TriMas 2Q Sales Grow 12%; Buys Towbar OEM
TriMas Corp., parent to Cequent Performance Products, reported record revenue for its fiscal second quarter, ended March 31. In its earnings report, the Bloomfield Hills, Mich.-based firm also announced the acquisition of a towbar manufacturer located in Germany and Finland.
For the quarter, TriMas posted sales from continuing operations of $378 million, an increase of 11.7% from $338.4 million in the prior-year period. Net income from continuing operations was $27.8 million, or 66 cents per share, compared with $17.2 million, or 45 cents per share, a year ago.
The company’s Cequent America unit saw a 7% increase in sales compared with the year-ago period, resulting primarily from increased sales within the original equipment, aftermarket and retail channels, as well as the sales related to the July 2012 acquisition of Engetran in Brazil.
Highlights from the quarter included:
• Completed five bolt-on acquisitions to expand and globalize existing product offerings.
• Reduced interest expense by more than 45% as compared with second quarter 2012.
• Continued to invest in a flexible manufacturing footprint to optimize manufacturing costs long-term, add necessary capacity, enhance customer service and support future growth.
“In the midst of a challenging global economic environment, we continue to identify the bright spots and successfully execute on new product introductions, geographic expansion and market share initiatives, as well as leverage our recent bolt-on acquisitions,” said David Wathen, TriMas president and CEO. These initiatives have contributed to our year-over-year sales increases in five of our six segments during the second quarter. We also continued with footprint consolidation projects within our Cequent segments, moving toward more efficient and flexible manufacturing facilities.
Mark Zeffiro, executive vice president and CFO, added, “As we look to the second half of the year, we maintain a conservative macroeconomic outlook, while remaining confident in our ability to deliver our previous guidance for full year 2013.”
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