The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.
Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .
Mon Oct 31, 2016
BLOOMFIELD HILLS, Michigan — TriMas has announced financial results for the quarter ending Sept. 30, with third quarter net sales from operations at $202.3 million, a decrease of 9 percent compared to third quarter 2015.
The company reported third quarter income from continuing operations of $8.8 million, or $0.19 per diluted share, compared to income of $11.7 million, or $0.26 per diluted share, in the third quarter of 2015. Excluding Special Items related to severance and business restructuring, third quarter 2016 diluted earnings per share from continuing operations would have been $0.35, as compared to $0.39 in third quarter 2015.
Financial highlights of the third quarter include:
• 2016 diluted earnings per share, excluding Special Items, of $0.35, despite lower sales levels.
• Increased operating profit margin, excluding Special Items, by 50 basis points, as compared to third quarter 2015.
• Achieved solid progress against a comprehensive recovery plan in the Aerospace segment which resulted in 530 basis points of sequential quarterly margin improvement, excluding Special Items.
• Generated free cash flow of $11.2 million for third quarter 2016, resulting in year-to-date free cash flow of approximately 90 percent of income from continuing operations, excluding Special Items.
• Reduced total debt by 11 percent as compared to Sept. 30, 2015.
• Initiated facility rationalization and infrastructure cost savings actions during the quarter to further streamline operations and drive improved performance.
"We achieved third quarter diluted earnings per share of $0.35, excluding Special Items, despite softer sales levels primarily related to challenges in the oil and gas end markets," says Thomas Amato, TriMas President and Chief Executive Officer. "I am pleased with the renewed focus and sense of urgency to drive future performance improvements, as evidenced by the additional footprint rationalization actions taken during the quarter."
"During my first three months at TriMas, we implemented more detailed analytics and increased the frequency of management reviews to drive improved operational execution and make TriMas and its businesses more nimble and responsive to changes in our end markets, which we believe will ultimately provide a competitive advantage,” Amato says. “After spending time with our teams in the businesses, I am convinced there are many opportunities to further enhance operating performance by embracing a culture of continuous improvement and accelerating growth in high potential areas."
"Regarding our 2016 outlook, we are tightening our full-year 2016 diluted EPS guidance range from $1.22 to $1.30, to $1.24 to $1.28 per share, excluding Special Items. While we continue to experience softer sales levels, we are taking actions to further streamline the businesses, enabling us to hold the midpoint of our previously provided EPS guidance range,” Amato says. “We are currently working on our 2017 budget, as well as our longer-term strategic plan, in which we expect to achieve earnings expansion, despite anticipated continued oil and gas end market softness," Amato says.
Additional Information: http://ir.trimascorp.com/releasedetail.cfm?ReleaseID=995839