TriMas sales, profits rise

BLOOMFIELD HILLS–TriMas Corp. (NASDAQ: TRS) announced first quarter net income of $5.1 million or 12 cents a share, up from $4.9 million or 12 cents a share in the first quarter of 2023.

Revenue was $227.1 million, up from $215.5 million a year earlier.

“Our overall first quarter results came in as anticipated, with pockets of demand strength as certain of our end markets continued to recover,” said Thomas Amato, TriMas president and CEO. “We are encouraged by the ongoing upward trend in our order intake, sales and conversion rates within our TriMas Packaging and Aerospace groups, our two largest segments. While this positive momentum drove our results for the quarter, market demand in our Specialty Products businesses remained soft, as customers continued working through higher inventory levels built up in 2023.”

TriMas Packaging group’s net sales for the first quarter were $127.0 million, an increase of 9.3% compared to the year ago period, as organic growth within the personal care, beauty and industrial end markets, and sales from a recent acquisition, more than offset the softer demand levels in certain beverage-related applications. First quarter operating profit and the related margin percentage improved, as higher sales and prior structural cost reductions more than offset the impact of the allocation of certain information technology costs to the group.

TriMas Aerospace group’s net sales for the first quarter were $67.3 million, an increase of 34.7% compared to the year ago period, primarily driven by increased aerospace production demand, reduced production constraints and acquisition-related sales. First quarter operating profit increased, and the related margin percentage expanded approximately 770 basis points, primarily due to operational excellence initiatives and higher conversion rates.

TriMas Specialty Products group’s net sales were $32.7 million, a decrease of 33.5% compared to the year ago period. This decline was greater than expected as most industrial customers continued to rebalance inventories as a result of higher ordering rates during 2023. First quarter operating profit and the related margin percentage decreased, as a result of the lower sales levels and the related lower absorption of costs. In addition, as previously disclosed, the Company has initiated a sale process for its Arrow Engine business, which when successfully completed, would facilitate an exit of its presence in the oil and gas end market.

Company officials reaffirmed their full year 2024 outlook provided Feb. 29, saying they expect  2024 adjusted diluted earnings per share to be between $1.95 to $2.15 per share. That figure excludes “special items” such as business restructuring and severance costs, merger and acquisition due diligence and transaction costs, software implementation costs, and non-cash compensation expense.

To listen to a conference call discussing these results, call (877) 660-6853 in the United States and Canada and (201) 612-7415 elsewhere, using the meeting ID  13745821. Additional information is available at www.trimas.com under the “Investors” section.

TriMas manufactures products for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups.

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