11/10/2009
NEWS BRIEFS
TriMas Fastener Sales Dropping
TriMas Corp. reported lower blind-bolt fastener sales pushed third quarter Aerospace & Defense segment revenue, including Monogram Aerospace Fasteners, down 34.6% to $16.06 million, hampered by continued program delays at commercial airframe manufacturers and inventory reductions at distribution customers. Q3 operating profit fell 40% to $5.2 million.
Nine-month Aerospace & Defense segment sales declined 14% to $56.53 million, with operating profit dipping 17% to $18.4 million.
Overall TriMas revenue decreased 22% to $203.7 million, while operating profit dropped 26.7% to $20.2 million.
TriMas has reduced its workforce by nearly 1,000 in the past eighteen months while instituting four-day workweeks and unpaid furloughs to cut costs without losing the company’s trained workforce. ©2009 GlobalFastenerNews.com
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