TriMas Q4 net sales up 3.1% to $209.6M; adj. EPS $0.37; guides FY24 adj. EPS $1.95-$2.15

TRIMAS CORP

2023-FY EPS reported $0.97 revenue$893,550,000

Q4 net income $7.9M ($0.19 diluted) vs $18.8M ($0.45) prior year; adjusted diluted EPS $0.37 vs $0.62.
Full year net sales $893.6M (+1.1%); adjusted diluted EPS $1.74 vs $2.12 (prior year benefited $0.39 from property gains).
Packaging segment Q4 sales +7.5%, Aerospace +26.1%; Specialty Products -31.8% on customer inventory rebalancing.
Initiated sale process for Arrow Engine to exit oil and gas end market.
2024 guidance: sales up 5-8% YoY, adjusted diluted EPS $1.95-$2.15; definition expanded to add back non-cash compensation.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

TRIMAS CORP reported Fourth quarter ended December 31, 2023 results: revenue $209.6 million, net income $7.9 million, EPS $0.19 per diluted share.

Period: Fourth quarter ended December 31, 2023
Revenue: $209.6 million
Net income: $7.9 million
EPS: $0.19 per diluted share
Result: reported results

Exact text from the filing

TriMas reported fourth quarter 2023 net sales of $209.6 million, an increase of 3.1% compared to $203.3 million in fourth quarter 2022, as organic growth in aerospace and defense, and certain packaging product lines, as well as acquisition-related sales, more than offset lower market demand for products used in certain industrial, and oil and gas applications. The Company reported operating profit of $11.6 million in fourth quarter 2023 compared to $26.3 million in fourth quarter 2022. Adjusting for Special Items (1) , fourth quarter 2023 adjusted operating profit was $18.8 million compared to $36.3 million in the prior year period, as the favorable impacts of higher sales, operational efficiencies and costs savings gains in fourth quarter 2023 were more than offset by the $17.6 million pre-tax gain related to the non-core property divestiture in fourth quarter 2022 that did not repeat. Further adjusting for the fourth quarter 2022 property sale gain, fourth quarter 2023 adjusted opera

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

TRIMAS CORP reported Year ended December 31, 2023 results: revenue $893.6 million, net income $40.4 million, EPS $0.97 per diluted share.

Period: Year ended December 31, 2023
Revenue: $893.6 million
Net income: $40.4 million
EPS: $0.97 per diluted share
Result: reported results

Exact text from the filing

For full year 2023, TriMas reported net sales of $893.6 million, an increase of 1.1% compared to $883.8 million in 2022, as organic sales growth in TriMas' Aerospace and Specialty Products groups, and acquisition-related sales, more than offset the lower market demand for certain TriMas Packaging products, primarily used in personal care, 1 food and industrial applications. The Company reported operating profit of $65.4 million in 2023, as compared to $99.1 million in 2022. Adjusting for Special Items (1) , 2023 adjusted operating profit was $89.5 million compared to $116.2 million in the prior year, primarily as a result of a less favorable sales mix, supply and labor constraints, and the 2022 impact of more than $22.4 million of pre-tax property divestiture gains that did not repeat in 2023. Further adjusting for the 2022 property sale gains, 2023 adjusted operating profit would have decreased by 4.6% on a comparable basis. The Company reported full year 2023 net income of $40.4 mill

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Source: SEC EDGAR

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