TriMas (NASDAQ:TRS), a diversified manufacturer active in packaging, aerospace, and specialty products, reported Q2 2025 results on July 29, 2025. The company decisively outperformed analyst expectations for the period, driven by robust Aerospace growth, efficient operations, and the integration of recent acquisitions. Adjusted earnings per share reached $0.61 versus the expected $0.48. Revenue was $274.8 million, ahead of the $250.1 million GAAP consensus. The period showed strong year-over-year improvemen ...

(Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended June 30, 2025 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q For the Transition Period from to . Commission file number 001-10716 TRIMAS CORPORATION (Exact name of registrant as specified in its charter) Delaware 38-2687639 (IRS Emplo ...

Financial Data and Key Metrics Changes - Consolidated net sales for Q2 2025 reached $275 million, up more than 14% year over year, with organic growth exceeding 13% [14][15] - Consolidated operating profit increased by over 50% compared to Q2 2024, reflecting strong revenue growth and a 300 basis point expansion in operating margin [15] - Adjusted EBITDA rose 31% to nearly $48 million, with a margin improvement of 220 basis points to 17.4% [15] - Adjusted earnings per share increased to $0.61, representing a 42% growth year over year [15] Business Line Data and Key Metrics Changes Packaging Segment - Achieved organic sales growth of nearly 8%, driven by strong demand for dispensers in the Beauty and Personal Care market [18] - Operating profit margin improved by 30 basis points to 14.3%, with adjusted EBITDA margin up 70 basis points to 20.9% [18] Aerospace Segment - Recorded sales of approximately $100 million, with a growth rate of over 32% [20] - Operating profit nearly doubled year over year, with margin expansion of 650 basis points [21] Specialty Products Segment - North Cylinder experienced 13% year-over-year sales growth, but overall sales in the segment were down 6.8% due to the divestiture of AeroEngine [22] - Operating profit more than doubled, with a margin improvement of 250 basis points year over year [22] Market Data and Key Metrics Changes - The Aerospace group benefited from increased demand in the aerospace and defense market, leading to a strong order book and improved throughput [20][21] - The Packaging segment is monitoring the evolving global tariff environment, which poses challenges but is being managed through strategic sourcing and pricing adjustments [19] Company Strategy and Development Direction - The new CEO emphasized the importance of operational improvements, cost efficiencies, and growth through internal and external investments [11][12] - Focus on greater standardization across global operations to enhance efficiency and reduce complexity [11] - Commitment to integrating recent acquisitions to unlock their full potential and drive profitable growth [12] Management's Comments on Operating Environment and Future Outlook - Management raised the 2025 sales growth outlook to 8-10% and adjusted earnings per share guidance to $1.95 to $2.10, reflecting strong performance in Aerospace and positive trends in Specialty Products [25] - The company remains cautious about the changing tariff environment, which could impact customer order patterns and consumer demand [25] Other Important Information - The company reported a decline in net debt and improved free cash flow, indicating a strong capital position [17] - The CEO's early observations highlighted the talent and dedication of the workforce, as well as the innovative capabilities of the products and processes [10] Q&A Session Summary Question: What does the portfolio look like over the intermediate to longer term? - The CEO indicated a focus on maximizing the current portfolio and operational improvements, with an emphasis on integrating and optimizing existing businesses [36][38] Question: Is there a moderation in operating leverage for aerospace in the back half of the year? - Management confirmed that seasonal trends and unique customer benefits in Q4 would lead to a moderation in operating margins [39][40] Question: How much of the aerospace growth is due to competitor capacity loss versus market share gains? - Management stated that competitive issues had a minimal impact on growth, attributing success to market penetration and new customer acquisitions [46] Question: Are bottleneck issues in packaging resolved? - Management acknowledged ongoing opportunities for improvement in the packaging segment, with initiatives in place to enhance efficiencies [49] Question: What is the expected new accounts receivable run rate? - Management indicated that accounts receivable are currently on the high side but improvements are expected over time [53]

Second Quarter 2025 Earnings Presentation July 29, 2025 Disclaimer 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 ...

TriMas reported second quarter 2025 net sales of $274.8 million, an increase of 14.2% compared to $240.5 million in second quarter 2024, as sales growth in its Packaging and Aerospace segments more than offset the loss of sales related to the divestiture of Arrow Engine in its Specialty Products segment. The Company reported operating profit of $27.1 million in second quarter 2025, compared to $17.9 million in second quarter 2024. Adjusting for Special Items , second quarter 2025 adjusted operating profit w ...

Group 1 - TriMas Corporation (NASDAQ: TRS) is identified as slightly undervalued, presenting a bullish investment opportunity [1] - The company is recognized as a catalyst in the oil and natural gas sector, focusing on cash flow generation [1] Group 2 - Crude Value Insights provides an investing service and community centered on oil and natural gas, emphasizing cash flow and growth prospects [1] - Subscribers have access to a stock model account with over 50 stocks, detailed cash flow analyses of exploration and production firms, and live sector discussions [2]

Core Insights - TriMas Corporation (TRS) reported first-quarter 2025 adjusted earnings per share (EPS) of 46 cents, exceeding the Zacks Consensus Estimate of 43 cents, marking a 24% increase from the prior-year quarter [1] - The company's revenues rose 6.4% year over year to $242 million, surpassing the Zacks Consensus Estimate of $233 million, driven by growth in the Packaging and Aerospace segments [2] - The company completed the acquisition of GMT Aerospace during the quarter, enhancing its capabilities in aerospace and defense applications [2] Financial Performance - Cost of sales increased 6% year over year to $185 million, while gross profit rose 8% to $57 million, resulting in a gross margin of 23.6%, up from 23.2% in the prior-year quarter [3] - Selling, general and administrative expenses increased slightly by 0.5% to $41 million, with operating profit rising to $21.8 million from $12.4 million in the first quarter of 2024 [4] - Adjusted operating profit increased 50% year over year to $24.4 million, with an adjusted operating margin of 10.1%, compared to 7.2% in the prior-year quarter [4] Segment Performance - Packaging segment net sales increased 0.4% year over year to $128 million, with adjusted operating profit decreasing 1.1% to $17.8 million [5] - Aerospace segment net sales surged 32.5% year over year to $89 million, with adjusted operating profit rising to $15 million from $7 million in the year-ago quarter [6] - Specialty Products segment revenues fell 24% year over year to $25 million, with adjusted operating profit dropping to $0.09 million from $2.6 million in the prior-year quarter [7] Cash Flow and Balance Sheet - The company generated $9.2 million in cash from operations in the first quarter of 2025, compared to an outflow of $3.7 million in the same quarter of 2024 [8] - As of March 31, 2025, TriMas had $32.7 million in cash, up from $23 million at the end of 2024, and $240.1 million in cash and available borrowing capacity under its revolving credit facility [8] - The company repurchased approximately 20,491 shares for $0.5 million, with total debt standing at $434.2 million at the end of the first quarter of 2025 [9] Stock Performance - TriMas' shares have declined by 7.3% over the past year, contrasting with the industry's growth of 8.4% [11]

Financial Data and Key Metrics Changes - Consolidated net sales increased by 6.4% year over year to $241.7 million, with organic revenue growth exceeding 8% when excluding currency and acquisitions [9] - Adjusted EBITDA rose by 13.5% to $39.7 million, with a margin improvement of 100 basis points to 16.4% [10] - Adjusted earnings per share increased to $0.46, representing a 24.3% growth year over year [10] - Consolidated operating profit increased by over 50% compared to Q1 2024, reflecting strong revenue growth and expanded operating margin [9] Business Line Data and Key Metrics Changes - Aerospace business achieved record sales of nearly $90 million, with organic growth of 27.8% [4][17] - Packaging segment experienced organic growth of 3.3%, with solid growth in dispensing products, although operating profit conversion rates were slightly lower due to proactive material procurement costs [12][14] - Specialty Products segment sales decreased by $7.9 million, primarily due to the divestiture of AeroEngine and lower cylinder demand [19] Market Data and Key Metrics Changes - The Aerospace and defense market showed continued momentum, contributing to the record sales in the Aerospace segment [5][18] - The Packaging group faced challenges from elevated customer inventory levels and geopolitical tariff dynamics, impacting demand in the closure product line [13][14] Company Strategy and Development Direction - The company is focused on navigating geopolitical challenges and is prepared to relocate production to mitigate tariff impacts [16] - A new larger facility in Vietnam has been launched to serve as a manufacturing hub for Asia and other regions [15] - The acquisition of GMT Aerospace is expected to enhance the company's positioning in the aerospace market, particularly with Airbus [39] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the long-term growth outlook, despite current uncertainties related to tariffs and geopolitical factors [22][43] - The company is monitoring order intake rates closely, particularly in the Specialty Products segment, which is beginning to show signs of recovery [20] - Management reaffirmed the 2025 outlook, indicating that uncertainties in trade strategy could impact future guidance [21][42] Other Important Information - The company successfully refinanced its senior secured revolving credit facility, extending its maturity to February 2030 [10] - Free cash flow improved by $14.8 million compared to Q1 2024, attributed to strong operational performance and disciplined working capital management [11] Q&A Session Summary Question: Any change to the segment guidance provided last quarter? - Management indicated no changes to segment guidance at this point due to uncertainty in the environment [28] Question: How to think about other investments or potential headwinds relative to packaging? - Management stated that they do not foresee additional abnormal expenses beyond those incurred in Q1 and are focused on procurement strategies to mitigate exposure [30] Question: Aerospace organic growth was solid; how to think about the cadence of growth moving forward? - Management acknowledged the expectation of modest operating leverage gains but emphasized a conservative approach due to uncertainty [34][35] Question: How will the acquisition of GMT Aerospace impact capacity and pricing? - Management expressed excitement about the acquisition and its potential to improve positioning, while also acknowledging the competitive dynamics in the aerospace market [39] Question: Are there any signs of pre-buying activity among customers due to tariffs? - Management noted some signs of pre-buying in certain product lines but did not observe significant abnormal inventory levels across the board [51] Question: How is the company thinking about organic pricing relative to volumes? - Management indicated that if tariffs persist, there may be an impact on the year-end guidance, with more clarity expected after Q2 [56]

Financial Performance - Net sales for Q1 2025 increased to $241.67 million, up 6.9% from $227.1 million in Q1 2024[19] - Gross profit for Q1 2025 was $57.03 million, representing a gross margin of 23.6%, compared to $52.71 million in Q1 2024[19] - Operating profit rose to $21.78 million in Q1 2025, a significant increase of 75.5% from $12.44 million in Q1 2024[19] - Net income for Q1 2025 was $12.42 million, compared to $5.14 million in Q1 2024, reflecting a year-over-year growth of 142.5%[19] - Basic earnings per share increased to $0.31 in Q1 2025, up from $0.13 in Q1 2024[19] - The company reported a total comprehensive income of $20.11 million for Q1 2025, compared to $2.24 million in Q1 2024[22] - For the three months ended March 31, 2025, the Company reported net sales of $241.67 million, with segment adjusted operating profit totaling $33.14 million[91] - Net sales increased by $14.6 million, or 6.4%, to $241.7 million for the three months ended March 31, 2025, compared to $227.1 million for the same period in 2024[133] - Gross profit margin improved to 23.6% for the three months ended March 31, 2025, compared to 23.2% for the same period in 2024, primarily due to higher sales levels and improved fixed cost absorption[134] - Operating profit increased by $9.3 million to $21.8 million, with an operating profit margin of 9.0% for the three months ended March 31, 2025, compared to 5.5% in 2024[135] - Net income rose by $7.3 million to $12.4 million for the three months ended March 31, 2025, compared to $5.1 million for the same period in 2024[140] Assets and Liabilities - Total assets as of March 31, 2025, were $1.39 billion, an increase from $1.32 billion as of December 31, 2024[17] - Total liabilities increased to $707.18 million as of March 31, 2025, compared to $656.88 million at the end of 2024[17] - Long-term debt increased to $434.19 million as of March 31, 2025, compared to $398.12 million at the end of 2024[45] - The Company had $38.5 million outstanding under its revolving credit facility as of March 31, 2025, with $205.2 million available for general corporate purposes[52] - Other long-term liabilities increased from $42,540 thousand as of December 31, 2024, to $46,300 thousand as of March 31, 2025[74] Cash Flow and Capital Expenditures - Cash and cash equivalents at the end of Q1 2025 were $32.71 million, up from $23.07 million at the end of 2024[17] - The Company incurred capital expenditures of $12.94 million in Q1 2025, slightly down from $13.25 million in Q1 2024[24] - Cash flows provided by operating activities were $9.2 million for the three months ended March 31, 2025, compared to cash used of $3.7 million in the same period of 2024[154] - Net cash provided by financing activities increased to $30.1 million for the three months ended March 31, 2025, from $12.4 million in 2024[155] - The company invested $12.9 million in capital expenditures during the first three months of 2025, focusing on growth and productivity-related projects[154] Acquisitions and Divestitures - On February 17, 2025, the Company acquired GMT's aerospace business for $37.2 million, which is expected to generate annual net sales of approximately €22.0 million[37] - The Company completed the sale of its Arrow Engine business for net cash proceeds of $20.5 million, resulting in a pre-tax gain of $5.3 million[38] - The Company completed the divestiture of its Arrow Engine business within the Specialty Products segment on January 31, 2025[88] - The acquisition of GMT Aerospace for $37.2 million contributed $3.3 million in sales growth during Q1 2025[118] Segment Performance - The Aerospace segment reported net sales of $89.21 million for the three months ended March 31, 2025, up from $67.34 million in the same period of 2024[91] - Aerospace net sales rose by $21.9 million, or 32.5%, to $89.2 million for the three months ended March 31, 2025, with 27.8% organic growth and 4.9% from acquisitions[145] - The Packaging segment reported net sales of $127.6 million, a 0.4% increase, with organic growth of 3.3% offset by a 2.9% decrease due to foreign currency exchange[141] - Specialty Products net sales decreased by $7.9 million, or 24.0%, to $24.9 million for the three months ended March 31, 2025, primarily due to lower demand and divestiture impacts[149] Shareholder Returns and Stock Repurchase - Cash dividends declared in Q1 2025 were $0.04 per share, totaling $1.6 million, consistent with Q1 2024[102] - The Company has $67.2 million remaining under its stock repurchase authorization after purchasing 20,491 shares for $0.5 million in Q1 2025[100] - The total approximate dollar value of shares that may yet be purchased under the repurchase program is $67.2 million as of March 31, 2025[198] - The company purchased 20,491 shares of common stock for an aggregate price of $0.5 million during the three months ended March 31, 2025[173] Tax and Compliance - The effective income tax rate for Q1 2025 was 27.6%, a decrease from 28.5% in Q1 2024, with income tax expenses recorded at $4.7 million[108] - The effective income tax rate decreased to 27.6% for the three months ended March 31, 2025, from 28.5% in 2024, with tax expense recorded at $4.7 million[138] - The Company is in compliance with its financial covenants under the amended Credit Agreement as of March 31, 2025[53] Legal and Environmental Liabilities - As of March 31, 2025, the Company had 539 pending asbestos-related cases involving 4,990 claimants, with an average settlement amount per claim of $7,781[75] - The total asbestos-related liability recorded by the Company was $28.9 million as of March 31, 2025, reflecting a pre-tax charge of $5.5 million to increase the liability estimate[79] - The Company’s primary insurance covering approximately 40% of historical asbestos-related costs expired in November 2018, making the Company solely responsible for defense costs and indemnity payments[80] - The total environmental remediation obligation was recorded at $3.3 million as of March 31, 2025[83] Market Conditions and Strategic Outlook - The company has experienced higher input costs due to tariffs on certain raw materials and components imported from China during the first quarter of 2025[194] - The company has passed through some of the incremental costs to customers while retaining pricing in other cases to maintain or expand volume[194] - The U.S. government has altered its trade policies, which may adversely impact the company's demand, costs, and margins[194] - The company is facing uncertainty regarding the scope and duration of governmental actions related to tariffs and international trade agreements[194] - The company anticipates strong performance in its Aerospace and Packaging segments, despite global market uncertainties[179]

April 29, 2025 First Quarter 2025 Earnings Presentation Disclaimer 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 ...