TriMas Reports Fourth Quarter and Full Year 2022 Results

About this update from Trimas Corporation

[{"type":"text","content":"\nCompany Provides 2023 Outlook\n\n BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--\nTriMas (NASDAQ: TRS) today announced financial results for the fourth quarter and full year ended December 31, 2022.\n\nTriMas Highlights\n\n\nIncreased net sales for the year by 3.1%, with continued strong order backlog within TriMas' Aerospace and Specialty Products groups\n\n\nAchieved 2022 operating profit of $99.1 million, a 4.2% increase compared to 2021\n\n\nExpanded TriMas Packaging group's product offering for the life sciences end market with the foundational acquisitions of Intertech and Omega Plastics\n\n\nRecently announced the acquisitions of Aarts Packaging and Weldmac Manufacturing\n\n\nProvided an approximate 3% return of capital yield to shareholders via share buybacks and dividends in 2022\n\n\nFourth Quarter 2022\n\nTriMas reported fourth quarter net sales of $203.3 million, a decrease of 2.7% compared to $209.0 million in fourth quarter 2021, as organic growth in TriMas' Aerospace and Specialty Products groups, and acquisition-related sales were more than offset by lower demand for TriMas Packaging's products used in certain consumer goods and industrial applications, and the impact of unfavorable currency exchange. The Company reported operating profit of $26.3 million in fourth quarter 2022 compared to $17.6 million in fourth quarter 2021. Adjusting for Special Items(1), fourth quarter 2022 adjusted operating profit was $36.3 million compared to $24.5 million in the prior year period. During fourth quarter 2022, the favorable impacts of price increases and the successful completion of a property divestiture, resulting in a $17.6 million pre-tax gain, more than offset the impact of lower sales and cost absorption, less favorable product sales mix, and continuing supply and labor constraints.\n\nThe Company reported fourth quarter 2022 net income of $18.8 million, or $0.45 per diluted share, compared to $12.8 million, or $0.30 per diluted share, in fourth quarter 2021. Adjusting for Special Items(1), fourth quarter 2022 adjusted net income(2) was $22.9 million, a 14.0% increase compared to $20.1 million in the prior year period, primarily as a result of higher operating profit in fourth quarter 2022, partially offset by a higher effective tax rate. Fourth quarter 2022 adjusted diluted earnings per share(2) was $0.62, an increase ...

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