Monday, November 20, 2017
Breaking News
Home » RV Industry News » TriMas reports third quarter results

TriMas reports third quarter results

TriMas reports third quarter results

BLOOMFIELD HILLS, Mich. — TriMas announced financial results for the quarter ended Sept. 30.

Third quarter 2017 highlights:

  • Increased net sales by 3.5% to $209.3 million
  • Increased operating profit by 58.1% to $28.1 million, while operating profit, excluding Special Items, increased by 2.3% to $28.8 million
  • Increased diluted EPS by 52.6% to $0.29, while diluted EPS, excluding Special Items, increased by 11.4% to $0.39
  • Reduced total debt of $336.6 million, less cash and cash equivalents of $24.8 million, by $68.1 million compared to Sept. 30, 2016

Third Quarter 2017

TriMas reported third quarter net sales of $209.3 million, an increase of 3.5% compared to $202.3 million in third quarter 2016. The company reported operating profit of $28.1 million in third quarter 2017, an increase of 58.1% compared to $17.8 million in third quarter 2016. Excluding special items related to business realignment costs primarily associated with previously announced facility exits, third quarter 2017 operating profit would have been $28.8 million, an increase of 2.3% compared to the prior year period.

The company reported third quarter 2017 net income of $13.1 million, or $0.29 per diluted share, compared to net income of $8.8 million, or $0.19 per diluted share, in third quarter 2016. Excluding special items related to debt financing and business realignment costs, third quarter 2017 net income would have been $17.7 million, resulting in diluted earnings per share of $0.39, an increase of 11.4% compared to $0.35 in the prior year period.

“We are pleased with our sales and earnings growth, cash flow conversion and progress on operational improvements in the third quarter and year-to-date,” said Thomas Amato, TriMas president and chief executive officer. “Overall, the third quarter came in largely on plan, despite some unanticipated impacts, including the hurricane in the Gulf Coast region. We are focused on execution and continuous improvements, and remain excited about the long-term prospects for TriMas.”

“During the third quarter, we also proactively refinanced our debt and extended our maturities at favorable rates, providing enhanced flexibility for TriMas to grow well into the future. We will continue to focus on leveraging the TriMas Business Model to drive performance improvements and position us for long-term growth as we plan for 2018 and beyond. In the meantime, we are working diligently to mitigate near-term matters impacting our businesses, and remain focused on achieving our 2017 operating plan. As such, we are tightening our full year earnings per share outlook to $1.37 to $1.43,” Amato concluded.

SOURCE: TriMas press release

Print Friendly, PDF & Email


About Rebecca Smith

Rebecca Smith is a Wisconsin native currently living in Illinois with her husband, Eric, and two dogs, Maggie and Grace. She enjoys hiking, biking, kayaking and, of course, camping in cabins and park models.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

RV Daily Report welcomes comments from readers. However, we expect that comments will be cordial and professional without reverting to name-calling, profanity and libelous language. Comments of that nature will be removed.