TriMas Corp., parent to Cequent Performance Products, reported record sales for its first quarter, ended March 31.
The company posted revenue of $297.6 million, an increase of 15.1% compared to first quarter 2011. Net income during the three-month period was $12.25 million compared to $11.75 in the year prior.
“2012 is off to a solid start as we build upon the positive momentum of the past year,” said David Wathen, president and CEO for Bloomfield Hills, Mich.-based Trimas. “We achieved sales growth of 15.1% during the first quarter, resulting from successful execution of our strategic growth initiatives including bolt-on acquisitions, product innovation, market share gains and geographic expansion. While demand levels started the quarter slowly across several businesses, we saw significantly improved order and shipment levels late in the quarter.”
Net sales for Cequent North America decreased 1.5% compared to the year ago period, resulting primarily from a sales decrease within the Trimas retail channel due to a one-time stocking order for a significant customer in the first quarter of 2011 that did not recur in 2012. First quarter operating profit decreased compared to first quarter 2011 due to lower sales levels, costs incurred to relocate certain production to lower cost countries and increased selling, general and administrative costs, primarily in support of growth initiatives. Trimas said it continues to reduce fixed costs, minimize its investment in working capital, and leverage Cequent’s strong brand positions and new products for increased market share.
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