TriMas Corp. Reports 53% Gain in 3Q Earnings
TriMas Corp., parent to Cequent Performance Products, said its third-quarter earnings jumped more than 50% as it benefited from acquisitions and lower interest expenses.
The company reported that it has been working to make its manufacturing operations more efficient, while at the same time absorbing several small acquisitions. It announced another acquisition on Monday, paying $34 million for Mac Fasteners Inc. Mac makes stainless steel aerospace fasteners used by a variety of manufacturers and aftermarket repair companies.
Third-quarter net income rose 53% to $28.6 million, or 71 cents per share, from $18.7 million, or 48 cents per share, in the 2012 third quarter. Excluding costs related to restructuring and the sale of a business, results came to 64 cents per share. Revenue rose 6% to $355.6 million.
The company now expects sales for the full year to rise 8% to 10% from 2012, up from a prior outlook for a 6% to 8% increase. Based on sales of $1.27 million last year, that implies guidance for sales of $1.37 million to $1.4 million.