TriMas Corporation (NASDAQ:TRS) has released its financial results for the first quarter ending March 31, 2024, showcasing a 5.4% increase in net sales to $227.1 million.
This growth was particularly strong in its largest segments, with TriMas Packaging and TriMas Aerospace recording increases of 9.3% and 34.7%, respectively.
Despite robust growth in these key areas, the company noted that market demand for its Specialty Products businesses remained subdued.
Nonetheless, TriMas maintained a consistent diluted earnings per share (EPS) year-over-year and reported a 5.7% rise in adjusted diluted EPS to $0.37.
In addition to financial outcomes, TriMas highlighted its ongoing strategic initiatives, including the repurchase of 540,037 shares, effectively reducing the net shares outstanding by approximately 1%.
The company concluded the quarter with $30.5 million in cash, total debt at $424.9 million, and a net leverage ratio of 2.6x.