|Over a week ago|
TriMas announces increased share repurchase authorization to $250M » 08:3103/1203/12/20
TriMas announced that its…
TriMas announced that its board increased the company's common stock share repurchase authorization to $250M, adding $100M to the previous share repurchase authorization approved in November 2019.
|Over a month ago|
TriMas sees FY20 adj. EPS $1.50-$1.60, consensus $1.70 » 08:2602/2702/27/20
"In 2020, our…
"In 2020, our objective remains to execute against our long-term growth strategy of operating under the TriMas Business Model, driving growth through innovation and capitalizing on opportunities through manufacturing efficacy, while continuing a disciplined approach to capital allocation. For the full year, we anticipate sales growth of 9% to 11% compared to 2019, with organic sales growth of approximately 1.5% to 2.5%, assuming constant currency, and free cash flow conversion greater than 100% of net income. We expect full year 2020 diluted EPS to range between $1.50 to $1.60 per share, an increase at the midpoint of approximately 7% compared to 2019. We remain excited about our prospects for the future," CEO Thomas Amato concluded.
TriMas reports Q4 adj. EPS 31c, consensus 38c » 08:2602/2702/27/20
Reports Q4 revenue…
Reports Q4 revenue $170.9M, consensus $225.73M. "Throughout the past year, we have made significant strides to reposition TriMas," said Thomas Amato, TriMas President and CEO. "In December, we completed the sale of Lamons, further focusing TriMas on our highest value proposition businesses and significantly decreasing our exposure to the oil and gas market to under 5% of sales. In addition to the two acquisitions in the Packaging group in 2019, we also recently announced our agreement to acquire Rapak with its bag-in-box dispensing innovative product lines. Separately, we announced the acquisition of RSA Engineered Products, which expands our aerospace presence into environmental control system applications, the defense and business jet markets, and aerospace aftermarket. While taking significant strategic actions to focus TriMas on the more attractive packaging and aerospace markets, we have also increased our cadence of buying back shares, acquiring 2.7% of our total shares outstanding during 2019. In addition, we increased TriMas' share repurchase authorization to $150 million, enabling us to continue to return capital to our shareholders. We remain committed to allocating capital on a balanced basis, while maintaining a solid balance sheet. During the fourth quarter, we achieved sales growth due to the continued strength of our aerospace fastener business and recent acquisitions. However, fourth quarter sales were softer than planned, primarily across the North American industrial end markets which we serve in our Packaging and Specialty Products segments. Despite lower sales levels, less favorable mix and increased expedited freight costs, we achieved fourth quarter and full year adjusted EPS from continuing operations of 31c and $1.45, respectively, with the full year level at the high end of the previously provided range of $1.40 to $1.45. We will continue to take actions to drive long-term performance under the TriMas Business Model.
TriMas reports Q4 adj. EPS 31c, consensus 38c » 08:2502/2702/27/20
Reports Q4 revenue…
Reports Q4 revenue $170.9M, consensus $225.73M. "Throughout the past year, we have made significant strides to reposition TriMas," said Thomas Amato, TriMas President and CEO. "In December, we completed the sale of Lamons, further focusing TriMas on our highest value proposition businesses and significantly decreasing our exposure to the oil and gas market to under 5% of sales. In addition to the two acquisitions in the Packaging group in 2019, we also recently announced our agreement to acquire Rapak with its bag-in-box dispensing innovative product lines. Separately, we announced the acquisition of RSA Engineered Products, which expands our aerospace presence into environmental control system applications, the defense and business jet markets, and aerospace aftermarket."
TriMas agrees to acquire Rapak brand from Liqui-Box » 14:3102/1902/19/20
TriMas announced that it…
TriMas announced that it has signed an agreement to acquire the Rapak brand, including certain bag-in-box product lines and assets from Liqui-Box, after the completion of its acquisition of DS Smith Plc's Plastics Division. As a regulatory condition, Liqui-Box is required to divest certain of DS Smith's bag-in-box product lines which overlap with Liqui-Box's current product lines. In turn, TriMas agreed to acquire the Rapak brand name for its use globally, as well as bag-in-box product lines used in dairy, soda, smoothie and wine product applications. In addition to acquiring the Rapak brand name, certain dispensing innovation and aseptic application products and capabilities, TriMas will also obtain all global ownership rights for the Mustang wine bag-in-box dispensing products. In addition, the acquisition will include the Autokap and Stericap brands and product lines, and the capacity to manufacture IntaSept filling machine products. In 2019, the product revenue related to the acquired Rapak bag-in-box and other products was approximately $30M. TriMas will also be acquiring manufacturing facilities located in Indianapolis, Indiana and Union City, California, and a new facility in the greater Chicago, Illinois area. The transaction is expected to close in early 2020, and remains subject to Liqui-Box's successful completion of its acquisition of DS Smith's Plastics Division and other closing conditions.
TriMas awarded fastener contracts by Airbus » 10:0202/1802/18/20
TriMas (TRS) announced…
TriMas (TRS) announced that TriMas Aerospace has been awarded multi-year contracts with Airbus (EADSY) of Toulouse, France. TriMas Aerospace's Monogram Aerospace Fasteners and Allfast Fastening Systems operations were both awarded new supply contracts by Airbus, expanding the company's engineered fastener sales activity in Europe. TriMas Aerospace designs, engineers and manufactures engineered fasteners, solid rivets, temporary fasteners and standard fasteners for the global commercial and military aerospace industry under the Monogram Aerospace Fasteners, Allfast Fastening Systems and Mac Fasteners brands. TriMas also recently announced it has signed an agreement to acquire RSA Engineered Products, which will enhance the breadth of TriMas Aerospace's product portfolio to include air ducting products, connectors, flexible joints, ozone converters and machined assemblies, predominantly used in aerospace and defense engine bleed air, anti-icing and environmental control system applications.
TriMas announces agreement to acquire RSA Engineered Products » 14:0201/3001/30/20
TriMas announced that it…
TriMas announced that it has signed an agreement to acquire RSA Engineered Products, a manufacturer of complex, highly-engineered and proprietary air ducting products, connectors and related components for air management systems used in aerospace and defense applications. The transaction is expected to close during the first quarter of 2020, at which time RSA will become part of TriMas' Aerospace segment. "We are excited to announce the acquisition of RSA Engineered Products, which will enhance the breadth of TriMas Aerospace's product line offering," said Thomas Amato, President and CEO of TriMas. "RSA also increases our position in the defense and business jet markets, as well as adds to our aerospace and defense aftermarket capabilities." RSA has one facility with approximately 100 dedicated employees located in Simi Valley, California, where it has engineering, testing and manufacturing capabilities. The majority of RSA's sales are through military, commercial, regional and business jet end markets. RSA generates approximately $32M in annual revenue. RSA Engineered Products is a portfolio company of Merit Capital Partners and Cornerstone Capital Holdings.
NN, Inc. could 'benefit the most' from strategic divestiture, says KeyBanc » 08:0801/0701/07/20
NNBR, AIT, AME, KAMN, TKR, TRS, WCC
Against a backdrop of…
Against a backdrop of tepid macro data and geopolitical uncertainty, KeyBanc analyst Steve Barger expects relatively weak organic growth in early 2020. As such, the analyst thinks companies will look to drive inorganic growth via acquisitions, or conversely right-size portfolios and balance sheets via divestitures. Broadly, he views Applied Industrial Technologies (AIT), Ametek (AME), Kaman (KAMN), Timken (TKR), TriMas (TRS), and Wesco (WCC) as actively seeking acquisitions, and thinks NN, Inc. (NNBR) could benefit the most from a strategic divestiture.
|Over a quarter ago|
TriMas CEO Amato sells 16K shares of common stock » 16:5811/1911/19/19
In a regulatory filing,…
In a regulatory filing, TriMas disclosed that its CEO Thomas Amato sold 16K shares of common stock on November 15th. The total transaction size was $497K.
TriMas cuts FY19 adj. EPS view to $1.75-$1.80 from $1.85-$1.95 08:2411/0411/04/19