- TriMas slips (NASDAQ:TRS -8.1%) as its Q3 earnings came in below expectations; updated its full year 2019 outlook, and estimates organic sales growth ~1.5% to 2.5% Y/Y, reflecting the impact of certain softer end markets and macro challenges.
- Forecasts adjusted diluted EPS in the range of $1.75 to $1.80, from the previous range of $1.85 to $1.95.
- TriMas also announced to divest its Lamons business to First Reserve, a private equity firm focused on energy investing, for $135M.
- Lamons provider of industrial sealing and fastener solutions is currently part of TriMas’ Specialty Products segment, and generated ~$186M as annual sales.
- The transaction is expected to close by Q1 2020.
- Excluding the impact of the Lamons business, organic sales growth is expected to be up slightly compared to 2018, with adjusted diluted EPS of ~$1.40 to $1.45.
- Previously: Trimas EPS misses by $0.06, misses on revenue (Nov. 4)