BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
TriMas Corporation (NASDAQ:TRS) - a diversified global manufacturer of
engineered and applied products - announced today that it is lowering
its full year 2014 guidance. Full year 2014 diluted earnings per share
is now expected to be between $1.85 and $1.95, excluding any future
events that may be considered Special Items. Previous full year 2014
guidance was an earnings per share of between $2.15 and $2.25.
The Company estimates that 2014 sales will increase 6% to 7% as compared
to 2013. In addition, the Company has maintained its guidance of $55
million to $65 million of Free Cash Flow, defined as Cash Flow from
Operating Activities less Capital Expenditures, in 2014.
"As previously indicated, we have faced both external market pressures
and operational challenges in our Energy and Aerospace businesses to
date in 2014," said David Wathen, TriMas President and Chief Executive
Officer. "While we have taken actions to improve the performance in
these segments, the reality is that the improvements have not taken
place at the expected pace. In addition, our Cequent businesses have
faced and will continue to face additional margin pressures during the
back half of 2014. We do not take lightly the need to adjust market
expectations and continue to focus on capturing the opportunities and
mitigating the risks we face in these choppy end markets. While we do
see positive trends in certain businesses, these trends are expected to
be more than offset by the recent headwinds. We are taking actions to
effectively address these challenges and remain positive on the
longer-term prospects for EPS growth in our business."
Conference Call Information
TriMas Corporation will host a conference call today, September 22,
2014 at 8:30 a.m. ET to discuss information in this release and related
matters. The call-in number is (888) 403-8872. Participants should
request to be connected to the TriMas Corporation Update Call (Passcode
ID #629511). The conference call will also be simultaneously webcast via
TriMas' website at www.trimascorp.com,
under the "Investors" section, with an accompanying slide presentation.
About TriMas
Headquartered in Bloomfield Hills, Michigan, TriMas Corporation
(NASDAQ:TRS) provides engineered and applied products for growing
markets worldwide. TriMas is organized into six reportable
segments: Packaging, Energy, Aerospace, Engineered Components, Cequent
APEA and Cequent Americas. TriMas has approximately 6,000 employees at
more than 60 facilities in 19 countries. For more information, visit www.trimascorp.com.
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 general economic and
currency conditions, various conditions specific to the Company's
business and industry, 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 December
31, 2013, and in the Company's Quarterly Reports on Form 10-Q. These
risks and uncertainties may cause actual results to differ materially
from those indicated by the forward-looking statements. All
forward-looking statements made herein are based on information
currently available, and the Company assumes no obligation to update any
forward-looking statements.
TriMas Corporation
Sherry Lauderback, 248-631-5506
VP,
Investor Relations & Communications
sherrylauderback@trimascorp.com
Source: TriMas Corporation
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