TriMas Corp. (TRS) Tops Q3 EPS by 2c, Revenues Beat; Lifts FY18 EPS Outlook

TriMas Corp. (NASDAQ: TRS) reported Q3 EPS of $0.48, $0.02 better than the analyst estimate of $0.46. Revenue for the quarter came in at $223.8 million versus the consensus estimate of $218.65 million.

• Increased net sales by 6.9% to $223.8 million
• Increased operating profit to $29.9 million, while adjusted operating profit(1) increased by 4.2% to $30.2 million
• Increased diluted EPS to $0.49, while adjusted diluted EPS(1) increased by 23.1% to $0.48
• Raised full year 2018 EPS guidance to $1.72 to $1.78, with the new midpoint representing an increase of approximately 25% over 2017

The Company reported third quarter 2018 net income of $22.7 million, or $0.49 per diluted share, compared to net income of $13.1 million, or $0.29 per diluted share, in third quarter 2017. Third quarter 2018 adjusted net income(1) was $22.3 million, or $0.48 per diluted share, an increase of 25.6% compared to $17.7 million, or $0.39 per diluted share, in the prior year period.

"We are pleased to report another strong quarter with our global team delivering results ahead of expectations," said Thomas Amato, TriMas President and Chief Executive Officer. "We achieved approximately 7% organic sales and 23% adjusted earnings per share growth compared to the prior year, while generating solid cash flow, further strengthening our balance sheet. We continue to be encouraged by the overall demand environment, and believe our investments in growth initiatives are gaining traction across our businesses."

"During the first nine months of the year, we successfully overcame the impact of higher commodity costs through improved operating performance, incremental volumes and commercial actions, increasing earnings while mitigating much of the pressure on margins. We will continue to aggressively manage these unplanned costs as we move forward throughout the remainder of the year."

"Based on our results to date and current expectations, we are increasing our full year 2018 sales and earnings per share guidance. We will continue to execute our plan by driving the performance of our businesses under the TriMas Business Model, assess opportunities to better position our businesses and TriMas strategically, and drive strong cash flow conversion to further enhance our capital allocation alternatives," Amato concluded.

GUIDANCE:

TriMas Corp. sees FY2018 EPS of $1.72-$1.78, versus the consensus of $1.72.

For earnings history and earnings-related data on TriMas Corp. (TRS) click here.

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