Recent acquisitions boost TriMas 3Q profit
BLOOMFIELD HILLS, Mich. (AP) — TriMas Corp., which makes packaging materials, aerospace components and other engineered parts, said Thursday that its third-quarter net income rose 2 percent, bolstered by acquisitions in Brazil and New Zealand.
TriMas earned $18.7 million, or 47 cents per share, in the July-September quarter, compared with earnings $18.3 million, or 49 cents per share, in the same quarter a year ago.
Excluding one-time severance and restructuring costs, the Bloomfield Hills, Mich., company earned 51 cents per share. That beat Wall Street's expectations of 48 cents, according to analysts polled by FactSet, who typically exclude one-time charges.
Revenue rose 21 percent to $335.9 million. Analysts expected $306.1 million.
In July, TriMas acquired a Brazilian bolt maker and a New Zealand-based maker of trailer and towing parts.
The company kept its earnings forecast for the year of $1.75 to $1.85 per share, which brackets analysts' prediction of $1.83 per share.
Shares closed up 10 cents at $24.21 Thursday.