Simpson Reports Q4 Earnings Beats Street

(RTTNews) - The California-based industrial company, Simpson Manufacturing Co., Inc. (SSD), reported a better year-over-year net income in the fourth quarter on higher revenue. The earnings managed to top the Street estimates.

Simpsons reported a net income of $69.8 million, or $1.61 per share, compared to a net income of $29.6 million, or $0.68 per share in the prior year. Four analysts polled by Thomson Reuters expected the earnings to be $0.95.

The company also reported revenue of $418.60 million, up 42% from $293.90 million in the previous year. The Street projection for revenue was at $373.70 million.

Karen Colonias, Chief Executive Officer of the company said, "Despite the challenging macroeconomic landscape resulting from ongoing global supply chain constraints, increasing steel costs and availability as well as a tight labor market, we continued to deliver on the key elements of our business model to meet our customers' needs."

The stock of the company is currently trading at $118.50 in the after-hours market, up $9.00 or 8.22% since the closing at $109.50 during market hours. The stock opened at $108.87 after closing at $108.97 the previous day.