BLOOMFIELD HILLS—TriMas Corp. (NASDAQ: TRS), the Bloomfield Hills diversified manufacturer, reported net income of $13.1 million or 30 cents a share in the first quarter of 2020, down from $19.1 million or 42 cents a share in the first quarter of 2019.
Revenue was $182.8 million, up 5.4 percent from $173.4 million in the first quarter of 2019. The company also reported an operating profit of $19.8 million, unchanged from a year earlier.
The company said the profitability decline was driven by restructuring, transaction, and purchase accounting costs, as well as a less favorable product mix, production efficiencies, and higher non-cash depreciation and stock compensation costs. Last year’s net income also includes 10 cents a share from discontinued operations.
President and CEO Thomas Amato said the company’s operations have been deemed essential in the COVID-19 pandemic, but that the company is “adjusting work rules and processes to align with regional and national governmental guidance” to provide “a safe working environment for our employees.”
Amato said the company began noting a slowdown in the economy in late January, and expects that slowdown to become more severe in the second quarter, “most notably in our aerospace and specialty products segments.” But he said the company’s packaging group plays a crucial role in fighting the spread of viruses. Due to the uncertainty caused by the pandemic, Amato said the company would suspend earnings guidance for 2020, “as we are unable to forecast the impact of this crisis on certain of our businesses with any precision.”