Bloomfield Hills, Mich.-based TriMas Corp. today (July 28) announced financial results for the second quarter ended June 30.
The company reported quarterly net sales from continuing operations of $299.7 million, an increase of 18.9% compared to second quarter 2010. Second quarter 2011 income from continuing operations was $17.1 million, or $0.49 per diluted share, including a ($0.07) per share impact related to debt extinguishment costs associated with the company’s recent refinancing. Trimas said excluding special items, second quarter income from continuing operations would have been $19.6 million, or $0.56 per share, compared to second quarter 2010 income from continuing operations of $15.2 million, or $0.44 per share.
Its Cequent Performance Products division, which produces towing products under the name brands of Reese, Draw-Tite, Bulldog, Fulton, ROLA and Tekonsha, posted a 7.2% increase in sales compared to the year ago period, resulting from increased sales within the retail, original equipment and aftermarket channels. Trimas said the sales increases were the result of market share gains, improved customer demand and new product introductions.
Highlights from the report include:
• Reported record quarterly net sales of $299.7 million, an increase of 18.9%, with sales growth in all six segments compared to second quarter 2010.
• Improved both income and diluted earnings per share from continuing operations by over 25%, excluding the impact of Special Items, compared to second quarter 2010.
• Raised the full-year 2011 diluted earnings per share (EPS) from continuing operations guidance range from $1.45 to $1.60 per share to $1.60 to $1.70 per share, excluding Special Items.
• Completed the refinance of its U.S. credit facilities, entering into a new credit agreement, primarily to reduce interest costs, extend maturities and improve financial and operating flexibility.
• Today announced an agreement to acquire Innovative Molding, a technology leader in the design, lining and manufacturing of specialty plastic closures for bottles and jars for the food and nutrition industries. Upon closing, Innovative will become part of Rieke, within the Packaging segment.
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