Trimas Corporation (TRS) has reported 15.78 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $6.99 million, or $0.15 a share in the quarter, compared with $8.30 million, or $0.18 a share for the same period last year. Revenue during the quarter went down marginally by 1.50 percent to $199.83 million from $202.88 million in the previous year period. Gross margin for the quarter contracted 166 basis points over the previous year period to 25.90 percent. Total expenses were 92.12 percent of quarterly revenues, up from 91.89 percent for the same period last year. That has resulted in a contraction of 23 basis points in operating margin to 7.88 percent.
Operating income for the quarter was $15.74 million, compared with $16.45 million in the previous year period.
"Our accelerated realignment efforts and renewed operating discipline have started to boost our performance," said Thomas Amato, TriMas president and chief executive officer. "While we are pleased with our start to 2017, we still have many opportunities to improve and are committed to enhancing our performance. We remain excited about the long-term prospects for TriMas and our family of businesses."
Operating cash flow turns positiveTrimas Corporation has generated cash of $21.97 million from operating activities during the quarter as against cash outgo of $3.34 million in the last year period. The company has spent $10.71 million cash to meet investing activities during the quarter as against cash outgo of $5.86 million in the last year period.
The company has spent $9.33 million cash to carry out financing activities during the quarter as against cash inflow of $15.17 million in the last year period.
Cash and cash equivalents stood at $22.64 million as on Mar. 31, 2017, down 10.94 percent or $2.78 million from $25.42 million on Mar. 31, 2016.
Working capital declines
Trimas Corporation has witnessed a decline in the working capital over the last year. It stood at $177.37 million as at Mar. 31, 2017, down 12.89 percent or $26.24 million from $203.61 million on Mar. 31, 2016. Current ratio was at 2.35 as on Mar. 31, 2017, down from 2.56 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 52 days for the quarter from 110 days for the last year period. Days sales outstanding went down to 54 days for the quarter compared with 57 days for the same period last year.
Days inventory outstanding has decreased to 48 days for the quarter compared with 104 days for the previous year period. At the same time, days payable outstanding was almost stable at 50 days for the quarter, when compared with the previous year period.
Debt comes down
Trimas Corporation has recorded a decline in total debt over the last one year. It stood at $366.88 million as on Mar. 31, 2017, down 17.29 percent or $76.68 million from $443.56 million on Mar. 31, 2016. Total debt was 34.85 percent of total assets as on Mar. 31, 2017, compared with 37.86 percent on Mar. 31, 2016. Debt to equity ratio was at 0.72 as on Mar. 31, 2017, down from 0.81 as on Mar. 31, 2016. Interest coverage ratio deteriorated to 4.43 for the quarter from 4.78 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
