Industrial equipments maker TriMas Corporation (TRS) Tuesday reported posted a loss for the fourth quarter versus a profit last year, in spite of a revenue rise. The firm suffered from increased expenses for the quarter which upset the rise in revenue, further exacerbated by debt extinguishment costs which led it to post a loss for the period. However, earnings per share, excluding certain special items were in line with Street expectations.
For the quarter, the firm posted net loss of $13.94 million compared with a profit of $13.25 million last year. On a per share basis, the firm posted loss of $0.35 versus a profit of $0.38 last year.
Excluding special items related to business restructuring costs, debt extinguishment costs and tax restructuring, the company reported income from continuing operations of $0.33 per share.
Five analysts on average polled by Thomson Reuters estimated earnings per share of $0.33 for the quarter. Analysts estimates typically exclude one-time items.
Net sales for the period rose to $301.04 million from $259.65 million last year, which the company attributed to additional sales from bolt-on acquisitions, market share gains, new product introductions and geographic expansion as compared to fourth quarter 2011. Analysts were looking for revenue of $291.23 million for the quarter.
The firm suffered from debt extinguishment costs of $40.25 million for the three-months versus nil last year.
Looking forward, for the full-year, the firm sees earnings per share from continuing operations to be between $2.15 and $2.25, excluding any future events that may be considered special items and revenue to rise between 6 and 8 percent compared to 2012.
Analysts are looking for earnings per share of $2.19 on revenue of $1.34 billion.
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