Simpson Manufacturing sees FY24 CapEx $175M-$185M vs. prior $180M-$190M

The company has updated its 2024 financial outlook based on three quarters of financial information to reflect its latest expectations regarding demand trends, cost of sales, and operating expenses. Based on business trends and conditions as of today, October 21, 2024, the company’s outlook for the full fiscal year ending December 31, 2024 is as follows: Based on current expectations that U.S. housing starts will be down from the prior year, operating margin is estimated to be in the range of 19.0%-19.5%. The effective tax rate is estimated to be in the range of 25.3%-25.8%, including both federal and state income tax rates as well as international income tax rates, and assuming no tax law changes are enacted. Capital expenditures are estimated to be in the range of $175M-$185M, which includes $90M-$100M for the Columbus, Ohio facility expansion and the new Gallatin, Tennessee fastener facility construction with the remaining spend carrying over into 2025.