Simpson Manufacturing announced its financial results for the Q4 and full-year of 2022. Q4 2022 consolidated net sales increased 13.6% to $475.6 million, compared to from $418.6 million in Q4 2021.
Q4 2022 consolidated gross profit of $200.7 million increased 1.2% compared to $198.3 million. Consolidated gross margin decreased to 42.2% from 47.4%.
Q4 2022 consolidated income from operations of $78.7 million decreased 18.9% compared to $97.1 million. The decrease was primarily due to higher operating expenses, including $18.0 million attributable to ETANCO, and $2.6 million for integration costs also related to ETANCO. Consolidated operating margin decreased to 16.6% from 23.2%.
Q4 2022 net income was $57.6 million, or $1.35 per diluted share, compared to net income of $69.8 million, or $1.61 per diluted share.
Full-year 2022 consolidated net sales of $2.12 billion increased 34.5% from $1.57 billion, primarily due to product price increases and the acquisition of ETANCO, which contributed $212.6 million in net sales, partly offset by the negative effect of $27.8 million in foreign currency translation related mostly to Europe's currencies weakening against the United States dollar.
FY 2022 consolidated gross profit of $941.3 million increased 24.7% compared to $755.0 million. Consolidated gross margin decreased to 44.5% from 48.0%, primarily due to higher material costs, including $13.6 million in non-recurring fair-value adjustments for inventory costs as noted above.
FY 2022 consolidated income from operations of $459.1 million increased 24.8% compared to $367.8 million, primarily due to higher gross profit, partly offset by higher operating expenses and $17.3 million in total acquisition and integration costs. Consolidated operating margin decreased to 21.7% from 23.4%.
"2022 marked a year of strong financial and operational performance for Simpson despite a challenging operating environment," commented Mike Olosky, President and CEO of Simpson Manufacturing. "Our 2022 net sales reflect the impact of product price increases implemented throughout 2021 to offset rising material costs as well as a $212.6 million contribution from the ETANCO acquisition. Our performance further demonstrates strong operational execution as we continued to integrate ETANCO and advance our key growth initiatives forward. Those initiatives enabled us to grow our North America volumes above U.S. housing starts for the year."
Simpson Manufacturing Co., Inc., headquartered in Pleasanton, California, through its subsidiary, Simpson Strong-Tie Company Inc., designs, engineers and is a leading manufacturer of wood construction products, including connectors, truss plates, fastening systems, fasteners and shearwalls, and concrete construction products, including adhesives, specialty chemicals, mechanical anchors, powder actuated tools and reinforcing carbon & glass fiber materials.
