TriMas Reports Second Quarter 2023 Results
TriMas Highlights
-
Increased second quarter net sales in TriMas Specialty Products and TriMas Aerospace groups by
33.7% and26.2% , respectively, while maintaining strong order backlogs in both groups - Achieved three sequential months of strengthening order backlogs during second quarter within TriMas Packaging group, although overall market demand recovery not yet at previously anticipated levels
-
Reduced net outstanding shares through six months by
0.7% , as a result of repurchasing more than 450,000 shares of common stock - Published updated Sustainability Report highlighting progress achieved in 2022
Second Quarter 2023
TriMas reported second quarter 2023 net sales of
The Company reported second quarter 2023 net income of
"We delivered strong performance within our TriMas Specialty Products group, as we continued to leverage our previous manufacturing improvements, coupled with a robust
"Within our TriMas Packaging group, we have experienced three sequential months of backlog improvement, which is typically a positive indicator of the beginning of a market recovery. While we are encouraged, order rates have not increased to the level assumed in our planning models earlier this year. We continue to believe the packaging market softness primarily relates to certain customers’ overstock positions, cautious purchasing behaviors and lingering consumer inflationary concerns. In response to these challenges, we have taken actions to streamline our manufacturing footprint, and accelerated purchasing and other cost savings initiatives to better position the TriMas Packaging group for 2024," Amato concluded.
Financial Position
During the first six months of 2023, the Company paid cash of
TriMas ended second quarter 2023 with
The Company reported net cash provided by operating activities of
Second Quarter Segment Results
TriMas Packaging group's net sales for the second quarter were
TriMas Aerospace group's net sales for the second quarter were
TriMas Specialty Products group's net sales were
Outlook
As a result of what appears to be a more gradual demand recovery than originally modeled within the packaging end markets where TriMas participates, the Company is revising its full year 2023 outlook provided on February 23, 2023. The Company is now expecting to generate full year 2023 adjusted diluted earnings per share(2) in the range of
"While our second quarter adjusted EPS results were in line with expectations, the rate of demand recovery and orders in TriMas Packaging have not materialized to the levels our planning models were originally based upon. While we believe certain customers have progressed in working through overstocked positions, some are taking advantage of shorter lead times and maintaining reduced inventory levels, rather than opting for a larger pipeline fill. We will continue to take the appropriate steps within TriMas Packaging to optimize our cost structure, positioning us well to capitalize on operating leverage gains in 2024 and beyond," commented Amato.
The above outlook includes the impact of all announced acquisitions. All of the above amounts considered as 2023 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 second quarter 2023 earnings conference call today, Thursday, July 27, 2023, 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; the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic; 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 rising 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.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. |
| (2) | The Company defines adjusted diluted earnings per share as net income (per GAAP), plus or minus the after-tax impact of Special Items(2), 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 3,500 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) |
||||||
|
|
June 30,
|
|
December 31,
|
||
Assets |
|
(unaudited) |
|
|
||
Current assets: |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
41,900 |
|
$ |
112,090 |
Receivables, net |
|
|
164,800 |
|
|
132,370 |
Inventories |
|
|
182,520 |
|
|
163,360 |
Prepaid expenses and other current assets |
|
|
20,720 |
|
|
14,840 |
Total current assets |
|
|
409,940 |
|
|
422,660 |
Property and equipment, net |
|
|
318,630 |
|
|
277,750 |
Operating lease right-of-use assets |
|
|
44,620 |
|
|
47,280 |
Goodwill |
|
|
362,800 |
|
|
339,810 |
Other intangibles, net |
|
|
190,680 |
|
|
188,110 |
Deferred income taxes |
|
|
8,800 |
|
|
9,400 |
Other assets |
|
|
20,890 |
|
|
19,990 |
Total assets |
|
$ |
1,356,360 |
|
$ |
1,305,000 |
Liabilities and Shareholders' Equity |
|
|
|
|
||
Current liabilities: |
|
|
|
|
||
Accounts payable |
|
$ |
83,780 |
|
$ |
85,210 |
Accrued liabilities |
|
|
58,930 |
|
|
46,660 |
Lease liabilities, current portion |
|
|
8,910 |
|
|
8,280 |
Total current liabilities |
|
|
151,620 |
|
|
140,150 |
Long-term debt, net |
|
|
417,020 |
|
|
394,730 |
Lease liabilities |
|
|
39,850 |
|
|
41,010 |
Deferred income taxes |
|
|
26,880 |
|
|
20,940 |
Other long-term liabilities |
|
|
58,630 |
|
|
56,340 |
Total liabilities |
|
|
694,000 |
|
|
653,170 |
Total shareholders' equity |
|
|
662,360 |
|
|
651,830 |
Total liabilities and shareholders' equity |
|
$ |
1,356,360 |
|
$ |
1,305,000 |
TriMas Corporation |
||||||||||||||||
Consolidated Statement of Income |
||||||||||||||||
(Unaudited - dollars in thousands, except per share amounts) |
||||||||||||||||
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net sales |
|
$ |
233,190 |
|
|
$ |
237,680 |
|
|
$ |
448,650 |
|
|
$ |
461,990 |
|
Cost of sales |
|
|
(178,660 |
) |
|
|
(177,000 |
) |
|
|
(346,430 |
) |
|
|
(347,600 |
) |
Gross profit |
|
|
54,530 |
|
|
|
60,680 |
|
|
|
102,220 |
|
|
|
114,390 |
|
Selling, general and administrative expenses |
|
|
(34,470 |
) |
|
|
(30,810 |
) |
|
|
(72,170 |
) |
|
|
(62,590 |
) |
Operating profit |
|
|
20,060 |
|
|
|
29,870 |
|
|
|
30,050 |
|
|
|
51,800 |
|
Other expense, net: |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
(3,970 |
) |
|
|
(3,500 |
) |
|
|
(7,670 |
) |
|
|
(6,910 |
) |
Other income (expense), net |
|
|
160 |
|
|
|
270 |
|
|
|
90 |
|
|
|
(10 |
) |
Other expense, net |
|
|
(3,810 |
) |
|
|
(3,230 |
) |
|
|
(7,580 |
) |
|
|
(6,920 |
) |
Income before income tax expense |
|
|
16,250 |
|
|
|
26,640 |
|
|
|
22,470 |
|
|
|
44,880 |
|
Income tax expense |
|
|
(5,230 |
) |
|
|
(6,780 |
) |
|
|
(6,540 |
) |
|
|
(10,850 |
) |
Net income |
|
$ |
11,020 |
|
|
$ |
19,860 |
|
|
$ |
15,930 |
|
|
$ |
34,030 |
|
Basic earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Net income per share |
|
$ |
0.27 |
|
|
$ |
0.47 |
|
|
$ |
0.38 |
|
|
$ |
0.80 |
|
Weighted average common shares—basic |
|
|
41,462,452 |
|
|
|
42,297,525 |
|
|
|
41,503,039 |
|
|
|
42,548,366 |
|
Diluted earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Net income per share |
|
$ |
0.26 |
|
|
$ |
0.47 |
|
|
$ |
0.38 |
|
|
$ |
0.80 |
|
Weighted average common shares—diluted |
|
|
41,645,184 |
|
|
|
42,481,199 |
|
|
|
41,723,611 |
|
|
|
42,795,446 |
|
TriMas Corporation |
||||||||
Consolidated Statement of Cash Flow |
||||||||
(Unaudited - dollars in thousands) |
||||||||
|
|
Six months ended
|
||||||
|
|
2023 |
|
2022 |
||||
Cash Flows from Operating Activities: |
|
|
|
|
||||
Net income |
|
$ |
15,930 |
|
|
$ |
34,030 |
|
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: |
|
|
|
|
||||
Loss on dispositions of assets |
|
|
50 |
|
|
|
210 |
|
Depreciation |
|
|
20,540 |
|
|
|
17,150 |
|
Amortization of intangible assets |
|
|
9,200 |
|
|
|
10,040 |
|
Amortization of debt issue costs |
|
|
460 |
|
|
|
450 |
|
Deferred income taxes |
|
|
3,420 |
|
|
|
3,320 |
|
Non-cash compensation expense |
|
|
6,180 |
|
|
|
5,300 |
|
Increase in receivables |
|
|
(20,050 |
) |
|
|
(29,430 |
) |
Decrease (increase) in inventories |
|
|
2,500 |
|
|
|
(7,940 |
) |
Decrease in prepaid expenses and other assets |
|
|
1,210 |
|
|
|
790 |
|
Decrease in accounts payable and accrued liabilities |
|
|
(14,060 |
) |
|
|
(8,870 |
) |
Other operating activities |
|
|
810 |
|
|
|
2,640 |
|
Net cash provided by operating activities, net of acquisition impact |
|
|
26,190 |
|
|
|
27,690 |
|
Cash Flows from Investing Activities: |
|
|
|
|
||||
Capital expenditures |
|
|
(24,930 |
) |
|
|
(21,720 |
) |
Acquisition of businesses, net of cash acquired |
|
|
(71,840 |
) |
|
|
(64,100 |
) |
Net proceeds from disposition of property and equipment |
|
|
250 |
|
|
|
110 |
|
Net cash used for investing activities |
|
|
(96,520 |
) |
|
|
(85,710 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
||||
Proceeds from borrowings on revolving credit facilities |
|
|
59,410 |
|
|
|
12,000 |
|
Repayments of borrowings on revolving credit facilities |
|
|
(37,180 |
) |
|
|
(12,000 |
) |
Payments to purchase common stock |
|
|
(13,090 |
) |
|
|
(27,890 |
) |
Shares surrendered upon exercise and vesting of equity awards to cover taxes |
|
|
(2,590 |
) |
|
|
(2,280 |
) |
Dividends paid |
|
|
(3,340 |
) |
|
|
(3,460 |
) |
Other financing activities |
|
|
(3,070 |
) |
|
|
— |
|
Net cash provided by (used for) financing activities |
|
|
140 |
|
|
|
(33,630 |
) |
Cash and Cash Equivalents: |
|
|
|
|
||||
Decrease for the period |
|
|
(70,190 |
) |
|
|
(91,650 |
) |
At beginning of period |
|
|
112,090 |
|
|
|
140,740 |
|
At end of period |
|
$ |
41,900 |
|
|
$ |
49,090 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
Cash paid for interest |
|
$ |
7,050 |
|
|
$ |
6,330 |
|
Cash paid for taxes |
|
$ |
8,120 |
|
|
$ |
1,120 |
|
Appendix I |
||||||||||||||||
|
||||||||||||||||
TriMas Corporation |
||||||||||||||||
Additional Information Regarding Special Items Impacting |
||||||||||||||||
Reported GAAP Financial Measures |
||||||||||||||||
(Unaudited - dollars in thousands) |
||||||||||||||||
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Packaging |
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
117,320 |
|
|
$ |
148,350 |
|
|
$ |
233,540 |
|
|
$ |
286,840 |
|
Operating profit |
|
$ |
17,280 |
|
|
$ |
27,800 |
|
|
$ |
31,670 |
|
|
$ |
49,130 |
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
Purchase accounting costs |
|
|
400 |
|
|
|
280 |
|
|
|
800 |
|
|
|
760 |
|
Business restructuring and severance costs |
|
|
4,260 |
|
|
|
1,150 |
|
|
|
4,710 |
|
|
|
3,120 |
|
Adjusted operating profit |
|
$ |
21,940 |
|
|
$ |
29,230 |
|
|
$ |
37,180 |
|
|
$ |
53,010 |
|
|
|
|
|
|
|
|
|
|
||||||||
Aerospace |
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
59,800 |
|
|
$ |
47,390 |
|
|
$ |
109,790 |
|
|
$ |
91,910 |
|
Operating profit |
|
$ |
2,630 |
|
|
$ |
2,750 |
|
|
$ |
4,060 |
|
|
$ |
4,590 |
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
Purchase accounting costs |
|
|
800 |
|
|
|
160 |
|
|
|
800 |
|
|
|
400 |
|
Business restructuring and severance costs |
|
|
290 |
|
|
|
360 |
|
|
|
290 |
|
|
|
690 |
|
Adjusted operating profit |
|
$ |
3,720 |
|
|
$ |
3,270 |
|
|
$ |
5,150 |
|
|
$ |
5,680 |
|
|
|
|
|
|
|
|
|
|
||||||||
Specialty Products |
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
56,070 |
|
|
$ |
41,940 |
|
|
$ |
105,320 |
|
|
$ |
83,240 |
|
Operating profit |
|
$ |
12,100 |
|
|
$ |
6,770 |
|
|
$ |
21,850 |
|
|
$ |
14,010 |
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate Expenses |
|
|
|
|
|
|
|
|
||||||||
Operating loss |
|
$ |
(11,950 |
) |
|
$ |
(7,450 |
) |
|
$ |
(27,530 |
) |
|
$ |
(15,930 |
) |
Special Items to consider in evaluating operating loss: |
|
|
|
|
|
|
|
|
||||||||
M&A diligence and transaction costs |
|
|
1,210 |
|
|
|
240 |
|
|
|
2,410 |
|
|
|
1,150 |
|
Business restructuring and severance costs |
|
|
280 |
|
|
|
80 |
|
|
|
3,760 |
|
|
|
450 |
|
Adjusted operating loss |
|
$ |
(10,460 |
) |
|
$ |
(7,130 |
) |
|
$ |
(21,360 |
) |
|
$ |
(14,330 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Total Company |
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
233,190 |
|
|
$ |
237,680 |
|
|
$ |
448,650 |
|
|
$ |
461,990 |
|
Operating profit |
|
$ |
20,060 |
|
|
$ |
29,870 |
|
|
$ |
30,050 |
|
|
$ |
51,800 |
|
Total Special Items to consider in evaluating operating profit |
|
|
7,240 |
|
|
|
2,270 |
|
|
|
12,770 |
|
|
|
6,570 |
|
Adjusted operating profit |
|
$ |
27,300 |
|
|
$ |
32,140 |
|
|
$ |
42,820 |
|
|
$ |
58,370 |
|
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
|
|
Six months ended
|
|
Three
|
||||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
||||||||||
Net income, as reported |
|
$ |
11,020 |
|
|
$ |
19,860 |
|
|
$ |
15,930 |
|
|
$ |
34,030 |
|
|
$ |
4,910 |
|
Special Items to consider in evaluating quality of net income: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Business restructuring and severance costs |
|
|
4,830 |
|
|
|
1,590 |
|
|
|
8,760 |
|
|
|
4,410 |
|
|
|
3,930 |
|
Purchase accounting costs |
|
|
1,200 |
|
|
|
440 |
|
|
|
1,600 |
|
|
|
1,160 |
|
|
|
400 |
|
M&A diligence and transaction costs |
|
|
1,210 |
|
|
|
240 |
|
|
|
2,410 |
|
|
|
1,150 |
|
|
|
1,200 |
|
Defined benefit pension plan settlement charge |
|
|
640 |
|
|
|
— |
|
|
|
640 |
|
|
|
— |
|
|
|
— |
|
Income tax effect of Special Items(1) |
|
|
(1,360 |
) |
|
|
(330 |
) |
|
|
(2,800 |
) |
|
|
(1,380 |
) |
|
|
(1,440 |
) |
Adjusted net income |
|
$ |
17,540 |
|
|
$ |
21,800 |
|
|
$ |
26,540 |
|
|
$ |
39,370 |
|
|
$ |
9,000 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three months ended
|
|
Six months ended
|
|
Three
|
||||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
||||||||||
Diluted earnings per share, as reported |
|
$ |
0.26 |
|
|
$ |
0.47 |
|
|
$ |
0.38 |
|
|
$ |
0.80 |
|
|
$ |
0.12 |
|
Special Items to consider in evaluating quality of EPS: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Business restructuring and severance costs |
|
|
0.11 |
|
|
|
0.04 |
|
|
|
0.21 |
|
|
|
0.10 |
|
|
|
0.09 |
|
Purchase accounting costs |
|
|
0.03 |
|
|
|
0.01 |
|
|
|
0.04 |
|
|
|
0.03 |
|
|
|
0.01 |
|
M&A diligence and transaction costs |
|
|
0.03 |
|
|
|
0.01 |
|
|
|
0.06 |
|
|
|
0.03 |
|
|
|
0.03 |
|
Defined benefit pension plan settlement charge |
|
|
0.02 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
Income tax effect of Special Items(1) |
|
|
(0.03 |
) |
|
|
(0.01 |
) |
|
|
(0.07 |
) |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
Pre-tax amortization of acquisition-related intangible assets |
|
|
0.11 |
|
|
|
0.11 |
|
|
|
0.22 |
|
|
|
0.23 |
|
|
|
0.11 |
|
Income tax benefit on amortization of acquisition-related intangible assets(1) |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
(0.06 |
) |
|
|
(0.06 |
) |
|
|
(0.03 |
) |
Adjusted diluted EPS |
|
$ |
0.50 |
|
|
$ |
0.60 |
|
|
$ |
0.80 |
|
|
$ |
1.10 |
|
|
$ |
0.30 |
|
Weighted-average shares outstanding |
|
|
41,645,184 |
|
|
|
42,481,199 |
|
|
|
41,723,611 |
|
|
|
42,795,446 |
|
|
|
41,802,037 |
|
| (1) | Income tax effect of Special Items and amortization of acquisition-related intangible assets is calculated on an item-by-item basis, utilizing the statutory income tax rate in the jurisdiction where the Special Item or amortization occurred. For the three and six month periods ended June 30, 2023 and 2022, and the three months ended March 31, 2023, the income tax effect on the cumulative 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 June 30, |
||||||||||||||||||||
|
|
2023 |
|
2022 |
||||||||||||||||||
|
|
As
|
|
Special
|
|
As
|
|
As
|
|
Special
|
|
As
|
||||||||||
Net cash provided by operating activities |
|
$ |
16,500 |
|
|
$ |
4,610 |
|
$ |
21,110 |
|
|
$ |
22,020 |
|
|
$ |
3,260 |
|
$ |
25,280 |
|
Less: Capital expenditures |
|
|
(10,140 |
) |
|
|
— |
|
|
(10,140 |
) |
|
|
(9,830 |
) |
|
|
— |
|
|
(9,830 |
) |
Free Cash Flow |
|
|
6,360 |
|
|
|
4,610 |
|
|
10,970 |
|
|
|
12,190 |
|
|
|
3,260 |
|
|
15,450 |
|
Net income |
|
|
11,020 |
|
|
|
6,520 |
|
|
17,540 |
|
|
|
19,860 |
|
|
|
1,940 |
|
|
21,800 |
|
Free Cash Flow as a percentage of net income |
|
|
58 |
% |
|
|
|
|
63 |
% |
|
|
61 |
% |
|
|
|
|
71 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Six months ended June 30, |
||||||||||||||||||||
|
|
2023 |
|
2022 |
||||||||||||||||||
|
|
As
|
|
Special
|
|
As
|
|
As
|
|
Special
|
|
As
|
||||||||||
Net cash provided by operating activities |
|
$ |
26,190 |
|
|
$ |
6,640 |
|
$ |
32,830 |
|
|
$ |
27,690 |
|
|
$ |
7,570 |
|
$ |
35,260 |
|
Less: Capital expenditures |
|
|
(24,930 |
) |
|
|
— |
|
|
(24,930 |
) |
|
|
(21,720 |
) |
|
|
— |
|
|
(21,720 |
) |
Free Cash Flow |
|
|
1,260 |
|
|
|
6,640 |
|
|
7,900 |
|
|
|
5,970 |
|
|
|
7,570 |
|
|
13,540 |
|
Net income |
|
|
15,930 |
|
|
|
10,610 |
|
|
26,540 |
|
|
|
34,030 |
|
|
|
5,340 |
|
|
39,370 |
|
Free Cash Flow as a percentage of net income |
|
|
8 |
% |
|
|
|
|
30 |
% |
|
|
18 |
% |
|
|
|
|
34 |
% |
||
|
|
June 30,
|
|
December 31,
|
|
June 30,
|
|||
Long-term debt, net |
|
$ |
417,020 |
|
$ |
394,730 |
|
$ |
394,270 |
Less: Cash and cash equivalents |
|
|
41,900 |
|
|
112,090 |
|
|
49,090 |
Net Debt |
|
$ |
375,120 |
|
$ |
282,640 |
|
$ |
345,180 |
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, 2023 |
||||||
|
|
Low |
|
High |
||||
Diluted earnings per share (GAAP) |
|
$ |
1.21 |
|
|
$ |
1.36 |
|
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 |
) |
Impact of Special Items(2) |
|
|
0.26 |
|
|
|
0.26 |
|
Adjusted diluted earnings per share |
|
$ |
1.80 |
|
|
$ |
1.95 |
|
| (1) | These amounts relate to acquisitions completed as of July 27, 2023. 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/20230727107932/en/
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com
Source: TriMas
