TriMas Corporation (TRS - Free Report) reported fourth-quarter 2023 adjusted earnings per share (EPS) of 37 cents, missing the Zacks Consensus Estimate of 54 cents. The bottom line decreased 40% from the prior-year quarter.
Including the impacts of one-time items, the company reported an EPS of 19 cents compared with the year-ago quarter's 45 cents.
TRS's revenues increased 3.1% year over year to $210 million, attributed to organic growth in aerospace and defense, certain packaging product lines, and acquisition-related sales, offset by lower market demand for products used in certain industrial, and oil and gas applications. The top line missed the Zacks Consensus Estimate of $246 million.
Costs & Margins
Cost of sales increased 5.5% year over year to $166 million in the reported quarter. Gross profit fell 5.3% year over year to $43 million. The gross margin was 20.6% compared with 22.4% in the prior-year quarter.
Selling, general and administrative expenses were down 18% year over year to $30 million. Adjusted operating profit decreased 48.2% year over year to $19 million. The adjusted operating margin was 9% compared with the prior-year quarter’s 17.8%.
Segment Performance
Packaging: Net sales were $114 million compared with the year-ago quarter’s $106 million. We predicted net sales to be $137 million for the quarter. Adjusted operating profit increased 6.6% year over year to $16 million in the reported quarter. The figure missed our estimate of $25 million.
Aerospace: Net sales increased 26.2% year over year to $64 million in the fourth quarter. The figure lagged our estimate of $66 million. The segment reported an adjusted operating profit of $6 million compared with the year-ago quarter’s $1 million. We also predicted the segment’s adjusted operating profit to be $6 million for the quarter.
Specialty Products: The segment's revenues decreased 32% year over year to $32 million. We predicted net sales to be $43 million for the quarter. Adjusted operating profit fell 57.4% year over year to $4 million. The figure missed our estimate of $8 million.
Financial Performance
In 2023, TriMas repurchased approximately 680,594 shares of its outstanding common stock for $77.3 million. As of Dec 31, 2023, the company had $34.9 million of cash on hand and $291.8 million of available borrowing capacity.
TriMas generated $88 million of cash flow from operations in 2023 compared with $7 million in the prior year.
2023 Results
TriMas reported an adjusted EPS of $1.74 in 2023 compared with $2.12 in the prior year. Earnings missed the Zacks Consensus Estimate of $1.89. Including one-time items, the bottom line was 97 cents compared with $1.56 in 2022.
Sales rose 1.1% year over year to $894 million. The top line missed the Zacks Consensus Estimate of $930 million.
2024 Guidance
TriMas expects year-over-year sales growth of 5-8% for 2024. Adjusted EPS is expected to be $1.95-$2.15.
Price Performance
TRS shares have lost 21.3% in the past year against the industry’s growth of 5.5%.
Zacks Rank & Other Stocks to Consider
TriMas carries a Zacks Rank #2 (Buy)
Some other top-ranked stocks from the Industrial Products sector are Proto Labs, Inc. (PRLB - Free Report) , AZZ Inc. (AZZ - Free Report) and Applied Industrial Technologies (AIT - Free Report) . PRLB currently sports a Zacks Rank #1 (Strong Buy), and AZZ and AIT carry a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Proto Labs’ 2024 earnings is pegged at $1.62 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days and suggests year-over-year growth of 1.9%. The company has a trailing four-quarter average earnings surprise of 42.2%. PRLB shares have gained 15.7% in the past year.
The Zacks Consensus Estimate for AZZ’s fiscal 2024 earnings per share is pegged at $4.19. The consensus estimate for 2024 earnings has moved north by 2% in the past 60 days. The company has a trailing four-quarter average earnings surprise of 37.6%. AZZ shares have rallied 76.7% in the past year.
Applied Industrial has an average trailing four-quarter earnings surprise of 13.9%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.43 per share, which indicates year-over-year growth of 7.8%. Estimates have been unchanged in the past 60 days. The company’s shares have gained 32.2% in the past year.
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 >>
TriMas Corporation (TRS - Free Report) reported fourth-quarter 2023 adjusted earnings per share (EPS) of 37 cents, missing the Zacks Consensus Estimate of 54 cents. The bottom line decreased 40% from the prior-year quarter.
Including the impacts of one-time items, the company reported an EPS of 19 cents compared with the year-ago quarter's 45 cents.
TRS's revenues increased 3.1% year over year to $210 million, attributed to organic growth in aerospace and defense, certain packaging product lines, and acquisition-related sales, offset by lower market demand for products used in certain industrial, and oil and gas applications. The top line missed the Zacks Consensus Estimate of $246 million.
Costs & Margins
Cost of sales increased 5.5% year over year to $166 million in the reported quarter. Gross profit fell 5.3% year over year to $43 million. The gross margin was 20.6% compared with 22.4% in the prior-year quarter.
Selling, general and administrative expenses were down 18% year over year to $30 million. Adjusted operating profit decreased 48.2% year over year to $19 million. The adjusted operating margin was 9% compared with the prior-year quarter’s 17.8%.
Segment Performance
Packaging: Net sales were $114 million compared with the year-ago quarter’s $106 million. We predicted net sales to be $137 million for the quarter. Adjusted operating profit increased 6.6% year over year to $16 million in the reported quarter. The figure missed our estimate of $25 million.
Aerospace: Net sales increased 26.2% year over year to $64 million in the fourth quarter. The figure lagged our estimate of $66 million. The segment reported an adjusted operating profit of $6 million compared with the year-ago quarter’s $1 million. We also predicted the segment’s adjusted operating profit to be $6 million for the quarter.
Specialty Products: The segment's revenues decreased 32% year over year to $32 million. We predicted net sales to be $43 million for the quarter. Adjusted operating profit fell 57.4% year over year to $4 million. The figure missed our estimate of $8 million.
Financial Performance
In 2023, TriMas repurchased approximately 680,594 shares of its outstanding common stock for $77.3 million. As of Dec 31, 2023, the company had $34.9 million of cash on hand and $291.8 million of available borrowing capacity.
TriMas generated $88 million of cash flow from operations in 2023 compared with $7 million in the prior year.
2023 Results
TriMas reported an adjusted EPS of $1.74 in 2023 compared with $2.12 in the prior year. Earnings missed the Zacks Consensus Estimate of $1.89. Including one-time items, the bottom line was 97 cents compared with $1.56 in 2022.
Sales rose 1.1% year over year to $894 million. The top line missed the Zacks Consensus Estimate of $930 million.
2024 Guidance
TriMas expects year-over-year sales growth of 5-8% for 2024. Adjusted EPS is expected to be $1.95-$2.15.
Price Performance
TRS shares have lost 21.3% in the past year against the industry’s growth of 5.5%.
Zacks Rank & Other Stocks to Consider
TriMas carries a Zacks Rank #2 (Buy)
Some other top-ranked stocks from the Industrial Products sector are Proto Labs, Inc. (PRLB - Free Report) , AZZ Inc. (AZZ - Free Report) and Applied Industrial Technologies (AIT - Free Report) . PRLB currently sports a Zacks Rank #1 (Strong Buy), and AZZ and AIT carry a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Proto Labs’ 2024 earnings is pegged at $1.62 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days and suggests year-over-year growth of 1.9%. The company has a trailing four-quarter average earnings surprise of 42.2%. PRLB shares have gained 15.7% in the past year.
The Zacks Consensus Estimate for AZZ’s fiscal 2024 earnings per share is pegged at $4.19. The consensus estimate for 2024 earnings has moved north by 2% in the past 60 days. The company has a trailing four-quarter average earnings surprise of 37.6%. AZZ shares have rallied 76.7% in the past year.
Applied Industrial has an average trailing four-quarter earnings surprise of 13.9%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.43 per share, which indicates year-over-year growth of 7.8%. Estimates have been unchanged in the past 60 days. The company’s shares have gained 32.2% in the past year.
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 >>
Get the latest research report on AIT - FREE
Get the latest research report on AZZ - FREE
Get the latest research report on PRLB - FREE
Get the latest research report on TRS - FREE