BLOOMFIELD HILLS, Mich. (AP) -- Shares of TriMas Corp. jumped Monday, after the diversified manufacturer reported better-than-expected adjusted earnings for the second quarter and raised its revenue prediction for the full year.
TriMas said it continues to expect economic uncertainty and uneven demand from its customers. But it added that it's also confident its sales will outpace the economy.
Separately, TriMas said it agreed to buy CIFAL Industrial e Comercial Ltda, a Brazil-based manufacturer and supplier of specialty fasteners and stud bolts for the oil and gas industry. In addition, the company said it completed its acquisition of Trail Com Ltd., a distributor of towing accessories and trailer components in New Zealand and Australia.
The company paid $23 million in cash for the two companies combined. In addition, TriMas could make additional future payments for CIFAL if its post-acquisition operating results meet certain standards, the company said.
Trimas, based in Bloomfield Hills, Mich., reported net income of $16.7 million, or 44 cents per share, down 2.5 percent from $17.1 million, or 49 cents per share, in the same quarter last year.
Excluding one-time items, the company said its adjusted earnings from continuing operations was 61 cents per share.
Revenue rose 17 percent to $338.4 million from $288.1 million.
Its adjusted profit and revenue beat Wall Street predictions. Analysts expected adjusted earnings of 55 cents per share on $324.2 million in revenue, according to a FactSet poll.
The company attributed the better-than-expected revenue to contributions from acquisitions, product innovations, market share gains and geographic expansion.
The company said it now expects its 2012 revenue to rise 10 percent to 14 percent from 2011 levels. It previously projected growth of 7 percent to 10 percent.
Based on TriMas' 2011 revenue of $1.08 billion, the new guidance projects 2012 sales of $1.19 billion to $1.23 billion. Analysts polled by FactSet expect $1.22 billion in revenue.
The company also backed its full-year profit prediction, saying that it still expects to post an adjusted profit from continuing operations of $1.75 to $1.85 per share. Analysts expect a profit of $1.78 per share.
TriMas shares rose $2.54, or 13.2 percent, to $21.73 in afternoon trading after peaking at $23.28 earlier in the day. Over the past 52 weeks, the company's shares have traded between $13.46 and $25.50.
