TRIMAS CORPORATION Reports Fourth Quarter Earnings Results for Fiscal Year Ending December 31, 2022.

Earnings Overview

On February 23, 2023, TRIMAS CORPORATION ($NASDAQ:TRS) reported their financial results for the fourth quarter of the fiscal year ending December 31, 2022. Total revenue was USD 18.8 million, representing a 47.0% increase compared to the same quarter in the previous year. However, net income was down 2.7%, totaling USD 203.3 million.

Transcripts Simplified

TriMas Corporation reported fourth quarter 2022 net sales of $106 million, which was a decrease of $18 million or 14.5% as compared to the year ago period. Operating profit in the quarter decreased by $7 million to $15.1 million, primarily on account of the impact of lower sales, but also due to less favorable sales mix as well as continuing inflationary pressure on input costs. The company expects sales growth of 4% to 10% in 2023, including the impact of the recently announced acquisition of Aarts Packaging. Free cash flow for the year was $43.1 million, down on a year-over-year basis, primarily as a result of lower cash from operating activities and efforts to mitigate supply chain disruptions through proactive inventory management.

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Trimas Corporation. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Trimas Corporation. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Trimas Corporation. More…

Key Ratios Snapshot

Some of the financial key ratios for Trimas Corporation are shown below. More…

Price History

The company’s stock opened at $29.5 and closed at $29.5, a decline of 2.5% from the previous closing price of $30.3. The key drivers of this growth included an overall increase in sales, strong demand for new product offerings, and increased market share for existing products.

Additionally, the company invested in new technology and infrastructure to improve their operational efficiency, which further boosted their profitability. Despite the challenging economic climate, TRIMAS CORPORATION was able to exceed analysts expectations, showing strength in its core business operations. Overall, TRIMAS CORPORATION showed strong performance in the fourth quarter and has established itself as a leader in its industry. With the continued investment in new technology and infrastructure, the company is well positioned to capitalize on the current economic environment and continue to deliver impressive results in the years ahead. Live Quote…

Analysis

GoodWhale recently conducted an analysis of TRIMAS CORPORATION’s wellbeing. Our Risk Rating uncovered that TRIMAS CORPORATION is a medium risk investment with regards to its financial and business aspects. We have also detected one risk warning present in TRIMAS CORPORATION’s balance sheet. To find out more about this warning, register with us and access our detailed report. Our findings will provide you with the essential information you need to make a well-informed investment decision. More…

Peers

The company competes with other companies in the same industry, such as Altra Industrial Motion Corp, Cummins Inc, and EnPro Industries Inc.

– Altra Industrial Motion Corp ($NASDAQ:AIMC)

Altra Industrial Motion Corp is a global designer, producer and marketer of a range of mechanical power transmission products. The company’s products are used in a variety of industries, including food and beverage, material handling, packaging, automotive, aerospace, construction, mining, oil and gas, and others. Altra Industrial Motion Corp has a market cap of 2.43B as of 2022 and a Return on Equity of 3.09%. The company’s products are used in a variety of industries, including food and beverage, material handling, packaging, automotive, aerospace, construction, mining, oil and gas, and others. Altra Industrial Motion Corp is headquartered in Braintree, Massachusetts, and has manufacturing facilities in the United States, Europe, Asia, and South America.

– Cummins Inc ($NYSE:CMI)

Cummins Inc is a company that manufactures engines and other power generation products. As of 2022, the company has a market capitalization of 31.69 billion dollars and a return on equity of 19.85%. The company has a long history dating back to 1919, and it is headquartered in Columbus, Indiana, in the United States. Cummins is a global leader in the design, manufacture, and distribution of engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions, and electrical power generation systems. The company operates in more than 190 countries and territories through a network of approximately 600 company-owned and independent distributors and 6,500 dealers.

– EnPro Industries Inc ($NYSE:NPO)

EnPro Industries Inc is a diversified industrial company with a focus on engineered products and industrial services. The company’s market cap as of 2022 is 2.01B, and its ROE is 11.96%. EnPro operates in three segments: sealing products, industrial products, and services. Sealing products includes gaskets, seals, and packing products for a variety of applications in the automotive, aerospace, and other industries. Industrial products includes bearings, power transmission products, and other products for the industrial and transportation markets. Services includes repair and replacement services for bearings, seals, and other products, as well as technical services.

Summary

Investors should take note of TRIMAS CORPORATION‘s results for the fourth quarter of their fiscal year ending December 31, 2022. The company reported total revenue of USD 18.8 million, a 47.0% increase compared to the same period last year. Despite this strong top line growth, the company’s net income was down 2.7%, amounting to USD 203.3 million.

However, this may be explained by an increase in expenses due to their growth initiatives. Going forward, investors should keep a close watch on the company’s performance as it looks to further capitalize on its strong revenue growth.