NEW YORK (TheStreet) -- Shares of TriMas Corp. (TRS) are lower by 9.75% to $26.66 on heavy volume in mid-afternoon trading on Monday, after the company cut its full year 2014 earnings per share guidance to between $1.85 and $1.95, from its previous guidance range of $2.15 to $2.25 per share.
The consensus estimate forecast that the company, which manufactures and distributes products to commercial, industrial, and consumer markets, would post EPS of $2.17 for the year.
TriMas said it cut its earnings outlook as it has been facing pressure and operational challenges in its energy and aerospace businesses.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
"While we have taken actions to improve the performance in these segments, the reality is that the improvements have not taken place at the expected pace," said company CEO David Wathen.
However, the company expects its sales to increase 6% to 7% for the fiscal year, over 2013.
Additionally, TriMas announced today that it has agreed to purchase Allfast Fastening Systems Inc. for approximately $360 million, in order to expand the company's aerospace segment.
Separately, TheStreet Ratings team rates TRIMAS CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate TRIMAS CORP (TRS) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and notable return on equity. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."