TriMas Corporation Reports Fourth Quarter and Full Year 2014 Results
Growth in Sales of 9.5% and EPS(1) of 27.6% for the Fourth Quarter
Record Free Cash Flow of
For the year, the Company reported record net sales from continuing
operations of
TriMas Full Year 2014 Highlights
-
Achieved record net sales of approximately
$1.5 billion , an increase of 8.0%, due to the results from acquisitions and the successful execution of growth initiatives. Net sales increased across all six business segments. -
Generated
$89.0 million in Free Cash Flow, which represents more than 100% of net income and an increase of 84.9% as compared to 2013. -
Continued to refine the business portfolio including the completion of
acquisitions in Packaging and Aerospace for approximately
$382.9 million , net of cash acquired, and exiting the Company's defense business. The Allfast acquisition, completed inOctober 2014 , is meeting the Company's expectations. - Achieved 7.8% net sales growth in the Packaging segment as compared to 2013, offsetting the third quarter 2013 divestiture of its rings and levers business, while achieving a 23.9% operating profit margin(1).
- Increased Engineered Components net sales by 19.4% as compared to 2013, and grew operating profit margin by 490 basis points as a result of actions taken to improve the businesses.
- Launched margin enhancement programs designed to optimize manufacturing footprint, exit lower margin products and geographies, and achieve synergies from previous acquisitions.
- Announced plan to separate into two public companies via a tax-free spin-off of Cequent businesses; targeted completion during mid-2015.
"We ended 2014 with record sales of
Wathen continued, "Our actions taken in 2014 mark the beginning of a
transformation for
"We have taken actions to improve our operating performance which will
require time and resources to execute - the benefits which will begin to
be realized as we progress through 2015. We believe we are starting the
year positioned to drive shareholder value through revenue and EPS
growth, margin improvement and cash flow generation. Despite the
dramatic shift in currency rates and the impact of the decline in oil
prices, we are estimating 2015 top-line growth of 3% to 5% and full-year
2015 diluted EPS to range between
Full Year 2014 Financial Results - From Continuing Operations
-
TriMas reported 2014 record net sales of$1.5 billion , an increase of 8.0% as compared to$1.4 billion in 2013. During 2014, net sales increased in all six segments, primarily as a result of sales from acquisitions, as well as geographic expansion, new product introductions and strength in certain end markets, while offsetting the$10.2 million reduction of sales associated with the disposition of the Italian rings and levers Packaging business during the third quarter of 2013. The sales increases were partially offset by approximately$6.3 million of unfavorable currency exchange, primarily in Cequent APEA. -
The Company reported 2014 operating profit of
$124.6 million , compared to operating profit of$119.6 million for 2013. Excluding the impact of Special Items(1), primarily related to severance and business restructuring costs, 2014 operating profit would have been$146.3 million in 2014, as compared to$137.3 million in 2013. 2014 operating profit margin (excluding Special Items(1)) was 9.8%, relatively flat as compared to 2013. -
Excluding noncontrolling interests related to Arminak, 2014 income was
$65.9 million , or$1.46 per diluted share, compared to income of$74.4 million , or$1.80 per diluted share, during 2013. Excluding the impact of Special Items(1), 2014 income would have been$87.1 million , as compared to$84.7 million in 2013. Excluding Special Items(1), 2014 diluted EPS would have been$1.92 , which was impacted by 9.4% higher weighted average shares outstanding and$2.2 million of diligence costs related to Allfast in 2014. -
The Company exceeded its previously increased Free Cash Flow (defined
as Cash Flow from Operating Activities less Capital Expenditures)
outlook of
$70 to$80 million for 2014 by generating$89.0 million , as compared to$48.1 million in 2013, while continuing to invest in capital expenditures, working capital, and future growth and productivity programs. Free Cash Flow was more than 100% of net income. -
During 2014, the Company invested
$34.5 million in capital expenditures (included in Free Cash Flow above) primarily in support of future growth and productivity opportunities and$382.9 million in acquisitions, net of cash acquired.
Fourth Quarter 2014 Financial Results - From Continuing Operations
-
TriMas reported record fourth quarter net sales of$350.6 million , an increase of 9.5% as compared to$320.2 million in fourth quarter 2013, as a result of sales from acquisitions, as well as geographic expansion, new product introductions and strength in certain end markets. These sales increases were partially offset by approximately$4.0 million of unfavorable currency exchange, most notably in Cequent APEA. -
The Company reported operating profit of
$15.6 million in fourth quarter 2014, as compared to$10.5 million during fourth quarter 2013. Excluding Special Items(1) primarily related to severance and business restructuring costs to improve long-term profitability, fourth quarter 2014 operating profit would have been$29.1 million , an increase of 24.2% as compared to$23.5 million during fourth quarter 2013. Fourth quarter 2014 operating profit margin improved due to the actions taken to drive continued productivity, cost reduction and automation initiatives, as well as operating leverage gained on the higher sales levels in certain businesses, but continues to be impacted by less favorable product sales mix, manufacturing inefficiencies and costs related to recent acquisitions including purchase accounting related adjustments. -
Excluding noncontrolling interests related to Arminak, the Company
reported fourth quarter 2014 income of
$2.7 million , or$0.06 per diluted share, as compared to$6.0 million , or$0.13 per diluted share, during fourth quarter 2013. Excluding Special Items(1) primarily related to severance and business restructuring costs, and debt financing and extinguishment costs, fourth quarter 2014 income would have been$16.9 million , or$0.37 per diluted share, an increase of 27.6% as compared to$0.29 in fourth quarter 2013. -
The Company generated Free Cash Flow (defined as Cash Flow from
Operating Activities less Capital Expenditures) of
$51.8 million for fourth quarter 2014, as compared to$42.0 million in fourth quarter 2013.
Discontinued Operations
During the third quarter of 2014, the Company ceased operations of its
Financial Position
Fourth Quarter Business Segment Results - From Continuing Operations(2)
Packaging
Net sales for fourth quarter increased 3.2% as compared to the year ago
period, resulting from additional industrial closure and specialty
dispensing system sales. Additional specialty dispensing sales related
to the acquisition of
Energy
Fourth quarter net sales increased 16.2% as compared to the year ago
period, primarily due to higher sales of standard gaskets and bolts
resulting from increased order rates from North American refining and
petrochemical customers. Fourth quarter operating profit and the related
margin percentage improved due to increased sales levels and actions
taken to improve the business, although still negatively impacted from a
less favorable product sales mix. The Company has launched several
initiatives to improve its profitability and continues to restructure
its Brazilian business to better reflect the current market demand. In
Aerospace
Net sales for fourth quarter increased 28.5% as compared to the year ago
period, primarily due to the results of Allfast, which was acquired in
Engineered Components
Net sales for fourth quarter increased 35.5% as compared to the year ago
period, primarily due to incremental sales resulting from the small
cylinder asset acquisition in
Cequent APEA
Net sales for fourth quarter 2014 decreased 6.8% as compared to the year
ago period, primarily due to lower sales in
Cequent Americas
Net sales for fourth quarter increased 1.0% as compared to the year ago
period, resulting primarily from increased sales within the retail and
aftermarket channels, partially offset by decreases in the auto original
equipment and industrial channels. Fourth quarter operating profit and
the related margin percentage declined compared to fourth quarter 2013,
due to higher shipping and material costs related to steel, partially
offset by lower sourcing costs out of
2015 Outlook
The Company is estimating that 2015 sales will increase 3% to 5% as
compared to 2014. The Company expects full-year 2015 diluted earnings
per share to be between
Wathen commented, "While the macro-economic environment is increasingly uncertain, we are taking actions to mitigate the impact of these items and to improve our business performance. We have created a solid foundation for the future as we focus on our strategic priorities of generating more profitable growth, enhancing profit margins, optimizing capital and resource allocation, and striving to be a great place for our employees to work - all of which should enhance long-term shareholder value."
The above guidance is reflective of a full year of
Conference Call Information
Cautionary Notice Regarding Forward-looking Statements
Any "forward-looking" statements contained herein, including those
relating to market conditions or the Company's financial condition and
results, expense reductions, liquidity expectations, business goals and
sales growth, involve risks and uncertainties, including, but not
limited to, risks and uncertainties with respect to the Company's plans
for successfully executing the Cequent spin-off within the expected time
frame or at all, the taxable nature of the spin-off, future prospects of
the companies as independent companies, general economic and currency
conditions, various conditions specific to the Company's business and
industry, the Company's ability to integrate Allfast and attain the
expected synergies, and the acquisition being accretive, the Company's
leverage, liabilities imposed by the Company's debt instruments, market
demand, competitive factors, supply constraints, material and energy
costs, technology factors, litigation, government and regulatory
actions, the Company's accounting policies, future trends, and other
risks which are detailed in the Company's Annual Report on Form 10-K for
the fiscal year ended
In this release, certain non-GAAP financial measures are used. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure may be found at the end of this release. Additional information is available at www.trimascorp.com under the "Investors" section.
About
Headquartered in
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(1) |
Appendix I details certain costs, expenses and other charges,
collectively described as "Special Items," that are included in the
determination of net income from continuing operations attributable
to |
|
|
(2) |
Business Segment Results include Operating Profit that excludes the impact of Special Items. For a complete schedule of Special Items by segment, see "Company and Business Segment Financial Information - Continuing Operations." |
|
|
|||||||
| Condensed Consolidated Balance Sheet | |||||||
| (dollars in thousands) | |||||||
|
2014 |
2013 |
||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 24,420 | $ | 27,000 | |||
| Receivables, net | 196,320 | 180,210 | |||||
| Inventories | 294,630 | 270,690 | |||||
| Deferred income taxes | 28,870 | 18,340 | |||||
| Prepaid expenses and other current assets | 14,380 | 18,770 | |||||
| Total current assets | 558,620 | 515,010 | |||||
| Property and equipment, net | 232,650 | 206,150 | |||||
| Goodwill | 466,660 | 309,660 | |||||
| Other intangibles, net | 363,930 | 219,530 | |||||
| Other assets | 39,890 | 50,430 | |||||
| Total assets | $ | 1,661,750 | $ | 1,300,780 | |||
| Liabilities and Shareholders' Equity | |||||||
| Current liabilities: | |||||||
| Current maturities, long-term debt | $ | 23,860 | $ | 10,290 | |||
| Accounts payable | 185,010 | 166,090 | |||||
| Accrued liabilities | 101,050 | 85,130 | |||||
| Total current liabilities | 309,920 | 261,510 | |||||
| Long-term debt | 615,470 | 295,450 | |||||
| Deferred income taxes | 55,290 | 64,940 | |||||
| Other long-term liabilities | 90,440 | 99,990 | |||||
| Total liabilities | 1,071,120 | 721,890 | |||||
| Redeemable noncontrolling interests | — | 29,480 | |||||
| Total shareholders' equity | 590,630 | 549,410 | |||||
| Total liabilities and shareholders' equity | $ | 1,661,750 | $ | 1,300,780 | |||
|
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||||||||||||||||
| Consolidated Statement of Operations | ||||||||||||||||
| (dollars in thousands, except per share amounts) | ||||||||||||||||
|
Three months ended |
Twelve months ended |
|||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| (unaudited) | ||||||||||||||||
| Net sales | $ | 350,570 | $ | 320,190 | $ | 1,499,080 | $ | 1,388,600 | ||||||||
| Cost of sales | (269,040 | ) | (249,420 | ) | (1,114,140 | ) | (1,037,540 | ) | ||||||||
| Gross profit | 81,530 | 70,770 | 384,940 | 351,060 | ||||||||||||
| Selling, general and administrative expenses | (61,910 | ) | (61,740 | ) | (255,880 | ) | (243,230 | ) | ||||||||
| Net gain (loss) on dispositions of property and equipment | (4,020 | ) | 1,420 | (4,510 | ) | 11,770 | ||||||||||
| Operating profit | 15,600 | 10,450 | 124,550 | 119,600 | ||||||||||||
| Other expense, net: | ||||||||||||||||
| Interest expense | (4,750 | ) | (2,010 | ) | (15,020 | ) | (18,330 | ) | ||||||||
| Debt financing and extinguishment costs | (3,360 | ) | (2,460 | ) | (3,360 | ) | (2,460 | ) | ||||||||
| Other expense, net | (1,350 | ) | (2,280 | ) | (6,570 | ) | (1,720 | ) | ||||||||
| Other expense, net | (9,460 | ) | (6,750 | ) | (24,950 | ) | (22,510 | ) | ||||||||
| Income from continuing operations before income tax expense | 6,140 | 3,700 | 99,600 | 97,090 | ||||||||||||
| Income tax benefit (expense) | (3,460 | ) | 3,740 | (32,870 | ) | (18,140 | ) | |||||||||
| Income from continuing operations | 2,680 | 7,440 | 66,730 | 78,950 | ||||||||||||
| Income (loss) from discontinued operations, net of income taxes | (1,210 | ) | 840 | 2,550 | 1,120 | |||||||||||
| Net income | 1,470 | 8,280 | 69,280 | 80,070 | ||||||||||||
| Less: Net income attributable to noncontrolling interests | — | 1,430 | 810 | 4,520 | ||||||||||||
|
Net income attributable to |
$ | 1,470 | $ | 6,850 | $ | 68,470 | $ | 75,550 | ||||||||
|
Basic earnings (loss) per share attributable to |
||||||||||||||||
| Continuing operations | $ | 0.06 | $ | 0.13 | $ | 1.47 | $ | 1.82 | ||||||||
| Discontinued operations | (0.03 | ) | 0.02 | 0.06 | 0.03 | |||||||||||
| Net income per share | $ | 0.03 | $ | 0.15 | $ | 1.53 | $ | 1.85 | ||||||||
| Weighted average common shares - basic | 44,938,675 | 44,698,948 | 44,881,925 | 40,926,257 | ||||||||||||
|
Diluted earnings (loss) per share attributable to |
||||||||||||||||
| Continuing operations | $ | 0.06 | $ | 0.13 | $ | 1.46 | $ | 1.80 | ||||||||
| Discontinued operations | (0.03 | ) | 0.02 | 0.05 | 0.03 | |||||||||||
| Net income per share | $ | 0.03 | $ | 0.15 | $ | 1.51 | $ | 1.83 | ||||||||
| Weighted average common shares - diluted | 45,384,460 | 45,159,205 | 45,269,409 | 41,395,706 | ||||||||||||
|
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||||||||
| Consolidated Statement of Cash Flow | ||||||||
| (dollars in thousands) | ||||||||
|
Twelve months ended |
||||||||
| 2014 | 2013 | |||||||
| Cash Flows from Operating Activities: | ||||||||
| Net income | $ | 69,280 | $ | 80,070 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: | ||||||||
| Gain on dispositions of businesses and other assets | (2,250 | ) | (11,770 | ) | ||||
| Gain on bargain purchase | — | (2,880 | ) | |||||
| Depreciation | 32,770 | 30,810 | ||||||
| Amortization of intangible assets | 23,710 | 19,770 | ||||||
| Amortization of debt issue costs | 1,940 | 1,780 | ||||||
| Deferred income taxes | (8,620 | ) | (8,800 | ) | ||||
| Non-cash compensation expense | 7,440 | 9,200 | ||||||
| Excess tax benefits from stock based compensation | (1,180 | ) | (1,550 | ) | ||||
| Debt financing and extinguishment expenses | 3,360 | 2,460 | ||||||
| Increase in receivables | (13,290 | ) | (25,580 | ) | ||||
| Increase in inventories | (7,510 | ) | (10,690 | ) | ||||
| (Increase) decrease in prepaid expenses and other assets | 5,410 | (2,380 | ) | |||||
| Increase in accounts payable and accrued liabilities | 14,050 | 7,800 | ||||||
| Other, net | (1,710 | ) | (630 | ) | ||||
| Net cash provided by operating activities, net of acquisition impact | 123,400 | 87,610 | ||||||
| Cash Flows from Investing Activities: | ||||||||
| Capital expenditures | (34,450 | ) | (39,490 | ) | ||||
| Acquisition of businesses, net of cash acquired | (382,880 | ) | (105,790 | ) | ||||
| Net proceeds from disposition of businesses and other assets | 7,240 | 14,940 | ||||||
| Net cash used for investing activities | (410,090 | ) | (130,340 | ) | ||||
| Cash Flows from Financing Activities: | ||||||||
| Proceeds from sale of common stock in connection with the Company's equity offering, net of issuance costs | — | 174,670 | ||||||
| Proceeds from borrowings on term loan facilities | 446,420 | 359,470 | ||||||
| Repayments of borrowings on term loan facilities | (180,810 | ) | (587,500 | ) | ||||
| Proceeds from borrowings on revolving credit and accounts receivable facilities | 1,068,100 | 1,222,980 | ||||||
| Repayments of borrowings on revolving credit and accounts receivable facilities | (993,090 | ) | (1,113,910 | ) | ||||
| Debt financing fees | (3,840 | ) | (3,610 | ) | ||||
| Distributions to noncontrolling interests | (580 | ) | (2,710 | ) | ||||
| Payment for noncontrolling interests | (51,000 | ) | — | |||||
| Proceeds from contingent consideration related to disposition of businesses | — | 1,030 | ||||||
| Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | (2,910 | ) | (4,440 | ) | ||||
| Proceeds from exercise of stock options | 640 | 1,620 | ||||||
| Excess tax benefits from stock based compensation | 1,180 | 1,550 | ||||||
| Net cash provided by financing activities | 284,110 | 49,150 | ||||||
| Cash and Cash Equivalents: | ||||||||
| Increase (decrease) for the year | (2,580 | ) | 6,420 | |||||
| At beginning of year | 27,000 | 20,580 | ||||||
| At end of year | $ | 24,420 | $ | 27,000 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid for interest | $ | 10,870 | $ | 16,750 | ||||
| Cash paid for income taxes | $ | 41,110 | $ | 37,700 | ||||
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| Company and Business Segment Financial Information | ||||||||||||||||
| Continuing Operations | ||||||||||||||||
| (Unaudited - dollars in thousands) | ||||||||||||||||
|
Three months ended |
Twelve months ended |
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| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Packaging | ||||||||||||||||
| Net sales | $ | 80,710 | $ | 78,220 | $ | 337,710 | $ | 313,220 | ||||||||
| Operating profit | $ | 18,180 | $ | 18,220 | $ | 77,850 | $ | 83,770 | ||||||||
| Special Items to consider in evaluating operating profit: | ||||||||||||||||
| Severance and business restructuring costs | $ | 2,220 | $ | — | $ | 2,840 | $ | — | ||||||||
| Release of historical translation adjustments related to the sale of Italian business | $ | — | $ | — | $ | — | $ | (7,910 | ) | |||||||
| Excluding Special Items, operating profit would have been: | $ | 20,400 | $ | 18,220 | $ | 80,690 | $ | 75,860 | ||||||||
| Energy | ||||||||||||||||
| Net sales | $ | 51,330 | $ | 44,160 | $ | 206,720 | $ | 205,580 | ||||||||
| Operating profit (loss) | $ | (7,530 | ) | $ | (3,910 | ) | $ | (6,660 | ) | $ | 8,620 | |||||
| Special Items to consider in evaluating operating profit (loss): | ||||||||||||||||
| Severance and business restructuring costs | $ | 7,460 | $ | — | $ | 11,890 | $ | — | ||||||||
| Release of historical translation adjustments related to the closure of Brazilian manufacturing facility | $ | 1,270 | $ | — | $ | 1,270 | $ | — | ||||||||
| Excluding Special Items, operating profit (loss) would have been: | $ | 1,200 | $ | (3,910 | ) | $ | 6,500 | $ | 8,620 | |||||||
| Aerospace | ||||||||||||||||
| Net sales | $ | 35,090 | $ | 27,300 | $ | 121,510 | $ | 95,530 | ||||||||
| Operating profit | $ | 3,440 | $ | 7,020 | $ | 17,830 | $ | 22,830 | ||||||||
| Special Items to consider in evaluating operating profit: | ||||||||||||||||
| Severance and business restructuring costs | $ | 620 | $ | — | $ | 620 | $ | — | ||||||||
| Excluding Special Items, operating profit would have been: | $ | 4,060 | $ | 7,020 | $ | 18,450 | $ | 22,830 | ||||||||
| Engineered Components | ||||||||||||||||
| Net sales | $ | 56,300 | $ | 41,540 | $ | 221,360 | $ | 185,370 | ||||||||
| Operating profit | $ | 9,160 | $ | 5,000 | $ | 34,080 | $ | 19,450 | ||||||||
| Cequent APEA | ||||||||||||||||
| Net sales | $ | 37,550 | $ | 40,290 | $ | 165,110 | $ | 151,620 | ||||||||
| Operating profit (loss) | $ | (70 | ) | $ | 4,620 | $ | 7,860 | $ | 13,920 | |||||||
| Special Items to consider in evaluating operating profit (loss): | ||||||||||||||||
| Severance and business restructuring costs | $ | 470 | $ | — | $ | 850 | $ | — | ||||||||
| Excluding Special Items, operating profit would have been: | $ | 400 | $ | 4,620 | $ | 8,710 | $ | 13,920 | ||||||||
| Cequent Americas | ||||||||||||||||
| Net sales | $ | 89,590 | $ | 88,680 | $ | 446,670 | $ | 437,280 | ||||||||
| Operating profit (loss) | $ | (220 | ) | $ | (12,180 | ) | $ | 31,090 | $ | 8,850 | ||||||
| Special Items to consider in evaluating operating profit (loss): | ||||||||||||||||
| Severance and business restructuring costs | $ | 790 | $ | 13,000 | $ | 3,590 | $ | 25,570 | ||||||||
| Excluding Special Items, operating profit would have been: | $ | 570 | $ | 820 | $ | 34,680 | $ | 34,420 | ||||||||
| Corporate Expenses | ||||||||||||||||
| Operating loss | $ | (7,360 | ) | $ | (8,320 | ) | $ | (37,500 | ) | $ | (37,840 | ) | ||||
| Special Items to consider in evaluating operating loss: | ||||||||||||||||
| Cequent spin-off transaction costs | $ | 700 | $ | — | $ | 700 | $ | — | ||||||||
| Excluding Special Items, operating loss would have been: | $ | (6,660 | ) | $ | (8,320 | ) | $ | (36,800 | ) | $ | (37,840 | ) | ||||
|
|
||||||||||||||||
| Net sales | $ | 350,570 | $ | 320,190 | $ | 1,499,080 | $ | 1,388,600 | ||||||||
| Operating profit | $ | 15,600 | $ | 10,450 | $ | 124,550 | $ | 119,600 | ||||||||
| Total Special Items to consider in evaluating operating profit: | $ | 13,530 | $ | 13,000 | $ | 21,760 | $ | 17,660 | ||||||||
| Excluding Special Items, operating profit would have been: | $ | 29,130 | $ | 23,450 | $ | 146,310 | $ | 137,260 | ||||||||
| Appendix I | ||||||||||||||||
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| Additional Information Regarding Special Items Impacting | ||||||||||||||||
| Reported GAAP Financial Measures | ||||||||||||||||
| (Unaudited - dollars in thousands, except per share amounts) | ||||||||||||||||
|
Three months ended |
Twelve months ended |
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| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Income from continuing operations, as reported | $ | 2,680 | $ | 7,440 | $ | 66,730 | $ | 78,950 | ||||||||
| Less: Net income attributable to noncontrolling interests | — | 1,430 | 810 | 4,520 | ||||||||||||
|
Income from continuing operations attributable to |
$ | 2,680 | $ | 6,010 | $ | 65,920 | $ | 74,430 | ||||||||
| After-tax impact of Special Items to consider in evaluating quality of income from continuing operations: | ||||||||||||||||
| Release of historical translation adjustments related to the sale of Italian business and closure of Brazilian manufacturing facility | 1,270 | — | 1,270 | (7,910 | ) | |||||||||||
| Severance and business restructuring costs | 10,380 | 7,170 | 17,300 | 15,860 | ||||||||||||
| Cequent spin-off related costs | 440 | — | 440 | — | ||||||||||||
| Debt financing and extinguishment costs | 2,120 | 1,530 | 2,120 | 1,530 | ||||||||||||
| Net gain on termination of interest rate swaps | — | (1,410 | ) | — | (1,410 | ) | ||||||||||
| Tax restructuring | — | — | — | 2,200 | ||||||||||||
|
Excluding Special Items, income from continuing operations
attributable to |
$ | 16,890 | $ | 13,300 | $ | 87,050 | $ | 84,700 | ||||||||
|
Three months ended |
Twelve months ended |
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| 2014 | 2013 | 2014 | 2013 | |||||||||||||
|
Diluted earnings per share from continuing operations attributable
to |
$ | 0.06 | $ | 0.13 | $ | 1.46 | $ | 1.80 | ||||||||
| After-tax impact of Special Items to consider in evaluating quality of EPS from continuing operations: | ||||||||||||||||
| Release of historical translation adjustments related to the sale of Italian business and closure of Brazilian manufacturing facility | 0.03 | — | 0.03 | (0.19 | ) | |||||||||||
| Severance and business restructuring costs | 0.23 | 0.16 | 0.38 | 0.38 | ||||||||||||
| Cequent spin-off related costs | 0.01 | — | 0.01 | — | ||||||||||||
| Debt financing and extinguishment costs | 0.04 | 0.03 | 0.04 | 0.04 | ||||||||||||
| Net gain on termination of interest rate swaps | — | (0.03 | ) | — | (0.03 | ) | ||||||||||
| Tax restructuring | — | — | — | 0.05 | ||||||||||||
| Excluding Special Items, EPS from continuing operations would have been | $ | 0.37 | $ | 0.29 | $ | 1.92 | $ | 2.05 | ||||||||
|
Weighted-average shares outstanding for the three and twelve months
ended |
45,384,460 | 45,159,205 | 45,269,409 | 41,395,706 | ||||||||||||
VP, Investor Relations
(248) 631-5506
sherrylauderback@trimascorp.com
Source:
News Provided by Acquire Media
