TriMas (US:TRS)2024-11-04 17:01Q3 2024 Financial Performance - Total net sales were $229.4 million, a decrease of $6 million compared to Q3 2023[6] - Sales decline was driven by Specialty Products results, with Q3 2024 sales down ~$23 million, or more than 40%, as compared to Q3 2023[6] - Adjusted earnings per share were $0.43, a decrease of $0.20 compared to Q3 2023[6] - Net income was $17.7 million, a decrease of $8.4 million compared to Q3 2023[6] Segment Performance - TriMas Packaging net sales increased to $130.2 million in Q3 2024 from $116.5 million in Q3 2023, representing a 12.3% organic growth[6, 12] - TriMas Aerospace net sales increased to $70.8 million in Q3 2024 from $67.6 million in Q3 2023, representing a 4.8% increase[6, 16] - Specialty Products net sales decreased to $28.3 million in Q3 2024 from $51.3 million in Q3 2023, representing a decrease of more than 40%[6] - Specialty Products Adjusted EBITDA margins improving by 670 basis points sequentially[4] Balance Sheet and Capital Allocation - Net debt was under $400 million at the end of Q3 2024[10] - Quarterly free cash flow was $15.4 million[9] - The company repurchased 99,130 shares in the quarter, bringing total year-to-date share repurchases to 771,067 shares, for a net reduction of 1.6% shares outstanding through the end of Q3 2024[4] 2024 Outlook - TriMas Packaging anticipates sales growth of 9% to 10% and Adjusted EBITDA Margin % of 21% to 23%[13] - TriMas Aerospace anticipates sales growth of 18% to 22% and Adjusted EBITDA Margin % of 18% to 19%[17] - Specialty Products anticipates sales growth of -30% to -25% and Adj EBITDA Margin % of 10% to 14%[22]