TriMas Q2 adjusted EPS $0.50 vs $0.60 YoY; cuts FY2023 guidance to $1.80-$1.95

TRIMAS CORP

2023-Q2 EPS reported $0.38 revenue$448,650,000

Q2 net sales $233.2M (-1.9% YoY); reported diluted EPS $0.26 vs $0.47; adj. diluted EPS $0.50 vs $0.60.
Packaging segment sales fell 20.9% to $117.3M; Specialty Products +33.7%, Aerospace +26.2%.
FY2023 adj. EPS guidance lowered to $1.80-$1.95; sales growth forecast 5%-10%.
Acquired Weldmac Manufacturing in Q2; H1 acquisition cash spend $71.8M.
Declared $0.04/share dividend payable Aug 10; repurchased ~452k shares for $13.1M in H1.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TRIMAS CORP reported the second quarter ended June 30, 2023 results: revenue $233.2 million, net income $11.0 million, EPS $0.26 per diluted share.

Period: the second quarter ended June 30, 2023
Revenue: $233.2 million
Net income: $11.0 million
EPS: $0.26 per diluted share
Result: reported results

Exact text from the filing

TriMas 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. The 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 20

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Source: SEC EDGAR

accession 0000842633-23-000092

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