BLOOMFIELD HILLS — TriMas Corp. (Nasdaq: TRS)
Thursday announced net income of $11.7 milion or 26 cents a
share in the third quarter, down from $22.2 million or 49 cents
a share a year earlier.
The reduction in net income was the result of $11.1 million in
net income from discontinued operations — TriMas’ spun-off
Cequent businesses.
Revenue was $222.2 million, down from $222.3 million a year
earlier.
For the nine months, net income was $27.4 million or 60
cents a share, down from $67 million or $1.48 a share a year
earlier. Revenue was $671.2 million, up from $663.9 million a
year earlier.
TriMas also rreported adjusted net income from continuing
operations of $17.8 million for the quarter, up from $13.6
million a year earlier. This figure excludes income from
discontinued operations from a year earlier as well as $6.1
million in restructuring costs in the current quarter and $2.5
million in the year-ago quarter.
Also, the company reported operating profit from continuing
operations less one-time items of $29.9 million, up 29
percent from $23.2 million a year earlier.
The company completed the spinoff of its Cequent
businesses June 30, creating a new, independent, publicly
traded company, Horizon Global Corp.
Among business segments, packaging sales decreased 1.6
percent for the quarter, aerospace sales jumped 65.6
percnet, and energy sales decreased 2.6 percent.
Engineered components sales fell 32.6 percent.
Said David Wathen, TriMas president and CEO: “We realized
year-over-year operating profit margin improvements in three
out of four of our segments, reduced corporate expenses as
compared to a year ago, and realigned our engine and
compressor business’ cost structure to break even despite a
60 percent decline in sales year-over-year. We were able to
achieve these results in an environment of global
macroeconomic uncertainty, with external headwinds related
to continued low oil-related activity, a strong U.S. dollar and
relative weakness in our industrial end markets.”
The company also raised its projected earnings per share
from continuing operations for the full year 2015 from
between $1.15 and $1.25 a share, to $1.25 to $1.30 a share,
excluding one-time items.
To listen to a replay of a conference call discussing these
results, visit www.trimascorp.com or call (888) 203-1112 using
replay code #284954.