Net income from continuing operations during the quarter attributable to TriMas was $2.7 million, or 6 cents per diluted share, as compared to $6 million, or 13 per cents diluted share, during fourth quarter 2013. Operating profit totaled $15.6 million in fourth quarter 2014, as compared to $10.5 million during fourth quarter 2013.
For the year, TriMas posted record net sales from continuing operations of $1.5 billion, an increase of 8% compared to 2013. Full year income from continuing operations attributable to TriMas totaled $65.9 million, or $1.46 per diluted share, compared to income from continuing operations of $74.4 million, or $1.80 per diluted share, in 2013.
“We ended 2014 with record sales of $1.5 billion, an increase of 8% as compared to 2013, and EPS of $1.92(1), which is within the guidance range previously provided,” said David Wathen, TriMas President and CEO. “During the year, we intensified our efforts to improve our future margins across all of our businesses through a series of initiatives. We remain focused on reshaping the businesses to better serve our customers, optimizing our flexible global manufacturing footprint, implementing productivity and lean programs to reduce lead times, complexity and costs, and leveraging our recent acquisitions.”
Wathen added, “The decision to spin-off our Cequent businesses, which we believe will provide both companies greater flexibility to focus on their distinct growth and margin improvement strategies, enable them to further improve competitiveness and create significant value for shareholders, customers and employees.”
Fourth-quarter sales for the company’s Cequent Americas business unit increased 1% 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 Asia.
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