Financial Position TRIMAS REPORTS FIRST QUARTER 2024 RESULTS Reaffirms Full Year 2024 Guidance BLOOMFIELD HILLS, Michigan, April 30, 2024 - TriMas (NASDAQ: TRS) today announced financial results for the first quarter ended March 31, 2024. TriMas First Quarter Highlights "Our overall first quarter results came in as anticipated, with pockets of demand strength as certain of our end markets continued to recover," said Thomas Amato, TriMas President and Chief Executive Officer. "We are encouraged by the ongoin ...

Financial Performance - TriMas Corporation reported net sales of $893.55 million for the year ended December 31, 2023, an increase of 1% from $883.83 million in 2022[255]. - The company's gross profit for 2023 was $201.32 million, down from $208.30 million in 2022, reflecting a decrease of approximately 3.7%[255]. - Operating profit decreased to $65.44 million in 2023 from $99.06 million in 2022, representing a decline of about 33.9%[255]. - Net income for 2023 was $40.36 million, a decrease of 39% compared to $66.17 million in 2022[255]. - Basic earnings per share for 2023 were $0.97, down from $1.57 in 2022, indicating a decline of approximately 38.2%[255]. - The company reported a total comprehensive income of $49.63 million for 2023, compared to $57.32 million in 2022, reflecting a decrease of about 13.5%[258]. - The company reported a total income before income taxes of $50.59 million in 2023, down from $87.67 million in 2022, reflecting a decrease of about 42.3%[425]. - The current income tax expense for 2023 was $12.1 million, a decrease from $22.94 million in 2022[425]. - The income tax expense for the year ended December 31, 2023, was $10.23 million, a decrease of 52.5% compared to $21.5 million in 2022[430]. Assets and Liabilities - Total assets increased to $1.34 billion as of December 31, 2023, compared to $1.31 billion in 2022, marking a growth of about 2.7%[253]. - The company's total liabilities rose to $658.71 million in 2023 from $653.17 million in 2022, an increase of approximately 0.8%[253]. - Long-term debt, net stood at $395,660,000 in 2023, slightly up from $394,730,000 in 2022, indicating a marginal increase of 0.2%[31]. - The Company has $400,000,000 in 4.125% Senior Notes due April 2029, with no maturities due until then[35]. - As of December 31, 2023, the Company had $294,000,000 available under its revolving credit facility after accounting for $6,000,000 in letters of credit issued[41]. - The total accrued liabilities increased to $59,640,000 in 2023, compared to $46,660,000 in 2022, marking a rise of 27.7%[30]. Cash Flow and Investments - TriMas Corporation's cash and cash equivalents decreased to $34.89 million in 2023 from $112.09 million in 2022, a decline of approximately 68.9%[253]. - Net cash provided by operating activities increased to $88,160,000 in 2023 from $72,570,000 in 2022, reflecting a 21% growth[261]. - Capital expenditures for 2023 were $54,190,000, up from $45,960,000 in 2022, indicating a 24% increase[261]. - Net cash used for investing activities rose significantly to $134,420,000 in 2023 from $55,040,000 in 2022, representing a 144% increase[261]. - Cash paid for interest increased to $14,320,000 in 2023 from $12,960,000 in 2022, marking an increase of 10%[261]. Goodwill and Intangible Assets - Goodwill allocated to the Aerospace Segment was $70 million as of December 31, 2023, with no impairment recognized during the assessment[248]. - Goodwill increased to $363.77 million as of December 31, 2023, from $339.81 million at the end of 2022, reflecting acquisitions and foreign currency translation[319]. - The Company recorded an impairment charge of $1.1 million for one of its aerospace-related trade names during the 2023 annual indefinite-lived intangible asset impairment test[321]. - The Company incurred $18.18 million in total amortization expense for intangible assets in 2023, down from $19.1 million in 2022[323]. - Estimated amortization expense for 2024 is projected to be $17.22 million[325]. Dividends and Stock Repurchase - The total dividends declared in 2023 were $6,700,000, slightly down from $6,880,000 in 2022[263]. - Total dividends declared and paid on common shares during 2023 amounted to $6.7 million, consistent with the quarterly dividend of $0.04 per share[408]. - The Company repurchased 680,594 shares of its common stock for $18.8 million in 2023, with $86.9 million remaining under the repurchase authorization[407]. Segment Performance - The Packaging segment reported net sales of $463.6 million in 2023, down from $522.18 million in 2022, reflecting a decrease of approximately 11.2%[421]. - The Aerospace segment experienced a significant increase in net sales, rising to $241.4 million in 2023 from $188.09 million in 2022, marking an increase of about 28.3%[421]. - The Specialty Products segment achieved net sales of $188.55 million in 2023, up from $173.56 million in 2022, representing an increase of approximately 8.6%[421]. Taxation - The net deferred tax asset increased to $55.48 million from $48.55 million in 2022, reflecting a growth of approximately 14.0%[427]. - The company recorded deferred tax assets on $25.4 million of state operating loss carryforwards and $60.5 million of foreign operating loss carryforwards, with most state losses expiring between 2026 and 2032[427]. - Unrecognized tax benefits (UTBs) decreased to $0.83 million in 2023 from $1.11 million in 2022, indicating a reduction of approximately 25.2%[430]. - The company has recorded potential interest and penalties associated with uncertain tax positions amounting to $0.4 million as of December 31, 2023[430]. - The U.S. federal statutory tax rate remained stable at 21% for the years ended December 31, 2023, 2022, and 2021[430]. Pension and Asbestos Liabilities - The net periodic pension benefit expense for defined benefit pension plans was $0.78 million in 2023, compared to $0.71 million in 2022[379]. - The Company recognized a one-time, pre-tax settlement charge of $1.0 million in 2023 related to transferring Canadian defined benefit obligations to an insurance company[380]. - Non-current asbestos-related liabilities were $23,880 thousand as of December 31, 2023, down from $26,370 thousand in 2022[364]. - The Company faced 459 pending asbestos-related cases involving 4,863 claimants as of December 31, 2023, with an average settlement amount of $15,465 per claim[368]. - The total settlement costs for asbestos-related cases, excluding defense costs, have reached $13.1 million, with the current asbestos-related liability estimated at $26.6 million[372].

Financial Data and Key Metrics Changes - The company reported consolidated sales of $209.6 million for the fourth quarter, representing a 3.1% increase compared to the prior year quarter [68] - Adjusted EPS for the fourth quarter was $0.37, a 15.6% increase from $0.32 in the prior year quarter, while the adjusted EPS for the year was $1.74, slightly up from 2022 [50] - Adjusted EBITDA for the fourth quarter was $25.4 million, or 22.4% of net sales, reflecting a 370 basis point improvement year-over-year [72] Business Line Data and Key Metrics Changes - TriMas Packaging net sales increased by 7.5% to $113.6 million, with acquisitions contributing $5.8 million and favorable foreign currency translation adding $1.9 million [71] - TriMas Aerospace net sales increased by 26% compared to the previous year, with organic sales up 7.3% and acquisitions contributing $9.6 million [54] - Specialty Products segment net sales decreased to $32 million from $47 million in the prior year quarter due to weakened demand [55] Market Data and Key Metrics Changes - The company anticipates overall sales growth between 5% and 8% for 2024, with adjusted earnings per share projected in the range of $1.95 to $2.15 [57] - Demand for packaging products is beginning to gradually recover, particularly in consumer and industrial end markets, with expectations for continued strength in TriMas Aerospace [16] Company Strategy and Development Direction - The company is focusing on divesting its Aero Engine business and consolidating its operations into two segments: Packaging and Aerospace [1] - There is a commitment to building out the TriMas Packaging platform through M&A, particularly in Life Sciences, Beauty, and Food & Beverage markets [1] - The company plans to report its Norris Cylinder business as part of the Packaging segment, aiming to enhance focus and align with strategic objectives [59] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about revenue growth in 2024, particularly within TriMas Packaging and Aerospace, following a challenging year [65] - The company is seeing early signs of demand recovery and expects improved conversion rates as production aligns better with customer demand [16][20] - Management remains committed to cash flow generation and plans to reinvest in businesses while returning capital to shareholders through buybacks and dividends [21] Other Important Information - The company has centralized its global IT function into a shared service model, which is expected to enhance digital transformation and operational efficiency [49] - The company continues to invest in innovation despite market challenges, focusing on new product development to support long-term growth [84] Q&A Session Summary Question: What are the signs of recovery in Packaging? - Management noted multiple months of increased order intake momentum across various product lines, indicating a positive trend, although not yet back to pre-mid-2022 levels [24][25] Question: What is the rationale behind combining Specialty Products with Packaging? - Management explained that the packaged gas end market aligns with the broader packaging strategy, aiming to provide better visibility for investors [12] Question: How much of the projected sales growth is volume-driven? - Management indicated that the majority of organic growth is expected to be volume-driven due to a challenging pricing environment [39]

Disclaimer Any "forward-looking" statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, contained herein, including those relating to TriMas' business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: general economic and currency conditions; competitive factors; market demand; our ability to realize our business strategies; our ability to identify attractive acq ...

Financial Performance - TriMas reported fourth quarter 2023 net sales of $209.6 million, a 3.1% increase from $203.3 million in Q4 2022[3]. - For full year 2023, TriMas achieved net sales of $893.6 million, up 1.1% from $883.8 million in 2022[4]. - The TriMas Packaging group saw a 7.5% increase in net sales for Q4 2023, reaching $113.6 million, driven by organic growth in life sciences and beauty markets[8]. - The TriMas Aerospace group reported a 26.1% increase in Q4 2023 net sales to $64.0 million, attributed to higher aerospace production demand[8]. - TriMas Specialty Products group experienced a 31.8% decline in Q4 2023 net sales to $32.0 million, as industrial customers postponed capital expenditures[9]. - Net sales for Q4 2023 were $209.56 million, a 1.2% increase from $203.31 million in Q4 2022[22]. - Gross profit for Q4 2023 was $43.17 million, down 5.3% from $45.58 million in Q4 2022[22]. - Operating profit for the twelve months ended December 31, 2023, was $65.44 million, a decrease of 33.9% compared to $99.06 million in 2022[22]. - Net income for the twelve months ended December 31, 2023, was $40.36 million, down 39.0% from $66.17 million in 2022[22]. - Adjusted operating profit for the full year 2023 was $89.45 million, compared to $116.23 million in 2022, reflecting a decrease of 23.1%[27]. - Reported net income for Q4 2023 was $7,940,000, a decrease of 58.3% from $18,840,000 in Q4 2022[28]. - Adjusted net income for Q4 2023 was $12,280,000, down 46.3% from $22,920,000 in Q4 2022[30]. - Diluted earnings per share (EPS) for Q4 2023 was $0.19, compared to $0.45 in Q4 2022, reflecting a decline of 57.8%[28]. - For the twelve months ended December 31, 2023, net income was $40,360,000, down 39.0% from $66,170,000 in 2022[30]. Cash Flow and Investments - Free cash flow for the year was $88.16 million, an increase from $72.57 million in the previous year[24]. - Free cash flow for Q4 2023 was $14,710,000, representing 143% of net income, compared to 63% in Q4 2022[30]. - The company reported a total of $88,160,000 in net cash provided by operating activities for the year ended December 31, 2023[30]. - The company utilized $77.3 million for acquisitions in 2023 and repurchased 680,594 shares for $18.8 million, reducing net shares outstanding by approximately 1.3%[6]. Future Outlook - TriMas expects consolidated sales to increase by 5% to 8% in 2024, with adjusted diluted earnings per share projected between $1.95 and $2.15[10]. - The company expects diluted EPS guidance for 2024 to be between $1.44 and $1.64, with adjusted diluted EPS projected between $1.95 and $2.15[32]. Balance Sheet - TriMas ended 2023 with $34.9 million in cash and a net leverage ratio of 2.4x, maintaining a strong balance sheet[7]. - Total assets increased to $1.34 billion in 2023 from $1.31 billion in 2022[20]. - Total liabilities remained relatively stable at $658.71 million in 2023 compared to $653.17 million in 2022[20]. - Cash and cash equivalents decreased to $34.89 million at the end of 2023 from $112.09 million at the end of 2022[24]. - Long-term debt as of December 31, 2023, was $395,660,000, slightly up from $394,730,000 in 2022[30]. - Net debt increased to $360,770,000 in 2023 from $282,640,000 in 2022, indicating a rise in leverage[30]. Special Items - Special items impacting net income included $4,640,000 in business restructuring costs for Q4 2023[28]. - The company reported a net gain on dispositions of assets of $180, compared to a gain of $21.95 million in the previous year[22]. Strategic Plans - The company plans to continue investing in organic growth, pursue bolt-on acquisitions, and return capital to shareholders through dividends and share repurchases[2].

TriMas Corporation Q3 2023 Results Conference Call October 26, 2023 10:00 AM ET Company Participants Sherry Lauderback - Investor Relations and Communications Thomas Amato - President, CEO and Director Scott Mell - CFO & Principal Accounting Officer Conference Call Participants Hamed Khorsand - BWS Financial Katie Fleischer - KeyBanc Capital Markets Operator Greetings, and welcome to the TriMas Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief que ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended September 30, 2023 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 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 ...

TriMas Corporation (NASDAQ:TRS) Q2 2023 Earnings Conference Call July 27, 2023 10:00 AM ET Company Participants Sherry Lauderback - Vice President, Investor Relations & Communications Thomas Amato - President and Chief Executive Officer Scott Mell - Chief Financial Officer Conference Call Participants Ken Newman - KeyBanc Capital Markets Hamed Khorsand - BWS Financial Operator Greetings, and welcome to the TriMas Second Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this confe ...

Second Quarter 2023 Earnings Presentation July 27, 2023 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; the severity and duration of the ongoin ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q (Mark One) (Exact name of registrant as specified in its charter) Delaware 38-2687639 (IRS Employer Identification No.) (State or other jurisdiction of incorporation or organization) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended June 30, 2023 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 F ...