Bloomfield Hills, Mich.-based TriMas Corp. reported a slight drop in sales for its third quarter, pulled down by reduced revenues in the company’s RV-related segments.
The highly diversified company is parent to Cequent Transportation Accessories Group, Plymouth, Mich., which supplies towing products to the RV and other sectors under brand names that include Draw-Tite, Reese, Fulton, Wesbar, Bull Dog, Hidden Hitch and Tekonsha.
“While the economic outlook for the majority of our companies remains positive, we are watching end market demand within our recreational accessories and RV and trailer products businesses closely,” said Grant Beard, president and CEO.
TriMas posted third-quarter sales of $244.6 million versus $246 million a year ago while the company reported a net loss from continued operations of $1.9 million compared with net income of $2.1 million the year prior.
Third-quarter sales of RV and trailer products decreased $9.7 million to $43.3 million compared with the year prior. TriMas said the segment experienced lower sales across all market channels due to soft demand.
Its recreational accessories segment reported a 12.1% year-over-year decrease in revenues to $64.8 million as a result of “reduced consumer demand for towing products and accessories due to record high gasoline prices and a continued uncertain interest rate environment.”