regular session down 2% to $186.15, has fallen 6% since the beginning of the year.
The building materials company on Monday reported net income of $93.5 million, or $2.21 a share, compared with $104 million, or $2.43 a share, in the same quarter last year.
Net sales rose 1.2% to $587.2 million. North America sales increased 1% to $461.4 million as slightly higher sales prices offset flat volumes. Sales in Europe grew 1.8% to $121.2 million, with higher sales volumes offsetting lower prices.
Chief Executive Mike Olosky said the company's overall profitability missed its expectations.
"For 2024, we now expect U.S. housing starts to be down in the low single-digit range from 2023 with low single-digit growth to come in 2025," he said. "In Europe, 2024 housing starts are expected to be down in the high single-digit range compared to the prior year with meaningful growth to be pushed out further into 2026 and beyond."
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 21, 2024 19:14 ET (23:14 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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