TriMas (TRS)2025-04-29 13:11Financial 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]