TriMas 3Q profit up 53 pct, helped by acquisitions
NEWS: Earnings at TriMas Corp., which makes packaging materials, aerospace components and other engineered parts, said its third-quarter profit jumped more than 50 percent as it benefited from acquisitions and lower interest expenses.
DETAILS: The company 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.
NUMBERS: Net income rose 53 percent 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 percent to $355.6 million. Analysts, on average, were expecting profit of 61 cents per share, on revenue of $356.9 million.
FUTURE: TriMas sold new shares in September, increasing its share count. Because of that, it now expects 2013 earnings per share from continuing operations to be $2.10 to $2.15. It had previously expected earnings per share from continuing operations to be $2.15 to $2.25.
The company now expects sales for the full year to rise 8 to 10 percent from 2012, up from a prior outlook for a 6-to-8-percent increase. Based on sales of $1.27 million last year, that implies guidance for sales of $1.37 million to $1.4 million.
Wall Street was expecting profit of $2.18 per share, on average, on sales of $1.39 million.
STOCK: Shares slipped 35 cents to $41.53 in morning trading, but remain up about 49 percent since the start of the year.