Second-quarter income from continuing operations attributable to TriMas Corp. was $8.5 million, or 19 cents per diluted share, as compared to income of $14.4 million, or 32 cents per diluted share, in the second quarter of 2014. Excluding special items, second quarter 2015 diluted earnings per share from continuing operations would have been cents 30, as compared to 37 cents in second quarter 2014, primarily as a result of the impact of lower oil prices, currency headwinds and resolution of a legal claim.
These amounts exclude the results of operations of the Cequent businesses, which were spun-off as Horizon Global Corporation on June 30 and were reclassified as discontinued operations.
The company reported operating profit of $19.2 million in the second quarter, a decrease of 24.3% as compared to the same period last year.
“We are pleased to have completed the spin-off of the Cequent businesses – on time and within budget – into Horizon Global during the second quarter,” said David Wathen, TriMas president and CEO. “This event represents a major milestone for our company, simplifying and improving the margin profile of our portfolio, and positioning us to deliver enhanced performance over time and drive value for shareholders. We dedicated a significant amount of effort and resources to the separation; I want to thank all of our employees for their hard work and dedication during this process and for enabling such a smooth transition.”
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