TriMas (TRS) - 2024 Q4 - Annual Results

Financial Performance - TriMas reported fourth quarter 2024 net sales of $228.1 million, an increase of 8.8$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$294.2 million[5]. - Adjusted operating profit for fourth quarter 2024 was $23.2 million, a 23.5$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$7,940,000 in Q4 2023[27]. - Adjusted net income for Q4 2024 was $17,520,000, up 11$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$1.70 to $1.85, a 7$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$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].