Orlando, FL 2/23/12 (StreetBeat) -- Diversified manufacturer TriMas Corp. (Nasdaq: TRS) said Monday its fourth-quarter profit more than doubled, boosted by gains on the sales of its precision cutting tooland specialty fittings businesses and stronger sales.Shares of TriMas, whose products include packaging for several industries, engines and other tools for energy companies and parts for defense companies, rose more than 4 percent Monday morning.
For the quarter ended Dec. 31, Bloomfield Hills, Mich.-based TriMas earned $13.3 million, or 39 cents per share, up from $5.7 million, or 17 cents per share, for the same quarter in 2010.
Excluding earnings from the businesses it sold, the cost of laying off employees and other special items, the company posted an adjusted profit from continuing operations of 25 cents per share for the recent quarter.
Analysts, on average, expected a profit from continuing operations of 21 cents per share.
TriMas said revenue rose 22 percent to $259.7 million from $212.5 million because of gains in market share, new products, expansion into new regions and recent acquisitions. Analysts expected $233.7 million in revenue.
TriMas sold its precision cutting tool and specialty fittings businesses in December 2011. It said it used money from that sale to buy Arminak & Associates LLC, which makes lotion pumps and other packaging for cosmetics and personal care companies. TriMas said Monday that it's buying 70 percent of Arminak for $64 million, and may buy the rest of the company later.
Looking forward, TriMas said it expects to post a 2012 profit from continuing operations of $1.75 to $1.85 per share on sales growth of 7 to 10 percent from 2011. That suggests revenue of $1.16 billion to $1.19 billion.
Analysts polled by FactSet expect a 2012 profit of $1.81 per share on $1.13 billion in revenue.
In 2011, TriMas earned $60.4 million, or $1.73 per share, up from $45.3 million, or $1.31 per share, in 2010. Revenue rose to $1.08 billion from $902.5 million.
TriMas shares rose $1, or 4.3 percent, to $24.25 in morning trading Monday.
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