TriMas Posts Record Second-Quarter Revenue
The Bloomfield Hills, Mich.-based company reported net sales from continuing operations totaled $404 million, an increase of 6.9% compared to second quarter 2013. Second-quarter net income from continuing operations attributable to TriMas was $26.2 million, or 58 cents per diluted share, as compared to income of $26.2 million, or 65 cents per diluted share, during second quarter 2013.
For the six months, sales were $771.8 million versus $715.8 million the year prior while net income attributable to TriMas totaled $44.8 million compared to $40 million.
“During the second quarter, we achieved 6.9% sales growth, led by our packaging and aerospace businesses, offsetting the challenges we continued to face in our energy end markets and sales reduction resulting from our third quarter 2013 divestiture of the Italian rings and levers business,” said David Wathen, TriMas president and CEO. “We continue to identify the bright spots and support our customers with new, innovative products and expanded geographic reach. We remain committed to increasing margins across all of our businesses, growing faster in our higher margin businesses, exiting and reducing some lower margin business, and implementing productivity and lean programs throughout the organization. These positive actions help offset the headwinds we are facing, and we remain mindful of the risks and challenges in the back half of 2014.”
The company’s Cequent Americas division registered second-quarter sales for the second quarter increased 4.6% compared to the year ago period, primarily due to increases in the retail and aftermarket channels. The aftermarket channel was positively impacted by the November 2013 acquisition of DHF Soluções Automotivas in Brazil and increases from large national distributors in North America, as the new distribution hub improved efficiency and backlog was significantly reduced. The company said it continues to reduce fixed costs and leverage Cequent’s strong brand positions and new products for increased market share in the United States and faster growing markets.
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