Simpson Manufacturing Co., Inc. (NYSE:SSD) Q2 2023 Earnings Conference Call July 24, 2023 5:00 PM ET

Company Participants

Kimberly Orlando - ADDO Investor Relations

Michael Olosky - President and Chief Executive Officer

Brian Magstadt - Chief Financial Officer and Treasurer

Conference Call Participants

Daniel Moore - CJS Securities

Timothy Wojs - Robert W. Baird & Co.

Kurt Yinger - D.A. Davidson

Julio Romero - Sidoti & Company

Operator

Greetings and welcome to the Simpson Manufacturing Co., Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Kim Orlando with ADDO Investor Relations. Thank you, Ms. Orlando, you may begin.

Kimberly Orlando

Good afternoon, ladies and gentlemen, and welcome to Simpson Manufacturing Company's Second Quarter 2023 Earnings Conference Call. Any statements made on this call that are not statements of historical fact are forward-looking statements.

Such statements are based on certain estimates and expectations and are subject to a number of risks and uncertainties. Actual future results may vary materially from those expressed or implied by the forward-looking statements. We encourage you to read the risks described in the company's public filings and reports, which are available on the SEC or the company's corporate website.

Except to the extent required by applicable securities laws, we undertake no obligation to update or publicly revise any of the forward-looking statements that we make here today, whether as a result of new information, future events or otherwise.

Please note that the company's earnings press release was issued today at approximately 4.15 PM Eastern Time. The earnings press release is available on the Investor Relations page of the company's website at ir.simpsonmfg.com. Today's call is being webcast and a replay will also be available on the Investor Relations page of the company's website.

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

Michael Olosky

Thanks Kim. Good afternoon, everyone, and thank you for joining today's call. With me today is Brian Magstadt, our Chief Financial Officer. My remarks today will provide an overview of our financial results, key growth initiatives and capital allocation priorities. Brian will then talk you through our Q2 financials and our fiscal 2023 outlook in greater detail.

We delivered solid performance in a difficult operating environment, with second quarter net sales of $597.6 million, which is an increase of 0.7% over Q2 2022. North American volumes increased 2.3%, leading to a growth in net sales of 2% year-over-year to $465.5 million. To further break-down our performance, national retail showed double-digit improvements year-over-year from a volume standpoint, due to our business model and an improving market environment.