TriMas Reports Fourth Quarter and Full Year 2020 Results
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.
- Q4 2020 sales increased 10.1% to $188.2 million from $170.9 million in Q4 2019.
- Full-year 2020 net cash from operations increased 33.1% to $127.4 million compared to $95.7 million in 2019.
- Increased Q4 diluted EPS from continuing operations by 80% to $0.54.
- Acquired Affaba & Ferrari, enhancing the Packaging group's capabilities.
- Full-year adjusted EPS increased 8.3% to $1.57 compared to $1.45 in 2019.
- Full-year operating loss of $88.3 million due to non-cash impairment charges in the Aerospace segment.
- Aerospace segment net sales dropped 23.5% compared to Q4 2019, impacted by COVID-19.
- Fourth quarter operating profit decreased to $18.4 million, down from $20.8 million in Q4 2019.
TriMas (NASDAQ: TRS) today announced financial results for the fourth quarter and full year ended December 31, 2020.
TriMas Highlights
-
Increased fourth quarter and full year 2020 sales by
10.1% and6.4% , respectively, driven by record sales in TriMas' Packaging group -
Increased fourth quarter diluted EPS from continuing operations
80.0% to$0.54 , while adjusted diluted EPS from continuing operations(1) increased22.6% to$0.38 compared to fourth quarter 2019 -
Generated full year 2020 net cash provided by operating activities from continuing operations of
$127.4 million , an increase of33.1% compared to$95.7 million in 2019 -
Ended 2020 with
$312.3 million of unrestricted cash and aggregate availability, and a net leverage ratio of 1.8x, even after share repurchases and three acquisitions - Acquired Affaba & Ferrari, a designer and manufacturer of engineered caps and closures for food and beverage, and industrial applications, further expanding TriMas’ Packaging group
Fourth Quarter 2020
TriMas reported fourth quarter net sales of
The Company reported fourth quarter 2020 income from continuing operations of
Full Year 2020
For the full year 2020, TriMas reported net sales of
The Company reported a full year 2020 loss from continuing operations of
"While 2020 presented us with unprecedented challenges, we leveraged our TriMas Business Model to anticipate disruptions to our plan, and in turn, took swift actions to implement changes to both protect our workforce and meet customer demands," said Thomas Amato, TriMas President and Chief Executive Officer. "Through our multi-industry family of businesses and our dedicated global team, we delivered solid financial results, and also continued to make progress against TriMas’ overarching strategy.
"Our solid financial performance allowed us to achieve the full year adjusted EPS(1) and Free Cash Flow(2) outlook we set forth at the start of 2020 prior to the onset of the pandemic. We were able to effectively convert on robust organic sales growth opportunities in our Packaging group, and achieve higher consolidated sales, earnings per share and cash flow from operating activities during the fourth quarter compared to the year ago period. Our strong execution was complemented by our disciplined and balanced approach to capital allocation and managing our balance sheet. We remain focused on maintaining our financial and strategic flexibility, which will enable us to continue to fund organic growth initiatives and pursue strategic acquisitions to build out our Packaging and Aerospace platforms, as well as return capital to shareholders through share repurchases.
"Given the continued market uncertainties arising from the global COVID-19 pandemic, we are providing first quarter outlook at this time. We expect first quarter sales growth of
Financial Position
The Company reported net cash provided by operating activities from continuing operations of
During 2020, the Company used
TriMas ended 2020 with
Fourth Quarter Results - From Continuing Operations
Packaging (Approximately
TriMas' Packaging segment, which consists primarily of the Rieke®, Taplast™, Affaba & Ferrari™ and Rapak® brands, develops and manufactures specialty dispensing and closure products for applications in the beauty & personal care, food & beverage, pharmaceutical & nutraceutical, industrial, and home care markets. Net sales for the fourth quarter increased
Aerospace (Approximately
TriMas' Aerospace segment, which includes the Monogram Aerospace Fasteners™, Allfast Fastening Systems®, Mac Fasteners™, RSA Engineered Products™ (RSA) and Martinic Engineering™ brands, develops, qualifies and manufactures highly-engineered, precision fasteners and machined components to serve the aerospace, including military and defense, end market. Net sales for the fourth quarter decreased
Specialty Products (Approximately
TriMas' Specialty Products segment, which includes the Norris Cylinder™ and Arrow® Engine brands, designs, manufactures and distributes highly-engineered steel cylinders, and wellhead engines and compressor systems, for use within the welding, HVAC, medical, military, industrial, and oil and gas end markets. Norris Cylinder is the only steel cylinder manufacturer in North America, and represents the majority of sales in this segment. Fourth quarter net sales decreased
Non-cash Impairment Charges
During the third quarter of 2020, the Company recorded pre-tax, non-cash goodwill and indefinite-lived intangible asset impairment charges of
Discontinued Operations
On December 20, 2019, the Company completed the sale of its Lamons business, a provider of sealing products for the oil and gas end markets, with annual revenues of approximately
Outlook
Given the continued market uncertainties arising from the global COVID-19 pandemic, the Company is providing first quarter outlook only at this time, with the objective of reverting to full year outlook as the impacts of the pandemic and related economic recovery are better understood and visibility improves. For the first quarter of 2021, the Company expects TriMas’ consolidated sales to increase
"As we move through the next couple of months, we believe we will be able to better assess customer demands and future order patterns for our products that are both positively and negatively impacted by the pandemic. In 2021, our objective remains to execute against our long-term growth strategy, driving growth through product and process innovation, as well as via acquisitions, while continuing to apply a disciplined approach to capital allocation. We remain excited about our prospects for the future, and believe our strategic actions during the past two years to focus TriMas on the more attractive packaging and aerospace markets for the long-term will continue to drive value for our shareholders." said Amato.
All of the above amounts considered as 2021 guidance are after adjusting for any current or future amounts that may be considered Special Items. 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.(4)
Conference Call Information
TriMas will host its fourth quarter and full year 2020 earnings conference call today, Thursday, February 25, 2021, at 10:00 a.m. ET. The call-in number is (800) 353-6461. Participants should request to be connected to the TriMas Corporation fourth quarter and full year 2020 earnings conference call (Confirmation Code 6413483). The conference call will also be simultaneously webcast via TriMas' website at www.trimascorp.com, under the "Investors" section, with an accompanying slide presentation. A replay of the conference call will be available on the TriMas website or by dialing (888) 203-1112 (Replay Passcode 6413483) beginning February 25, 2021 at 3:00 p.m. ET through March 4, 2021 at 3:00 p.m. ET.
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: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; general economic and currency conditions; material and energy costs; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; competitive factors; future trends; 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; information technology and other cyber-related risks; the performance of our subcontractors and suppliers; supply constraints; market demand; intellectual property factors; litigation; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; our leverage; liabilities imposed by our debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; the disruption of operations from catastrophic or extraordinary events, including natural disasters and public health crises; the potential impact of Brexit; our future prospects; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements, except as required by law.
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. Additional information is available at www.trimascorp.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. Management believes that presenting these non-GAAP financial measures, adjusted to remove the impact of Special Items, 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. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP financial measures. |
(2) |
The Company defines Free Cash Flow as Net Cash Provided by/Used for Operating Activities from Continuing Operations, excluding the cash impact of Special Items, less Capital Expenditures. Please see Appendix I for additional details. |
(3) |
The Company defines Net Debt as Total Debt less Cash and Cash Equivalents. Please see Appendix I for additional details. |
(4) |
Reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not provided because the Company is unable to provide such reconciliations 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. |
About TriMas
TriMas is a manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial end markets, with approximately 3,200 dedicated employees in 11 countries. We 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 Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.
TriMas Corporation Condensed Consolidated Balance Sheet (Dollars in thousands) |
||||||||
|
|
December 31,
|
|
December 31,
|
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
73,950 |
|
|
$ |
172,470 |
|
Receivables, net |
|
113,410 |
|
|
108,860 |
|
||
Inventories |
|
149,380 |
|
|
132,660 |
|
||
Prepaid expenses and other current assets |
|
15,090 |
|
|
20,050 |
|
||
Total current assets |
|
351,830 |
|
|
434,040 |
|
||
Property and equipment, net |
|
253,060 |
|
|
214,330 |
|
||
Operating lease right-of-use assets |
|
37,820 |
|
|
27,850 |
|
||
Goodwill |
|
303,970 |
|
|
334,640 |
|
||
Other intangibles, net |
|
206,200 |
|
|
161,390 |
|
||
Deferred income taxes |
|
19,580 |
|
|
500 |
|
||
Other assets |
|
21,420 |
|
|
19,950 |
|
||
Total assets |
|
$ |
1,193,880 |
|
|
$ |
1,192,700 |
|
Liabilities and Shareholders' Equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
69,910 |
|
|
$ |
72,670 |
|
Accrued liabilities |
|
60,540 |
|
|
42,020 |
|
||
Operating lease liabilities, current portion |
|
6,740 |
|
|
5,100 |
|
||
Total current liabilities |
|
137,190 |
|
|
119,790 |
|
||
Long-term debt, net |
|
346,290 |
|
|
294,690 |
|
||
Operating lease liabilities |
|
31,610 |
|
|
23,100 |
|
||
Deferred income taxes |
|
24,850 |
|
|
16,830 |
|
||
Other long-term liabilities |
|
69,690 |
|
|
40,810 |
|
||
Total liabilities |
|
609,630 |
|
|
495,220 |
|
||
Total shareholders' equity |
|
584,250 |
|
|
697,480 |
|
||
Total liabilities and shareholders' equity |
|
$ |
1,193,880 |
|
|
$ |
1,192,700 |
|
TriMas Corporation Consolidated Statement of Operations (Dollars in thousands, except share and per share amounts) |
||||||||||||||||
|
|
Three months ended
|
|
Twelve months ended
|
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
(unaudited) |
|
|
|
|
||||||||||
Net sales |
|
$ |
188,170 |
|
|
$ |
170,920 |
|
|
$ |
769,970 |
|
|
$ |
723,530 |
|
Cost of sales |
|
(141,620) |
|
|
(126,590) |
|
|
(587,890) |
|
|
(529,630) |
|
||||
Gross profit |
|
46,550 |
|
|
44,330 |
|
|
182,080 |
|
|
193,900 |
|
||||
Selling, general and administrative expenses |
|
(27,990) |
|
|
(23,440) |
|
|
(134,480) |
|
|
(102,530) |
|
||||
Net loss on dispositions of assets |
|
(210) |
|
|
(100) |
|
|
(1,290) |
|
|
(150) |
|
||||
Impairment of goodwill and indefinite-lived intangible assets |
|
— |
|
|
— |
|
|
(134,600) |
|
|
— |
|
||||
Operating profit (loss) |
|
18,350 |
|
|
20,790 |
|
|
(88,290) |
|
|
91,220 |
|
||||
Other expense, net: |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
(3,400) |
|
|
(3,500) |
|
|
(14,660) |
|
|
(13,950) |
|
||||
Other income (expense), net |
|
390 |
|
|
(260) |
|
|
240 |
|
|
990 |
|
||||
Other expense, net |
|
(3,010) |
|
|
(3,760) |
|
|
(14,420) |
|
|
(12,960) |
|
||||
Income (loss) before income tax expense |
|
15,340 |
|
|
17,030 |
|
|
(102,710) |
|
|
78,260 |
|
||||
Income tax (benefit) expense |
|
8,350 |
|
|
(3,600) |
|
|
22,950 |
|
|
(16,320) |
|
||||
Income (loss) from continuing operations |
|
23,690 |
|
|
13,430 |
|
|
(79,760) |
|
|
61,940 |
|
||||
Income from discontinued operations, net of income taxes |
|
— |
|
|
24,970 |
|
|
— |
|
|
36,680 |
|
||||
Net income (loss) |
|
$ |
23,690 |
|
|
$ |
38,400 |
|
|
$ |
(79,760) |
|
|
$ |
98,620 |
|
Basic earnings (loss) per share: |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
0.55 |
|
|
$ |
0.30 |
|
|
$ |
(1.83) |
|
|
$ |
1.37 |
|
Discontinued operations |
|
— |
|
|
0.56 |
|
|
— |
|
|
0.81 |
|
||||
Net income (loss) per share |
|
$ |
0.55 |
|
|
$ |
0.86 |
|
|
$ |
(1.83) |
|
|
$ |
2.18 |
|
Weighted average common shares - basic |
|
43,202,937 |
|
|
44,868,503 |
|
|
43,581,232 |
|
|
45,303,659 |
|
||||
Diluted earnings (loss) per share: |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
0.54 |
|
|
$ |
0.30 |
|
|
$ |
(1.83) |
|
|
$ |
1.36 |
|
Discontinued operations |
|
— |
|
|
0.55 |
|
|
— |
|
|
0.80 |
|
||||
Net income (loss) per share |
|
$ |
0.54 |
|
|
$ |
0.85 |
|
|
$ |
(1.83) |
|
|
$ |
2.16 |
|
Weighted average common shares - diluted |
|
43,493,781 |
|
|
45,144,353 |
|
|
43,581,232 |
|
|
45,595,154 |
|
||||
TriMas Corporation Consolidated Statement of Cash Flows (Dollars in thousands) |
||||||||
|
|
Twelve months ended
|
||||||
|
|
2020 |
|
2019 |
||||
Cash Flows from Operating Activities: |
|
|
|
|
||||
Net income (loss) |
|
$ |
(79,760) |
|
|
$ |
98,620 |
|
Income from discontinued operations |
|
— |
|
|
36,680 |
|
||
Income (loss) from continuing operations |
|
(79,760) |
|
|
61,940 |
|
||
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities, net of acquisition impact: |
|
|
|
|
||||
Impairment of goodwill and indefinite-lived intangible assets |
|
134,600 |
|
|
— |
|
||
Loss on dispositions of assets |
|
1,290 |
|
|
150 |
|
||
Depreciation |
|
29,020 |
|
|
24,870 |
|
||
Amortization of intangible assets |
|
20,750 |
|
|
18,630 |
|
||
Amortization of debt issue costs |
|
1,150 |
|
|
1,130 |
|
||
Deferred income taxes |
|
(33,710) |
|
|
2,100 |
|
||
Non-cash compensation expense |
|
8,170 |
|
|
6,450 |
|
||
Non-cash change in legacy liability estimate |
|
23,400 |
|
|
— |
|
||
Decrease in receivables |
|
9,580 |
|
|
3,280 |
|
||
Decrease in inventories |
|
3,980 |
|
|
740 |
|
||
Decrease (increase) in prepaid expenses and other assets |
|
4,400 |
|
|
(6,930) |
|
||
Increase (decrease) in accounts payable and accrued liabilities |
|
4,490 |
|
|
(12,780) |
|
||
Other operating activities |
|
50 |
|
|
(3,870) |
|
||
Net cash provided by operating activities of continuing operations |
|
127,410 |
|
|
95,710 |
|
||
Net cash used for operating activities of discontinued operations |
|
— |
|
|
(20,110) |
|
||
Net cash provided by operating activities |
|
127,410 |
|
|
75,600 |
|
||
Cash Flows from Investing Activities: |
|
|
|
|
||||
Capital expenditures |
|
(40,480) |
|
|
(29,670) |
|
||
Acquisition of businesses, net of cash acquired |
|
(193,540) |
|
|
(67,090) |
|
||
Net proceeds from dispositions of businesses, property and equipment |
|
1,950 |
|
|
128,080 |
|
||
Net cash provided by (used for) investing activities of continuing operations |
|
(232,070) |
|
|
31,320 |
|
||
Net cash used for investing activities of discontinued operations |
|
— |
|
|
(2,240) |
|
||
Net cash provided by (used for) investing activities |
|
(232,070) |
|
|
29,080 |
|
||
Cash Flows from Financing Activities: |
|
|
|
|
||||
Proceeds from borrowings on revolving credit facilities |
|
367,280 |
|
|
189,060 |
|
||
Repayments of borrowings on revolving credit facilities |
|
(319,120) |
|
|
(189,340) |
|
||
Payments to purchase common stock |
|
(39,420) |
|
|
(36,740) |
|
||
Shares surrendered upon exercise and vesting of equity awards to cover taxes |
|
(2,600) |
|
|
(3,340) |
|
||
Net cash provided by (used for) financing activities of continuing operations |
|
6,140 |
|
|
(40,360) |
|
||
Net cash provided by financing activities of discontinued operations |
|
— |
|
|
— |
|
||
Net cash provided by (used for) financing activities |
|
6,140 |
|
|
(40,360) |
|
||
Cash and Cash Equivalents: |
|
|
|
|
||||
Increase (decrease) for the year |
|
(98,520) |
|
|
64,320 |
|
||
At beginning of year |
|
172,470 |
|
|
108,150 |
|
||
At end of year |
|
$ |
73,950 |
|
|
$ |
172,470 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
Cash paid for interest |
|
$ |
13,210 |
|
|
$ |
12,430 |
|
Cash paid for income taxes |
|
$ |
9,060 |
|
|
$ |
44,020 |
|
Appendix I
TriMas Corporation Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures Continuing Operations (Unaudited - dollars in thousands) |
||||||||||||||||
|
|
Three months ended
|
|
Twelve months ended
|
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Packaging |
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
124,340 |
|
|
$ |
94,030 |
|
|
$ |
488,340 |
|
|
$ |
392,340 |
|
Operating profit |
|
$ |
23,650 |
|
|
$ |
20,750 |
|
|
$ |
93,990 |
|
|
$ |
80,770 |
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
Reversal of a contingent deferred purchase price liability |
|
— |
|
|
(3,950) |
|
|
— |
|
|
(3,950) |
|
||||
Purchase accounting costs |
|
— |
|
|
— |
|
|
750 |
|
|
1,280 |
|
||||
Business restructuring and severance costs |
|
500 |
|
|
2,700 |
|
|
3,230 |
|
|
3,060 |
|
||||
Adjusted operating profit |
|
$ |
24,150 |
|
|
$ |
19,500 |
|
|
$ |
97,970 |
|
|
$ |
81,160 |
|
|
|
|
|
|
|
|
|
|
||||||||
Aerospace |
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
37,080 |
|
|
$ |
48,460 |
|
|
$ |
167,740 |
|
|
$ |
194,110 |
|
Operating profit (loss) |
|
$ |
(810) |
|
|
$ |
7,680 |
|
|
$ |
(133,440) |
|
|
$ |
28,950 |
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
Impairment of goodwill and indefinite-lived intangible assets |
|
— |
|
|
— |
|
|
134,600 |
|
|
— |
|
||||
Pre-acquisition contingent liability |
|
— |
|
|
— |
|
|
2,000 |
|
|
— |
|
||||
Business restructuring and severance costs |
|
1,300 |
|
|
— |
|
|
9,410 |
|
|
440 |
|
||||
Purchase accounting costs |
|
— |
|
|
— |
|
|
2,030 |
|
|
— |
|
||||
Adjusted operating profit |
|
$ |
490 |
|
|
$ |
7,680 |
|
|
$ |
14,600 |
|
|
$ |
29,390 |
|
|
|
|
|
|
|
|
|
|
||||||||
Specialty Products |
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
26,750 |
|
|
$ |
28,430 |
|
|
$ |
113,890 |
|
|
$ |
137,080 |
|
Operating profit |
|
$ |
3,480 |
|
|
$ |
2,270 |
|
|
$ |
4,350 |
|
|
$ |
16,000 |
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
Business restructuring and severance costs |
|
— |
|
|
200 |
|
|
9,700 |
|
|
200 |
|
||||
Adjusted operating profit |
|
$ |
3,480 |
|
|
$ |
2,470 |
|
|
$ |
14,050 |
|
|
$ |
16,200 |
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate Expenses |
|
|
|
|
|
|
|
|
||||||||
Operating loss |
|
$ |
(7,970) |
|
|
$ |
(9,910) |
|
|
$ |
(53,190) |
|
|
$ |
(34,500) |
|
Special Items to consider in evaluating operating loss: |
|
|
|
|
|
|
|
|
||||||||
Change in accounting policy for asbestos-related costs |
|
— |
|
|
— |
|
|
23,400 |
|
|
— |
|
||||
M&A diligence and transaction costs |
|
920 |
|
|
1,440 |
|
|
2,700 |
|
|
3,960 |
|
||||
Business restructuring and severance costs |
|
— |
|
|
— |
|
|
640 |
|
|
— |
|
||||
Adjusted operating loss |
|
$ |
(7,050) |
|
|
$ |
(8,470) |
|
|
$ |
(26,450) |
|
|
$ |
(30,540) |
|
|
|
|
|
|
|
|
|
|
||||||||
Total Company |
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
188,170 |
|
|
$ |
170,920 |
|
|
$ |
769,970 |
|
|
$ |
723,530 |
|
Operating profit (loss) |
|
$ |
18,350 |
|
|
$ |
20,790 |
|
|
$ |
(88,290) |
|
|
$ |
91,220 |
|
Total Special Items to consider in evaluating operating profit |
|
2,720 |
|
|
390 |
|
|
188,460 |
|
|
4,990 |
|
||||
Adjusted operating profit |
|
$ |
21,070 |
|
|
$ |
21,180 |
|
|
$ |
100,170 |
|
|
$ |
96,210 |
|
Appendix I
TriMas Corporation Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures (Unaudited - dollars in thousands, except share and per share amounts) |
||||||||||||||||
|
|
Three months ended
|
|
Twelve months ended
|
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Income (loss) from continuing operations, as reported |
|
$ |
23,690 |
|
|
$ |
13,430 |
|
|
$ |
(79,760) |
|
|
$ |
61,940 |
|
Special Items to consider in evaluating quality of income (loss) from continuing operations: |
|
|
|
|
|
|
|
|
||||||||
Impairment of goodwill and indefinite-lived intangible assets |
|
— |
|
|
— |
|
|
134,600 |
|
|
— |
|
||||
Change in accounting policy for asbestos-related costs |
|
— |
|
|
— |
|
|
23,400 |
|
|
— |
|
||||
Business restructuring and severance costs |
|
1,800 |
|
|
2,900 |
|
|
22,980 |
|
|
3,700 |
|
||||
M&A diligence and transaction costs |
|
920 |
|
|
1,440 |
|
|
3,000 |
|
|
3,960 |
|
||||
Purchase accounting costs |
|
— |
|
|
— |
|
|
2,780 |
|
|
1,280 |
|
||||
Reversal of a contingent deferred purchase price liability |
|
— |
|
|
(3,950) |
|
|
— |
|
|
(3,950) |
|
||||
Pre-acquisition contingent liability |
|
— |
|
|
— |
|
|
2,000 |
|
|
— |
|
||||
Change in recognized tax benefits |
|
(9,040) |
|
|
— |
|
|
(9,040) |
|
|
— |
|
||||
Income tax effect of Special Items (1) |
|
(880) |
|
|
120 |
|
|
(31,070) |
|
|
(740) |
|
||||
Adjusted income from continuing operations |
|
$ |
16,490 |
|
|
$ |
13,940 |
|
|
$ |
68,890 |
|
|
$ |
66,190 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three months ended
|
|
Twelve months ended
|
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Diluted earnings (loss) per share from continuing operations, as reported |
|
$ |
0.54 |
|
|
$ |
0.30 |
|
|
$ |
(1.83) |
|
|
$ |
1.36 |
|
Dilutive impact (2) |
|
— |
|
|
— |
|
|
0.01 |
|
|
— |
|
||||
Special Items to consider in evaluating quality of EPS from continuing operations: |
|
|
|
|
|
|
|
|
||||||||
Impairment of goodwill and indefinite-lived intangible assets |
|
— |
|
|
— |
|
|
3.07 |
|
|
— |
|
||||
Change in accounting policy for asbestos-related costs |
|
— |
|
|
— |
|
|
0.53 |
|
|
— |
|
||||
Business restructuring and severance costs |
|
0.04 |
|
|
0.07 |
|
|
0.52 |
|
|
0.08 |
|
||||
M&A diligence and transaction costs |
|
0.02 |
|
|
0.03 |
|
|
0.07 |
|
|
0.09 |
|
||||
Purchase accounting costs |
|
— |
|
|
— |
|
|
0.06 |
|
|
0.03 |
|
||||
Reversal of a contingent deferred purchase price liability |
|
— |
|
|
(0.09) |
|
|
— |
|
|
(0.09) |
|
||||
Pre-acquisition contingent liability |
|
— |
|
|
— |
|
|
0.05 |
|
|
— |
|
||||
Change in recognized tax benefits |
|
(0.20) |
|
|
— |
|
|
(0.20) |
|
|
— |
|
||||
Income tax effect of Special Items (1) |
|
(0.02) |
|
|
— |
|
|
(0.71) |
|
|
(0.02) |
|
||||
Adjusted diluted EPS from continuing operations |
|
$ |
0.38 |
|
|
$ |
0.31 |
|
|
$ |
1.57 |
|
|
$ |
1.45 |
|
Weighted-average shares outstanding |
|
43,493,781 |
|
|
45,144,353 |
|
|
43,821,123 |
|
|
45,595,154 |
|
||||
(1) |
Income tax effect of Special Items is calculated on an item-by-item basis, utilizing the tax rate in the jurisdiction where the Special Item occurred. For the three and twelve month periods ended December 31, 2020 and 2019, the income tax effect of Special Items 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. |
(2) |
239,891 shares for the twelve months ended December 31, 2020, would have been dilutive to the computation of earnings per share in an income position. |
Appendix I
TriMas Corporation Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures (Unaudited - dollars in thousands) |
||||||||||||||||||||||||
|
|
Three months ended December 31, |
||||||||||||||||||||||
|
|
2020 |
|
2019 |
||||||||||||||||||||
|
|
As
|
|
Special
|
|
As
|
|
As
|
|
Special
|
|
As
|
||||||||||||
Net cash provided by operating activities from continuing operations |
|
$ |
48,300 |
|
|
$ |
1,350 |
|
|
$ |
49,650 |
|
|
$ |
35,100 |
|
|
$ |
830 |
|
|
$ |
35,930 |
|
Less: Capital expenditures |
|
(22,810) |
|
|
— |
|
|
(22,810) |
|
|
(7,670) |
|
|
— |
|
|
(7,670) |
|
||||||
Free Cash Flow |
|
25,490 |
|
|
1,350 |
|
|
26,840 |
|
|
27,430 |
|
|
830 |
|
|
28,260 |
|
||||||
Income from continuing operations |
|
23,690 |
|
|
(7,200) |
|
|
16,490 |
|
|
13,430 |
|
|
510 |
|
|
13,940 |
|
||||||
Free Cash Flow as a percentage of income from continuing operations |
|
108 |
% |
|
|
|
163 |
% |
|
204 |
% |
|
|
|
203 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Twelve months ended December 31, |
||||||||||||||||||||||
|
|
2020 |
|
2019 |
||||||||||||||||||||
|
|
As
|
|
Special
|
|
As
|
|
As
|
|
Special
|
|
As
|
||||||||||||
Net cash provided by operating activities from continuing operations |
|
$ |
127,410 |
|
|
$ |
8,450 |
|
|
$ |
135,860 |
|
|
95,710 |
|
|
$ |
4,960 |
|
|
$ |
100,670 |
|
|
Less: Capital expenditures |
|
(40,480) |
|
|
— |
|
|
(40,480) |
|
|
(29,670) |
|
|
— |
|
|
(29,670) |
|
||||||
Free Cash Flow |
|
86,930 |
|
|
8,450 |
|
|
95,380 |
|
|
66,040 |
|
|
4,960 |
|
|
71,000 |
|
||||||
Income (loss) from continuing operations |
|
(79,760) |
|
|
148,650 |
|
|
68,890 |
|
|
61,940 |
|
|
4,250 |
|
|
66,190 |
|
||||||
Free Cash Flow as a percentage of income (loss) from continuing operations |
|
(109) |
% |
|
|
|
138 |
% |
|
107 |
% |
|
|
|
107 |
% |
||||||||
|
|
December 31,
|
|
December 31,
|
||||
Long-term debt, net |
|
$ |
346,290 |
|
|
$ |
294,690 |
|
Less: Cash and cash equivalents |
|
73,950 |
|
|
172,470 |
|
||
Net Debt |
|
$ |
272,340 |
|
|
$ |
122,220 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210225005150/en/
FAQ
What were TriMas' Q4 2020 financial results?
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How did TriMas perform in 2020 despite the pandemic?
What acquisitions did TriMas make in 2020?
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