TriMas Corp., parent to Cequent Performance Products, today (Feb. 20) reported record revenue for its fourth quarter and full year, ended Dec. 31.
Fourth-quarter sales from continuing operations totaled $323.4 million, an increase of 7.4% compared to fourth quarter 2012. Net income from continuing operations attributable to TriMas was $6.9 million, or 15 cents per diluted share, as compared to a loss of $13.9 million, or 35 cents per diluted share during fourth quarter 2012.
For the year, the company reported sales from continuing operations of $1.395 billion, an increase of 9.6% compared to 2012. Full year income from continuing operations attributable to TriMas was $74.9 million, or $1.81 per diluted share, compared to income from continuing operations of $33.9 million, or 89 cents per diluted share, in 2012.
“We completed 2013 with record net sales of approximately $1.4 billion, a 9.6% sales growth as compared to 2012, despite the challenges we faced in our energy end markets,” said David Wathen, TriMas President and CEO. “During the year, we pursued many key initiatives with actions focused on fine-tuning our business portfolio via acquisition and divestiture, enhancing our capital structure through our recent equity offering and debt refinancing, moving and consolidating multiple plants for cost reduction, integrating acquisitions and evaluating many potential acquisitions. We also continued to focus on our growth and productivity programs in each of our businesses. These initiatives will position TriMas for continued sales and earnings growth and will drive additional shareholder value into the future.”
Regarding prospects for the coming year, Wathen stated, “Looking forward, we remain committed to TriMas’ ability to attain our strategic aspirations, while intensifying our efforts to increase earnings, operating margins and cash flow. We are estimating 2014 top-line growth of 6% to 8% as compared to 2013. We expect full-year 2014 diluted earnings per share from continuing operations to range between $2.15 and $2.25 per share, taking into account the uncertainty in our energy end markets, a higher effective tax rate and currency fluctuations, as well as approximately 9% higher weighted average shares outstanding expected for 2014 as compared to 2013. We continue to be confident in our ability to grow the top-line faster than the economy, improve our margins and generate strong cash flow – to deliver increased returns on capital.”
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