TriMas Posts 2Q Profit, RV Revenue Retreats
Bloomfield Hills, Mich.-based TriMas Corp. showed a profit for its second despite a challenging economy and soft RV market.
Net income for the quarter was $9.45 million compared to a loss of $3.19 million a year ago while sales rose to $297.08 million from $287.67 million.
For the six months, net income was $17.32 million, up from $3.86 million in the prior-year period. Sales grew to $576.64 million from $572.11 million in the year-ago period.
TriMas said recreational vehicle and trailer product sales fell by 6.3%, as sales growth in the Australian market were offset by weak demand in the U.S. As a result, operating profit fell by 65.7%, the company reported. Likewise, sales in its recreational accessories division fell by 4.1% due to weak consumer demand for towing accessories.
The company serves the RV industry through Plymouth, Mich.-based Cequent Towing Products Group, which supplies products under brand names that include Draw-Tite, Reese, Fulton, Wesbar, Bull Dog, Hidden Hitch and Tekonsha.
Other segments results showed packaging systems sales increased by 1.3%over 2007 and sales in the company’s energy products division grew by 29.6% due to strong market demand from refinery and petrochemical facilities. TriMas industrial specialties division’s sales increased by 6.4%, in part due to the increased demand for its aerospace fastener products.