TRIMAS CORP SEC 10-Q Report
TriMas Corp has released its Q3 2024 Form 10-Q report, highlighting strong financial performance with net sales of $274.8 million, a 14.2% increase year-over-year. Gross profit rose to $69.7 million, with a margin of 25.4%. Operating profit reached $27.1 million, and net income increased to $16.7 million, or $0.41 per share. The Aerospace segment saw a 23.8% organic sales increase, while Packaging grew by 7.9%. The company expects continued demand in these segments despite macroeconomic challenges.
TriMas Corp, a diversified manufacturer of engineered products, has released its Form 10-Q report for the third quarter of 2024, showcasing robust financial and operational performance. The company, which operates in the Aerospace, Packaging, and Specialty Products segments, reported significant growth driven by organic sales increases and strategic acquisitions.
Financial Highlights
Net Sales: $274.8 million, increased by 14.2% compared to the same period in 2024, driven by organic growth in the Aerospace and Packaging segments and acquisition-related sales growth.
Gross Profit: $69.7 million, representing a gross profit margin of 25.4%, up from 22.5% in the prior year, primarily due to higher sales levels and improved fixed cost absorption.
Operating Profit: $27.1 million, with an operating profit margin of 9.9%, up from 7.4% in the prior year, reflecting higher sales and improved cost management.
Net Income: $16.7 million, an increase from $10.9 million in the prior year, driven by higher operating profit and lower interest expenses.
Net Income Per Share: $0.41, up from $0.27 in the prior year, reflecting the overall improvement in net income.
Business Highlights
Revenue Segments: The Packaging segment saw a 7.9% organic sales increase, driven by higher demand for dispensing products used in beauty, personal care, and home care applications. The Aerospace segment experienced a 23.8% organic sales increase, bolstered by improved throughput and commercial actions. Specialty Products saw a 6.8% decrease in sales, primarily due to the divestiture of the Arrow Engine business.
Geographical Performance: The company's reported results were favorably impacted by currency exchange, with a $0.6 million increase due to the weakening of the U.S. dollar relative to foreign currencies.
Sales Units: The Aerospace segment benefited from increased demand for precision fasteners and machined products, contributing to the segment's strong performance.
Future Outlook: The company anticipates continued demand in the Aerospace and Packaging segments, while addressing cost pressures and operational efficiencies. The company is also focused on mitigating the impacts of macroeconomic factors such as inflation and trade policy changes.
SEC Filing: TRIMAS CORP [ TRS ] - 10-Q - Jul. 29, 2025
