TriMas Reports Second Quarter 2022 Results

About this update from Trimas Corporation

[{"type":"text","content":"\nCompany Reaffirms Full Year 2022 Outlook\n\n BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--\nTriMas (NASDAQ: TRS) today announced financial results for the second quarter ended June 30, 2022.\n\nTriMas Highlights\n\n\nIncreased second quarter 2022 net sales by 8.5%, led by sales growth in TriMas' Specialty Products group of 20.5%\n\n\n\nIncreased second quarter 2022 operating profit by 16.8% to $29.9 million and adjusted operating profit(1) by 7.2% to $32.1 million\n\n\n\nReported second quarter diluted EPS of $0.47 and an adjusted diluted EPS(2) of $0.60\n\n\n\nRepurchased 927,987 shares of outstanding common stock, reducing net shares outstanding by approximately 1.8% during the first half of 2022\n\n\n\nReaffirmed full year 2022 sales, adjusted diluted EPS(2) and Free Cash Flow(3) outlook\n\n\nSecond Quarter 2022\n\nTriMas reported second quarter 2022 net sales of $237.7 million, an increase of 8.5% compared to $219.0 million in second quarter 2021, primarily as a result of increased demand in TriMas' Specialty Products group and acquisition-related sales, partially offset by the impact of unfavorable currency exchange. The Company reported operating profit of $29.9 million in second quarter 2022, an increase of 16.8% compared to $25.6 million in second quarter 2021. Adjusting for Special Items(1) primarily related to realignment and acquisition-related diligence and transaction costs, second quarter 2022 adjusted operating profit was $32.1 million, an increase of 7.2% compared to $30.0 million in the prior year period, as the earnings on incremental sales more than offset the less favorable product sales mix, continuing inflationary pressure on input costs, including energy, freight and certain commodity costs, production inefficiencies from prolonged pandemic-related labor challenges and supply chain constraints.\n\nThe Company reported second quarter 2022 net income of $19.9 million, or $0.47 per diluted share, compared to $11.8 million, or $0.27 per diluted share, in second quarter 2021. Adjusting for Special Items(1), second quarter 2022 adjusted net income(2) was $21.8 million, a decrease compared to $22.7 million in second quarter 2021, as while the Company generated higher year-over-year adjusted operating profit, the tax rate in second quarter 2021 was lower due to tax planning initiatives. As a result, second quarter ...

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