Trimas Corporation - TRS STOCK NEWS

TriMas (NASDAQ: TRS) will host its first quarter 2021 earnings conference call on April 29, 2021. The call starts at 10 a.m. Eastern Time and follows the earnings release at 8 a.m. This event will be accessible via phone at (866) 248-8441, with the confirmation code 7033534, or through a webcast on TriMas' website. A replay will be available from April 29 at 3 p.m. until May 6 at 3 p.m. TriMas, headquartered in Bloomfield Hills, Michigan, specializes in manufacturing for various markets, supported by a team of approximately 3,200 employees across 11 countries.

TriMas (NASDAQ: TRS) announced the closing of a $400 million senior unsecured notes offering on March 29, 2021. The fixed interest rate for the notes is 4.125%, with proceeds partially allocated to redeeming existing 4.875% notes due 2025. Additionally, the company amended its senior secured credit agreement to maintain $300 million in revolving loans, maturing in March 2026. President Thomas Amato emphasized that this refinancing reduces debt and enhances financial flexibility, allowing for continued strategic execution and shareholder value growth.

TriMas has priced its offering of $400 million in senior unsecured notes due 2029, with an interest rate of 4.125%. The offering is expected to close on March 29, 2021, pending customary conditions. Proceeds will be used to redeem outstanding 4.875% senior unsecured notes due 2025, with any remaining funds allocated for general corporate purposes. The offering is exempt from registration under the Securities Act and limited to qualified institutional buyers and certain non-U.S. persons.

TriMas Corporation (NASDAQ: TRS) has announced a $350 million offering of senior unsecured notes due 2029. The funds will be used to redeem existing 4.875% unsecured notes due 2025, with remaining proceeds allocated for general corporate purposes. The offering is exempt from registration under the Securities Act, targeting qualified institutional buyers and certain non-U.S. persons. This announcement does not constitute an offer to sell the notes or a notice of redemption for existing notes.

TriMas (NASDAQ: TRS) has announced the departure of Joshua Sherbin, Senior Vice President, General Counsel, and Chief Compliance Officer, after a 16-year tenure. Sherbin played a crucial role in guiding the company through acquisitions, divestitures, and governance matters, especially during the pandemic. His official duties will end on March 5, 2021, though he will remain with TriMas until May 11, 2021, for transitional support. Jodi Robin will act as interim General Counsel during the restructuring of the legal department.

TriMas reported a 10.1% increase in Q4 sales to $188.2 million and a 6.4% rise in full-year sales to $770 million, driven by its Packaging segment. Q4 diluted EPS rose 80% to $0.54, while adjusted EPS was $0.38, an 18.3% increase. Despite operational challenges, TriMas generated $127.4 million in operating cash flow for the year. The company ended 2020 with $312.3 million in cash and a leverage ratio of 1.8x. TriMas experienced a significant operating loss of $88.3 million due to impairment charges in Aerospace. For Q1 2021, sales growth is projected between 4% to 9% with adjusted EPS expected at $0.34 to $0.39.

TriMas (NASDAQ: TRS) will host its fourth quarter and full year 2020 earnings conference call on February 25, 2021, starting at 10 a.m. ET, following the earnings release at 8 a.m. The call can be accessed via phone at (800) 353-6461 or through a live webcast on the company’s website. A replay will be available from February 25 at 3 p.m. ET until March 4 at 3 p.m. ET. TriMas is a global manufacturer focused on consumer products, aerospace, and industrial markets, operating in 11 countries with approximately 3,500 employees.

TriMas has successfully completed the acquisition of Affaba & Ferrari, enhancing its Rieke business and packaging group. This strategic move expands TriMas' food & beverage and industrial product offerings, adding innovative caps and closures aimed at consumer goods and industrial clients. Affaba & Ferrari, based in Italy, is projected to generate approximately €32 million in revenue for fiscal year 2020. The acquisition will be primarily funded through existing cash and lines of credit, maintaining a net debt to EBITDA ratio below 2.0x, sustaining TriMas' strong financial health.