Financial Performance - TriMas reported Q1 2025 net income of $12.4 million, or $0.30 per diluted share, up from $5.1 million, or $0.12 per diluted share in Q1 2024[2] - Adjusted net income for Q1 2025 was $18.8 million, compared to $15.1 million in Q1 2024, with adjusted diluted EPS increasing by 24.3% to $0.46[2] - Q1 2025 net sales reached $241.7 million, a 6.4% increase from $227.1 million in Q1 2024, driven by growth in Packaging and Aerospace segments[2] - Operating profit for Q1 2025 was $21.8 million, with adjusted operating profit rising 50.2% to $24.4 million compared to $16.3 million in the prior year[2] - Net income for Q1 2025 was $12.42 million, compared to $5.14 million in Q1 2024, resulting in a diluted earnings per share of $0.30, up from $0.12[28] - The company reported a free cash flow of $(3.75) million for Q1 2025, compared to $(16.94) million in Q1 2024, indicating improved cash generation[31] Segment Performance - Aerospace segment net sales increased by 32.5% to $89.2 million in Q1 2025, with operating profit margin up 650 basis points[6] - Aerospace segment net sales increased by 32.5% year-over-year, from $67.34 million in Q1 2024 to $89.21 million in Q1 2025[26] - Specialty Products segment net sales decreased by 24.0% to $24.9 million, impacted by the divestiture of Arrow Engine and lower cylinder demand[7] - Specialty Products segment experienced a decline in net sales of 24.0%, from $32.74 million in Q1 2024 to $24.89 million in Q1 2025[26] Cash and Debt Management - TriMas ended Q1 2025 with $32.7 million in cash and a net leverage ratio of 2.7x, with total debt reported at $434.2 million[3] - Cash and cash equivalents at the end of Q1 2025 were $32.71 million, an increase from $30.47 million at the end of Q1 2024[31] Shareholder Actions - During Q1 2025, TriMas repurchased 20,491 shares for $0.5 million, with $67.2 million remaining under the repurchase authorization[3] Future Guidance - The company expects full year 2025 adjusted diluted EPS in the range of $1.70 to $1.85, reaffirming its guidance[8] - The company expects adjusted diluted earnings per share for the twelve months ending December 31, 2025, to be between $1.70 and $1.85[34] Acquisitions and Special Items - The acquisition of GMT Aerospace was completed in Q1 2025, enhancing TriMas' capabilities in aerospace applications[2] - Total special items impacting operating profit were $2.62 million in Q1 2025, compared to $3.81 million in Q1 2024[26] - The company reported a net gain on dispositions of assets of $5.29 million in Q1 2025, compared to $60,000 in Q1 2024[24]

Fourth Quarter and Full Year 2024 Earnings Presentation February 27, 2025 Disclaimer Forward-Looking Statements Packaging: Strong organic growth of nearly 10%, while continuing to improve efficiency related to the high demand rates for certain dispenser product lines as customer orders rebounded from prior year levels – Positioned well for 2025 Aerospace: Record sales levels with growth of 22%, accompanied by improved conversion rates of ~450 basis points – Entering 2025 with a record backlog Specialty Prod ...

Financial Data and Key Metrics Changes - Consolidated sales increased by 8.8% in Q4 2024 compared to the prior year, driven by solid organic growth in the Packaging and Aerospace segments [19][21] - Net income rose by 13.2% year-over-year, with earnings per share (EPS) at $0.43 [21] - Adjusted EBITDA for the quarter was $42.2 million, representing 18.5% of sales [20] Business Line Data and Key Metrics Changes - TriMas Packaging, representing 55% of total sales, achieved organic growth of nearly 10% year-over-year, with sales of $123 million in Q4 [7][24] - TriMas Aerospace, accounting for 32% of total sales, saw a 22% increase in net sales compared to the previous year, with a record backlog exceeding $350 million [30] - Specialty Products segment, representing 13% of total sales, experienced a decline in sales by about 6.5%, with net sales of $26.6 million [12][33] Market Data and Key Metrics Changes - The beauty and personal care markets drove significant growth in the Packaging segment, with over 25% year-over-year organic sales growth [25] - The aerospace and defense market is recovering, contributing to improved EBITDA rates in the Aerospace segment [10] Company Strategy and Development Direction - The company is focused on enhancing its portfolio through strategic acquisitions and divestitures, including the acquisition of GMT Aerospace and the sale of its aero engine business [15][17] - TriMas aims to leverage its strong balance sheet to invest in growth, return capital to shareholders, and pursue bolt-on acquisitions [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the Packaging and Aerospace segments, anticipating continued growth in 2025 [39][41] - The company is taking proactive steps to address challenges in the North Cylinder business, expecting improvements as demand recovers [41] Other Important Information - The company completed the acquisition of GMT Aerospace, which adds a manufacturing location in Europe and is expected to enhance its presence in the aerospace market [15][16] - The divestiture of the aero engine business is part of a strategic shift to reduce exposure to the oil and gas market [17] Q&A Session Summary Question: Can you quantify the implied incremental margins in each business for 2025? - Management expects margin uplift in Packaging of 100 to 150 basis points, Aerospace of 150 to 200 basis points, and North Cylinder of 100 to 150 basis points [52][53] Question: What is the impact of tariffs on margins and how quickly can the company respond? - Management indicated that they can respond relatively quickly to tariff changes on a commercial front, but long-term adjustments may take 12 to 18 months [56][58] Question: Any updates on the CEO replacement search and portfolio focus? - The board is actively working on the CEO search and assessing the best ways to unlock value from the business segments [60][66]

Core Insights - TriMas Corporation (TRS) reported fourth-quarter 2024 adjusted earnings per share (EPS) of 43 cents, missing the Zacks Consensus Estimate of 48 cents, but showing a 13.2% increase from the prior-year quarter [1][8] - The company's revenues increased 8.8% year over year to $228 million, driven by growth in the Packaging and Aerospace segments, although it missed the Zacks Consensus Estimate of $229 million [2][8] Financial Performance - The cost of sales rose 12.4% year over year to $187 million, leading to a gross profit decline of 4.9% to $41 million, resulting in a gross margin of 18% compared to 20.6% in the prior-year quarter [3] - Selling, general and administrative expenses increased by 6.6% year over year to $32 million, while adjusted operating profit rose 23.5% to $23 million, with an adjusted operating margin of 10.2% [3] Segment Performance - **Packaging Segment**: Net sales were $123 million, up from $114 million year over year, but adjusted operating profit decreased 2.5% to $15.7 million, missing estimates [4] - **Aerospace Segment**: Net sales increased 22.3% year over year to $78 million, exceeding estimates, with adjusted operating profit rising to $10.9 million from $6 million [5] - **Specialty Products Segment**: Revenues fell 16.8% year over year to $27 million, with adjusted operating profit dropping to $0.76 million from $4 million, missing estimates [6] Cash Flow and Balance Sheet - In 2024, the company repurchased approximately 771,067 shares for $19.3 million, ending the year with $23.1 million in cash and $239.8 million in available borrowing capacity [7] - TriMas generated $64 million in cash flow from operations in 2024, down from $88 million in the prior year [7] Annual Results and Guidance - For 2024, TriMas reported an adjusted EPS of $1.65, missing the Zacks Consensus Estimate of $1.69, with sales rising 3.5% year over year to $925 million, also missing estimates [8] - The company expects year-over-year sales growth of 4-6% for 2025, with adjusted EPS projected to be between $1.70 and $1.85 [9] Stock Performance - TriMas shares have declined by 12.3% over the past year, contrasting with the industry's growth of 30.8% [10] Peer Comparisons - Kaiser Aluminum reported a fourth-quarter adjusted EPS of 33 cents, missing estimates, while Northwest Pipe Co. and ESAB Corporation both exceeded their EPS estimates for the quarter [12][13][14]

Financial Performance - TriMas Corporation reported net sales of $925.01 million for the year ended December 31, 2024, an increase of 3.9% compared to $893.55 million in 2023[260]. - The company's gross profit for 2024 was $199.46 million, a decrease of 0.4% from $201.32 million in 2023[260]. - Operating profit decreased to $47.19 million in 2024, down 28% from $65.44 million in 2023[260]. - Net income for 2024 was $24.25 million, a decline of 40% compared to $40.36 million in 2023[260]. - Basic earnings per share for 2024 were $0.60, down from $0.97 in 2023[260]. - Total net sales for 2024 reached $925.0 million, a slight increase from $893.6 million in 2023[320]. - Income before income taxes for the year ended December 31, 2024, was $30.04 million, down from $50.59 million in 2023 and $87.67 million in 2022[426]. - The total current income tax expense for 2024 was $8.33 million, compared to $12.10 million in 2023 and $22.94 million in 2022[426]. Assets and Liabilities - Total assets decreased to $1.32 billion as of December 31, 2024, from $1.34 billion in 2023[258]. - Total liabilities remained relatively stable at $656.88 million in 2024, compared to $658.71 million in 2023[258]. - The company reported a goodwill balance of $356.36 million as of December 31, 2024, down from $363.77 million in 2023[258]. - Long-term debt, net, increased slightly to $398.1 million in 2024 from $395.7 million in 2023, with $400.0 million in senior notes due April 2029[336]. - The fair value of the 4.125% senior notes was $365.0 million as of December 31, 2024, compared to a carrying amount of $400.0 million[349]. Cash Flow and Investments - Net cash provided by operating activities decreased to $63,780,000 in 2024 from $88,160,000 in 2023, reflecting a decline of approximately 28%[266]. - Capital expenditures for 2024 were $50,960,000, slightly lower than $54,190,000 in 2023[266]. - Net cash used for investing activities was $46,960,000 in 2024, a significant reduction from $134,420,000 in 2023[266]. - Proceeds from borrowings on revolving credit facilities increased to $308,930,000 in 2024, compared to $117,990,000 in 2023[266]. - Cash and cash equivalents at the end of 2024 were $23,070,000, down from $34,890,000 at the end of 2023[266]. Comprehensive Income - Other comprehensive loss for 2024 was $19.20 million, compared to a gain of $9.27 million in 2023[263]. - The company experienced a net current-period other comprehensive loss of $19.2 million in 2024, primarily due to foreign currency translation losses[411]. Acquisitions and Divestitures - The Company acquired Weldmac Manufacturing Company for a purchase price of $34.0 million, with contingent consideration of up to $10 million based on earnings targets[313]. - The acquisition of Aarts Packaging B.V. was completed for $37.8 million, with historical annual revenue of €23 million[314]. - The company completed the sale of its Arrow Engine business for a purchase price of $22.0 million on January 31, 2025[436]. - The acquisition of GMT Aerospace was completed for approximately €34.0 million, with annual net sales of about €22.0 million[437]. Shareholder Returns - The company declared dividends of $6,630,000 in 2024, slightly lower than $6,700,000 in 2023[268]. - Total dividends declared and paid on common shares were $6.6 million in 2024, slightly down from $6.7 million in 2023 and $6.9 million in 2022[410]. - The company repurchased 771,067 shares in 2024 for $19.3 million, compared to 680,594 shares for $18.8 million in 2023, indicating an increase in share repurchase activity[409]. - The company has $67.6 million remaining under the stock repurchase authorization as of December 31, 2024[409]. Pension and Asbestos Liabilities - The net periodic pension benefit expense for defined benefit pension plans was $(40,000) in 2024, compared to $780,000 in 2023[382]. - The funded status of the Company's defined benefit pension plans as of December 31, 2024, was a net liability of $1.34 million, down from a net asset of $330,000 in 2023[388]. - The total asbestos-related liability as of December 31, 2024, was $29.7 million, reflecting the Company's ongoing assessment of claims and settlements[374]. - The Company recorded a pre-tax charge of $5.5 million in 2024 to increase the asbestos-related liability estimate to $31.0 million, based on a study indicating a potential future liability range of $31.0 million to $39.8 million[374]. Segment Performance - Segment adjusted operating profit for the Packaging segment in 2024 was $71.2 million, while Aerospace and Specialty Products segments reported $37.2 million and $6.4 million, respectively, leading to a total segment adjusted operating profit of $114.8 million[419]. - The Aerospace & Defense segment generated $294.2 million in revenue for 2024, up from $241.4 million in 2023[320]. - The Company’s Packaging segment earned revenues from various markets, including beauty and personal care, food and beverage, and industrial markets[320]. Derivative Financial Instruments - The company utilized derivative financial instruments to manage currency risks and interest rate risks associated with its operations[245][246]. - The Company records derivative financial instruments at fair value, with changes recognized in earnings unless designated as effective hedges[304]. - The Company entered into two cross-currency swap agreements in 2024, each with a notional amount of $75.0 million, to hedge against currency volatility[352][353]. - The income recognized from foreign exchange contracts was $8,590 thousand for the year ended December 31, 2024, compared to $(1,880) thousand in 2023[359].

TriMas (TRS) came out with quarterly earnings of $0.43 per share, missing the Zacks Consensus Estimate of $0.48 per share. This compares to earnings of $0.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -10.42%. A quarter ago, it was expected that this maker of packaging materials, aerospace components and other engineered parts would post earnings of $0.57 per share when it actually produced earnings of $0.43, delivering a ...

Financial Performance - TriMas reported fourth quarter 2024 net sales of $228.1 million, an increase of 8.8% compared to $209.6 million in the same quarter of 2023[3]. - For full year 2024, TriMas achieved net sales of $925.0 million, reflecting a 3.5% increase from 2023, despite a 37.2% decline in the Specialty Products segment[4]. - The Aerospace group experienced a quarterly sales growth of 22.3%, contributing to record annual sales of $294.2 million[5]. - Adjusted operating profit for fourth quarter 2024 was $23.2 million, a 23.5% increase from $18.8 million in the prior year[3]. - Full year 2024 adjusted net income was $67.7 million, down from $79.9 million in 2023, with adjusted diluted earnings per share at $1.65 compared to $1.92 in the previous year[4]. - The Packaging group saw a sales increase of 8.4% in the fourth quarter, driven by growth in beauty and personal care markets[7]. - The Specialty Products group reported a 16.8% decrease in fourth quarter sales, attributed to a decline in demand and lower absorption of fixed costs[8]. - Reported net income for Q4 2024 was $5,640,000, a decrease of 29% compared to $7,940,000 in Q4 2023[27]. - Adjusted net income for Q4 2024 was $17,520,000, up 11% from $15,810,000 in Q4 2023[27]. - Diluted earnings per share (EPS) for Q4 2024 was $0.14, down from $0.19 in Q4 2023, while adjusted diluted EPS increased to $0.43 from $0.38[27]. Cash Flow and Debt - The Company ended 2024 with $23.1 million in cash and a net leverage ratio of 2.6x, with total debt reported at $398.1 million[6]. - Cash and cash equivalents at the end of 2024 were $23.07 million, down from $34.89 million at the end of 2023, indicating a decrease of 33.8%[24]. - The company reported a net cash provided by operating activities of $63.78 million for the twelve months ended December 31, 2024, compared to $88.16 million in 2023[24]. - Net cash provided by operating activities for the twelve months ended December 31, 2024, was $63,780,000, down from $88,160,000 in 2023[29]. - Net debt increased to $375,050,000 as of December 31, 2024, from $360,770,000 in 2023[29]. - Long-term debt as of December 31, 2024, was $398,120,000, slightly up from $395,660,000 in 2023[29]. Shareholder Actions - TriMas repurchased 771,067 shares for $19.3 million in 2024, reducing net shares outstanding by approximately 1.5%[6]. Future Projections - TriMas expects consolidated sales to increase by 4% to 6% in 2025, with adjusted diluted earnings per share projected between $1.70 to $1.85, a 7% increase compared to 2024[9]. - The company expects diluted EPS for the twelve months ending December 31, 2025, to range from $1.23 to $1.38, with adjusted diluted EPS projected between $1.70 and $1.85[31]. Special Items and Adjustments - The company incurred special items totaling $35.65 million in 2024, impacting the evaluation of operating profit significantly compared to $24.01 million in 2023[26]. - Special items impacting net income included $10,620,000 in business restructuring and severance costs for Q4 2024[27]. - Adjusted operating profit for the total company in 2024 was $82.84 million, down from $89.45 million in 2023, reflecting ongoing challenges in the market[26]. Asset and Liability Overview - Total current assets increased to $426.64 million in 2024 from $397.38 million in 2023, primarily driven by higher receivables and inventories[19]. - Total liabilities decreased slightly to $656.88 million in 2024 from $658.71 million in 2023, with long-term debt remaining stable at $398.12 million[19]. - Gross profit for the twelve months ended December 31, 2024, was $199.46 million, slightly down from $201.32 million in 2023, reflecting a gross margin of 21.5%[21]. - Operating profit for the fourth quarter of 2024 was $8.62 million, a decrease of 26.0% compared to $11.63 million in the fourth quarter of 2023[21]. - Net income for the twelve months ended December 31, 2024, was $24.25 million, down from $40.36 million in 2023, resulting in a basic earnings per share of $0.60 compared to $0.97 in the previous year[21].

Wall Street expects a year-over-year increase in earnings on higher revenues when TriMas (TRS) reports results for the quarter ended December 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on February 27. On ...

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Believes Now is the Optimal Time Given the Contemplated CEO TransitionNEW YORK, Jan. 10, 2025 /PRNewswire/ -- Barington Capital Group, L.P., which together with its affiliates collectively owns approximately 1.5% of TriMas Corporation (NasdaqGS: TRS), announced today that it has sent a letter to Herbert K. Parker, the Chairman of the Board of Directors of TriMas, urging the Board to immediately retain a financial advisor to pursue strategic alternatives for the Company.The full text of Barington's letter to ...