Sales from continuing operations totaled $380.1 million, an increase of 7.1% compared to third quarter 2013. The company reported third quarter net income from continuing operations of $18.4 million, or 41 cents per diluted share, as compared to income of $28.9 million, or 71 cents per diluted share, during the third quarter of 2013.
“Throughout the third quarter, we continued to face both external market pressures and operational challenges in our Energy, Aerospace and Cequent businesses as previously indicated,” said David Wathen, TriMas president and CEO. “We are keenly focused on improving our results to have a positive impact on the short and long-term.
“We have intensified our efforts to increase margins across all of our businesses through the execution of a series of action plans,” Wathen continued. “Our teams are focused on simplifying our company, as we concentrate on enhancing our mix of higher-margin businesses and continue to implement productivity and lean programs throughout the organization to reduce complexity and costs.”
Sales in the Cequent APEA division for the third quarter increased 8.2% compared to the year ago period primarily due to the July 2013 acquisition of the towing assets of AL-KO. The Cequent Americas division posted a 2.3% increase in revenue compared to the year ago period, primarily due to increases in the aftermarket and retail channels.
Other third-quarter highlights include:
• TriMas reported operating profit of $32.3 million in third quarter 2014, a decrease of 26% as compared to third quarter 2013.
• The company reported Free Cash Flow (defined as Cash Flow from Operating Activities less Capital Expenditures) of $34.6 million for third quarter 2014, compared to $18.5 million in third quarter 2013.
• Through September 30, 2014, the Company invested $27.8 million in capital expenditures (included in Free Cash Flow above) primarily in support of future growth and productivity opportunities.