Bloomfield Hills, Michigan-based manufacturer TriMas (NASDAQ: TRS) says its 2021 fourth-quarter sales increased 11.1%, while overall annual sales increased 11.3%.
TriMas reported 4Q net sales of $209.0 million, compared to $188.2 million in 2020’s 4Q. The company said the increases sales were a result of “organic growth, including the impacts of customers’ stocking orders in TriMas’ Aerospace group and increased demand in TriMas’ Specialty Products group, and acquisition-related sales.”
The company’s 4Q operating profit was $17.6 million. Net income was $12.8 million, or $0.30 per diluted share, compared to $23.7 million, or $0.54 per diluted share, in fourth quarter 2020, primarily as a result of a 4Q 2020 change in recognized tax benefits that did not repeat in 2021’s 4Q, the company said.
For 2021 overall, TriMas reported net sales of $857.1 million, compared to $770 million in 2020. The increase was driven by organic sales growth, including approximately $29.4 million of customers’ stocking orders in TriMas’ Aerospace group, acquisition-related sales and favorable currency exchange, the company said.
The company reported 2021 net income of $57.3 million, or $1.32 per diluted share, compared to a net loss of $79.8 million, or loss of $1.83 per diluted share, in 2020.
“Overall, we delivered a strong finish to the year in line with our previously provided outlook,” said Thomas Amato, TriMas president and CEO. “I am proud of the TriMas team and our successful navigation of imponderable challenges arising from the pandemic. This performance would not have been possible without the global TriMas team’s perseverance, agility and commitment.