Simpson Manufacturing Co., Inc.
) has repurchased 342,300 shares for an average price of $28.70
per share since late May, spending roughly $9.8 million. It was a
part of the $50 million share repurchase program authorized by
its Board in Feb 2013.
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Though the company is not planning to repurchase additional
shares in the near future, the authorization will remain open for
rest of the year.
Simpson, which belongs to the building and construction industry
), posted first-quarter 2013 earnings of 10 cents per share, down
33% year over year. It fell short of the Zacks Consensus
Estimate of 21 cents as well.
Simpson's net sales edged down 2.6% year over year to $155
million, missing the Zacks Consensus Estimate of $169 million.
The decline was primarily attributable to reduced home center
sales, lower selling prices and severe weather condition.
Simpson had cash and short-term investments of $142 million as of
Mar 31, 2013, compared with $160 million as of Mar 31, 2012. The
company had no debt on its balance sheet at the end of the
Simpson is expects to benefit from its ongoing investments in
strategic initiatives, which include an expanded offering of
concrete and reinforcing products and systems, particularly
specialty chemicals and software offerings.
Pleasanton, CA-based Simpson is a leading manufacturer of wood
construction products which includes connectors, truss plates,
fastening systems, fasteners and shearwalls. The company through
its subsidiary, Simpson Strong-Tie Company Inc., designs and
engineers concrete construction products comprising adhesives,
specialty chemicals, mechanical anchors and powder actuated
Simpson currently has a Zacks Rank #5 (Strong Sell).