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TriMas Corporation Reports Record Second Quarter Results

Stocks in this article: TRS

TriMas Corporation (NASDAQ: TRS) today announced financial results for the quarter ended June 30, 2013. The Company reported record second quarter net sales from continuing operations of $378.0 million, an increase of 11.7% compared to second quarter 2012. Second quarter 2013 diluted earnings per share from continuing operations attributable to TriMas Corporation was $0.65, as compared to $0.44 during second quarter 2012. Excluding Special Items (1), second quarter 2013 diluted earnings per share from continuing operations would have been $0.69, a 13.1% improvement from $0.61 in second quarter 2012.

TriMas Highlights

  • Reported record second quarter net sales of $378.0 million, an increase of 11.7% as compared to second quarter 2012, due to results from bolt-on acquisitions and the successful execution of numerous growth initiatives.
  • Improved income from continuing operations attributable to TriMas Corporation (1) by 19.7%, excluding the impact of Special Items, compared to second quarter 2012. Improved diluted earnings per share (1), while absorbing costs related to several acquisitions and approximately 6% higher weighted average shares outstanding for second quarter 2013, as compared to second quarter 2012.
  • Completed five bolt-on acquisitions for approximately $47 million, net of cash acquired, or approximately one-times revenue acquired, through second quarter year to date to expand and globalize existing product offerings, gain access to new customers and end markets, expand the geographic footprint internationally, further enhance management capacity, and capitalize on scale and cost efficiencies.
  • Reduced interest expense by more than 45% as compared with second quarter 2012.
  • Continued to invest in a flexible manufacturing footprint to optimize manufacturing costs long-term, add necessary capacity, enhance customer service and support future growth.
  • Today announced the acquisition of substantially all of the assets of a towbar manufacturer located in Germany and Finland. These assets, combined with the April 2013 acquisition of C.P. Witter Limited, a leading manufacturer of highly-engineered towbars and cargo management products located in the United Kingdom, position Cequent to capitalize on growth opportunities in new markets through product and geographic expansion.

"Our second quarter results are as expected with 11.7% sales growth and a 19.7% increase in income from continuing operations attributable to TriMas Corporation (1) compared to second quarter 2012," said David Wathen, TriMas President and Chief Executive Officer. "In addition, we delivered a record second quarter $0.69 in diluted earnings per share from continuing operations (excluding Special Items) (1), while absorbing the effects related to several acquisitions and approximately 6% higher weighted average shares outstanding for second quarter 2013, as compared to second quarter 2012. We continued to effectively invest in future growth and productivity programs, and we successfully lowered our interest expense, reduced our tax rate and generated cash as planned.

"In the midst of a challenging global economic environment, we continue to identify the bright spots and successfully execute on new product introductions, geographic expansion and market share initiatives, as well as leverage our recent bolt-on acquisitions. These initiatives have contributed to our year-over-year sales increases in five of our six segments during the second quarter. We also continued with footprint consolidation projects within our Cequent segments, moving toward more efficient and flexible manufacturing facilities.

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