TriMas Corp. Reports Q1 Revenue Increase
TriMas Corp., Bloomfield Hills, Mich., a manufacturer of hitches through its Cequent division along with other divisions that make an assortment of non-RV related products, has announced financial results for the quarter ended March 31.
The company reported quarterly net sales from continuing operations of $220.1 million, an increase of 9.1% from first quarter 2009, according to a new release.
First quarter 2010 income from continuing operations was $5.8 million, a 24.5% improvement from $4.6 million in first quarter 2009. TriMas reported first quarter 2010 diluted earnings per share from continuing operations of $0.17, as compared to $0.14 during first quarter 2009. Excluding special items, first quarter 2009 loss from continuing operations would have been $0.7 million, or ($0.01) per share.
The company reported operating profit of $25.1 million in first quarter 2010, as compared to operating profit of $5.2 million during first quarter 2009. Excluding the impact of special items, operating profit would have improved 110%, from $12.0 million in first quarter 2009 to $25.1 million in first quarter 2010, which represents an increase in operating profit margin of 550 basis points.
In its Cequent division, TriMas reported sales for the first quarter increased 6.8% compared to the year-ago period, resulting from increased sales in the Australian/Asia Pacific and North American towing, trailer and electrical products businesses, and the favorable impact of currency exchange, partially offset by a decline in sales in the retail business.
Due to cost-reduction actions and improved sales levels, operating profit margin improved more than 840 basis points compared to first quarter 2009. The company continues to aggressively reduce fixed costs, decrease working capital and leverage strong brand positions for increased market share.
TriMas raised its outlook for full-year 2010 diluted earnings per share (EPS) from continuing operations to $0.65 to $0.75 per share, as compared to $0.43 per share in 2009, excluding special items in both periods. The company previously provided an outlook for 2010 EPS to exceed $0.60 per share. TriMas also raised its 2010 sales outlook from an increase of 4% to 7% to a range of 5% to 9% compared to 2009. In addition, the company expects its 2010 operating profit margin to improve by 80 to 120 basis points compared to 2009, excluding special items.