Continued Organic Sales Growth in its Two
Largest Segments
TriMas (NASDAQ: TRS) today announced financial results for the
third quarter ended September 30, 2024.
TriMas Third Quarter
Highlights
- Achieved core sales growth within its Packaging and Aerospace
segments of 12.3% and 4.8%, respectively
- Continued to experience sales recovery in the beauty &
personal care and industrial packaging end markets, which were
impacted most in 2023
- Resolved 10-week work stoppage at one of its Aerospace
locations, which impacted the quarter
- Reduced net shares outstanding by approximately 1.6%
year-to-date through common stock repurchases
"While we are pleased with the core sales growth in our two
largest groups, TriMas Packaging and TriMas Aerospace, we believe
there is additional upside potential in conversion rates as actions
underway are anticipated to deliver further benefits in 2025," said
Thomas Amato, TriMas President and Chief Executive Officer. "Within
our TriMas Packaging group, we remain highly encouraged by the
positive commercial trends and sales momentum, even as we work
through discrete challenges associated with product demand
increases in certain dispenser product lines. While we have already
invested in incremental capacity, which will come online in the
fourth quarter and benefit us in 2025, the high rate of demand this
quarter, which at times surpassed peak capacity, had a
countervailing impact on our third quarter performance. Within our
TriMas Aerospace group, we successfully resolved a 10-week work
stoppage at one of our manufacturing facilities by entering into a
new three-year collective bargaining agreement, although the
disruption delayed some sales and related conversion this quarter.
With respect to Specialty Products, we are seeing early signs of a
recovery from a cyclical demand trough. Importantly, the cost
restructuring actions we implemented in the second quarter are now
starting to yield positive contributions, albeit on a lower sales
base."
Third Quarter 2024
TriMas reported third quarter 2024 net sales of $229.4 million,
a decrease of 2.5% compared to $235.3 million in third quarter
2023, as organic sales growth in its Packaging and Aerospace
segments were more than offset by lower market demand for products
in its Specialty Products segment, which experienced a net sales
decrease of 44.8% as compared to the prior year quarter. The
Company reported operating profit of $8.3 million in third quarter
2024, compared to $23.8 million in third quarter 2023. Adjusting
for Special Items(1), third quarter 2024 adjusted operating profit
was $22.7 million, compared to $27.9 million in the prior year
period, as the favorable impact of higher sales volumes in its
Packaging and Aerospace segments was offset by the impact of
decremental margin from lower sales within Specialty Products, as
well as higher conversion costs within one of its Packaging
operations related to capacity constraints.
The Company reported third quarter 2024 net income of $2.5
million, or $0.06 per diluted share, compared to $16.5 million, or
$0.40 per diluted share, in third quarter 2023. Adjusting for
Special Items(1) primarily related to changes in non-cash legacy
and environmental liabilities, third-party and other costs related
to the work stoppage within the Aerospace segment, business
restructuring and severance costs, and information technology
system implementation costs, third quarter 2024 adjusted net
income(2) was $17.7 million, compared to $26.0 million in third
quarter 2023, primarily as a result of lower operating profit
attributable to the Specialty Products segment, as noted above, as
well as a higher interest expense and effective tax rate in third
quarter 2024. Third quarter 2024 adjusted diluted earnings per
share(2) was $0.43, compared to $0.63 in the prior year period.
Financial Position
The Company reported net cash provided by operating activities
of $22.0 million for third quarter 2024, compared to $31.4 million
in third quarter 2023, primarily driven by the year-over-year
performance decline within its Specialty Products segment. As a
result, the Company reported Free Cash Flow(3) of $15.4 million for
third quarter 2024, compared to $25.2 million in third quarter
2023. Please see Appendix I for further details.
TriMas ended third quarter 2024 with $26.9 million of cash on
hand, $210.2 million of cash and available borrowing capacity under
its revolving credit facility, and a net leverage ratio of 2.8x as
defined in the Company's credit agreement. As of September 30,
2024, TriMas reported total debt of $410.0 and Net Debt(4) of
$383.0 million. The Company continues to maintain a strong balance
sheet and remains committed to its capital allocation strategy of
investing in its businesses, returning capital to shareholders
through both share buybacks and dividends, and augmenting organic
growth through programmatic bolt-on acquisitions focused on
building out its packaging and aerospace platforms.
During the first nine months of 2024, the Company repurchased
771,067 shares of its outstanding common stock for $19.3 million,
further reducing net shares outstanding by approximately 1.6%. As
of September 30, 2024, the Company had $67.6 million remaining
under the repurchase authorization. TriMas also paid a quarterly
cash dividend of $0.04 per share of TriMas Corporation stock in
third quarter 2024, as well as declared a $0.04 per share dividend
to be payable on November 12, 2024.
Third Quarter Segment
Results
TriMas Packaging group's net sales for the third quarter were
$130.2 million, an increase of 11.8% compared to the year ago
period, primarily due to organic growth within the beauty &
personal care, food & beverage, industrial and home care end
markets. Third quarter operating profit margin and the related
percentage were lower than the prior year period, primarily on
account of allocated information technology costs and off-standard
costs due to high demand for certain dispenser product lines as
customer demand has begun to revert from the prior year levels.
Despite these differences as compared to the prior year quarter,
TriMas Packaging's adjusted operating profit margin for the third
quarter improved by approximately 60 basis points compared to the
conversion rate of second quarter 2024. The Company continues to
invest in product design and innovation, and global capacity, to
accelerate organic growth within its TriMas Packaging group.
TriMas Aerospace group's net sales for the third quarter were
$70.8 million, an increase of 4.8% compared to the year ago period,
driven by stronger demand, despite delayed shipments from a 10-week
work stoppage at one of its fastener manufacturing locations, which
has since been resolved. Third quarter operating profit increased,
and the related adjusted margin percentage remained flat, as
completed operational excellence initiatives and commercial
improvements were offset by the impact of reduced sales and related
profits resulting from the work stoppage. The Company remains
focused on continuing to expand its product offering across its
existing customer base, and investing in capacity in certain
operations through equipment and skilled labor, all to further
enhance conversion on anticipated continued long-term demand
trends.
Specialty Products' net sales for the third quarter were $28.3
million, a decrease of 44.8% compared to the year ago period. Third
quarter operating profit and the related margin percentage
decreased as a result of the demand rate decline and related lower
absorption of structural costs, even after recent cost reduction
actions. Despite these differences as compared to the prior year
quarter, Specialty Products' adjusted operating profit for the
third quarter improved approximately 660 basis points when compared
to the conversion rate of second quarter 2024, as a result of the
cost reduction actions implemented during second quarter 2024. In
addition, as previously disclosed, the Company has initiated a sale
process for its Arrow Engine business, which when successfully
completed, would facilitate an exit of its presence in the oil and
gas end market.
Outlook
The Company reaffirms its full year 2024 outlook provided on
July 30, 2024. The Company expects to generate full year 2024
adjusted diluted earnings per share(2) in the range of $1.70 to
$1.90.
"As we near the completion of 2024, we expect that the return of
one of our aerospace facilities to full shift production rates,
ongoing efficiency improvements within one of our packaging
facilities and continued cost containment within our Specialty
Products segment will benefit us in the fourth quarter. These
developments should not only help us to meet our outlook range for
the year, but also, more importantly, further improve our momentum
as we enter 2025. We are encouraged by the sequential performance
improvements we are experiencing across all of our businesses, on a
normalized basis, and are excited about the promising core growth
prospects within the TriMas portfolio as we look ahead," concluded
Amato.
The above outlook includes the impact of all announced
acquisitions, but does not contemplate any impact from a prolonged
work stoppage at any of the Company's customers. As previously
communicated, effective as of the first quarter of 2024, the
Company is adding back non-cash compensation expense to its
adjusted diluted earnings per share calculation. The outlook
provided assumes no detrimental impact related to input costs or
end market demand associated with escalating global conflicts. All
of the above amounts considered as 2024 guidance are after
adjusting for any current or future amounts that may be considered
Special Items, and in the case of adjusted diluted earnings per
share, acquisition-related intangible asset amortization expense
for deals that have not yet been consummated. The inability to
predict the amount and timing of the impacts of these Special Items
makes a detailed reconciliation of these forward-looking non-GAAP
financial measures impracticable.(1)
Conference Call
Information
TriMas will host its third quarter 2024 earnings conference call
today, Monday, November 4, 2024, at 10 a.m. ET. To participate via
phone, please dial (877) 407-0890 (U.S. and Canada) or +1 (201)
389-0918 (outside the U.S. and Canada), and ask to be connected to
the TriMas Corporation third quarter 2024 earnings conference call.
The conference call will also be simultaneously webcast via the
TriMas website at www.trimas.com, under the "Investors" section,
with an accompanying slide presentation. A replay of the conference
call will be available on the TriMas website or by dialing (877)
660-6853 (U.S. and Canada) or +1 (201) 612-7415 (outside the U.S.
and Canada) with a meeting ID of 13749560, beginning November 4,
2024, at 3:00 p.m. ET through November 18, 2024, at 3:00 p.m.
ET.
Notice Regarding 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; competitive factors;
market demand; our ability to realize our business strategies; our
ability to identify attractive acquisition candidates, successfully
integrate acquired operations or realize the intended benefits of
such acquisitions; pressures on our supply chain, including
availability of raw materials and inflationary pressures on raw
material and energy costs, and customers; the performance of our
subcontractors and suppliers; risks and uncertainties associated
with intangible assets, including goodwill or other intangible
asset impairment charges; risks associated with a concentrated
customer base; information technology and other cyber-related
risks; risks related to our international operations, including,
but not limited to, risks relating to tensions between the United
States and China; government and regulatory actions, including,
without limitation, climate change legislation and other
environmental regulations, as well as the impact of tariffs, quotas
and surcharges; changes to fiscal and tax policies; intellectual
property factors; uncertainties associated with our ability to meet
customers’ and suppliers’ sustainability and environmental, social
and governance (“ESG”) goals and achieve our sustainability and ESG
goals in alignment with our own announced targets; litigation;
contingent liabilities relating to acquisition activities; interest
rate volatility; our leverage; liabilities imposed by our debt
instruments; labor disputes and shortages; the disruption of
operations from catastrophic or extraordinary events, including,
but not limited to, natural disasters, geopolitical conflicts and
public health crises, the amount and timing of future dividends
and/or share repurchases, which remain subject to Board approval
and depend on market and other conditions; our future prospects;
our ability to successfully complete the sale of our Arrow Engine
business; and other risks that are detailed in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2023.
The risks described are not the only risks facing our Company.
Additional risks and uncertainties not currently known to us or
that we currently deemed to be immaterial also may materially
adversely affect our business, financial position and results of
operations or cash flows. These risks and uncertainties may cause
actual results to differ materially from those indicated by the
forward-looking statements. All forward-looking statements made
herein are based on information currently available, and the
Company assumes no obligation to update any forward-looking
statements, except as required by law.
Non-GAAP Financial
Measures
In this release, certain non-GAAP financial measures are used.
Reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP financial measure may be found in Appendix
I at the end of this release. Management believes that presenting
these non-GAAP financial measures provides useful information to
investors by helping them identify underlying trends in the
Company’s businesses and facilitating comparisons of performance
with prior and future periods and to the Company’s peers. These
non-GAAP financial measures should be considered in addition to,
and not as a replacement for or superior to, the comparable GAAP
measure, and may not be comparable to similarly titled measures
reported by other companies.
Reconciliations of forward-looking non-GAAP financial measures
to the most directly comparable GAAP financial measures are
provided only for the expected impact of amortization of
acquisition-related intangible assets for completed acquisitions,
as the Company is unable to provide estimates of future Special
Items(1) or amortization from future acquisitions without
unreasonable effort, due to the uncertainty and inherent difficulty
of predicting the occurrence and the financial impact of such items
impacting comparability and the periods in which such items may be
recognized. For the same reasons, the Company is unable to address
the probable significance of the unavailable information, which
could be material to future results.
Additional information is available at www.trimas.com under the
“Investors” section.
(1)
Appendix I details certain costs, expenses
and other amounts or charges, collectively described as "Special
Items," that are included in the determination of net income,
earnings per share and/or cash flows from operating activities
under GAAP, but that management believes should be separately
considered when evaluating the quality of the Company’s core
operating results, given they may not reflect the ongoing
activities of the business.
(2)
The Company defines adjusted net income
(and on a per diluted share basis, adjusted diluted earnings per
share) as net income (per GAAP), plus or minus the after-tax impact
of Special Items(1), plus the after-tax impacts of non-cash
acquisition-related intangible asset amortization and non-cash
compensation expense. While the acquisition-related intangible
assets aid in the Company’s revenue generation, the Company adjusts
for the non-cash amortization expense and non-cash compensation
expense because the Company believes it (i) enhances management’s
and investors’ ability to analyze underlying business performance,
(ii) facilitates comparisons of financial results over multiple
periods, and (iii) provides more relevant comparisons of financial
results with the results of other companies as the amortization
expense associated with these assets may fluctuate significantly
from period to period based on the timing, size, nature, and number
of acquisitions.
(3)
The Company defines Free Cash Flow as Net
Cash Provided by/Used for Operating Activities, excluding the cash
impact of Special Items, less Capital Expenditures. Please see
Appendix I for additional details.
(4)
The Company defines Net Debt as Total Debt
less Cash and Cash Equivalents. Please see Appendix I for
additional details.
About TriMas
TriMas manufactures a diverse set of products primarily for the
consumer products, aerospace and industrial markets through its
TriMas Packaging, TriMas Aerospace and Specialty Products groups.
Our approximately 3,400 dedicated employees in 13 countries provide
customers with a wide range of innovative and quality product
solutions through our market-leading businesses. Our TriMas family
of businesses has strong brand names in the markets served, and
operates under a common set of values and strategic priorities
under the TriMas Business Model. TriMas is publicly traded on the
NASDAQ under the ticker symbol “TRS,” and is headquartered in
Bloomfield Hills, Michigan. For more information, please visit
www.trimas.com.
TriMas Corporation
Condensed Consolidated Balance
Sheet
(Dollars in thousands)
September 30,
2024
December 31,
2023
Assets
(unaudited)
Current assets:
Cash and cash equivalents
$
26,910
$
34,890
Receivables, net
163,260
148,030
Inventories
213,880
192,450
Prepaid expenses and other current
assets
31,290
22,010
Total current assets
435,340
397,380
Property and equipment, net
329,310
329,990
Operating lease right-of-use assets
42,220
43,220
Goodwill
365,100
363,770
Other intangibles, net
168,650
181,020
Deferred income taxes
10,370
10,230
Other assets
16,840
16,050
Total assets
$
1,367,830
$
1,341,660
Liabilities and Shareholders'
Equity
Current liabilities:
Short-term borrowings
$
80
$
—
Accounts payable
80,800
91,910
Accrued liabilities
65,210
59,640
Lease liabilities, current portion
7,900
7,900
Total current liabilities
153,990
159,450
Long-term debt, net
409,870
395,660
Lease liabilities
38,650
39,690
Deferred income taxes
26,820
23,290
Other long-term liabilities
55,750
40,620
Total liabilities
685,080
658,710
Total shareholders' equity
682,750
682,950
Total liabilities and shareholders'
equity
$
1,367,830
$
1,341,660
TriMas Corporation
Consolidated Statement of
Income
(Unaudited - dollars in
thousands, except per share amounts)
Three months ended
September 30,
Nine months ended
September 30,
2024
2023
2024
2023
Net sales
$
229,360
$
235,340
$
696,960
$
683,990
Cost of sales
(177,660
)
(179,410
)
(538,540
)
(525,840
)
Gross profit
51,700
55,930
158,420
158,150
Selling, general and administrative
expenses
(44,460
)
(32,290
)
(120,890
)
(104,410
)
Net gain on dispositions of assets
1,040
120
1,040
70
Operating profit
8,280
23,760
38,570
53,810
Other expense, net:
Interest expense
(4,860
)
(3,950
)
(15,010
)
(11,620
)
Other income (expense), net
(30
)
(120
)
(310
)
(30
)
Other expense, net
(4,890
)
(4,070
)
(15,320
)
(11,650
)
Income before income tax expense
3,390
19,690
23,250
42,160
Income tax expense
(860
)
(3,200
)
(4,640
)
(9,740
)
Net income
$
2,530
$
16,490
$
18,610
$
32,420
Basic earnings per share:
Net income per share
$
0.06
$
0.40
$
0.46
$
0.78
Weighted average common shares—basic
40,612,413
41,425,208
40,776,583
41,477,095
Diluted earnings per share:
Net income per share
$
0.06
$
0.40
$
0.45
$
0.78
Weighted average common shares—diluted
40,946,571
41,673,381
41,089,208
41,706,867
TriMas Corporation
Consolidated Statement of Cash
Flow
(Unaudited - dollars in
thousands)
Nine months ended
September 30,
2024
2023
Cash Flows from Operating
Activities:
Net income
$
18,610
$
32,420
Adjustments to reconcile net income to net
cash provided by operating activities, net of acquisition
impact:
Gain on dispositions of assets
(1,040
)
(70
)
Depreciation
29,940
29,830
Amortization of intangible assets
12,640
13,810
Amortization of debt issue costs
720
700
Deferred income taxes
3,540
2,650
Non-cash compensation expense
8,050
9,320
Provision for losses on accounts
receivable
290
—
Change in asbestos liability estimate
5,510
—
Change in environmental liability
estimate
2,490
—
Increase in receivables
(15,910
)
(22,580
)
(Increase) decrease in inventories
(23,050
)
1,800
Increase in prepaid expenses and other
assets
(4,570
)
(660
)
Decrease in accounts payable and accrued
liabilities
(7,020
)
(10,390
)
Other operating activities
6,500
740
Net cash provided by operating activities,
net of acquisition impact
36,700
57,570
Cash Flows from Investing
Activities:
Capital expenditures
(35,980
)
(34,940
)
Acquisition of businesses, net of cash
acquired
—
(77,340
)
Cross-currency swap terminations
(3,760
)
—
Settlement of foreign currency exchange
forward contract
3,760
—
Net proceeds from disposition of property
and equipment
4,100
460
Net cash used for investing activities
(31,880
)
(111,820
)
Cash Flows from Financing
Activities:
Proceeds from borrowings on revolving
credit facilities
248,730
74,410
Repayments of borrowings on revolving
credit facilities
(235,380
)
(73,350
)
Payments to purchase common stock
(19,270
)
(13,350
)
Shares surrendered upon exercise and
vesting of equity awards to cover taxes
(1,620
)
(2,680
)
Dividends paid
(4,980
)
(5,020
)
Other financing activities
(280
)
(3,190
)
Net cash used for financing activities
(12,800
)
(23,180
)
Cash and Cash Equivalents:
Decrease for the period
(7,980
)
(77,430
)
At beginning of period
34,890
112,090
At end of period
$
26,910
$
34,660
Supplemental disclosure of cash flow
information:
Cash paid for interest
$
9,860
$
7,560
Cash paid for taxes
$
9,080
$
11,020
Appendix I
TriMas Corporation
Additional Information
Regarding Special Items Impacting
Reported GAAP Financial
Measures
(Unaudited - dollars in
thousands)
Three months ended
September 30,
Nine months ended
September 30,
2024
2023
2024
2023
Packaging
Net sales
$
130,240
$
116,500
$
389,190
$
350,040
Operating profit
$
17,930
$
16,470
$
53,060
$
48,140
Special Items to consider in evaluating
operating profit:
Purchase accounting costs
—
—
—
800
Business restructuring and severance
costs
1,070
3,010
2,420
7,720
Adjusted operating profit
$
19,000
$
19,480
$
55,480
$
56,660
Aerospace
Net sales
$
70,830
$
67,580
$
215,890
$
177,370
Operating profit
$
6,310
$
7,130
$
23,870
$
11,190
Special Items to consider in evaluating
operating profit:
Third-party and other costs incurred
related to strike
2,340
—
2,340
—
M&A diligence and transaction
costs
30
—
60
—
Purchase accounting costs
—
1,190
—
1,990
Business restructuring and severance
costs
—
—
—
290
Adjusted operating profit
$
8,680
$
8,320
$
26,270
$
13,470
Specialty Products
Net sales
$
28,290
$
51,260
$
91,880
$
156,580
Operating profit
$
2,290
$
10,510
$
5,480
$
32,360
Special Items to consider in evaluating
operating profit:
Business restructuring and severance
costs
120
190
120
190
Adjusted operating profit
$
2,410
$
10,700
$
5,600
$
32,550
Corporate Expenses
Operating loss
$
(18,250
)
$
(10,350
)
$
(43,840
)
$
(37,880
)
Special Items to consider in evaluating
operating loss:
Change in legacy liability estimate for
asbestos-related costs
5,510
—
5,510
—
M&A diligence and transaction
costs
820
(480
)
3,020
1,930
System implementation costs
1,830
—
3,620
—
Change in environmental liability
estimate
1,830
—
2,490
—
Business restructuring and severance
costs
830
190
1,510
3,950
Adjusted operating loss
$
(7,430
)
$
(10,640
)
$
(27,690
)
$
(32,000
)
Total Company
Net sales
$
229,360
$
235,340
$
696,960
$
683,990
Operating profit
$
8,280
$
23,760
$
38,570
$
53,810
Total Special Items to consider in
evaluating operating profit
14,380
4,100
21,090
16,870
Adjusted operating profit
$
22,660
$
27,860
$
59,660
$
70,680
Appendix I
TriMas Corporation
Additional Information
Regarding Special Items Impacting
Reported GAAP Financial
Measures
(Unaudited - dollars in
thousands, except per share amounts)
Three months ended
September 30,
Nine months ended
September 30,
2024
2023
2024
2023
Net income, as reported
$
2,530
$
16,490
$
18,610
$
32,420
Special Items to consider in evaluating
quality of net income:
Change in legacy liability estimate for
asbestos-related costs
5,510
—
5,510
—
Business restructuring and severance
costs
2,020
3,390
4,050
12,150
Purchase accounting costs
—
1,190
—
2,790
M&A diligence and transaction
costs
850
(480
)
3,080
1,930
System implementation costs
1,830
—
3,620
—
Third-party and other costs incurred
related to strike
2,340
—
2,340
—
Defined benefit pension plan settlement
charge
—
—
—
640
Derivative de-designation and settlement
(gain) loss
—
—
10
—
Change in environmental liability
estimate
1,830
—
2,490
—
Foreign exchange forward charge
—
360
—
360
Amortization of acquisition-related
intangible assets
4,210
4,610
12,640
13,810
Non-cash compensation expense
1,630
3,140
8,050
9,320
Income tax effect of net income
adjustments(1)
(5,100
)
(2,680
)
(10,190
)
(9,350
)
Adjusted net income
$
17,650
$
26,020
$
50,210
$
64,070
Three months ended
September 30,
Nine months ended
September 30,
2024
2023
2024
2023
Diluted earnings per share, as
reported
$
0.06
$
0.40
$
0.45
$
0.78
Special Items to consider in evaluating
quality of EPS:
Change in legacy liability estimate for
asbestos-related costs
0.14
—
0.13
—
Business restructuring and severance
costs
0.05
0.08
0.10
0.29
Purchase accounting costs
—
0.03
—
0.07
M&A diligence and transaction
costs
0.02
(0.01
)
0.07
0.05
System implementation costs
0.04
—
0.09
—
Third-party and other costs incurred
related to strike
0.06
—
0.06
—
Defined benefit pension plan settlement
charge
—
—
—
0.02
Derivative de-designation and settlement
(gain) loss
—
—
—
—
Change in environmental liability
estimate
0.04
—
0.06
—
Foreign exchange forward charge
—
0.01
—
0.01
Amortization of acquisition-related
intangible assets
0.10
0.11
0.31
0.33
Non-cash compensation expense
0.04
0.08
0.20
0.22
Income tax effect of net income
adjustments(1)
(0.12
)
(0.07
)
(0.25
)
(0.23
)
Adjusted diluted EPS
$
0.43
$
0.63
$
1.22
$
1.54
Weighted-average shares
outstanding
40,946,571
41,673,381
41,089,208
41,706,867
(1)
Income tax effect of net income
adjustments is calculated on an item-by-item basis, utilizing the
statutory income tax rate in the jurisdiction where the adjustments
occurred. For the three and nine month periods ended September 30,
2024 and 2023, the income tax effect on the cumulative net income
adjustments varied from the tax rate inherent in the Company's
reported GAAP results, primarily as a result of certain discrete
items that occurred during the period for GAAP reporting
purposes.
Appendix I
TriMas Corporation
Additional Information
Regarding Special Items Impacting
Reported GAAP Financial
Measures
(Unaudited - dollars in
thousands)
Three months ended September
30,
2024
2023
As reported
Special Items
As adjusted
As reported
Special Items
As adjusted
Net cash provided by operating
activities
$
22,030
$
5,210
$
27,240
$
31,380
$
3,790
$
35,170
Less: Capital expenditures
(11,870
)
—
(11,870
)
(10,010
)
—
(10,010
)
Free Cash Flow
$
10,160
$
5,210
$
15,370
$
21,370
$
3,790
$
25,160
Nine months ended September
30,
2024
2023
As reported
Special Items
As adjusted
As reported
Special Items
As adjusted
Net cash provided by operating
activities
$
36,700
$
11,840
$
48,540
$
57,570
$
10,430
$
68,000
Less: Capital expenditures
(35,980
)
—
(35,980
)
(34,940
)
—
(34,940
)
Free Cash Flow
720
11,840
12,560
22,630
10,430
33,060
September 30,
2024
December 31,
2023
September 30,
2023
Short-term borrowings
$
80
$
—
$
—
Long-term debt, net
409,870
395,660
395,420
Total Debt
409,950
395,660
395,420
Less: Cash and cash equivalents
26,910
34,890
34,660
Net Debt
$
383,040
$
360,770
$
360,760
YOY Sales Growth %
Organic
Acquisitions
Foreign Exchange
Total
Q3 2024 vs. Q3 2023
Consolidated TriMas Corporation
(2.3
)%
—
%
(0.2
)%
(2.5
)%
Packaging
12.3
%
—
%
(0.5
)%
11.8
%
Aerospace
4.8
%
—
%
—
%
4.8
%
Specialty Products
(44.8
)%
—
%
—
%
(44.8
)%
YTD Q3 2024 vs YTD Q3 2023
Consolidated TriMas Corporation
(0.3
)%
2.3
%
(0.1
)%
1.9
%
Packaging
10.5
%
0.8
%
(0.1
)%
11.2
%
Aerospace
14.4
%
7.3
%
—
%
21.7
%
Specialty Products
(41.3
)%
—
%
—
%
(41.3
)%
Appendix I
TriMas Corporation
Reconciliation of GAAP to
Non-GAAP Financial Measures
Forecasted Diluted Earnings
Per Share Guidance
(Unaudited - dollars per
share)
Twelve months ended
December 31, 2024
Low
High
Diluted earnings per share (GAAP)
$
0.82
$
1.02
Pre-tax amortization of
acquisition-related intangible assets(1)
0.41
0.41
Income tax benefit on amortization of
acquisition-related intangible assets
(0.10
)
(0.10
)
Pre-tax non-cash compensation expense
0.24
0.24
Income tax benefit on non-cash
compensation expense
(0.06
)
(0.06
)
Impact of Special Items(2)
0.39
0.39
Adjusted diluted earnings per share
$
1.70
$
1.90
(1)
These amounts relate to acquisitions
completed as of November 4, 2024. The Company is unable to provide
forward-looking estimates of future acquisitions, if any, that have
not yet been consummated.
(2)
The Company is unable to provide
forward-looking estimates of Special Items without unreasonable
effort, due to the uncertainty and inherent difficulty of
predicting the occurrence and the financial impact of such items
and the periods in which such items may be recognized. For the same
reasons, the Company is unable to address the probable significance
of the unavailable information, which could be material to future
results.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241104819214/en/
Sherry Lauderback VP, Investor Relations & Communications
(248) 631-5506 sherry.lauderback@trimas.com
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