TriMas Corporation (TRS - Free Report) reported third-quarter 2020 adjusted earnings of 43 cents per share, which beat the Zacks Consensus Estimate of 39 cents. The bottom line also improved 19% from the prior-year quarter. Although some end-markets remained challenged due to the impact of the coronavirus pandemic, strong sales in the Packaging group and contribution from recent acquisitions drove results in the quarter under review.
Including the impact of one-time items, the company reported a loss per share of $2.32, against the year-ago quarter’s earnings of 34 cents per share.
The company’s revenues of $199 million surpassed the Zacks Consensus Estimate of $194 million and also increased 6% year over year. This was driven by record sales in the Packaging segment and contribution from recent acquisitions. The Packaging segment has been benefiting from high demand for dispensing pumps and closure products sold into applications that help fight the spread of germs or are used in cleaning amid the pandemic. Higher sales of products utilized in food and beverage applications have also been contributing to the segment’s performance.
However, weak performance in the aerospace segment due the impact of significantly lower air travel, and reduced commercial and business jet production as a result of the global pandemic was a dampener. Also, demand in industrial businesses remained weak amid the pandemic.
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TriMas Corporation (TRS - Free Report) reported third-quarter 2020 adjusted earnings of 43 cents per share, which beat the Zacks Consensus Estimate of 39 cents. The bottom line also improved 19% from the prior-year quarter. Although some end-markets remained challenged due to the impact of the coronavirus pandemic, strong sales in the Packaging group and contribution from recent acquisitions drove results in the quarter under review.
Including the impact of one-time items, the company reported a loss per share of $2.32, against the year-ago quarter’s earnings of 34 cents per share.
The company’s revenues of $199 million surpassed the Zacks Consensus Estimate of $194 million and also increased 6% year over year. This was driven by record sales in the Packaging segment and contribution from recent acquisitions. The Packaging segment has been benefiting from high demand for dispensing pumps and closure products sold into applications that help fight the spread of germs or are used in cleaning amid the pandemic. Higher sales of products utilized in food and beverage applications have also been contributing to the segment’s performance.
However, weak performance in the aerospace segment due the impact of significantly lower air travel, and reduced commercial and business jet production as a result of the global pandemic was a dampener. Also, demand in industrial businesses remained weak amid the pandemic.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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