TriMas Reports Fourth Quarter and Full Year 2024 Results
TriMas (NASDAQ: TRS) reported its Q4 and full year 2024 results, with quarterly net sales of $228.1 million, up 8.8% year-over-year. The company achieved significant growth in its Aerospace segment (+22.3%) and Packaging segment (+8.4%) during Q4.
Q4 2024 adjusted net income increased 10.8% to $17.5 million, with adjusted EPS of $0.43, up 13.2%. Full year 2024 sales reached $925.0 million, a 3.5% increase, while adjusted net income was $67.7 million with adjusted EPS of $1.65.
The company maintained strong financial position with $23.1 million cash on hand and $239.8 million in available credit. During 2024, TriMas repurchased 771,067 shares for $19.3 million and paid quarterly dividends. For 2025, TriMas expects 4-6% sales growth and adjusted EPS of $1.70-$1.85.
TriMas (NASDAQ: TRS) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, con vendite nette trimestrali di $228,1 milioni, in aumento dell'8,8% rispetto all'anno precedente. L'azienda ha ottenuto una crescita significativa nel suo segmento Aerospace (+22,3%) e nel segmento Packaging (+8,4%) durante il quarto trimestre.
Il reddito netto rettificato del Q4 2024 è aumentato del 10,8% a $17,5 milioni, con un EPS rettificato di $0,43, in crescita del 13,2%. Le vendite dell'intero anno 2024 hanno raggiunto $925,0 milioni, un incremento del 3,5%, mentre il reddito netto rettificato era di $67,7 milioni con un EPS rettificato di $1,65.
L'azienda ha mantenuto una solida posizione finanziaria con $23,1 milioni di liquidità e $239,8 milioni di credito disponibile. Durante il 2024, TriMas ha riacquistato 771.067 azioni per $19,3 milioni e ha pagato dividendi trimestrali. Per il 2025, TriMas prevede una crescita delle vendite del 4-6% e un EPS rettificato di $1,70-$1,85.
TriMas (NASDAQ: TRS) informó sus resultados del cuarto trimestre y del año completo 2024, con ventas netas trimestrales de $228.1 millones, un aumento del 8.8% interanual. La compañía logró un crecimiento significativo en su segmento Aerospace (+22.3%) y en el segmento Packaging (+8.4%) durante el cuarto trimestre.
El ingreso neto ajustado del Q4 2024 aumentó un 10.8% a $17.5 millones, con un EPS ajustado de $0.43, un incremento del 13.2%. Las ventas del año completo 2024 alcanzaron $925.0 millones, un aumento del 3.5%, mientras que el ingreso neto ajustado fue de $67.7 millones con un EPS ajustado de $1.65.
La empresa mantuvo una sólida posición financiera con $23.1 millones en efectivo y $239.8 millones en crédito disponible. Durante 2024, TriMas recompró 771,067 acciones por $19.3 millones y pagó dividendos trimestrales. Para 2025, TriMas espera un crecimiento en las ventas del 4-6% y un EPS ajustado de $1.70-$1.85.
TriMas (NASDAQ: TRS)는 2024년 4분기 및 전체 연도 실적을 발표했으며, 4분기 분기 순매출은 2억 2,810만 달러로 전년 대비 8.8% 증가했습니다. 회사는 4분기 동안 Aerospace 부문에서 22.3%, Packaging 부문에서 8.4%의 상당한 성장을 달성했습니다.
2024년 4분기 조정 순이익은 10.8% 증가한 1,750만 달러로, 조정 EPS는 0.43달러로 13.2% 상승했습니다. 2024년 전체 연도 매출은 9억 2,500만 달러에 달하며, 이는 3.5% 증가한 수치입니다. 조정 순이익은 6,770만 달러였으며 조정 EPS는 1.65달러입니다.
회사는 2,310만 달러의 현금과 2억 3,980만 달러의 이용 가능한 신용으로 강력한 재무 상태를 유지하고 있습니다. 2024년 동안 TriMas는 771,067주를 1,930만 달러에 재매입하고 분기 배당금을 지급했습니다. 2025년에는 4-6%의 매출 성장과 조정 EPS 1.70-1.85달러를 예상하고 있습니다.
TriMas (NASDAQ: TRS) a publié ses résultats du quatrième trimestre et de l'année complète 2024, avec des ventes nettes trimestrielles de 228,1 millions de dollars, en hausse de 8,8% par rapport à l'année précédente. L'entreprise a réalisé une croissance significative dans son segment Aerospace (+22,3%) et dans le segment Packaging (+8,4%) au cours du quatrième trimestre.
Le bénéfice net ajusté du Q4 2024 a augmenté de 10,8% pour atteindre 17,5 millions de dollars, avec un BPA ajusté de 0,43 dollar, en hausse de 13,2%. Les ventes de l'année complète 2024 ont atteint 925,0 millions de dollars, soit une augmentation de 3,5%, tandis que le bénéfice net ajusté s'élevait à 67,7 millions de dollars avec un BPA ajusté de 1,65 dollar.
L'entreprise a maintenu une solide position financière avec 23,1 millions de dollars de liquidités et 239,8 millions de dollars de crédit disponible. Au cours de l'année 2024, TriMas a racheté 771 067 actions pour 19,3 millions de dollars et a versé des dividendes trimestriels. Pour 2025, TriMas prévoit une croissance des ventes de 4 à 6% et un BPA ajusté de 1,70 à 1,85 dollar.
TriMas (NASDAQ: TRS) hat seine Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht, mit vierteljährlichen Nettoumsätzen von 228,1 Millionen USD, was einem Anstieg von 8,8% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte im vierten Quartal ein signifikantes Wachstum im Segment Aerospace (+22,3%) und im Segment Packaging (+8,4%).
Der bereinigte Nettogewinn im Q4 2024 stieg um 10,8% auf 17,5 Millionen USD, mit einem bereinigten EPS von 0,43 USD, was einem Anstieg von 13,2% entspricht. Der Gesamtumsatz für das Jahr 2024 erreichte 925,0 Millionen USD, ein Anstieg von 3,5%, während der bereinigte Nettogewinn 67,7 Millionen USD betrug und das bereinigte EPS 1,65 USD betrug.
Das Unternehmen hielt eine starke finanzielle Position mit 23,1 Millionen USD an Bargeld und 239,8 Millionen USD an verfügbarem Kredit. Im Jahr 2024 kaufte TriMas 771.067 Aktien für 19,3 Millionen USD zurück und zahlte vierteljährliche Dividenden. Für 2025 erwartet TriMas ein Umsatzwachstum von 4-6% und ein bereinigtes EPS von 1,70-1,85 USD.
- Q4 net sales up 8.8% to $228.1M
- Aerospace segment sales grew 22.3%
- Packaging segment sales up 8.4%
- Q4 adjusted operating profit increased 23.5% to $23.2M
- Strong liquidity with $239.8M available credit
- Specialty Products segment sales declined 16.8% in Q4
- Full year net income decreased to $24.3M from $40.4M in 2023
- Operating cash flow declined to $63.8M from $88.2M in 2023
- Net leverage ratio at 2.6x
- Total debt of $398.1M
Insights
TriMas's Q4 2024 results reveal a company in strategic transition, with segment performance diverging significantly. Q4 revenue increased 8.8% to $228.1 million, with adjusted EPS rising 13.2% to $0.43, though full-year adjusted EPS declined to $1.65 from $1.92 in 2023 despite 3.5% revenue growth to $925 million.
The Aerospace segment emerged as the standout performer with 22.3% quarterly growth and an impressive 450 basis point margin improvement, reflecting not just the broader commercial aviation recovery but also TriMas's enhanced operational efficiency and production yield improvements. This segment's momentum appears sustainable given robust order backlog and the strategic acquisition of GMT Aerospace, which strengthens the company's position in specialized aerospace components.
The Packaging segment delivered solid growth (8.4% in Q4, 10.5% annually), driven by strength across beauty, personal care, industrial, and home care markets. However, margin pressure from IT cost allocation and currency headwinds suggests potential challenges in maintaining profitability as growth normalizes in 2025.
Most concerning is the Specialty Products segment, where sales plummeted 16.8% in Q4 and 37.2% for the full year. The divestiture of Arrow Engine in January 2025 and cost-cutting at Norris Cylinder represent management's attempt to address structural issues, though the guidance of flat to slightly increasing sales indicates a potentially protracted recovery.
TriMas's free cash flow declined significantly to $29.3 million from $47.8 million in 2023, raising questions about capital allocation flexibility given the company's net leverage ratio of 2.6x. Despite this, management maintained its shareholder return program with $19.3 million in share repurchases and quarterly dividends.
The 2025 guidance of 4-6% sales growth and 7% EPS improvement (to $1.70-$1.85) suggests management expects margin expansion from operational leverage in Aerospace and restructuring benefits in the remaining Specialty Products business to offset normalized growth in Packaging. This outlook appears achievable but leaves room for execution missteps or further market deterioration in the industrial cylinder business.
TriMas's Q4 and full-year 2024 results showcase a company executing a deliberate manufacturing portfolio transformation, with each segment following distinctly different trajectories that reflect both market conditions and operational execution.
The Aerospace group's exceptional 22.3% quarterly growth and 450 basis point margin expansion demonstrates more than just market recovery benefits. This performance reflects successful implementation of advanced manufacturing techniques, including improved production yield management and enhanced throughput optimization. The segment has effectively resolved previous supply chain constraints while simultaneously improving quality metrics – a challenging dual achievement in precision aerospace manufacturing. The GMT Aerospace acquisition adds specialized tie-rod and anti-vibration capabilities that complement existing product lines while offering potential manufacturing synergies through shared process technologies.
Within Packaging, the 8.4% quarterly growth masks significant operational complexity. The segment is navigating capacity constraints in high-demand dispenser product lines while simultaneously investing in new manufacturing capabilities. The margin pressure stems not just from IT cost allocation but from the manufacturing challenges of rapidly scaling production while maintaining quality standards. The segment's strategic capacity investments target specific high-growth beauty and personal care applications where manufacturing precision directly impacts brand experience.
The Specialty Products segment's 16.8% quarterly decline reveals the harsh reality of fixed-cost manufacturing operations during demand downturns. The Norris Cylinder business faces a classic industrial manufacturing dilemma – maintaining minimum operational capacity during inventory destocking while reducing costs sufficiently to preserve profitability. The significant cost restructuring undertaken represents more than simple headcount reduction; it likely includes production line consolidation, energy efficiency improvements, and process rationalization to establish a lower break-even point.
TriMas's free cash flow decline to $29.3 million reflects increased working capital requirements to support growth segments and strategic capital investments in manufacturing technology. The company's ability to improve conversion rates in Aerospace while managing through Packaging capacity constraints demonstrates sophisticated manufacturing resource allocation.
The 2025 outlook suggests management expects continued manufacturing efficiency gains in Aerospace, normalization of production planning in Packaging, and a gradual recovery in capacity utilization at Norris Cylinder – a balanced but achievable manufacturing strategy across the portfolio.
TriMas Highlights
-
Achieved quarterly sales growth of
22.3% within its Aerospace group, contributing to record annual group sales of$294.2 million -
Reported sales growth within its Packaging group of
8.4% and10.5% for the quarter and year, respectively - Successfully acquired GMT Aerospace and divested its Arrow Engine business, further advancing ongoing portfolio optimization efforts
"We finished 2024 with robust organic sales growth within our Packaging and Aerospace groups, and remain confident about the tangible recovery across the key end markets within these two segments," said Thomas Amato, TriMas President and Chief Executive Officer. "Our Packaging group experienced high demand for specific dispenser product lines throughout the year, and we have taken actions to position us for continuous improvement in 2025. Our TriMas Aerospace group achieved record levels of bookings, improved conversion rates and enhanced margins. With respect to Specialty Products, we successfully divested our Arrow Engine business in January 2025, and have significantly reduced costs to better align with demand within our Norris Cylinder business. Given our cost restructuring actions within Norris Cylinder, we are positioned to deliver improved performance as the cylinder market recovers."
Fourth Quarter 2024
TriMas reported fourth quarter 2024 net sales of
The Company reported fourth quarter 2024 net income of
Full Year 2024
For full year 2024, TriMas reported net sales of
The Company reported full year 2024 net income of
Financial Position
The Company reported net cash provided by operating activities of
TriMas ended 2024 with
During 2024, the Company repurchased 771,067 shares of its outstanding common stock for
Fourth Quarter Segment Results
TriMas Packaging group's net sales for the fourth quarter were
TriMas Aerospace group's net sales for the fourth quarter were
TriMas Specialty Products group's net sales for the fourth quarter were
Outlook
The Company expects 2025 consolidated sales to increase
"In 2025, we expect continued strong sales in our Aerospace group as market demand remains robust, and we work through the current backlog and add the recently announced acquisition to our group. For our Packaging group, we expect a reversion to a more normalized market growth rate, given the market recovery and channel fill we experienced in 2024. We anticipate flat to slightly increasing sales within the Norris Cylinder business during 2025, as customers continue to work through inventories, followed by demand improvements as the year progresses. Overall, given the actions taken throughout 2024, TriMas is well positioned for improved conversion and operating leverage gains as we enter 2025," continued Amato.
The above outlook includes the impact of all announced acquisitions and divestitures as of February 27, 2025. All of the above amounts considered as 2025 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) Please see Appendix I for further details related to the reconciliation of GAAP to non-GAAP financial measures, including the reconciliation of diluted earnings per share (GAAP) to adjusted diluted earnings per share for full year 2025 outlook.
Conference Call Information
TriMas will host its fourth quarter and full year 2024 earnings conference call today, Thursday, February 27, 2025, at 10:00 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 diluted earnings per share as net income (per GAAP), plus or minus the after-tax impact of Special Items(1), plus the after-tax impact of non-cash acquisition-related intangible asset amortization expense. While the acquisition-related intangible assets aid in the Company’s revenue generation, the Company adjusts for the non-cash amortization 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 3,900 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 (Unaudited - dollars in thousands) |
||||||
|
||||||
|
|
December 31,
|
|
December 31,
|
||
Assets |
|
|
||||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
23,070 |
|
$ |
34,890 |
|
Receivables, net |
|
164,820 |
|
|
148,030 |
|
Inventories |
|
|
209,190 |
|
|
192,450 |
Prepaid expenses and other current assets |
|
|
29,560 |
|
|
22,010 |
Total current assets |
|
426,640 |
|
|
397,380 |
|
Property and equipment, net |
|
318,650 |
|
|
329,990 |
|
Operating lease right-of-use assets |
|
40,480 |
|
|
43,220 |
|
Goodwill |
|
356,360 |
|
|
363,770 |
|
Other intangibles, net |
|
161,080 |
|
|
181,020 |
|
Deferred income taxes |
|
10,760 |
|
|
10,230 |
|
Other assets |
|
|
10,210 |
|
|
16,050 |
Total assets |
|
$ |
1,324,180 |
|
$ |
1,341,660 |
Liabilities and Shareholders' Equity |
|
|
|
|
||
Current liabilities: |
|
|
|
|
||
Accounts payable |
|
$ |
91,050 |
|
$ |
91,910 |
Accrued liabilities |
|
|
60,340 |
|
|
59,640 |
Lease liabilities, current portion |
|
|
8,040 |
|
|
7,900 |
Total current liabilities |
|
|
159,430 |
|
|
159,450 |
Long-term debt, net |
|
|
398,120 |
|
|
395,660 |
Lease liabilities |
|
|
36,680 |
|
|
39,690 |
Deferred income taxes |
|
|
20,110 |
|
|
23,290 |
Other long-term liabilities |
|
|
42,540 |
|
|
40,620 |
Total liabilities |
|
|
656,880 |
|
|
658,710 |
Total shareholders' equity |
|
|
667,300 |
|
|
682,950 |
Total liabilities and shareholders' equity |
|
$ |
1,324,180 |
|
$ |
1,341,660 |
TriMas Corporation Consolidated Statement of Income (Unaudited - dollars in thousands, except share and per share amounts) |
||||||||||||||||
|
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|
|
Three months ended
|
|
Twelve months ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net sales |
|
$ |
228,050 |
|
|
$ |
209,560 |
|
|
$ |
925,010 |
|
|
$ |
893,550 |
|
Cost of sales |
|
|
(187,010 |
) |
|
|
(166,390 |
) |
|
|
(725,550 |
) |
|
|
(692,230 |
) |
Gross profit |
|
|
41,040 |
|
|
|
43,170 |
|
|
|
199,460 |
|
|
|
201,320 |
|
Selling, general and administrative expenses |
|
|
(32,150 |
) |
|
|
(30,170 |
) |
|
|
(153,040 |
) |
|
|
(134,580 |
) |
Net gain (loss) on dispositions of assets |
|
|
(40 |
) |
|
|
(250 |
) |
|
|
1,000 |
|
|
|
(180 |
) |
Impairment of indefinite-lived intangible assets |
|
|
(230 |
) |
|
|
(1,120 |
) |
|
|
(230 |
) |
|
|
(1,120 |
) |
Operating profit |
|
|
8,620 |
|
|
|
11,630 |
|
|
|
47,190 |
|
|
|
65,440 |
|
Other expense, net: |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
(4,550 |
) |
|
|
(4,300 |
) |
|
|
(19,560 |
) |
|
|
(15,920 |
) |
Other income (expense), net |
|
|
2,720 |
|
|
|
1,100 |
|
|
|
2,410 |
|
|
|
1,070 |
|
Other expense, net |
|
|
(1,830 |
) |
|
|
(3,200 |
) |
|
|
(17,150 |
) |
|
|
(14,850 |
) |
Income before income tax expense |
|
|
6,790 |
|
|
|
8,430 |
|
|
|
30,040 |
|
|
|
50,590 |
|
Income tax expense |
|
|
(1,150 |
) |
|
|
(490 |
) |
|
|
(5,790 |
) |
|
|
(10,230 |
) |
Net income |
|
$ |
5,640 |
|
|
$ |
7,940 |
|
|
$ |
24,250 |
|
|
$ |
40,360 |
|
Basic earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Net income per share |
|
$ |
0.14 |
|
|
$ |
0.19 |
|
|
$ |
0.60 |
|
|
$ |
0.97 |
|
Weighted average common shares - basic |
|
|
40,573,108 |
|
|
|
41,324,822 |
|
|
|
40,725,714 |
|
|
|
41,439,027 |
|
Diluted earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Net income per share |
|
$ |
0.14 |
|
|
$ |
0.19 |
|
|
$ |
0.59 |
|
|
$ |
0.97 |
|
Weighted average common shares - diluted |
|
|
40,956,347 |
|
|
|
41,620,790 |
|
|
|
41,055,993 |
|
|
|
41,685,348 |
|
TriMas Corporation Consolidated Statement of Cash Flows (Unaudited - dollars in thousands) |
||||||||
|
||||||||
|
|
Twelve months ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Cash Flows from Operating Activities: |
|
|
|
|
||||
Net income |
|
$ |
24,250 |
|
|
$ |
40,360 |
|
Adjustments to reconcile income to net cash provided by operating activities, net of acquisition impact: |
|
|
|
|
||||
Impairment of indefinite-lived intangible assets |
|
|
230 |
|
|
|
1,120 |
|
(Gain) loss on dispositions of assets |
|
|
(1,000 |
) |
|
|
180 |
|
Depreciation |
|
|
48,120 |
|
|
|
39,410 |
|
Amortization of intangible assets |
|
|
16,800 |
|
|
|
18,180 |
|
Amortization of debt issue costs |
|
|
960 |
|
|
|
930 |
|
Deferred income taxes |
|
|
(3,240 |
) |
|
|
(1,710 |
) |
Non-cash compensation expense |
|
|
6,960 |
|
|
|
9,670 |
|
Provision for losses on accounts receivable |
|
|
(1,000 |
) |
|
|
2,450 |
|
Change in asbestos liability estimate |
|
|
5,510 |
|
|
|
— |
|
Change in environmental liability estimate |
|
|
3,340 |
|
|
|
— |
|
Increase in receivables |
|
|
(20,520 |
) |
|
|
(5,520 |
) |
Increase in inventories |
|
|
(21,200 |
) |
|
|
(7,070 |
) |
(Increase) decrease in prepaid expenses and other assets |
|
|
(2,340 |
) |
|
|
4,760 |
|
Increase (decrease) in accounts payable and accrued liabilities |
|
|
560 |
|
|
|
(14,520 |
) |
Other operating activities |
|
|
6,350 |
|
|
|
(80 |
) |
Net cash provided by operating activities |
|
|
63,780 |
|
|
|
88,160 |
|
Cash Flows from Investing Activities: |
|
|
|
|
||||
Capital expenditures |
|
|
(50,960 |
) |
|
|
(54,190 |
) |
Acquisition of businesses, net of cash acquired |
|
|
— |
|
|
|
(77,340 |
) |
Cross-currency swap terminations |
|
|
(3,760 |
) |
|
|
(3,370 |
) |
Settlement of foreign currency exchange forward contract |
|
|
3,760 |
|
|
|
— |
|
Net proceeds from dispositions of property and equipment |
|
|
4,000 |
|
|
|
480 |
|
Net cash used for investing activities |
|
|
(46,960 |
) |
|
|
(134,420 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
||||
Proceeds from borrowings on revolving credit facilities |
|
|
308,930 |
|
|
|
117,990 |
|
Repayments of borrowings on revolving credit facilities |
|
|
(307,580 |
) |
|
|
(117,430 |
) |
Payments to purchase common stock |
|
|
(19,270 |
) |
|
|
(18,780 |
) |
Shares surrendered upon exercise and vesting of equity awards to cover taxes |
|
|
(1,760 |
) |
|
|
(2,700 |
) |
Dividends paid |
|
|
(6,630 |
) |
|
|
(6,700 |
) |
Other financing activities |
|
|
(2,330 |
) |
|
|
(3,320 |
) |
Net cash used for financing activities |
|
|
(28,640 |
) |
|
|
(30,940 |
) |
Cash and Cash Equivalents: |
|
|
|
|
||||
Decrease for the year |
|
|
(11,820 |
) |
|
|
(77,200 |
) |
At beginning of year |
|
|
34,890 |
|
|
|
112,090 |
|
At end of year |
|
$ |
23,070 |
|
|
$ |
34,890 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
Cash paid for interest |
|
$ |
18,730 |
|
|
$ |
14,320 |
|
Cash paid for income taxes |
|
$ |
11,870 |
|
|
$ |
16,770 |
|
Appendix I
TriMas Corporation Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures (Unaudited - dollars in thousands) |
||||||||||||||||
|
||||||||||||||||
|
|
Three months ended December 31, |
|
Twelve months ended December 31, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Packaging |
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
123,130 |
|
|
$ |
113,560 |
|
|
$ |
512,320 |
|
|
$ |
463,600 |
|
Operating profit |
|
$ |
15,050 |
|
|
$ |
12,000 |
|
|
$ |
68,110 |
|
|
$ |
60,140 |
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
Impairment of and indefinite-lived intangible assets |
|
|
230 |
|
|
|
— |
|
|
|
230 |
|
|
|
— |
|
Purchase accounting costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
800 |
|
Business restructuring and severance costs |
|
|
450 |
|
|
|
4,190 |
|
|
|
2,870 |
|
|
|
11,910 |
|
Adjusted operating profit |
|
$ |
15,730 |
|
|
$ |
16,190 |
|
|
$ |
71,210 |
|
|
$ |
72,850 |
|
|
|
|
|
|
|
|
|
|
||||||||
Aerospace |
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
78,320 |
|
|
$ |
64,030 |
|
|
$ |
294,210 |
|
|
$ |
241,400 |
|
Operating profit |
|
$ |
9,880 |
|
|
$ |
4,330 |
|
|
$ |
33,750 |
|
|
$ |
15,520 |
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
Third-party and other costs incurred related to strike |
|
|
1,050 |
|
|
|
— |
|
|
|
3,390 |
|
|
|
— |
|
M&A diligence and transaction costs |
|
|
— |
|
|
|
— |
|
|
|
60 |
|
|
|
— |
|
Business restructuring and severance costs |
|
|
— |
|
|
|
210 |
|
|
|
— |
|
|
|
500 |
|
Impairment of indefinite-lived intangible assets |
|
|
— |
|
|
|
1,120 |
|
|
|
— |
|
|
|
1,120 |
|
Purchase accounting costs |
|
|
— |
|
|
|
400 |
|
|
|
— |
|
|
|
2,390 |
|
Adjusted operating profit |
|
$ |
10,930 |
|
|
$ |
6,060 |
|
|
$ |
37,200 |
|
|
$ |
19,530 |
|
|
|
|
|
|
|
|
|
|
||||||||
Specialty Products |
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
26,600 |
|
|
$ |
31,970 |
|
|
$ |
118,480 |
|
|
$ |
188,550 |
|
Operating profit (loss) |
|
$ |
(7,470 |
) |
|
$ |
4,040 |
|
|
$ |
(1,990 |
) |
|
$ |
36,400 |
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
Business restructuring and severance costs |
|
|
8,230 |
|
|
|
— |
|
|
|
8,350 |
|
|
|
190 |
|
Adjusted operating profit |
|
$ |
760 |
|
|
$ |
4,040 |
|
|
$ |
6,360 |
|
|
$ |
36,590 |
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate Expenses |
|
|
|
|
|
|
|
|
||||||||
Operating loss |
|
$ |
(8,840 |
) |
|
$ |
(8,740 |
) |
|
$ |
(52,680 |
) |
|
$ |
(46,620 |
) |
Special Items to consider in evaluating operating loss: |
|
|
|
|
|
|
|
|
||||||||
Change in legacy liability estimate for asbestos-related costs |
|
|
— |
|
|
|
— |
|
|
|
5,510 |
|
|
|
— |
|
Change in environmental liability estimate |
|
|
1,110 |
|
|
|
— |
|
|
|
3,600 |
|
|
|
— |
|
M&A diligence and transaction costs |
|
|
430 |
|
|
|
300 |
|
|
|
3,450 |
|
|
|
2,230 |
|
Business restructuring and severance costs |
|
|
1,940 |
|
|
|
240 |
|
|
|
3,450 |
|
|
|
4,190 |
|
System implementation costs |
|
|
1,120 |
|
|
|
680 |
|
|
|
4,740 |
|
|
|
680 |
|
Adjusted operating loss |
|
$ |
(4,240 |
) |
|
$ |
(7,520 |
) |
|
$ |
(31,930 |
) |
|
$ |
(39,520 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Total Company |
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
228,050 |
|
|
$ |
209,560 |
|
|
$ |
925,010 |
|
|
$ |
893,550 |
|
Operating profit |
|
$ |
8,620 |
|
|
$ |
11,630 |
|
|
$ |
47,190 |
|
|
$ |
65,440 |
|
Total Special Items to consider in evaluating operating profit |
|
|
14,560 |
|
|
|
7,140 |
|
|
|
35,650 |
|
|
|
24,010 |
|
Adjusted operating profit |
|
$ |
23,180 |
|
|
$ |
18,770 |
|
|
$ |
82,840 |
|
|
$ |
89,450 |
|
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
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income, as reported |
|
$ |
5,640 |
|
|
$ |
7,940 |
|
|
$ |
24,250 |
|
|
$ |
40,360 |
|
Special Items to consider in evaluating quality of net income: |
|
|
|
|
|
|
|
|
||||||||
Impairment of indefinite-lived intangible assets |
|
|
230 |
|
|
|
1,120 |
|
|
|
230 |
|
|
|
1,120 |
|
Change in legacy liability estimate for asbestos-related costs |
|
|
— |
|
|
|
— |
|
|
|
5,510 |
|
|
|
— |
|
Business restructuring and severance costs |
|
|
10,620 |
|
|
|
4,640 |
|
|
|
14,670 |
|
|
|
16,790 |
|
Purchase accounting costs |
|
|
— |
|
|
|
400 |
|
|
|
— |
|
|
|
3,190 |
|
M&A diligence and transaction costs |
|
|
430 |
|
|
|
300 |
|
|
|
3,510 |
|
|
|
2,230 |
|
System implementation costs |
|
|
1,120 |
|
|
|
680 |
|
|
|
4,740 |
|
|
|
680 |
|
Third-party and other costs incurred related to strike |
|
|
1,050 |
|
|
|
— |
|
|
|
3,390 |
|
|
|
— |
|
Defined benefit pension plan settlement charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
640 |
|
Derivative de-designation and settlement (gain) loss |
|
|
— |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
Change in environmental liability estimate |
|
|
1,110 |
|
|
|
— |
|
|
|
3,600 |
|
|
|
— |
|
Reversal of a contingent deferred purchase price liability |
|
|
(2,250 |
) |
|
|
— |
|
|
|
(2,250 |
) |
|
|
— |
|
Foreign exchange forward charge |
|
|
— |
|
|
|
(220 |
) |
|
|
— |
|
|
|
140 |
|
Amortization of acquisition-related intangible assets |
|
|
4,160 |
|
|
|
4,370 |
|
|
|
16,800 |
|
|
|
18,180 |
|
Non-cash compensation expense |
|
|
(1,090 |
) |
|
|
350 |
|
|
|
6,960 |
|
|
|
9,670 |
|
Income tax effect of net income adjustments(1) |
|
|
(3,500 |
) |
|
|
(3,770 |
) |
|
|
(13,690 |
) |
|
|
(13,120 |
) |
Adjusted net income |
|
$ |
17,520 |
|
|
$ |
15,810 |
|
|
$ |
67,730 |
|
|
$ |
79,880 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three months ended
|
|
Twelve months ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Diluted earnings per share, as reported |
|
$ |
0.14 |
|
|
$ |
0.19 |
|
|
$ |
0.59 |
|
|
$ |
0.97 |
|
Special Items to consider in evaluating quality of EPS: |
|
|
|
|
|
|
|
|
||||||||
Impairment of indefinite-lived intangible assets |
|
|
0.01 |
|
|
|
0.03 |
|
|
|
0.01 |
|
|
|
0.03 |
|
Change in legacy liability estimate for asbestos-related costs |
|
|
— |
|
|
|
— |
|
|
|
0.13 |
|
|
|
— |
|
Business restructuring and severance costs |
|
|
0.26 |
|
|
|
0.10 |
|
|
|
0.36 |
|
|
|
0.40 |
|
Purchase accounting costs |
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.07 |
|
M&A diligence and transaction costs |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.08 |
|
|
|
0.05 |
|
System implementation costs |
|
|
0.03 |
|
|
|
0.02 |
|
|
|
0.11 |
|
|
|
0.02 |
|
Third-party and other costs incurred related to strike |
|
|
0.02 |
|
|
|
— |
|
|
|
0.08 |
|
|
|
— |
|
Defined benefit pension plan settlement charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
Derivative de-designation and settlement (gain) loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Change in environmental liability estimate |
|
|
0.03 |
|
|
|
— |
|
|
|
0.09 |
|
|
|
— |
|
Reversal of a contingent deferred purchase price liability |
|
|
(0.05 |
) |
|
|
— |
|
|
|
(0.05 |
) |
|
|
— |
|
Foreign exchange forward charge |
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
Amortization of acquisition-related intangible assets |
|
|
0.10 |
|
|
|
0.11 |
|
|
|
0.41 |
|
|
|
0.44 |
|
Non-cash compensation expense |
|
|
(0.03 |
) |
|
|
0.01 |
|
|
|
0.17 |
|
|
|
0.23 |
|
Income tax effect of net income adjustments(1) |
|
|
(0.09 |
) |
|
|
(0.09 |
) |
|
|
(0.33 |
) |
|
|
(0.31 |
) |
Adjusted diluted EPS |
|
$ |
0.43 |
|
|
$ |
0.38 |
|
|
$ |
1.65 |
|
|
$ |
1.92 |
|
Weighted-average shares outstanding |
|
|
40,956,347 |
|
|
|
41,620,790 |
|
|
|
41,055,993 |
|
|
|
41,685,348 |
|
(1) Income tax effect calculated on an item-by-item basis, utilizing the statutory tax rate in the jurisdiction where the adjustments occurred. For the three and twelve month periods ended December 31, 2024, and 2023, 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. |
||||||||||||||||
Appendix I
TriMas Corporation Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures (Unaudited - dollars in thousands) |
||||||||||||||||||||||
|
||||||||||||||||||||||
|
|
Three months ended December 31, |
||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||||||||
|
|
As
|
|
Special
|
|
As
|
|
As
|
|
Special
|
|
As
|
||||||||||
Net cash provided by operating activities |
|
$ |
27,080 |
|
|
$ |
4,650 |
|
$ |
31,730 |
|
|
$ |
30,590 |
|
|
$ |
3,370 |
|
$ |
33,960 |
|
Less: Capital expenditures |
|
|
(14,980 |
) |
|
|
— |
|
|
(14,980 |
) |
|
|
(19,250 |
) |
|
|
— |
|
(19,250 |
) |
|
Free Cash Flow |
|
$ |
12,100 |
|
|
$ |
4,650 |
|
$ |
16,750 |
|
|
$ |
11,340 |
|
|
$ |
3,370 |
|
$ |
14,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Twelve months ended December 31, |
||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||||||||
|
|
As
|
|
Special
|
|
As
|
|
As
|
|
Special
|
|
As
|
||||||||||
Net cash provided by operating activities |
|
$ |
63,780 |
|
|
$ |
16,490 |
|
$ |
80,270 |
|
|
|
88,160 |
|
$ |
13,800 |
|
$ |
101,960 |
|
|
Less: Capital expenditures |
|
|
(50,960 |
) |
|
|
— |
|
|
(50,960 |
) |
|
|
(54,190 |
) |
|
— |
|
|
(54,190 |
) |
|
Free Cash Flow |
|
$ |
12,820 |
|
|
$ |
16,490 |
|
$ |
29,310 |
|
|
$ |
33,970 |
|
$ |
13,800 |
$ |
47,770 |
|
||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
December 31,
|
|
December 31,
|
||
Long-term debt, net |
|
$ |
398,120 |
|
$ |
395,660 |
Less: Cash and cash equivalents |
|
|
23,070 |
|
|
34,890 |
Net Debt |
|
$ |
375,050 |
|
$ |
360,770 |
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, 2025 |
||||||
|
|
Low |
|
High |
||||
Diluted earnings per share (GAAP) |
|
$ |
1.23 |
|
|
$ |
1.38 |
|
Pre-tax amortization of acquisition-related intangible assets (1) |
|
|
0.44 |
|
|
|
0.44 |
|
Income tax benefit on amortization of acquisition-related intangible assets |
|
|
(0.11 |
) |
|
|
(0.11 |
) |
Pre-tax non-cash compensation expense |
|
|
0.19 |
|
|
|
0.19 |
|
Income tax benefit on non-cash compensation expense |
|
|
(0.05 |
) |
|
|
(0.05 |
) |
Impact of Special Items (2) |
|
|
— |
|
|
|
— |
|
Adjusted diluted earnings per share |
|
$ |
1.70 |
|
|
$ |
1.85 |
|
(1) |
|
These amounts relate to acquisitions announced as of February 27, 2025. 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/20250227927290/en/
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com
Source: TriMas
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