TriMas reports Q3 adj. EPS 44c, consensus 50c
Reports Q3 revenue $236.8M, consensus $242.08M. "As we navigate through challenging macroeconomic and end market conditions impacting certain of our product lines, we continue to focus our momentum toward achieving our longer-term growth and capital allocation strategies," said Thomas Amato, TriMas president and CEO. "We achieved sales growth of 5.8% during the quarter due to the continued strength of our aerospace fastener business and recent acquisitions. However, third quarter sales were softer than planned, primarily across the North American industrial and oil and gas extraction end markets which we serve. Accordingly, these lower sales levels, mix, increased freight costs and a higher effective tax rate resulted in third quarter adjusted EPS of $0.44. We will continue to drive performance and manage cost structures under the TriMas Business Model as we move forward."