[Executive Summary & Q2 2025 Highlights](index=1&type=section&id=Executive_Summary_Q2_2025_Highlights) The company reported strong Q2 2025 results with significant growth in sales and profit, prompting an increased full-year outlook [Q2 2025 Consolidated Financial Performance](index=1&type=section&id=Q2_2025_Consolidated_Financial_Performance) TriMas reported strong Q2 2025 financial results, with significant year-over-year increases in net income, sales, and operating profit | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | YoY Change | YoY Change (%) | | :-------------------------- | :------------------ | :------------------ | :--------- | :------------- | | Net Income | $16.7 | $10.9 | $5.8 | 53.2% | | Adjusted Net Income | $25.1 | $17.5 | $7.6 | 43.4% | | Diluted EPS | $0.41 | $0.27 | $0.14 | 51.9% | | Adjusted Diluted EPS | $0.61 | $0.43 | $0.18 | 41.9% | | Net Sales | $274.8 | $240.5 | $34.3 | 14.2% | | Operating Profit | $27.1 | $17.9 | $9.2 | 51.4% | | Adjusted Operating Profit | $31.8 | $20.8 | $11.0 | 53.2% | - Consolidated sales growth was **14.2%**, with organic growth, net of currency impact, of **13.4%**[4](index=4&type=chunk) [CEO Commentary](index=1&type=section&id=CEO_Commentary) The CEO highlighted strong performance driven by Aerospace and Packaging, expressing confidence and raising the full-year 2025 outlook - The team delivered a strong quarter with **solid top-line growth** and **improving margins** in both Aerospace and Packaging segments[1](index=1&type=chunk) - The company is **raising its full-year 2025 sales and earnings outlook** due to current momentum[1](index=1&type=chunk) - Management remains confident in the **long-term growth potential** of Packaging and Aerospace, and the ongoing recovery within Specialty Products[1](index=1&type=chunk) [Financial Position](index=1&type=section&id=Financial_Position) The company maintained a strong balance sheet and improved cash flow, enabling continued investment and shareholder returns [Q2 2025 Financial Position Overview](index=1&type=section&id=Q2_2025_Financial_Position_Overview) TriMas demonstrated improved financial health with increased cash flow, sufficient liquidity, and a manageable net leverage ratio | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | YoY Change | YoY Change (%) | | :-------------------------------- | :------------------ | :------------------ | :--------- | :------------- | | Net Cash Provided by Operating Activities | $30.3 | $18.4 | $11.9 | 64.7% | | Free Cash Flow | $16.9 | $11.4 | $5.5 | 48.2% | | Cash on Hand (as of June 30, 2025) | $30.3 | N/A | N/A | N/A | | Total Debt (as of June 30, 2025) | $424.5 | N/A | N/A | N/A | | Net Debt (as of June 30, 2025) | $394.3 | N/A | N/A | N/A | | Net Leverage Ratio (as of June 30, 2025) | 2.6x | N/A | N/A | N/A | - The company had **$249.4 million of cash and available borrowing capacity** under its revolving credit facility as of June 30, 2025[2](index=2&type=chunk) - During the first six months of 2025, TriMas repurchased 106,220 shares for **$2.3 million**, with **$65.4 million remaining** under authorization[2](index=2&type=chunk) - A quarterly cash dividend of **$0.04 per share** was paid[2](index=2&type=chunk) [Second Quarter Segment Performance](index=1&type=section&id=Second_Quarter_Segment_Performance) This section details the performance of the Packaging, Aerospace, and Specialty Products segments during the second quarter [Packaging Group](index=1&type=section&id=Packaging_Group) The Packaging group achieved strong organic sales growth driven by beauty, personal care, and industrial end markets | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | YoY Change (%) | | :---------------- | :------------------ | :------------------ | :------------- | | Net Sales | $143.0 | $131.9 | 8.4% | | Organic Growth | N/A | N/A | 7.9% | | Operating Profit | $19.99 | $18.02 | 10.9% | | Adjusted Operating Profit | $20.43 | $18.46 | 10.7% | - Sales growth was partially offset by lower sales of products used in food & beverage applications[3](index=3&type=chunk) [Aerospace Group](index=1&type=section&id=Aerospace_Group) The Aerospace group delivered exceptional sales and profit growth, driven by higher build rates and the TAG acquisition | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | YoY Change (%) | | :-------------------------- | :------------------ | :------------------ | :------------- | | Net Sales | $103.0 | $77.7 | 32.5% | | Operating Profit | $20.14 | $10.43 | 93.1% | | Adjusted Operating Profit | $20.65 | $10.46 | 97.4% | - Operating profit margin **increased by 650 basis points** over the prior year period, driven by higher sales conversion, commercial actions, and operational excellence initiatives[5](index=5&type=chunk) - Growth was primarily due to an increase in industry build rates, new awards, commercial actions, and the acquisition of **TriMas Aerospace Germany (TAG)** in Q1 2025[4](index=4&type=chunk) [Specialty Products Group](index=2&type=section&id=Specialty_Products_Group) The Specialty Products group saw a sales decline due to a divestiture, though underlying performance and profit improved | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | YoY Change (%) | | :---------------- | :------------------ | :------------------ | :------------- | | Net Sales | $28.7 | $30.8 | (6.8)% | | Operating Profit | $1.26 | $0.58 | 117.2% | | Adjusted Operating Profit | $1.26 | $0.58 | 117.2% | - Norris Cylinder sales **increased by 13.0%** year-over-year, but this was more than offset by the loss of sales from the **Arrow Engine divestiture** in January 2025[6](index=6&type=chunk) [2025 Full-Year Outlook](index=2&type=section&id=2025_Full_Year_Outlook) The company raised its full-year 2025 guidance for sales growth and adjusted earnings per share based on strong first-half performance [Revised 2025 Guidance](index=2&type=section&id=Revised_2025_Guidance) TriMas raised its full-year 2025 outlook for adjusted diluted EPS and sales growth, citing sustained business momentum | Metric | New 2025 Outlook | Previous 2025 Outlook | Change | | :-------------------------- | :-------------------- | :-------------------- | :----- | | Adjusted Diluted EPS | $1.95 to $2.10 | $1.70 to $1.85 | Increased | | Consolidated Sales Growth (YoY) | 8% to 10% | 4% to 6% | Increased | - The increased guidance is supported by **sustained momentum** in the Aerospace business and positive trends within Specialty Products[7](index=7&type=chunk) - The Packaging group remains on track, delivering **continued growth and margin expansion**[7](index=7&type=chunk) [Corporate Information & Disclosures](index=2&type=section&id=Corporate_Information_Disclosures) This section provides key corporate details, including conference call information, forward-looking statements, and non-GAAP measure definitions [Conference Call Details](index=2&type=section&id=Conference_Call_Details) TriMas hosted its second quarter 2025 earnings conference call on July 29, 2025, providing details for participation and replay - Conference call held on **Tuesday, July 29, 2025, at 10 a.m. ET**[8](index=8&type=chunk) - Available via phone (877) 407-0890 (U.S./Canada) or +1 (201) 389-0918 (international) and webcast on www.trimas.com under 'Investors' section[8](index=8&type=chunk) - Replay available from **July 29 to August 12, 2025**[8](index=8&type=chunk) [Notice Regarding Forward-Looking Statements](index=2&type=section&id=Notice_Regarding_Forward_Looking_Statements) The report includes forward-looking statements subject to various risks and uncertainties, and the company assumes no obligation to update them - Forward-looking statements involve risks including general economic conditions, competitive factors, market demand, and the ability to realize business strategies[9](index=9&type=chunk) - Risks also include government actions, supply chain pressures, and international operations risks[9](index=9&type=chunk) - The company's outlook includes the impact of all announced acquisitions and assumes no detrimental impact from global conflicts or geopolitical actions[9](index=9&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non_GAAP_Financial_Measures) TriMas utilizes non-GAAP measures to provide additional insight into underlying business trends, with reconciliations provided in Appendix I - Non-GAAP measures are used to help investors identify underlying trends and facilitate performance comparisons with peers[11](index=11&type=chunk) - Reconciliations of forward-looking non-GAAP measures are provided only for the expected impact of amortization for completed acquisitions[12](index=12&type=chunk) - Definitions for 'Special Items', 'Adjusted Net Income', and 'Free Cash Flow' are provided, detailing adjustments for non-recurring items[14](index=14&type=chunk) [About TriMas](index=3&type=section&id=About_TriMas) TriMas is a global manufacturer of diverse products for consumer, aerospace, and industrial markets with approximately 3,900 employees - TriMas manufactures products for **consumer products, aerospace, and industrial markets**[13](index=13&type=chunk) - Operates through **TriMas Packaging, TriMas Aerospace, and Specialty Products** groups[13](index=13&type=chunk) - Approximately **3,900 employees in 13 countries**[13](index=13&type=chunk) [Contact Information](index=3&type=section&id=Contact_Information) Contact details for investor relations, communications, and sustainability are provided for inquiries - Contact: **Sherry Lauderback**, VP, Investor Relations, Communications & Sustainability[14](index=14&type=chunk) - Phone: **(248) 631-5506**[15](index=15&type=chunk) - Email: **sherry.lauderback@trimas.com**[15](index=15&type=chunk) [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed_Consolidated_Financial_Statements) This section presents the unaudited condensed consolidated balance sheet, statement of income, and statement of cash flow [Condensed Consolidated Balance Sheet](index=5&type=section&id=Condensed_Consolidated_Balance_Sheet) The balance sheet shows TriMas's financial position as of June 30, 2025, compared to December 31, 2024, indicating asset growth | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | Total Assets | $1,445,400 | $1,324,180 | | Total Liabilities | $730,130 | $656,880 | | Total Shareholders' Equity | $715,270 | $667,300 | | Cash and cash equivalents | $30,280 | $23,070 | | Receivables, net | $203,770 | $164,820 | | Inventories | $216,900 | $209,190 | | Long-term debt, net | $424,540 | $398,120 | [Consolidated Statement of Income](index=6&type=section&id=Consolidated_Statement_of_Income) The income statement reflects significant year-over-year improvements in net sales, gross profit, and net income, indicating strong performance | Metric (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :------------------------------ | :------------------------------ | | Net sales | $274,760 | $240,500 | $516,430 | $467,600 | | Gross profit | $69,720 | $54,010 | $126,750 | $106,720 | | Operating profit | $27,130 | $17,850 | $48,910 | $30,290 | | Net income | $16,720 | $10,940 | $29,140 | $16,080 | | Diluted earnings per share | $0.41 | $0.27 | $0.71 | $0.39 | [Consolidated Statement of Cash Flow](index=7&type=section&id=Consolidated_Statement_of_Cash_Flow) The cash flow statement shows a substantial increase in net cash from operating activities for the first six months of 2025 | Metric (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------- | :------------------------------ | :------------------------------ | | Net cash provided by operating activities | $39,440 | $14,670 | | Net cash used for investing activities | $(45,960) | $(23,880) | | Net cash provided by financing activities | $13,730 | $9,330 | | Capital expenditures | $(29,980) | $(24,110) | | Acquisition of business, net of cash acquired | $(37,160) | — | | Net proceeds from disposition of business, property and equipment | $21,180 | $230 | | Cash and cash equivalents at end of period | $30,280 | $35,010 | [Appendix I: Non-GAAP Reconciliations & Supplemental Data](index=8&type=section&id=Appendix_I_Non_GAAP_Reconciliations_Supplemental_Data) The appendix provides detailed reconciliations for non-GAAP financial measures to their nearest GAAP equivalents [Segment Operating Profit Reconciliation](index=8&type=section&id=Segment_Operating_Profit_Reconciliation) This section reconciles GAAP operating profit to adjusted operating profit for each segment, detailing the impact of 'Special Items' | Segment (in thousands) | Q2 2025 Operating Profit | Q2 2025 Adjusted Operating Profit | Q2 2024 Operating Profit | Q2 2024 Adjusted Operating Profit | | :----------------------- | :------------------------ | :-------------------------- | :------------------------ | :-------------------------- | | Packaging | $19,990 | $20,430 | $18,020 | $18,460 | | Aerospace | $20,140 | $20,650 | $10,430 | $10,460 | | Specialty Products | $1,260 | $1,260 | $580 | $580 | | Corporate Expenses | $(14,260) | $(10,560) | $(11,180) | $(8,750) | | Total Company | $27,130 | $31,780 | $17,850 | $20,750 | - Special Items for Q2 2025 totaled **$4.65 million**, including business restructuring, purchase accounting, M&A diligence, and system implementation costs[23](index=23&type=chunk) [Net Income and Diluted EPS Reconciliation](index=9&type=section&id=Net_Income_and_Diluted_EPS_Reconciliation) This section reconciles GAAP net income and diluted EPS to their adjusted non-GAAP counterparts, detailing various adjustments | Metric | Q2 2025 (as reported) | Q2 2025 (adjusted) | Q2 2024 (as reported) | Q2 2024 (adjusted) | | :-------------------------------- | :-------------------- | :------------------ | :-------------------- | :------------------ | | Net income (in thousands) | $16,720 | $25,070 | $10,940 | $17,450 | | Diluted EPS | $0.41 | $0.61 | $0.27 | $0.43 | | Total Special Items (Q2 2025) | N/A | $2,670 (restructuring) + $510 (purchase acct) + $30 (M&A) + $1,440 (system impl) = $4,650 | N/A | N/A | | Amortization of acquisition-related intangible assets (Q2 2025) | N/A | $4,350 | N/A | N/A | | Non-cash compensation expense (Q2 2025) | N/A | $2,010 | N/A | N/A | [Free Cash Flow and Net Debt Reconciliation](index=10&type=section&id=Free_Cash_Flow_and_Net_Debt_Reconciliation) This reconciliation shows the calculation of Free Cash Flow from operating cash flow and Net Debt from total long-term debt | Metric (in thousands) | Q2 2025 (as reported) | Q2 2025 (adjusted) | Q2 2024 (as reported) | Q2 2024 (adjusted) | | :-------------------------------- | :-------------------- | :------------------ | :-------------------- | :------------------ | | Net cash provided by operating activities | $30,250 | $33,900 | $18,360 | $22,220 | | Capital expenditures | $(17,040) | $(17,040) | $(10,860) | $(10,860) | | Free Cash Flow | $13,210 | $16,860 | $7,500 | $11,360 | | Net Debt (June 30, 2025) | N/A | $394,260 | N/A | N/A | | Net Debt (December 31, 2024) | N/A | $375,050 | N/A | N/A | [Sales Growth Analysis by Component](index=10&type=section&id=Sales_Growth_Analysis_by_Component) This section breaks down consolidated and segment-level sales growth into organic, acquisitions, divestitures, and foreign exchange components | Segment | Organic | Acquisitions | Divestitures | Foreign Exchange | Total | | :-------------------------- | :------ | :----------- | :----------- | :--------------- | :---- | | **Q2 2025 vs. Q2 2024** | | | | | | | Consolidated TriMas Corporation | 13.4 % | 2.8 % | (2.2)% | 0.2 % | 14.2 % | | Packaging | 7.9 % | — % | — % | 0.5 % | 8.4 % | | Aerospace | 23.8 % | 8.7 % | — % | — % | 32.5 % | | Specialty Products | 10.8 % | — % | (17.6)% | — % | (6.8)% | | **YTD Q2 2025 vs YTD Q2 2024** | | | | | | | Consolidated TriMas Corporation | 10.9 % | 2.1 % | (1.9)% | (0.7)% | 10.4 % | | Packaging | 5.7 % | — % | — % | (1.2)% | 4.5 % | | Aerospace | 25.7 % | 6.9 % | — % | (0.1)% | 32.5 % | | Specialty Products | (1.5)% | — % | (14.2)% | — % | (15.7)% | [Forecasted Diluted Earnings Per Share Guidance Reconciliation](index=11&type=section&id=Forecasted_Diluted_Earnings_Per_Share_Guidance_Reconciliation) This reconciliation provides the breakdown from GAAP diluted EPS to adjusted diluted EPS for the full year 2025 outlook | Metric (dollars per share) | Low (2025) | High (2025) | | :-------------------------------- | :--------- | :---------- | | Diluted earnings per share (GAAP) | $1.31 | $1.46 | | Pre-tax amortization of acquisition-related intangible assets | $0.42 | $0.42 | | Income tax benefit on amortization | $(0.11) | $(0.11) | | Pre-tax non-cash compensation expense | $0.25 | $0.25 | | Income tax benefit on non-cash compensation expense | $(0.06) | $(0.06) | | Impact of Special Items | $0.14 | $0.14 | | Adjusted diluted earnings per share | $1.95 | $2.10 | - The company is unable to provide forward-looking estimates of future Special Items or amortization from future acquisitions due to inherent uncertainty[29](index=29&type=chunk)

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]

____________________________ Pre-Tax net present value discounted at 5% ("NPV5") of USD $359.0 million Pre-Tax Internal Rate of Return ("IRR") of 37.4% FAIRBANKS, AK, May 6, 2025 /PRNewswire/ - Contango ORE, Inc. ("Contango" or the "Company") (NYSE American: CTGO) is pleased to announce that it has completed the Technical Report Summary ("TRS") on the Johnson Tract Project (the "Project" or "Johnson Tract"), located in Alaska, U.S.A. The TRS summarizes the results of an Initial Assessment ("IA") of the pote ...

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]

Financial Performance - Net sales increased by 64% from $2271 million in Q1 2024 to $2417 million in Q1 2025[9] - Adjusted Earnings Per Share (EPS) increased by 243% from $037 in Q1 2024 to $046 in Q1 2025[9] - Adjusted EBITDA increased by 135% from $350 million in Q1 2024 to $397 million in Q1 2025[9] - Aerospace segment sales increased by 325% year-over-year[26] Segment Results - Packaging segment net sales increased by 04% to $1276 million in Q1 2025, with organic sales growth of 33% adjusted for currency[17, 6] - Aerospace segment net sales increased to $892 million in Q1 2025 from $673 million in Q1 2024, a 325% increase[22] - Specialty Products segment net sales decreased by 240% to $249 million in Q1 2025, impacted by the Arrow Engine divestiture and lower demand[27] Balance Sheet and Capitalization - Total debt was $4342 million as of March 31, 2025[15] - Net debt was $4015 million as of March 31, 2025, with a net leverage of 27x[15] Outlook - The company reaffirmed its FY 2025 sales growth outlook of 4% to 6% and adjusted EPS outlook of $170 to $185[32]

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 [10] - 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 [11] - Consolidated operating profit increased by over 50% compared to Q1 2024, reflecting strong revenue growth and an expanded operating margin of 290 basis points [10] Business Line Data and Key Metrics Changes - Aerospace business achieved record sales of nearly $90 million, with organic growth of 27.8% [5][18] - Packaging segment experienced organic growth of 3.3%, with solid growth in dispensing products, although impacted by elevated customer inventory levels in closures [13][14] - Specialty Products segment sales decreased by $7.9 million, primarily due to the divestiture of AeroEngine and lower demand for cylinders [20] Market Data and Key Metrics Changes - The Aerospace segment benefited from a strong order book and increased demand in the aerospace and defense market [18] - The Packaging group is navigating challenges related to tariffs and geopolitical dynamics, with proactive measures taken to secure materials [16][17] - The Specialty Products segment is beginning to see an increase in cylinder order intake, indicating potential recovery [21] Company Strategy and Development Direction - The company is focused on continuous improvement and operational excellence, particularly in the Aerospace segment, which is expected to drive long-term growth [19] - TriMas is strategically relocating production to mitigate tariff impacts, with a new facility in Vietnam serving as a manufacturing hub [17] - The company aims to maintain a flexible capital structure to support both near-term operations and future strategic investments [12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the outlook for 2025, despite uncertainties related to tariffs and geopolitical factors [23][24] - The company is monitoring order intake and market dynamics closely, particularly in the Aerospace and Packaging segments [19][16] - Management reaffirmed the full-year sales and earnings guidance, indicating a conservative approach due to the fluid environment [30][46] Other Important Information - The acquisition of GMT Aerospace is expected to enhance the company's positioning in the aerospace market [43] - The company has successfully refinanced its senior secured revolving credit facility, extending its maturity to February 2030 [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 [30] Question: How to think about other investments or potential headwinds relative to packaging? - Management noted that they do not foresee additional abnormal expenses beyond those incurred in Q1 and are focused on procurement strategies [32] Question: Aerospace organic growth was solid; how to think about order intake and operating leverage? - Management expects modest operating leverage gains as the year progresses but remains conservative due to uncertainty [37] Question: How will the acquisition of GMT Aerospace impact capacity and pricing? - Management expressed excitement about the acquisition and its potential to improve positioning with customers, while remaining cautious about guidance [44][46] Question: What drove gains in beauty and personal care? - Management indicated a combination of capturing market share and strong demand for specific product lines contributed to growth [50]

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 impacts and acquisitions [10] - 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 [11] - Consolidated operating profit increased by over 50% compared to Q1 2024, reflecting strong revenue growth and an expanded operating margin of 290 basis points [10] Business Line Data and Key Metrics Changes - Aerospace business achieved record sales of nearly $90 million, with organic growth of 27.8% [4][18] - 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 [13][14] - Specialty Products segment sales decreased by $7.9 million, primarily due to the divestiture of AeroEngine and lower demand for cylinders [19] Market Data and Key Metrics Changes - The Aerospace segment benefited from a robust aerospace and defense market, with improved throughput and a strong order book [18] - The Packaging segment faced challenges from elevated customer inventory levels and geopolitical tariff dynamics, impacting demand in the food and beverage market [14][16] Company Strategy and Development Direction - The company is focused on navigating tariff-related challenges and is prepared to relocate production as necessary to mitigate risks [16][17] - A new facility in Vietnam has been launched to serve as a manufacturing hub for Asia, reflecting a strategy to regionalize production [17] - The company aims to maintain a strong balance sheet to support both near-term operations and future strategic investments [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the long-term growth outlook, particularly in the aerospace sector, despite current uncertainties related to tariffs [22][45] - The company reaffirmed its 2025 outlook, indicating that while challenges exist, they are well-positioned to capitalize on opportunities in the aerospace market [21][22] Other Important Information - The acquisition of GMT Aerospace is expected to enhance the company's positioning in the aerospace market, particularly with Airbus [40] - The company has successfully refinanced its senior secured revolving credit facility, extending its maturity to February 2030 [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 noted 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? - Management acknowledged the expectation of modest operating leverage gains but emphasized a conservative approach due to uncertainty [34][35] Question: How does 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 market [40] Question: Are there any signs of pre-buying activity among customers? - Management noted some signs of pre-buying, particularly in the Norris Cylinder segment, but did not observe significant abnormal inventory levels across other product lines [56] 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 sales guidance, with more clarity expected after Q2 [58]

Company Performance - TriMas reported quarterly earnings of $0.46 per share, exceeding the Zacks Consensus Estimate of $0.43 per share, and up from $0.37 per share a year ago [1] - The quarterly earnings surprise was 6.98%, while the previous quarter saw a negative surprise of -10.42% [2] - Revenues for the quarter reached $241.67 million, surpassing the Zacks Consensus Estimate by 3.53%, compared to $227.1 million in the same quarter last year [3] Market Outlook - TriMas shares have declined approximately 14.6% year-to-date, contrasting with the S&P 500's decline of -6% [4] - The current consensus EPS estimate for the upcoming quarter is $0.49, with expected revenues of $247.52 million, and for the current fiscal year, the EPS estimate is $1.80 on revenues of $975.36 million [8] Industry Context - The Metal Products - Procurement and Fabrication industry, to which TriMas belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [9]