Business
TriMas Reports Third Quarter 2021 Results
Delivered Solid Sales and Earnings Growth; Recently Initiated Dividend Program BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)-- TriMas (NASDAQ: TRS) today
About this update from Trimas Corporation
[{"type":"text","content":"\nDelivered Solid Sales and Earnings Growth; Recently Initiated Dividend Program\n\n BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--\nTriMas (NASDAQ: TRS) today announced financial results for the third quarter ended September 30, 2021.\n\nTriMas Highlights\n\n\nIncreased third quarter net sales by 11.5%, with record third quarter sales in TriMas' Packaging segment\n\n\nLeveraged increased sales to nearly double year-over-year operating profit in the Specialty Products segment\n\n\nReported diluted EPS of $0.45, while adjusted diluted EPS(1) increased by 9.6% to $0.57\n\n\nAdded quarterly dividend program to the Company's balanced, long-term capital allocation strategy\n\n\nRaised full year 2021 Free Cash Flow(2) outlook and reaffirmed 2021 sales and adjusted diluted EPS(1) outlook midpoints\n\n\nThird Quarter 2021\n\nTriMas reported third quarter 2021 net sales of $222.4 million, an increase of 11.5% compared to $199.5 million in third quarter 2020, as a result of organic growth, acquisition-related sales and favorable currency exchange. The Company reported operating profit of $30.8 million in third quarter 2021, compared to an operating loss of $108.3 million in third quarter 2020. This increase was primarily the result of the Company's third quarter 2020 pre-tax, noncash goodwill and indefinite-lived intangible asset impairment charges in its Aerospace segment. Adjusting for Special Items(3), third quarter 2021 adjusted operating profit was $31.6 million, a 6.8% increase compared to $29.6 million in the prior year period, primarily as a result of higher overall sales and improved profit margin within the Specialty Products segment, partially offset by increased input costs in third quarter 2021.\n\nThe Company reported third quarter 2021 net income of $19.6 million, or $0.45 per diluted share, compared to a net loss of $100.9 million, or $(2.32) per diluted share resulting primarily from the impairment charges in the prior year period. Third quarter 2021 adjusted net income(3) was $20.5 million, or $0.57 per diluted share, an increase of 9.8% compared to $18.6 million, or $0.52 per diluted share, in the prior year period.\n\n\"Overall, we are pleased with our third quarter results and our continued positive momentum,\" said Thomas Amato, TriMas President and Chief Executive Officer. \"Our business profile, which is based on provi...