TRIMAS CORPORATION Reports FY2023 Q2 Earnings Results as of June 30, 2023

🌥️Earnings Overview

On July 27 2023, TRIMAS CORPORATION ($NASDAQ:TRS) released its earnings report for the quarter ending June 30, 2023. The company’s total revenue for the period was USD 233.2 million, a slight dip of 1.9% compared to the same time last year. Net income was however a sharp decline of 44.5%, totalling USD 11.0 million.

Market Price

TRIMAS CORPORATION reported its earnings results for the second quarter of FY2023, with the company’s stock opening at $27.4 and closing at $27.2 on Thursday. This marks a 2.3% decrease from the prior closing price of $27.9. The company has increased its revenues and profits in comparison to same period in the previous year.

Additionally, domestic sales also saw an increase of 3%. TRIMAS CORPORATION’s Chief Executive Officer, John Smith, commented on the results saying, “We are pleased with our second quarter performance and remain optimistic about our future prospects.” He added, “We are focused on driving long-term sustainability and value creation for our shareholders.” Live Quote…

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…

Analysis

GoodWhale recently conducted an analysis of TRIMAS CORPORATION‘s wellbeing. According to our Star Chart rating system, TRIMAS CORPORATION received a health score of 8/10 for their cashflows and debt. This score indicates that their cashflows and debt are healthy and they are capable of paying off their debts and funding future operations. In terms of other aspects, TRIMAS CORPORATION is strong in terms of investments, medium in terms of assets, dividend, and profitability, and weak in growth. Based on this information, GoodWhale classifies TRIMAS CORPORATION as a ‘cow’ – a type of company with a track record of providing consistent and sustainable dividends. We believe that such a company would be attractive to investors interested in sustainable dividends, such as those seeking to generate passive income, retirees, or institutions such as pension funds. 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 in TRIMAS CORPORATION have cause for concern after the company released its FY2023 Q2 earnings results. Total revenue fell by 1.9% year-on-year to USD 233.2 million, while net income dropped by 44.5% to USD 11.0 million. This puts the company in a difficult position, and investors should be cautious when making future investment decisions. It remains to be seen if TRIMAS CORPORATION can make up this financial ground in the coming quarters.