PART I [Business](index=5&type=section&id=Item%201.%20Business) TriMas Corporation manufactures engineered products across Packaging, Aerospace, and Specialty Products segments, achieving **$857.1 million** in 2021 net sales through innovation and strategic acquisitions - **2021 Net Sales**: **$857.1 million**[19](index=19&type=chunk) - **Operating Profit**: **$95.1 million**[19](index=19&type=chunk) - **Net Cash from Operating Activities**: **$134.2 million**[19](index=19&type=chunk) - The company operates through three primary business segments: Packaging (**62%** of 2021 net sales), Aerospace (**22%** of 2021 net sales), and Specialty Products (**16%** of 2021 net sales)[20](index=20&type=chunk)[25](index=25&type=chunk)[36](index=36&type=chunk)[45](index=45&type=chunk) - TriMas's core strategy includes leveraging the TriMas Business Model (TBM) for operational excellence, accelerating growth through innovation, augmenting growth with strategic acquisitions (prioritizing the Packaging platform), driving cash conversion, and focusing on sustainability[22](index=22&type=chunk) - As of December 31, 2021, TriMas employed approximately **3,500** people, with about **52%** located outside the United States, and a significant portion of its workforce covered by collective bargaining or union agreements[56](index=56&type=chunk) [Packaging Segment](index=7&type=section&id=Packaging%20Segment) The Packaging segment, **62%** of 2021 net sales, manufactures specialty closure and dispensing systems, driven by innovation and strategic acquisitions 2021 Packaging Segment Performance | Metric | Value | | :--- | :--- | | 2021 Net Sales | $533.3 million | | % of Total 2021 Sales | 62% | - The segment focuses on innovative and sustainable products, exemplified by the patented, single-polymer, **100% recyclable Mono™-2e pump** and products designed for e-commerce that prevent leakage during shipment[30](index=30&type=chunk) - Recent acquisitions to expand capabilities and market reach include Omega Plastics (Dec 2021) for medical components, Affaba & Ferrari (Dec 2020) for aseptic closures, and Rapak (Apr 2020) for bag-in-box products[27](index=27&type=chunk)[28](index=28&type=chunk) [Aerospace Segment](index=9&type=section&id=Aerospace%20Segment) The Aerospace segment, **22%** of 2021 net sales, designs and manufactures highly-engineered fasteners and components for aircraft 2021 Aerospace Segment Performance | Metric | Value | | :--- | :--- | | 2021 Net Sales | $183.3 million | | % of Total 2021 Sales | 22% | - The segment provides customer-specified and qualified products for significant long-term aircraft programs, including those from Boeing and Airbus[37](index=37&type=chunk) - Product innovation is a key advantage, with developments like the Composi-Lok4® fastener for weight savings and the Fastack® SC temporary fastener with increased clamping force[41](index=41&type=chunk) [Specialty Products Segment](index=11&type=section&id=Specialty%20Products%20Segment) The Specialty Products segment, **16%** of 2021 net sales, includes Norris Cylinder and Arrow Engine, serving industrial and energy markets 2021 Specialty Products Segment Performance | Metric | Value | | :--- | :--- | | 2021 Net Sales | $140.5 million | | % of Total 2021 Sales | 16% | - Norris Cylinder is the only manufacturer of high- and low-pressure steel cylinders in the United States and is an official "Made in the USA" designated manufacturer[48](index=48&type=chunk) - Arrow Engine launched a new reduced-emission EPA-certified A54-E engine platform in 2021 for stationary and off-road mobile applications[48](index=48&type=chunk) [Risk Factors](index=15&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from the COVID-19 pandemic, economic conditions, raw material costs, and substantial debt obligations - The COVID-19 pandemic continues to pose significant risks, including supply chain disruptions, shifts in customer demand, increased costs, and potential for asset impairment[76](index=76&type=chunk)[77](index=77&type=chunk) - Goodwill and intangible assets were approximately **$512.2 million** (**39.3%** of total assets) at year-end 2021, posing a material risk of impairment if financial performance declines[85](index=85&type=chunk) - The company faces risks from raw material and energy cost increases, incurring approximately **$11 million** more in cost increases for materials like resin than it was able to recover in 2021[86](index=86&type=chunk) - The company retained asbestos-related liability exposure from its divested Lamons business, with **4,754** pending claims and total settlement costs of approximately **$10.6 million** to date as of December 31, 2021[106](index=106&type=chunk)[107](index=107&type=chunk) - As of December 31, 2021, the company had approximately **$393.8 million** of outstanding long-term debt, with instruments containing restrictive covenants that limit actions such as paying dividends and incurring additional debt[111](index=111&type=chunk)[113](index=113&type=chunk) [Properties](index=24&type=section&id=Item%202.%20Properties) TriMas operates numerous owned and leased manufacturing facilities globally, with headquarters in Bloomfield Hills, Michigan - The company's principal manufacturing facilities are generally well-maintained, in good operating condition, and adequate for current production needs, with the majority owned and leases expiring between 2022 and 2032[123](index=123&type=chunk) - Key manufacturing locations are spread across the U.S. and internationally, supporting the company's three segments, including facilities in California, Indiana, Texas, China, Italy, and Mexico[124](index=124&type=chunk) [Legal Proceedings](index=25&type=section&id=Item%203.%20Legal%20Proceedings) Legal proceedings information is incorporated by reference from Note 17, 'Commitments and Contingencies,' in the financial statements - For details on legal proceedings, the report refers to Note 17, "Commitments and Contingencies" in the Financial Statements and Supplementary Data section[125](index=125&type=chunk) [Information about our Executive Officers](index=25&type=section&id=Supplementary%20Item.%20Information%20about%20our%20Executive%20Officers) This section provides biographical information for the company's key executive officers as of December 31, 2021 - Thomas A. Amato has served as President and CEO since July 2016[127](index=127&type=chunk) - Scott A. Mell was appointed Chief Financial Officer in May 2021[128](index=128&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=27&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) TriMas common stock trades on NASDAQ (TRS); the company initiated its first dividend in 2021 and maintains a share repurchase program - The company's common stock trades on the NASDAQ under the symbol "TRS"[132](index=132&type=chunk) - In 2021, the Board of Directors declared the first dividend since the 2007 IPO, at **$0.04 per share**, paying a total of **$1.7 million**[133](index=133&type=chunk) Q4 2021 Share Repurchases | Period | Total Shares Purchased | Average Price Paid | Value Remaining in Program | | :--- | :--- | :--- | :--- | | Q4 2021 | 26,000 | $35.58 | $142,615,349 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2021, net sales increased **11.3%** to **$857.1 million**, with operating profit recovering to **$95.1 million** due to acquisitions and absence of prior impairment Consolidated Financial Performance | Metric | 2021 | 2020 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $857.1M | $770.0M | 11.3% | | Gross Profit | $217.2M | $182.1M | 19.3% | | Operating Profit (Loss) | $95.1M | ($88.3M) | N/A | | Net Income (Loss) | $57.3M | ($79.8M) | N/A | - Key drivers for 2021 performance included the absence of 2020's goodwill impairment charge (**$134.6 million**), the impact of recent acquisitions (adding **$46.9 million** in sales), higher material costs (negative **$11 million** impact), and debt refinancing activities[147](index=147&type=chunk)[156](index=156&type=chunk)[174](index=174&type=chunk)[176](index=176&type=chunk) - In 2021, the company refinanced its debt by issuing **$400 million** of **4.125%** senior notes due 2029 and redeeming its **$300 million** senior notes due 2025, incurring **$10.5 million** in related expenses[157](index=157&type=chunk)[178](index=178&type=chunk) - The company generated **$134.2 million** in cash from operations in 2021, up from **$127.4 million** in 2020, and had **$300.0 million** available under its revolving credit facility as of year-end[197](index=197&type=chunk)[208](index=208&type=chunk) [Segment Results of Operations](index=36&type=section&id=Segment%20Results%20of%20Operations) In 2021, Packaging sales grew **9.2%**, Aerospace **9.3%**, and Specialty Products **23.4%**, with varying impacts on operating profit Segment Financial Performance | Segment | 2021 Net Sales | 2020 Net Sales | % Change | 2021 Operating Profit | 2020 Operating Profit (Loss) | | :--- | :--- | :--- | :--- | :--- | :--- | | Packaging | $533.3M | $488.3M | 9.2% | $96.5M | $94.0M | | Aerospace | $183.3M | $167.7M | 9.3% | $13.3M | ($133.4M) | | Specialty Products | $140.5M | $113.9M | 23.4% | $22.6M | $4.4M | - Packaging's operating margin was compressed by approximately **$11 million** in higher material costs (primarily resin) that were not fully recovered through price increases during 2021[184](index=184&type=chunk) - Aerospace operating profit improvement was primarily due to the absence of **$134.6 million** in goodwill and intangible asset impairment charges recorded in 2020[190](index=190&type=chunk) - Specialty Products' operating profit surged due to higher sales and the non-recurrence of approximately **$9.0 million** in 2020 realignment charges related to streamlining its Arrow Engine product line[192](index=192&type=chunk)[194](index=194&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity in 2021 with **$134.2 million** cash from operations, refinancing debt and remaining compliant with covenants Cash Flow Activities | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $134.2M | $127.4M | | Net Cash used for Investing Activities | ($79.2M) | ($232.1M) | | Net Cash from Financing Activities | $11.8M | $6.1M | - In March 2021, the company issued **$400 million** of **4.125%** Senior Notes due 2029 and used the proceeds to redeem its **$300 million** **4.875%** Senior Notes due 2025, repay credit facility borrowings, and pay related fees[199](index=199&type=chunk) Debt Covenant Compliance (as of Dec 31, 2021) | Covenant | Requirement | Actual (as of Dec 31, 2021) | | :--- | :--- | :--- | | Total Net Leverage Ratio | ≤ 4.00x | 1.60x | | Interest Expense Coverage Ratio | ≥ 3.00x | 13.31x | - The company repurchased **596,084** shares of its common stock for approximately **$19.1 million** during 2021[169](index=169&type=chunk)[217](index=217&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from foreign currency, interest rates, and commodity prices, maintaining stable credit ratings - The company is subject to market risks from changes in foreign currency values, interest rates, and commodity prices[243](index=243&type=chunk)[244](index=244&type=chunk) - Derivative financial instruments, such as cross-currency swaps and foreign exchange contracts, are used to mitigate risks associated with foreign currency fluctuations[221](index=221&type=chunk)[244](index=244&type=chunk) - The company's corporate credit rating is 'BB' from Standard & Poor's and its Corporate Family Rating is 'Ba2' from Moody's, both with a stable outlook as of March 2021[223](index=223&type=chunk) [Financial Statements and Supplementary Data](index=45&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited financial statements and the independent auditor's unqualified opinion, noting goodwill assessment as a critical audit matter Consolidated Balance Sheet Highlights | Balance Sheet Item | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Total Assets | $1,303.6M | $1,193.9M | | Total Liabilities | $672.8M | $609.6M | | Total Shareholders' Equity | $630.9M | $584.3M | | Goodwill | $315.5M | $304.0M | | Long-term debt, net | $393.8M | $346.3M | - The independent auditor, Deloitte & Touche LLP, issued an unqualified opinion on the financial statements and internal controls[247](index=247&type=chunk)[248](index=248&type=chunk) - The auditor identified the qualitative assessment of goodwill for the Aerospace Fasteners Reporting Unit as a critical audit matter, given the subjective judgments involved regarding macroeconomic conditions and financial performance[252](index=252&type=chunk)[254](index=254&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=87&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) No changes or disagreements with accountants on accounting and financial disclosure were reported - Not applicable; no disagreements were reported[443](index=443&type=chunk) [Controls and Procedures](index=87&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and internal controls over financial reporting were effective, with an unqualified auditor's opinion - Management concluded that disclosure controls and procedures were effective as of December 31, 2021[444](index=444&type=chunk) - The assessment of internal controls excluded the recently acquired TFI Aerospace and Omega Plastics, which were acquired in December 2021[445](index=445&type=chunk)[448](index=448&type=chunk) - The independent registered public accounting firm, Deloitte & Touche LLP, issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of December 31, 2021[451](index=451&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=90&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2022 proxy statement - Required information is incorporated by reference from the 2022 Annual Meeting of Shareholders proxy statement[464](index=464&type=chunk) [Executive Compensation](index=90&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation information is incorporated by reference from the 2022 proxy statement - Required information is incorporated by reference from the 2022 Annual Meeting of Shareholders proxy statement[465](index=465&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=90&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information is incorporated by reference from the 2022 proxy statement - Required information is incorporated by reference from the 2022 Annual Meeting of Shareholders proxy statement[466](index=466&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=90&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Related transactions and director independence information is incorporated by reference from the 2022 proxy statement - Required information is incorporated by reference from the 2022 Annual Meeting of Shareholders proxy statement[467](index=467&type=chunk) [Principal Accountant Fees and Services](index=90&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Principal accountant fees and services information is incorporated by reference from the 2022 proxy statement - Required information is incorporated by reference from the 2022 Annual Meeting of Shareholders proxy statement[468](index=468&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=91&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with the annual report, including certifications - This item lists all financial statements, schedules, and exhibits filed with the annual report[471](index=471&type=chunk)[472](index=472&type=chunk)[473](index=473&type=chunk) [Form 10-K Summary](index=93&type=section&id=Item%2016.%20Form%2010-K%20Summary) No Form 10-K summary is provided in this report - None[476](index=476&type=chunk)

丛 TriMas Third Quarter 2021 Earnings Presentation October 28, 2021 Disclaimer Forward-Looking Statement 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: the severity and duration of the ongoing coronavirus ("COVID-19") pande ...

TriMas Corporation (NASDAQ:TRS) Q3 2021 Earnings Conference Call October 28, 2021 10:00 AM ET Company Participants Sherry Lauderback - VP, IR & Communications Thomas Amato - President, CEO & Director Scott Mell - CFO Conference Call Participants Brendan Popson - CJS Securities Kenneth Newman - KeyBanc Capital Markets Operator Good day, and welcome to the TriMas Third Quarter 2021 Earnings Conference Call. Today's conference is being recorded. At this time, it is my pleasure to turn the conference over to Ms ...

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, 2021 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 2021 Earnings Conference Call July 29, 2021 10:00 AM ET Company Participants Sherry Lauderback - VP, IR & Communications Thomas Amato - President, CEO & Director Scott Mell - CFO Conference Call Participants Brendan Popson - CJS Securities Steve Barger - KeyBanc Capital Markets Operator Good day, and welcome to the TriMas Second Quarter 2021 Earnings Conference Call. [Operator Instructions] At this time, I would like to turn the conference over to Sherry Lauderback. Please ...

```markdown Part I. Financial Information [Item 1. Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) TriMas Corporation's unaudited consolidated financial statements for Q2 and H1 2021 detail financial position, operations, and cash flows [Consolidated Balance Sheet](index=5&type=section&id=Consolidated%20Balance%20Sheet) Consolidated Balance Sheet Highlights (unaudited) | Account | June 30, 2021 ($ thousands) | December 31, 2020 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **1,244,950** | **1,193,880** | **+4.3%** | | Cash and cash equivalents | 117,410 | 73,950 | +58.8% | | Total current assets | 422,460 | 351,830 | +20.1% | | Goodwill | 301,430 | 303,970 | -0.8% | | **Total Liabilities** | **647,350** | **609,630** | **+6.2%** | | Long-term debt, net | 393,370 | 346,290 | +13.6% | | **Total Shareholders' Equity** | **597,600** | **584,250** | **+2.3%** | [Consolidated Statement of Operations](index=6&type=section&id=Consolidated%20Statement%20of%20Operations) Statement of Operations Summary (unaudited) | Metric ($ thousands, except EPS) | Q2 2021 | Q2 2020 | YoY Change | H1 2021 | H1 2020 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | **218,990** | **199,550** | **+9.7%** | **425,720** | **382,340** | **+11.3%** | | Gross Profit | 58,030 | 37,230 | +55.9% | 109,360 | 83,600 | +30.8% | | Operating Profit (Loss) | 25,570 | (18,150) | N/A | 46,680 | 1,680 | +2678.6% | | **Net Income (Loss)** | **11,840** | **(15,700)** | **N/A** | **24,900** | **(2,580)** | **N/A** | | Diluted EPS | **$0.27** | **$(0.36)** | N/A | **$0.57** | **$(0.06)** | N/A | - The significant improvement in operating and net income in Q2 and H1 2021 was largely driven by higher sales and the absence of significant realignment and asbestos-related charges that impacted 2020. However, Q2 2021 results were impacted by **$10.3 million** in debt financing expenses related to the redemption of senior notes[19](index=19&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) [Consolidated Statement of Cash Flows](index=8&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Cash Flow Summary for Six Months Ended June 30 (unaudited) | Activity ($ thousands) | 2021 | 2020 | Change | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | 42,670 | 30,840 | +38.4% | | Net cash used for investing activities | (18,190) | (102,300) | -82.2% | | Net cash provided by (used for) financing activities | 18,980 | (35,760) | N/A | | **Increase (decrease) in Cash** | **43,460** | **(107,220)** | N/A | - The increase in operating cash flow was driven by higher net income. Investing activities were significantly lower in 2021 due to the absence of major acquisitions, which totaled **$95.2 million** in H1 2020. Financing activities in 2021 reflect the net positive impact of debt refinancing, compared to cash used for share repurchases in 2020[25](index=25&type=chunk)[177](index=177&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Net Sales by Primary Market (Six Months Ended June 30, $ thousands) | Customer Market | 2021 | 2020 | YoY Change | | :--- | :--- | :--- | :--- | | Consumer Products | 218,020 | 183,590 | +18.8% | | Aerospace & Defense | 89,170 | 91,530 | -2.6% | | Industrial | 118,530 | 107,220 | +10.5% | | **Total net sales** | **425,720** | **382,340** | **+11.3%** | - In March 2021, the company issued **$400.0 million** of **4.125%** Senior Notes due 2029. Proceeds were used to redeem the outstanding **$300.0 million** **4.875%** Senior Notes due 2025, pay related fees and premiums, and repay revolving credit facility borrowings[46](index=46&type=chunk) - As of June 30, 2021, the company had **4,725 pending asbestos-related claims**. In Q2 2020, the company changed its accounting method for asbestos-related defense costs, resulting in a one-time pre-tax charge of **$23.4 million**. The total asbestos-related liability was **$27.3 million** as of June 30, 2021[73](index=73&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 and H1 2021 financial performance, highlighting sales growth, operating profit turnaround, and liquidity [Results of Operations](index=32&type=section&id=Results%20of%20Operations) The company's results improved significantly in Q2 and H1 2021, driven by sales growth and reduced charges, despite debt refinancing costs and material inflation - Q2 2021 net sales increased **9.7%** YoY to **$219.0 million**, with acquisitions contributing **$9.9 million**, favorable currency exchange adding **$4.6 million**, and organic sales growing by **$4.9 million**[133](index=133&type=chunk) - Operating profit increased by **$43.7 million** in Q2 2021 compared to Q2 2020. This was primarily due to a **$23.4 million** non-cash asbestos-related charge and **$14.3 million** in higher realignment costs recorded in Q2 2020 that did not repeat[135](index=135&type=chunk) - Rising material costs, primarily for resin, negatively impacted gross profit by an estimated **$4 million** in Q2 2021 and **$6 million** in H1 2021 due to the time lag in passing costs to customers[113](index=113&type=chunk)[134](index=134&type=chunk)[155](index=155&type=chunk) - The company incurred **$10.3 million** in debt financing and related expenses in Q2 2021 for the redemption of its 2025 Senior Notes[136](index=136&type=chunk) [Segment Analysis](index=30&type=section&id=Segment%20Analysis) Segment sales grew across Packaging, Aerospace, and Specialty Products, with improved operating profit largely due to non-recurring 2020 charges Net Sales by Segment (Q2, $ thousands) | Segment | Q2 2021 | Q2 2020 | YoY Change | | :--- | :--- | :--- | :--- | | Packaging | 139,630 | 128,830 | +8.4% | | Aerospace | 44,560 | 42,610 | +4.6% | | Specialty Products | 34,800 | 28,110 | +23.8% | Operating Profit (Loss) by Segment (Q2, $ thousands) | Segment | Q2 2021 | Q2 2020 | Change | | :--- | :--- | :--- | :--- | | Packaging | 27,850 | 24,040 | +$3,810 | | Aerospace | 2,120 | (4,210) | +$6,330 | | Specialty Products | 6,010 | (5,940) | +$11,950 | - Packaging sales growth was primarily driven by the **$9.9 million** contribution from the Affaba & Ferrari acquisition. Sales of products for fighting germs decreased by **$4.7 million** from peak levels in Q2 2020[141](index=141&type=chunk) - Aerospace sales were boosted by **$7.9 million** in stocking orders for specialized fasteners, which offset a decline in overall market demand due to reduced air travel[145](index=145&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position, with increased operating cash flow and a strengthened capital structure following debt refinancing - Cash flow from operations for the first six months of 2021 was **$42.7 million**, an increase from **$30.8 million** in the same period of 2020[177](index=177&type=chunk) - The company completed a major debt refinancing in Q1/Q2 2021, issuing new **4.125%** Senior Notes due 2029 and redeeming its **4.875%** Senior Notes due 2025[179](index=179&type=chunk) - As of June 30, 2021, the company had no amounts outstanding under its **$300.0 million** revolving credit facility and was in compliance with all financial covenants[186](index=186&type=chunk)[191](index=191&type=chunk) - During the first six months of 2021, the company purchased **440,218 shares** of its common stock for approximately **$14.2 million**[92](index=92&type=chunk)[178](index=178&type=chunk) [Outlook](index=46&type=section&id=Outlook) Management expects continued uncertainty, with mixed segment outlooks, but a strong capital structure provides sufficient liquidity for future obligations - Sales in the Packaging segment related to hygiene products are expected to remain strong but have declined from peak levels seen in Q2 2020[206](index=206&type=chunk) - The Aerospace segment sales are expected to be lower than historical levels for an indefinite period due to low new commercial aircraft builds[206](index=206&type=chunk) - The company believes its capital structure is strong following the 2021 debt refinancing, with sufficient liquidity to meet future obligations[210](index=210&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company discusses its exposure to foreign currency and interest rate risks, and its use of derivatives to manage these exposures - The company is exposed to market risk from changes in foreign currency exchange rates and interest rates[215](index=215&type=chunk) - To mitigate currency risk, the company uses derivative instruments. As of June 30, 2021, it held foreign exchange forward and swap contracts with notional values of approximately **$126.5 million**[202](index=202&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal controls - Based on an evaluation as of June 30, 2021, the CEO and CFO concluded that the company's disclosure controls and procedures are effective at a reasonable assurance level[217](index=217&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2021, that have materially affected, or are reasonably likely to materially affect, the company's internal controls[218](index=218&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 13 of the financial statements for details on ongoing legal proceedings, primarily asbestos-related litigation - For details on legal proceedings, the report refers to Note 13, "Commitments and Contingencies," in the Notes to Consolidated Financial Statements[221](index=221&type=chunk) [Item 1A. Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) The company reports no significant changes to the risk factors previously disclosed in its 2020 Annual Report on Form 10-K - There have been no significant changes in risk factors from those disclosed in the 2020 Annual Report on Form 10-K[222](index=222&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details Q2 2021 share repurchases, including volume, average price, and remaining authorization Share Repurchases for Q2 2021 | Period (2021) | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April | 52,204 | **$30.92** | | May | 228,475 | **$32.78** | | June | 77,368 | **$31.96** | | **Total Q2** | **358,047** | **$32.33** | - As of the end of Q2 2021, approximately **$147.5 million** remained available for future repurchases under the company's publicly announced program[227](index=227&type=chunk) ```

TriMas Corp (NASDAQ:TRS) Q1 2021 Earnings Conference Call April 29, 2021 10:00 AM ET Company Participants Sherry Lauderback - VP, IR & Communications Thomas Amato - President, CEO & Director Scott Mell - Incoming CFO Robert Zalupski - CFO Conference Call Participants Brendan Popson - CJS Securities Ken Newman - KeyBanc Capital Markets Operator Good day, and welcome to the TriMas First Quarter 2021 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the confere ...

First Quarter 2021 Earnings Presentation April 29, 2021 1 Disclaimer Forward-Looking Statement 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: the severity and duration of the ongoing coronavirus ("COVID-19") pandemic on ou ...

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 March 31, 2021 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 Empl ...

TriMas Corporation (NASDAQ:TRS) Q4 2020 Earnings Conference Call February 25, 2021 10:00 AM ET Company Participants Sherry Lauderback - Investor Relations Tom Amato - President and Chief Executive Officer Bob Zalupski - Chief Financial Officer Conference Call Participants Brendan Popson - CJS Securities Ken Newman - KeyBanc Capital Markets Operator Good day and welcome to the TriMas Fourth Quarter and Full Year 2020 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like t ...