TriMas Swings to 4Q Net Loss on Higher Sales
TriMas Corp., parent to Cequent Performance Products, incurred a loss for the fourth quarter versus a profit last year, in spite of a revenue rise.
RTT News reported that the firm suffered from increased expenses for the quarter which upset the rise in revenue, further exacerbated by debt extinguishment costs which led it to post a loss for the period.
For the quarter, the firm posted a net loss of $13.94 million compared with a profit of $13.25 million last year. On a per share basis, the firm posted loss of $0.35 versus a profit of $0.38 last year.
Excluding special items related to business restructuring costs, debt extinguishment costs and tax restructuring, the company reported income from continuing operations of $0.33 per share.
Net sales for the period rose to $301.04 million from $259.65 million last year, which the company attributed to additional sales from bolt-on acquisitions, market share gains, new product introductions and geographic expansion as compared to fourth quarter 2011. Analysts were looking for revenue of $291.23 million for the quarter.
The firm suffered from debt extinguishment costs of $40.25 million for the three-months versus none last year.
Looking forward, for the full-year, the firm sees earnings per share from continuing operations to be between $2.15 and $2.25, excluding any future events that may be considered special items and revenue to rise between 6% and 8% compared to 2012.