10/28/2013 8:46:00 AM
NEWS BRIEFS
TriMas Reports Fastener Segment Revenue Gains
TriMas Corp. reported third quarter sales in its Aerospace & Defense segment (consists of Monogram Aerospace Fasteners, Martinic Engineering and NI Industries) increased 27.5% to $26.54 million due to the acquisition of Martinic Engineering and higher sales levels in the blind bolt fastener product lines, partially offset by a decrease in sales from the defense business.
Q3 Aerospace & Defense segment operating profit remained flat, while the related margin percentage decreased primarily due to additional selling, general and administrative costs in support of growth initiatives and acquisitions, as well as new equipment and plant ramp-up costs in the legacy aerospace business.
TriMas said it “continues to invest in this segment by developing and marketing highly-engineered products for aerospace applications, as well as managing existing defense contracts.”
Q3 sales in TriMas’ Energy segment (consists of Lamons including South Texas Bolt & Fitting, CIFAL, Gasket Vedações Técnicas and Wulfrun) increased 4.9% to $47.7 million due to the results of the recent acquisitions and higher sales levels from the international branches.
Q3 Energy segment operating profit dropped 61% to $1.45 million as manufacturing productivity was more than offset by the impact of weaker refinery shutdown activity, which resulted in a less favorable product mix shift towards standard gaskets and bolts, and higher selling, general and administrative expenses in support of branch expansion and acquisitions.
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