Simpson Manufacturing Co., Inc. (NYSE:SSD) Q3 2023 Earnings Conference Call October 23, 2023 5:00 PM ET

Company Participants

Kim Orlando - ADDO IR

Michael Olosky - President and CEO

Brian Magstadt - CFO

Conference Call Participants

Daniel Moore - CJS Securities

Tim Wojs - Baird

Kurt Yinger - D.A. Davidson

Julio Romero - Sidoti & Company

Operator

Greetings. Welcome to the Simpson Manufacturing Co. Third Quarter 2023 Earnings Conference Call. [Operator Instructions]

I will now turn the conference over to your host, Kim Orlando with ADDO Investor Relations. You may begin.

Kim Orlando

Good afternoon, ladies and gentlemen, and welcome to Simpson Manufacturing Co.'s third 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's 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 performance, key growth initiatives and capital allocation priorities. Brian will then walk you through our Q3 financials and fiscal 2023 outlook in greater detail.

We delivered another quarter of solid performance in a challenging operating environment with third quarter net sales of $580.1 million, increasing 4.8% over Q3 2022. North American volumes increased approximately 7%, partially offset by price decreases earlier in 2023, leading to a growth in net sales of 4.4% year-over-year to $456.8 million.