Business
TriMas Reports Second Quarter 2023 Results
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)-- TriMas (NASDAQ: TRS) today announced financial results for the second quarter ended June 30, 2023. TriMas
About this update from Trimas Corporation
[{"type":"text","content":" BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--\nTriMas (NASDAQ: TRS) today announced financial results for the second quarter ended June 30, 2023.\n\n\nTriMas Highlights\n\n\n\nIncreased second quarter net sales in TriMas Specialty Products and TriMas Aerospace groups by 33.7% and 26.2%, respectively, while maintaining strong order backlogs in both groups\n\n\n\nAchieved three sequential months of strengthening order backlogs during second quarter within TriMas Packaging group, although overall market demand recovery not yet at previously anticipated levels\n\n\n\nReduced net outstanding shares through six months by 0.7%, as a result of repurchasing more than 450,000 shares of common stock\n\n\n\nPublished updated Sustainability Report highlighting progress achieved in 2022\n\n\n\nSecond Quarter 2023\n\n\nTriMas reported second quarter 2023 net sales of $233.2 million, a decrease of 1.9% compared to $237.7 million in second quarter 2022, as organic growth in the TriMas Specialty Products and TriMas Aerospace groups, and acquisition-related sales, were more than offset by lower market demand for TriMas Packaging dispenser and closure products used in personal care, food and industrial applications. The Company reported operating profit of $20.1 million in second quarter 2023, compared to $29.9 million in second quarter 2022. Adjusting for Special Items(1), second quarter 2023 adjusted operating profit was $27.3 million, compared to $32.1 million in the prior year period, primarily as a result of the impact of lower volumes within TriMas Packaging.\n\n\nThe Company reported second quarter 2023 net income of $11.0 million, or $0.26 per diluted share, compared to $19.9 million, or $0.47 per diluted share, in second quarter 2022, and $4.9 million, or $0.12 per diluted share, in first quarter 2023. Adjusting for Special Items(1), second quarter 2023 adjusted net income(2) was $17.5 million, compared to $21.8 million in second quarter 2022, primarily as a result of lower operating profit in second quarter 2023. Second quarter 2023 adjusted diluted earnings per share(2) was $0.50, compared to $0.60 in the prior year period, and $0.30 in first quarter 2023.\n\n\n\"We delivered strong performance within our TriMas Specialty Products group, as we continued to leverage our previous manufacturing improvements, coupled with a robust U.S. industr...