TriMas Corporation,(TRS) a leading provider of e ngineered and applied products for various industries, has released its consolidated financial statements for the first quarter of 2023. The report showcases the company's financial performance during the three-month period ending on March 31, 2023. TriMas reported a net income of $4.91 million and generated revenue amounting to $215.46 million during this quarter.
Net Income/Loss
During the first quarter of 2023, TriMas Corporation recorded a net income of $4.91 million. This figure reflects the company's profitability after accounting for all expenses, including cost of sales, selling, general, and administrative expenses, interest expenses, and income tax expenses.
TriMas Corporation reported total net sales revenue of $215.46 million for the first quarter of 2023. This amount represents the total income generated from the sale of goods and services during the specified period.
The consolidated balance sheet of TriMas Corporation as of March 31, 2023, shows total assets of $1.32 billion, compared to $1.31 billion as of December 31, 2022. The company's current assets decreased from $422.66 million to $391.24 million, primarily influenced by a decline in cash and cash equivalents.
The company's total liabilities and shareholders' equity stood at $670.61 million and $648.76 million, respectively. Notably, the company's accumulated deficit decreased from $36.13 million to $31.22 million during the first quarter of 2023.
TriMas Corporation's consolidated statement of income for the first quarter of 2023 reveals net sales of $215.46 million, with a gross profit of $47.69 million. Operating profit amounted to $9.99 million, while net income for the period totaled $4.91 million.
In the consolidated statement of comprehensive income, TriMas reported a total comprehensive income of $8.36 million for the first quarter of 2023, including other comprehensive income of $3.45 million, primarily influenced by foreign currency translation adjustments.
The consolidated statement of cash flows shows that TriMas Corporation generated $9.69 million in net cash from operating activities during the first quarter of 2023. The company invested $52.57 million in capital expenditures and acquisitions while utilizing $17.32 million for financing activities.
TriMas Corporation achieved a net income of $4.91 million on revenue of $215.46 million in the first quarter of 2023. Despite challenges in certain areas, the company continues to demonstrate its financial resilience and strategic capabilities.