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Simpson Manufacturing's 2024 10-K reveals resilient $2.2B net sales (up 0.8%) despite U.S. housing starts falling 3.9%, driven by North American volumes and acquisitions. Gross margins contracted to 46% from cost pressures, net income down 9% to $322M (EPS $7.60). Strong liquidity supports $150-170M 2025 capex and shareholder returns, with diversification and innovation buffering cycles. Risks include market volatility and supply chains, but strategic expansions target above-market growth.

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