BLOOMFIELD HILLS, Mich.—Diversified manufacturer TriMas Corp. said Wednesday its first-quarter profit rose 12 percent on easy comparisons to a prior-year period weighed down by charges related to discontinued operations.
For the quarter ended March 31, TriMas earned $7.9 million, or 23 cents per share, compared with $7.1 million, or 34 cents per share, for the same quarter in 2007.
The results met Wall Street predictions. Analysts polled by Thomson Financial expected a profit of 23 cents per share.
The recent quarter's results were based on about 33.4 million outstanding shares, while the year-ago period's were based on about 20.8 million.
The 2007 quarter's results included $700,000, or 3 cents per share, in charges related to discontinued operations.
Sales fell nearly 2 percent to $279.6 million from $284.4 million in the 2007 quarter, but beat average analysts' estimates of $273.2 million.
TriMas said packaging systems sales rose 2 percent, while sales of energy products jumped 17 percent and demand for industrial specialties products rose 6 percent.
But TriMas said products sales fell 5 percent and recreational accessories sales dropped 15 percent, as a result of weak consumer spending and a slumping U.S. economy.
TriMas shares rose 23 cents, or 3.5 percent, to $6.85 in afternoon trading.
