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.
Cequent Performance Products (CPP) is gearing up for attendance at the 2013 Specialty Equipment Market Association (SEMA) show. According to a press release, the event will take place Nov. 5-8 in Las Vegas.
CPP will host Team BKR (Brad Keselowski Racing) with a special appearance from Keselowski, owner and driver of the #19 Draw-Tite Camping World Series truck. Brad will be available to sign autographs on Nov. 6 from 4-5 p.m.
“We sponsor Team BKR through our Draw-Tite brand,” says Carol Doney, director of events. “The team’s success has provided great exposure for America’s Favorite Hitch.”
In addition to its special guest, CPP will feature a NASCAR racing simulator along with its comprehensive line of aftermarket hitches, electrical products and cargo management accessories.
“Attendance at the show is a perfect way for dealers to get a preview of our upcoming products,” says Doney.
CPP will display in booth No. 30049 located in the Trucks, SUV’s and Off-Road section.For more information about SEMA, click here.
TriMas Corporation announced that Cequent Performance Products (CPP) reached an agreement with Pacific Rim International, LLC that protects Cequent’s intellectual property rights for its Bulldog brand 2-speed jack design.
According to a press release, Cequent owns the patent that protects its Bulldog 2-speed jack, which is the leading design in the horse, livestock and industrial trailer markets. Cequent’s patented Bulldog 2-speed jack incorporates a proprietary 2-speed gearbox designed with a drop leg jack in mind that makes cranking easier when fully loaded and faster when unloaded by utilizing advantageous gear ratios.
Cequent discovered that Pacific Rim sold jacks nearly identical to the patented technology in Cequent’s Bulldog jacks, and filed a patent infringement suit against Pacific Rim. Cequent demanded that Pacific Rim stop selling those jacks in the marketplace, and pay Cequent for monetary damages based on the sale of those jacks.
In response to Cequent’s claims, Pacific Rim agreed to a confidential settlement with Cequent. As a result, Cequent is still the only provider of state of the art jacks utilizing a 2-speed gearbox with power and speed for the most effective and efficient jack at all loads.
Despite camping season winding down, Cequent Performance Products (CPP) is as busy as ever this fall, according to a press release. CPP has been exhibiting at numerous industry shows throughout the states.
Some of the trade shows include NATDA in St. Louis, Mo., America’s Largest Rv Show in Hershey, Pa., Interbike in Las Vegas, Nev., and Hitch Pro in Charleston, S.C.
“Attendance at trade shows allows manufacturers, distributors and end consumers to meet and interact,” said Tom Romero, Sales and Technical Training Director. “This lets us discuss business opportunities, promote new products and learn more about the current state of the market.”
Whether the focus is towing, trailer, electrical or cargo management, the variety of shows helps to display the full line of aftermarket products that CPP offers. The events also provide the opportunity for attendees to have hands-on learning with new and existing products.
“One of the many benefits of attendance at trade shows is the chance to run educational seminars,” adds Romero. “Hands-on demonstrations, combined with our how-to YouTube videos, allow for more confidence with the installation of our many products.”
Upcoming shows include the Diversified Marine Show in Las Vegas, the Keller Marine show in Lancaster, Pa., SEMA in Las Vegas, and the Louisville Show.
Cequent Performance Products Inc. underwent a major facelift this summer. According to a press release, the Plymouth, Mich.-based company headquarters doubled its office space and updated existing areas.
While the address remains the same, the building has “a new energy,” Cequent said. Offices have large windows, cubicle walls have been lowered and multiple collaboration areas have been implemented – all of which provide a more open work environment.
“Our goal was to create a workspace that helps our team excel,” says Tom Benson, president of Cequent Performance Products, a subsidiary of TriMas Corp. “We are using the upgraded space to promote a collaborative culture and inspire innovation.”
A new training facility, which can hold 200 people, has already been used for an international company product showcase and will be used for future customer and employee training sessions. The renovation has also furthered company philanthropies; a number of old kitchen cabinets and appliances were donated to Habitat for Humanity.
“The remodeling also allows for more community involvement, for example we have enough space for blood drives and to be a Toys for Tots donation center,” says Carol Doney, events manager.
The revamp to the Cequent headquarters permits for consolidation of towing product development and engineering resources. It also complements the recent manufacturing and warehouse distribution changes that occurred earlier this year.
Cequent Performance Products has joined Bob Quick in his coast-to-coast journey, who is cycling with his son, Bob, from San Diego, Calif., to St Augustine, Fla. using Cequent’s ROLA product line.
According to a press release, Quick has advanced stages of coronary artery disease, a hereditary heart problem that caused a massive heart attack in 2004. Due to the condition, Quick, age 53, has technically died twice and has had 16 stents placed in his heart.
Cequent has provided Quick with its ROLA Roof Top Vortex Basket and the NV2 Bike Carrier in support of his quest to raise $1 million for four charities. These products will be used on the car that will follow and assist during the ride.
Bob and his son began their cross-country trek on Sept. 2. Their route will cover over 3,000 miles and is expected to last 12 weeks. To learn more visit www.BobQuicksJourney.com.
Cequent Performance Products (CPP) announced that its elite bass angler, Brent Chapman, has qualified for the 2014 Bassmaster Classic Tournament.
Chapman finished his regular season in 19th place in the point-standing which qualifies him to compete at the prestigious Classic Tournament. The Bassmaster Classic will take place on Lake Guntersville in Birmingham, Ala. The official tournament dates are Feb. 21-23.
Chapman is sponsored through the Fulton F2 product line of marine winches, jacks and couplers.
“Being part of the Classic is important because it gives us considerable coverage for our Fulton line,” says Tom Benson, president of CPP. “We are happy Brent ended his season as well as he did.”
Click here <http://www.bassmaster.com/> to visit the Bassmaster website and track the Classic Tournament.
To read the entire release, go to <http://www.hitchpro.com/application/marketinglibrary/PR076_revA.pdf>
Cequent Performance Products signed an agreement to sell its ToyLok family of patented security products to Lippert Components Inc.
According to a press release, the ToyLok line of advanced security products feature a retractable cable system with a tamper-resistant design for securing outdoor valuables when not in use.
As of Aug. 1, orders should be placed by contacting Diana Szynal with Lippert at email@example.com or (574) 538-9503. Orders received by Cequent will be transferred to Lippert upon final approval of the transaction.
Any questions may be directed to Cequent customer service team members or directly to Lippert.
Plymouth, Mich.-based Cequent Performance Products displayed several product lines while also holding daily giveaways during the recently completed Outdoor Retailer Show in Salt Lake City.
According to a press release, Cequent showed its ROLA and Pro Series lineup along with its HitchMatch program, a proprietary system designed to help consumers easily identify which cargo accessories will be the optimum match for their hitch.
The company’s daily drawing awarded the winner a free ROLA product, according to Kirk Wiggerman, Internet and specialty retail manager. “A highlight for the team was our first winner – an 11-year-old who already has a passion for outdoor adventuring,” Wiggerman said noting the winner and his parents selected the ROLA Dart Cargo Basket as their free product.
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.”
To view the entire report click here.