TriMas Reports Third Quarter 2023 Results

About this update from Trimas Corporation

[{"type":"text","content":"\nAchieves 7.7% Net Sales Growth in the Quarter\n\n\n BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--\nTriMas (NASDAQ: TRS) today announced financial results for the third quarter ended September 30, 2023.\n\n\nTriMas Third Quarter Highlights\n\n\n\nAchieved net sales of $235.3 million, or growth of 7.7%, compared to the prior year quarter\n\n\n\nImproved margin levels within the TriMas Packaging group through enhanced cost savings efforts\n\n\n\nIncreased net sales within the TriMas Aerospace and TriMas Specialty Products groups by 48.8% and 18.1%, respectively, compared to third quarter 2022\n\n\n\nIncreased diluted EPS by 25.0% to $0.40 and adjusted diluted EPS(2) by 42.5% to $0.57, compared to the prior year quarter\n\n\n\nThird Quarter 2023\n\n\nTriMas reported third quarter 2023 net sales of $235.3 million, an increase of 7.7% compared to $218.5 million in third quarter 2022, as organic growth in the TriMas Specialty Products and TriMas Aerospace groups, and acquisition-related sales, more than offset lower market demand for TriMas Packaging's dispensing and closure products, primarily used in personal care, food and industrial applications. The Company reported operating profit of $23.8 million in third quarter 2023, an increase of $2.8 million, or 13.3%, compared to $21.0 million in third quarter 2022. Adjusting for Special Items(1), third quarter 2023 adjusted operating profit was $27.9 million, an increase of $6.3 million, or 29.0%, compared to $21.6 million in the prior year period, primarily as a result of higher sales volumes, the impact of recent acquisitions and improvements in operational efficiency in TriMas Aerospace.\n\n\nThe Company reported third quarter 2023 net income of $16.5 million, or $0.40 per diluted share, compared to $13.3 million, or $0.32 per diluted share, in third quarter 2022, an increase of $3.2 million, or 24.0%. Adjusting for Special Items(1), third quarter 2023 adjusted net income(2) was $20.2 million, an increase of $6.7 million, or 49.0%, compared to $13.6 million in third quarter 2022, primarily as a result of higher operating profit in third quarter 2023 and the successful completion of a tax planning project. Third quarter 2023 adjusted diluted earnings per share(2) was $0.57, an increase of 42.5% compared to $0.40 in the prior year period.\n\n\n\"Our third quarter results were catalyzed b...

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