TriMas Corp. (TRS) Reports In-Line Q1 EPS, Revenues Miss; Affirms FY19 EPS Views

TriMas Corp. (NASDAQ: TRS) reported Q1 EPS of $0.42, in-line with the analyst estimate of $0.42. Revenue for the quarter came in at $221.3 million versus the consensus estimate of $225.04 million.

• Increased net sales by 1.9% to $221.3 million, with sales increases in all segments
• Achieved operating profit of $25.9 million, while adjusted operating profit(1) increased by 1.2% to $28.4 million
• Achieved net income of $19.1 million, while adjusted net income(1) increased by 10.9% to $21.1 million
• Achieved diluted EPS of $0.42, while adjusted diluted EPS(1) increased by 12.2% to $0.46
• Ended the first quarter with $84.4 million of cash on hand, $369.3 million of cash and aggregate availability under its revolving credit facility, and a leverage ratio of 1.4x
• Acquired Taplast S.p.A., a designer and manufacturer of dispensers, closures and containers for the beauty and personal care, household, and food and beverage packaging end markets in Europe and North America, with approximately $32 million in annual net sales

"We are pleased to begin 2019 with another quarter of solid performance, in line with our expectations, and we achieved adjusted earnings per share growth of 12.2% compared to the prior year," said Thomas Amato, TriMas President and Chief Executive Officer. "In addition, we remain committed to the long-term strategy of building out our packaging platform, as evidenced by our acquisition of Taplast announced today. We have now taken two meaningful steps during 2019 to grow this core business by investing in two bolt-on acquisitions to increase our product breadth, geographic presence, and innovation and engineering capabilities."

"We are committed to allocating capital on a balanced basis, focusing on our highest return opportunities of organic investment, bolt-on acquisitions and share repurchases, all while maintaining a sound balance sheet. Our increased deployment of cash has been made possible by our excellent cash generation over the past couple of years. Throughout the remainder of 2019, we will continue to drive performance under the TriMas Business Model, better position our businesses and brands strategically to grow through innovation, and capitalize on market opportunities through operational excellence. Based on our encouraging start to the year and current expectations, we are reaffirming our full year 2019 sales, earnings per share and free cash flow guidance," Amato concluded.

GUIDANCE:

TriMas Corp. sees FY2019 EPS of $1.82-$1.92, versus the consensus of $1.88.

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

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