4/29/2010
NEWS BRIEFS
TriMas Fastener Segment Revenue Drops
Distributor inventory reductions hurt fastener sales at TriMas Corp. during the opening quarter of 2010. The company reported Aerospace & Defense segment revenue, including Monogram Aerospace Fasteners, dropped 23% to $17.08 million, while operating profit declined 43% to $3.86 million due to lower sales volumes and the lower absorption of fixed costs.
“Despite the sales decline, the Company continues to invest in this high-profit segment by developing and marketing highly-engineered products for the aerospace market, as well as expanding its offerings to military and defense customers,” TriMas stated.
Overall Q1 sales at TriMas grew 9% to $220.1 million, while income improved 24.5% to $5.8 million.
Based in Bloomfield Hills, MI, TriMas has about 3,900 employees at 70 facilities in 9 countries. ©2010 GlobalFastenerNews.com
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