3/1/2011 2:33:00 AM
NEW BRIEFS
Monogram Aerospace Fasteners
TriMas Corp.’s Aerospace & Defense segment, including Monogram Aerospace Fasteners, reported a 14.3% jump in sales to $20.46 million in the fourth quarter of 2010, boosted by “improved demand from aerospace distribution customers and increased sales in the defense business.”
Segment operating profit rose by 50% to $5.07 million during the quarter, while adjusted EBITDA climbed 46.5% to $5.64 million.
However, full-year Aerospace & Defense sales fell 0.6% to $73.93 million “as aerospace distribution customers’ increased purchases during the back half of 2010 were more than offset by lower levels of demand during the first half of 2010,” the company stated.
“The sales declines in the aerospace business, however, were substantially offset by increased sales in the defense business, although the increased revenue associated with managing the defense facility closure and relocation was at lower margin levels.”
Segment operating profit declined 17% to $18.09 million, with 2010 EBITDA falling 15% to $20.42 million.
“2010 full year operating profit and the related margin level declined substantially, primarily due to lower sales levels, an unfavorable product sales mix in our defense business and lower absorption of fixed costs in our aerospace business.”
TriMas remains optimistic that business conditions will improve in 2011.
“Given the long-term prospects for its aerospace business, the Company continues to invest in this high-margin segment by developing and marketing highly-engineered products for aerospace applications, as well as expanding its offerings to military and defense customers.” ©2011 GlobalFastenerNews.com
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