4/28/2011 8:39:00 AM
NEWS BRIEFS
TriMas Reports Monogram Aerospace Q1 Results
TriMas Corp. reported sales for its Aerospace and Defense segment, including Monogram Aerospace Fasteners, increased 8.3% to $18.5 million during the first quarter of 2011, due primarily to improved demand from aerospace distribution customers.
Segment operating profit declined 3% to $3.72 million, attributable to a less profitable product sales mix between years, largely offset by increased gross profit and lower selling, general and administrative expenses.
“Given the long-term prospects for (our) aerospace business, (we) continue to invest in this high-margin segment by developing and marketing highly-engineered products for aerospace applications, as well as expanding… offerings to military and defense customers,” the company noted.
Overall quarterly net sales from continuing operations rose 22.5% to $269.7 million, while income from continuing operations nearly doubled to $11.8 million, or $0.34 per diluted share.
TriMas boosted its estimate of 2011 top-line growth to 8% to 11%, with full-year 2011 diluted earnings per share from continuing operations expected to range between $1.45 and $1.60 per share.
“We continue to be confident in our ability to grow the top-line faster than the economy, create sustainable operating leverage and generate strong cash flow,” stated CEO David Wathen. ©2011 GlobalFastenerNews.com
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