TriMas Reports First Quarter 2024 Results
TriMas (NASDAQ: TRS) reported a 5.4% increase in net sales to $227.1 million for the first quarter of 2024. The company saw growth in its Packaging and Aerospace segments, with diluted EPS in line with the prior year and adjusted diluted EPS up 5.7% to $0.37. Despite challenges in Specialty Products, TriMas remains optimistic about its performance for 2024. The company repurchased shares and paid dividends, maintaining a strong financial position.
5.4% increase in net sales to $227.1 million for Q1 2024
Net sales growth within Packaging and Aerospace segments
Adjusted diluted EPS increased 5.7% to $0.37
Repurchased 540,037 shares of common stock
Strong financial position with $30.5 million cash on hand and $257.4 million borrowing capacity
TriMas Specialty Products group saw a 33.5% decrease in net sales for Q1 2024
Operating profit and margin decreased in Specialty Products segment
Net cash used for operating activities in Q1 2024
Decline in demand levels for certain industrial and oil and gas applications
Insights
The reported net sales growth of
Engaging in a share repurchase program, particularly when the company perceives a 'dislocation in value,' suggests confidence in the intrinsic value of their stock. This action, combined with a steady dividend payout, reflects a shareholder-friendly capital return policy. However, the increased rate of repurchasing might also be indicative of a lack of more profitable reinvestment opportunities within the company, which could be a concern for long-term growth prospects.
The commitment to a robust balance sheet is evident with a net leverage ratio of
TriMas's performance in the Packaging and Aerospace segments reflects broader industry trends, such as the increasing need for specialized packaging solutions and the rebound in aerospace production. The company's ability to achieve organic growth and benefit from recent acquisitions provides a diversified revenue stream and mitigates risk associated with fluctuations in individual market segments.
However, the decline in the Specialty Products group sales,
TriMas's reaffirmation of its full-year 2024 guidance projects confidence in its operating strategy and market conditions. From an investor's standpoint, such reaffirmation can be taken as a signal of stable future earnings. However, one should also consider the caveats included in their outlook, which excludes potential impacts of escalating global conflicts. This highlight is essential as it underscores the ever-present geopolitical risks that could disrupt supply chains or impact input costs.
Lastly, the intent to divest the Arrow Engine business, which operates within the oil and gas sector, aligns with a strategic focus on core, higher growth areas. While this move may create short-term financial and operational disruption, it could ultimately streamline operations and focus investments on more robust and profitable segments.
Reaffirms Full Year 2024 Guidance
TriMas First Quarter Highlights
-
Achieved quarterly net sales growth of
5.4% to$227.1 million -
Increased net sales within TriMas Packaging, its largest segment, by
9.3% , and TriMas Aerospace by34.7% -
Diluted EPS was in line with the prior year quarter, and adjusted diluted EPS(2) increased
5.7% to$0.37 -
Repurchased 540,037 shares of common stock, reducing net shares outstanding by approximately
1.0%
"Our overall first quarter results came in as anticipated, with pockets of demand strength as certain of our end markets continued to recover," said Thomas Amato, TriMas President and Chief Executive Officer. "We are encouraged by the ongoing upward trend in our order intake, sales and conversion rates within our TriMas Packaging and Aerospace groups, our two largest segments. While this positive momentum drove our results for the quarter, market demand in our Specialty Products businesses remained soft, as customers continued working through higher inventory levels built up in 2023."
"Last year, we navigated through cyclical demand troughs in certain of our packaging end markets and disruptions in sub-supply and labor availability in our Aerospace group, which we believe are largely behind us as we progress through 2024. Therefore, despite a soft start to the year in our Specialty Products group, we remain optimistic about our 2024 performance, as well as our future prospects. We are dedicated to delivering long-term value for our shareholders, and remain confident in the strength of our market positions, underlying businesses and balance sheet to deliver this outcome," concluded Amato.
First Quarter 2024
TriMas reported first quarter 2024 net sales of
The Company reported first quarter 2024 net income of
Financial Position
During the first three months of 2024, the Company repurchased 540,037 shares of its outstanding common stock for
TriMas ended first quarter 2024 with
The Company reported net cash used for operating activities of
First Quarter Segment Results
TriMas Packaging group's net sales for the first quarter were
TriMas Aerospace group's net sales for the first quarter were
TriMas Specialty Products group's net sales were
Outlook
The Company reaffirms its full year 2024 outlook provided on February 29, 2024. The Company expects full year 2024 adjusted diluted earnings per share(2) to be between
"As we begin the second quarter, we anticipate a continued gradual recovery in the consumer goods and industrial markets served by TriMas' Packaging group. We also expect that demand in the aerospace and defense end market will continue to remain robust through 2024. The anticipated better than originally planned performance within our TriMas Packaging and TriMas Aerospace groups is expected to overcome any softer demand within the Specialty Products businesses for the year," commented Amato.
The above outlook includes the impact of all announced acquisitions. As previously communicated, effective as of the first quarter of 2024, the Company is adding back non-cash compensation expense to its adjusted diluted earnings per share calculation. The outlook provided assumes no detrimental impact related to input costs or end market demand associated with escalating global conflicts. All of the above amounts considered as 2024 guidance are after adjusting for any current or future amounts that may be considered Special Items, and in the case of adjusted diluted earnings per share, acquisition-related intangible asset amortization expense for deals that have not yet been consummated. The inability to predict the amount and timing of the impacts of these Special Items makes a detailed reconciliation of these forward-looking non-GAAP financial measures impracticable.(1)
Conference Call Information
TriMas will host its first quarter 2024 earnings conference call today, Tuesday, April 30, 2024, at 10 a.m. ET. To participate via phone, please dial (877) 407-0890 (
Notice Regarding Forward-Looking Statements
Any "forward-looking" statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, contained herein, including those relating to TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: general economic and currency conditions; competitive factors; market demand; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; pressures on our supply chain, including availability of raw materials and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations, including, but not limited to, risks relating to tensions between
Non-GAAP Financial Measures
In this release, certain non-GAAP financial measures are used. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure may be found in Appendix I at the end of this release. Management believes that presenting these non-GAAP financial measures provides useful information to investors by helping them identify underlying trends in the Company’s businesses and facilitating comparisons of performance with prior and future periods and to the Company’s peers. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies.
Reconciliations of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are provided only for the expected impact of amortization of acquisition-related intangible assets for completed acquisitions, as the Company is unable to provide estimates of future Special Items(1) or amortization from future acquisitions without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items impacting comparability and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
Additional information is available at www.trimas.com under the “Investors” section.
(1) |
Appendix I details certain costs, expenses and other amounts or charges, collectively described as "Special Items," that are included in the determination of net income, earnings per share and/or cash flows from operating activities under GAAP, but that management believes should be separately considered when evaluating the quality of the Company’s core operating results, given they may not reflect the ongoing activities of the business. |
|
(2) |
The Company defines adjusted net income (and on a per diluted share basis, adjusted diluted earnings per share) as net income (per GAAP), plus or minus the after-tax impact of Special Items(1), plus the after-tax impacts of non-cash acquisition-related intangible asset amortization and non-cash compensation expense. While the acquisition-related intangible assets aid in the Company’s revenue generation, the Company adjusts for the non-cash amortization expense and non-cash compensation expense because the Company believes it (i) enhances management’s and investors’ ability to analyze underlying business performance, (ii) facilitates comparisons of financial results over multiple periods, and (iii) provides more relevant comparisons of financial results with the results of other companies as the amortization expense associated with these assets may fluctuate significantly from period to period based on the timing, size, nature, and number of acquisitions. |
|
(3) |
The Company defines Net Debt as Total Debt less Cash and Cash Equivalents. Please see Appendix I for additional details. |
|
(4) |
The Company defines Free Cash Flow as Net Cash Provided by/Used for Operating Activities, excluding the cash impact of Special Items, less Capital Expenditures. Please see Appendix I for additional details. |
About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,400 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in
TriMas Corporation Condensed Consolidated Balance Sheet (Dollars in thousands) |
||||||
|
|
March 31,
|
|
December 31,
|
||
Assets |
|
(unaudited) |
|
|
||
Current assets: |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
30,470 |
|
$ |
34,890 |
Receivables, net |
|
|
162,650 |
|
|
148,030 |
Inventories |
|
|
206,260 |
|
|
192,450 |
Prepaid expenses and other current assets |
|
|
28,350 |
|
|
22,010 |
Total current assets |
|
|
427,730 |
|
|
397,380 |
Property and equipment, net |
|
|
332,090 |
|
|
329,990 |
Operating lease right-of-use assets |
|
|
41,690 |
|
|
43,220 |
Goodwill |
|
|
361,260 |
|
|
363,770 |
Other intangibles, net |
|
|
175,740 |
|
|
181,020 |
Deferred income taxes |
|
|
9,880 |
|
|
10,230 |
Other assets |
|
|
16,090 |
|
|
16,050 |
Total assets |
|
$ |
1,364,480 |
|
$ |
1,341,660 |
Liabilities and Shareholders' Equity |
|
|
|
|
||
Current liabilities: |
|
|
|
|
||
Accounts payable |
|
$ |
82,250 |
|
$ |
91,910 |
Accrued liabilities |
|
|
66,510 |
|
|
59,640 |
Lease liabilities, current portion |
|
|
8,030 |
|
|
7,900 |
Total current liabilities |
|
|
156,790 |
|
|
159,450 |
Long-term debt, net |
|
|
424,930 |
|
|
395,660 |
Lease liabilities |
|
|
37,950 |
|
|
39,690 |
Deferred income taxes |
|
|
26,120 |
|
|
23,290 |
Other long-term liabilities |
|
|
45,470 |
|
|
40,620 |
Total liabilities |
|
|
691,260 |
|
|
658,710 |
Total shareholders' equity |
|
|
673,220 |
|
|
682,950 |
Total liabilities and shareholders' equity |
|
$ |
1,364,480 |
|
$ |
1,341,660 |
TriMas Corporation Consolidated Statement of Income (Unaudited - dollars in thousands, except per share amounts) |
||||||||
|
|
Three months ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Net sales |
|
$ |
227,100 |
|
|
$ |
215,460 |
|
Cost of sales |
|
|
(174,390 |
) |
|
|
(167,770 |
) |
Gross profit |
|
|
52,710 |
|
|
|
47,690 |
|
Selling, general and administrative expenses |
|
|
(40,270 |
) |
|
|
(37,700 |
) |
Operating profit |
|
|
12,440 |
|
|
|
9,990 |
|
Other expense, net: |
|
|
|
|
||||
Interest expense |
|
|
(4,930 |
) |
|
|
(3,700 |
) |
Other income (expense), net |
|
|
(320 |
) |
|
|
(70 |
) |
Other expense, net |
|
|
(5,250 |
) |
|
|
(3,770 |
) |
Income before income tax expense |
|
|
7,190 |
|
|
|
6,220 |
|
Income tax expense |
|
|
(2,050 |
) |
|
|
(1,310 |
) |
Net income |
|
$ |
5,140 |
|
|
$ |
4,910 |
|
Basic earnings per share: |
|
|
|
|
||||
Net income per share |
|
$ |
0.13 |
|
|
$ |
0.12 |
|
Weighted average common shares—basic |
|
|
41,018,049 |
|
|
|
41,543,625 |
|
Diluted earnings per share: |
|
|
|
|
||||
Net income per share |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
Weighted average common shares—diluted |
|
|
41,322,014 |
|
|
|
41,802,037 |
|
TriMas Corporation Consolidated Statement of Cash Flow (Unaudited - dollars in thousands) |
||||||||
|
|
Three months ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Cash Flows from Operating Activities: |
|
|
|
|
||||
Net income |
|
$ |
5,140 |
|
|
$ |
4,910 |
|
Adjustments to reconcile net income to net cash provided by (used for) operating activities, net of acquisition impact: |
|
|
|
|
||||
Gain on dispositions of assets |
|
|
(60 |
) |
|
|
(10 |
) |
Depreciation |
|
|
9,980 |
|
|
|
8,760 |
|
Amortization of intangible assets |
|
|
4,210 |
|
|
|
4,590 |
|
Amortization of debt issue costs |
|
|
240 |
|
|
|
230 |
|
Deferred income taxes |
|
|
3,410 |
|
|
|
2,070 |
|
Non-cash compensation expense |
|
|
4,570 |
|
|
|
2,940 |
|
Provision for losses on accounts receivable |
|
|
770 |
|
|
|
— |
|
Increase in receivables |
|
|
(16,190 |
) |
|
|
(11,850 |
) |
Increase in inventories |
|
|
(14,260 |
) |
|
|
(1,590 |
) |
Decrease in prepaid expenses and other assets |
|
|
510 |
|
|
|
1,490 |
|
Decrease in accounts payable and accrued liabilities |
|
|
(3,670 |
) |
|
|
(2,360 |
) |
Other operating activities |
|
|
1,660 |
|
|
|
510 |
|
Net cash provided by (used for) operating activities, net of acquisition impact |
|
|
(3,690 |
) |
|
|
9,690 |
|
Cash Flows from Investing Activities: |
|
|
|
|
||||
Capital expenditures |
|
|
(13,250 |
) |
|
|
(14,790 |
) |
Acquisition of businesses, net of cash acquired |
|
|
— |
|
|
|
(37,790 |
) |
Net proceeds from disposition of property and equipment |
|
|
110 |
|
|
|
10 |
|
Net cash used for investing activities |
|
|
(13,140 |
) |
|
|
(52,570 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
||||
Proceeds from borrowings on revolving credit facilities |
|
|
68,890 |
|
|
|
10,840 |
|
Repayments of borrowings on revolving credit facilities |
|
|
(39,820 |
) |
|
|
(10,840 |
) |
Payments to purchase common stock |
|
|
(13,320 |
) |
|
|
(10,400 |
) |
Shares surrendered upon exercise and vesting of equity awards to cover taxes |
|
|
(1,560 |
) |
|
|
(2,310 |
) |
Dividends paid |
|
|
(1,660 |
) |
|
|
(1,660 |
) |
Other financing activities |
|
|
(120 |
) |
|
|
(2,950 |
) |
Net cash provided by (used for) financing activities |
|
|
12,410 |
|
|
|
(17,320 |
) |
Cash and Cash Equivalents: |
|
|
|
|
||||
Decrease for the period |
|
|
(4,420 |
) |
|
|
(60,200 |
) |
At beginning of period |
|
|
34,890 |
|
|
|
112,090 |
|
At end of period |
|
$ |
30,470 |
|
|
$ |
51,890 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
Cash paid for interest |
|
$ |
490 |
|
|
$ |
210 |
|
Cash paid for taxes |
|
$ |
1,000 |
|
|
$ |
1,780 |
|
Appendix I |
||||||||
TriMas Corporation Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures (Unaudited - dollars in thousands) |
||||||||
|
|
Three months ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Packaging |
|
|
|
|
||||
Net sales |
|
$ |
127,020 |
|
|
$ |
116,220 |
|
Operating profit |
|
$ |
17,110 |
|
|
$ |
14,390 |
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
||||
Purchase accounting costs |
|
|
— |
|
|
|
400 |
|
Business restructuring and severance costs |
|
|
910 |
|
|
|
450 |
|
Adjusted operating profit |
|
$ |
18,020 |
|
|
$ |
15,240 |
|
|
|
|
|
|
||||
Aerospace |
|
|
|
|
||||
Net sales |
|
$ |
67,340 |
|
|
$ |
49,990 |
|
Operating profit |
|
$ |
7,130 |
|
|
$ |
1,430 |
|
|
|
|
|
|
||||
Specialty Products |
|
|
|
|
||||
Net sales |
|
$ |
32,740 |
|
|
$ |
49,250 |
|
Operating profit |
|
$ |
2,610 |
|
|
$ |
9,750 |
|
|
|
|
|
|
||||
Corporate Expenses |
|
|
|
|
||||
Operating loss |
|
$ |
(14,410 |
) |
|
$ |
(15,580 |
) |
Special Items to consider in evaluating operating loss: |
|
|
|
|
||||
M&A diligence and transaction costs |
|
|
1,210 |
|
|
|
1,200 |
|
ERP implementation costs |
|
|
1,010 |
|
|
|
— |
|
Business restructuring and severance costs |
|
|
680 |
|
|
|
3,480 |
|
Adjusted operating loss |
|
$ |
(11,510 |
) |
|
$ |
(10,900 |
) |
|
|
|
|
|
||||
Total Company |
|
|
|
|
||||
Net sales |
|
$ |
227,100 |
|
|
$ |
215,460 |
|
Operating profit |
|
$ |
12,440 |
|
|
$ |
9,990 |
|
Total Special Items to consider in evaluating operating profit |
|
|
3,810 |
|
|
|
5,530 |
|
Adjusted operating profit |
|
$ |
16,250 |
|
|
$ |
15,520 |
|
Appendix I |
||||||||
TriMas Corporation Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures (Unaudited - dollars in thousands, except per share amounts) |
||||||||
|
|
Three months ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Net income, as reported |
|
$ |
5,140 |
|
|
$ |
4,910 |
|
Special Items to consider in evaluating quality of net income: |
|
|
|
|
||||
Business restructuring and severance costs |
|
|
1,590 |
|
|
|
3,930 |
|
Purchase accounting costs |
|
|
— |
|
|
|
400 |
|
M&A diligence and transaction costs |
|
|
1,210 |
|
|
|
1,200 |
|
ERP Implementation costs |
|
|
1,010 |
|
|
|
— |
|
Derivative charge |
|
|
290 |
|
|
|
— |
|
Amortization of acquisition-related intangible assets |
|
|
4,210 |
|
|
|
4,590 |
|
Non-cash compensation expense |
|
|
4,570 |
|
|
|
2,940 |
|
Income tax effect of net income adjustments(1) |
|
|
(2,910 |
) |
|
|
(3,330 |
) |
Adjusted net income |
|
$ |
15,110 |
|
|
$ |
14,640 |
|
|
|
|
|
|
||||
|
|
Three months ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Diluted earnings per share, as reported |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
Special Items to consider in evaluating quality of EPS: |
|
|
|
|
||||
Business restructuring and severance costs |
|
|
0.04 |
|
|
|
0.09 |
|
Purchase accounting costs |
|
|
— |
|
|
|
0.01 |
|
M&A diligence and transaction costs |
|
|
0.03 |
|
|
|
0.03 |
|
ERP Implementation costs |
|
|
0.03 |
|
|
|
— |
|
Derivative charge |
|
|
0.01 |
|
|
|
— |
|
Amortization of acquisition-related intangible assets |
|
|
0.10 |
|
|
|
0.11 |
|
Non-cash compensation expense |
|
|
0.11 |
|
|
|
0.07 |
|
Income tax effect of net income adjustments(1) |
|
|
(0.07 |
) |
|
|
(0.08 |
) |
Adjusted diluted EPS |
|
$ |
0.37 |
|
|
$ |
0.35 |
|
Weighted-average shares outstanding |
|
|
41,322,014 |
|
|
|
41,802,037 |
|
(1) |
Income tax effect of net income adjustments is calculated on an item-by-item basis, utilizing the statutory income tax rate in the jurisdiction where the adjustments occurred. For the three month periods ended March 31, 2024 and 2023, the income tax effect on the cumulative net income adjustments varied from the tax rate inherent in the Company's reported GAAP results, primarily as a result of certain discrete items that occurred during the period for GAAP reporting purposes. |
Appendix I |
||||||||||||||||||||||
TriMas Corporation Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures (Unaudited - dollars in thousands) |
||||||||||||||||||||||
|
|
Three months ended March 31, |
||||||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||||||
|
|
As
|
|
Special
|
|
As
|
|
As
|
|
Special
|
|
As
|
||||||||||
Net cash provided by (used for) operating activities |
|
$ |
(3,690 |
) |
|
$ |
2,770 |
|
$ |
(920 |
) |
|
$ |
9,690 |
|
|
$ |
2,030 |
|
$ |
11,720 |
|
Less: Capital expenditures |
|
|
(13,250 |
) |
|
|
— |
|
|
(13,250 |
) |
|
|
(14,790 |
) |
|
|
— |
|
|
(14,790 |
) |
Free Cash Flow |
|
$ |
(16,940 |
) |
|
$ |
2,770 |
|
$ |
(14,170 |
) |
|
$ |
(5,100 |
) |
|
$ |
2,030 |
|
$ |
(3,070 |
) |
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
|||
Long-term debt, net |
|
$ |
424,930 |
|
$ |
395,660 |
|
$ |
394,960 |
Less: Cash and cash equivalents |
|
|
30,470 |
|
|
34,890 |
|
|
51,890 |
Net Debt |
|
$ |
394,460 |
|
$ |
360,770 |
|
$ |
343,070 |
Appendix I |
||||||||
TriMas Corporation Reconciliation of GAAP to Non-GAAP Financial Measures Forecasted Diluted Earnings Per Share Guidance (Unaudited - dollars per share) |
||||||||
|
|
Twelve months ended |
||||||
|
|
December 31, 2024 |
||||||
|
|
Low |
|
High |
||||
Diluted earnings per share (GAAP) |
|
$ |
1.40 |
|
|
$ |
1.60 |
|
Pre-tax amortization of acquisition-related intangible assets(1) |
|
|
0.41 |
|
|
|
0.41 |
|
Income tax benefit on amortization of acquisition-related intangible assets |
|
|
(0.11 |
) |
|
|
(0.11 |
) |
Pre-tax non-cash compensation expense |
|
|
0.24 |
|
|
|
0.24 |
|
Income tax benefit on non-cash compensation expense |
|
|
(0.06 |
) |
|
|
(0.06 |
) |
Impact of Special Items(2) |
|
|
0.07 |
|
|
|
0.07 |
|
Adjusted diluted earnings per share |
|
$ |
1.95 |
|
|
$ |
2.15 |
|
(1) |
These amounts relate to acquisitions completed as of April 30, 2024. The Company is unable to provide forward-looking estimates of future acquisitions, if any, that have not yet been consummated. |
|
(2) |
The Company is unable to provide forward-looking estimates of Special Items without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240430936120/en/
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com
Source: TriMas
FAQ
<p>What was TriMas' net sales growth for Q1 2024?</p>
TriMas reported a 5.4% increase in net sales to $227.1 million for the first quarter of 2024.
<p>How did TriMas' diluted EPS perform for Q1 2024?</p>
Diluted EPS was in line with the prior year quarter, and adjusted diluted EPS increased 5.7% to $0.37 for Q1 2024.
<p>What was the decrease in net sales for TriMas Specialty Products group in Q1 2024?</p>
TriMas Specialty Products group saw a 33.5% decrease in net sales for the first quarter of 2024.
<p>How many shares did TriMas repurchase in Q1 2024?</p>
TriMas repurchased 540,037 shares of common stock in the first quarter of 2024.
<p>What was TriMas' cash position at the end of Q1 2024?</p>
TriMas ended the first quarter of 2024 with $30.5 million of cash on hand and $257.4 million of cash and available borrowing capacity.
