TriMas Corp Q3 Profit Up; Updates View - Quick Facts

(RTTNews) - TriMas Corp.(TRS) Monday posted a higher third-quarter profit, reflecting increase in sales, driven by acquisitions and numerous growth initiatives.

Net income attributable to TriMas was $28.6 million or $0.70 per share, compared with $18.6 million or $0.47 per share last year.

Excluding special items, the company said earnings from continuing operations would have been $0.64 per share. On average, six analysts polled by Thomson Reuters expected the company to report earnings per share of $0.61 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the quarter were $355.6 million, up from prior year's $335.8 million. Analysts expected the company to generate revenues of $356.73 million.

Further, the company updated its expectations for the full year 2013. Owing to September 2013 equity offering and related increased number of shares, as well as the disposition of Rieke Italy, TriMas said it now expects adjusted earnings between $2.10 and $2.15 per share. The company raised its 2013 sales growth outlook to a range of 8 to 10 percent from prior expected 6 to 8 percent. Analysts expect the company to report earnings of $2.18 per share for the year.

Separately, the company said it has acquired Mac Fasteners, Inc. for $34 million, with additional contingent consideration of up to $6 million, payable based on attainment of future operating results. The deal closed on October 25.

Mac Fasteners is a manufacturer and distributor of stainless steel aerospace fasteners, globally utilized by OEMs, aftermarket repair companies, and commercial and military aircraft producers. Headquartered in Ottawa, Kansas, Mac Fasteners posted about $17.5 million in revenue for the 12 months ended September 30, 2013.