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TriMas Announces Appointment of Jeff Greene to Board of Directors

2018-12-13T08:57:57-05:00

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BLOOMFIELD HILLS, Michigan, December 13, 2018 – TriMas (NASDAQ: TRS) announced today that its Board of Directors has appointed Jeffrey Greene as a new director. Mr. Greene currently serves as an advisor, and is the founding partner, of Orion Advisors Group, a firm specializing in supporting companies with buy-side due diligence, operations planning, supply chain optimization and executive development.

“We are excited to have Jeff join our team as a member of TriMas’ Board of Directors,” said Thomas A. Amato, TriMas’ President and Chief Executive Officer. “He brings significant leadership and governance experience, with more than 35 years at companies in the packaging, consumer products and industrial markets. In particular, Jeff brings to TriMas’ Board proven executive leadership with packaging companies and relevant skills that will complement our existing Board as we shape TriMas’ future.”

Mr. Greene currently serves on the boards of Pretium Packaging, Tekniplex and The Thiele Kaolin Company, and previously served on the board of CSP Technologies, until it was sold earlier this year, as well as the board of the Solo Cup Company. Previously, he served as President and Chief Executive Officer of Consolidated Container, an approximately $850 million in revenue, rigid plastic packaging company, which served a variety of end markets and had more than 50 manufacturing sites in North America. During his tenure at Consolidated Container, Mr. Greene successfully executed multiple acquisitions and repositioned the company as a growth leader in target markets while improving margins and returns. In addition, he held the roles of Senior Vice President – Consumer Packaging Group of Consolidated Container; Senior Vice President – Operations of Exopack; and President – CPG Products and Director – Strategic Accounts of Union Camp. Mr. Greene has decades of experience in the packaging and consumer packaged goods space.

Mr. Greene earned a Bachelor of Science from Springfield College in Springfield, Mass. and has participated in several executive education programs through Harvard, Northwestern and Wharton.

With the appointment of Mr. Greene, TriMas’ Board of Directors now consists of nine members, eight of whom are independent.

About TriMas
TriMas is a diversified industrial manufacturer of products for customers in the consumer products, aerospace, industrial, petrochemical, refinery and oil & gas end markets with approximately 4,000 dedicated employees in 13 countries. We provide customers with a wide range of innovative and quality product solutions through our market-leading businesses, which we report in three segments: Packaging, Aerospace and Specialty Products. The 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.trimascorp.com.

CONTACT:
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherrylauderback@trimascorp.com

TriMas Announces Agreement to Acquire Plastic Srl

2018-11-19T14:25:30-05:00

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TriMas (NASDAQ: TRS) announced today that it has signed an agreement to acquire Plastic Srl, a privately-owned manufacturer of polymeric caps and closures for home care product applications, located in Forlì, Italy. The transaction is expected to close in early 2019.

“We are excited to announce an agreement between TriMas and the Muccioli family to acquire Plastic Srl, which will enhance TriMas’ Packaging group’s single-bodied and assembled closure product offering,” said Thomas Amato, president and chief executive officer of TriMas. “Plastic Srl broadens our geographic presence, adds adjacent products and designs to our current product offering, and increases production capability through innovative manufacturing know-how.”

Plastic Srl predominantly manufactures single-bodied and assembled caps and closures, including child resistant closures, for home care product applications, such as detergent and household cleaning products. With more than 100 closure product designs, including several patented closure systems, Plastic Srl serves the home care market in Italy and other European countries. Located approximately 50 miles southeast of Bologna, Italy, Plastic Srl generates approximately €10 million ($12 million) in annual revenue. Upon closing, Plastic Srl will be a wholly-owned division of TriMas’ Rieke business.

Amato continued, “We appreciated the opportunity to work exclusively on this transaction with the Muccioli family and welcome the broader Plastic Srl team to the TriMas organization. We are pleased to add this business to Rieke, and look forward to further growing Plastic Srl’s product line.”

About TriMas

TriMas is a diversified industrial manufacturer of products for customers in the consumer products, aerospace, industrial, petrochemical, refinery and oil & gas end markets with approximately 4,000 dedicated employees in 13 countries. We provide customers with a wide range of innovative and quality product solutions through our market-leading businesses, which we report in three segments: Packaging, Aerospace and Specialty Products. The 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.trimascorp.com.

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 the Company’s business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: general economic and currency conditions; material and energy costs; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; competitive factors; future trends; the Company’s ability to realize its business strategies; the Company’s ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; the performance of subcontractors and suppliers; supply constraints; market demand; technology factors; intellectual property factors; litigation; government and regulatory actions, including, but not limited to, the impact of tariffs, quotas and surcharges; the Company’s leverage; liabilities imposed by debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; information technology factors; the disruption of operations from catastrophic or extraordinary events, including natural disasters; the potential impact of Brexit; tax considerations relating to the Cequent spin-off; the Company’s future prospects; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017. 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.

TriMas Reports Third Quarter 2018 Results

2018-10-30T08:05:45-04:00

Delivers Solid Sales and Earnings Growth; Raises 2018 Sales and EPS Guidance

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TriMas (NASDAQ: TRS) today announced financial results for the quarter ended September 30, 2018.

Third Quarter 2018 Highlights

Increased net sales by 6.9% to $223.8 million
Increased operating profit to $29.9 million, while adjusted operating profit⁽¹⁾ increased by 4.2% to $30.2 million
Increased diluted EPS to $0.49, while adjusted diluted EPS⁽¹⁾ increased by 23.1% to $0.48
Raised full year 2018 EPS guidance to $1.72 to $1.78, with the new midpoint representing an increase of approximately 25% over 2017

Third Quarter 2018

TriMas reported third quarter net sales of $223.8 million, an increase of 6.9% compared to $209.3 million in third quarter 2017. The Company reported operating profit of $29.9 million in third quarter 2018 compared to $28.3 million in third quarter 2017. Adjusting for Special Items⁽¹⁾, third quarter 2018 adjusted operating profit was $30.2 million, an increase of 4.2% compared to the prior year period, as the favorable impact of volume increases was partially offset by higher commodity costs.

The Company reported third quarter 2018 net income of $22.7 million, or $0.49 per diluted share, compared to net income of $13.1 million, or $0.29 per diluted share, in third quarter 2017. Third quarter 2018 adjusted net income⁽¹⁾ was $22.3 million, or $0.48 per diluted share, an increase of 25.6% compared to $17.7 million, or $0.39 per diluted share, in the prior year period.

"We are pleased to report another strong quarter with our global team delivering results ahead of expectations," said Thomas Amato, TriMas President and Chief Executive Officer. "We achieved approximately 7% organic sales and 23% adjusted earnings per share growth compared to the prior year, while generating solid cash flow, further strengthening our balance sheet. We continue to be encouraged by the overall demand environment, and believe our investments in growth initiatives are gaining traction across our businesses."

"During the first nine months of the year, we successfully overcame the impact of higher commodity costs through improved operating performance, incremental volumes and commercial actions, increasing earnings while mitigating much of the pressure on margins. We will continue to aggressively manage these unplanned costs as we move forward throughout the remainder of the year."

"Based on our results to date and current expectations, we are increasing our full year 2018 sales and earnings per share guidance. We will continue to execute our plan by driving the performance of our businesses under the TriMas Business Model, assess opportunities to better position our businesses and TriMas strategically, and drive strong cash flow conversion to further enhance our capital allocation alternatives," Amato concluded.

Financial Position

TriMas reported total debt of $293.3 million as of September 30, 2018, compared to $336.6 million as of September 30, 2017, a reduction of $43.3 million. In addition, the Company reduced Net Debt⁽²⁾ by $98.1 million to $213.7 million, compared to $311.8 million as of September 30, 2017. TriMas ended third quarter 2018 with $79.6 million of cash and $364.5 million of cash and aggregate availability under its revolving credit facility, and a leverage ratio of 1.5x compared to 2.1x as of September 30, 2017, as defined in the Company's credit agreement.

In the three and nine months ended September 30, 2018, the Company purchased 23,191 and 124,138 shares of its outstanding common stock for approximately $0.7 million and $3.6 million, respectively. The Company has approximately $46 million remaining on its November 2015 share buyback authorization as of September 30, 2018.

The Company reported net cash provided by operations of $31.5 million for third quarter 2018 compared to $23.1 million in third quarter 2017. As a result, the Company reported Free Cash Flow⁽³⁾ of $27.4 million for third quarter 2018, compared to $22.0 million in third quarter 2017. Please see Appendix I for further details.

Third Quarter Segment Results

Packaging (Approximately 42% of TriMas September 30, 2018 LTM sales)

TriMas' Packaging segment, which consists primarily of the Rieke^® brand, develops and manufactures specialty dispensing and closure products for the health, beauty and home care, food and beverage, and industrial markets. Net sales for the third quarter increased 6.4% compared to the year ago period, primarily as a result of higher sales of health, beauty and home care, and industrial products, related to new product introductions and continued growth in Asia. Third quarter operating profit and the related margin percentage decreased, as the favorable impact of increased sales levels was more than offset by the impact of higher material costs and a less favorable product sales mix.

Aerospace (Approximately 21% of TriMas September 30, 2018 LTM sales)

TriMas' Aerospace segment, which includes the Monogram Aerospace Fasteners^™, Allfast Fastening Systems^®, Mac Fasteners^™ and Martinic Engineering^™ brands, develops, qualifies and manufactures highly-engineered, precision fasteners and machined products to serve the aerospace market. Net sales for the third quarter increased 1.1% compared to the year ago period, as increased demand more than offset the impact of the decision to exit less profitable machined components. Third quarter operating profit and the related margin percentage increased as a result of the impact of continued production efficiencies, higher sales levels and a more favorable product sales mix, which were partially offset by incremental costs and temporary inefficiencies related to negotiating and finalizing a revised collective bargaining agreement, which now extends to 2021, at one of the U.S. plants.

Specialty Products (Approximately 37% of TriMas September 30, 2018 LTM sales)

TriMas' Specialty Products segment, which includes the Norris Cylinder^™, Lamons^®and Arrow^® Engine brands, designs, manufactures and distributes highly-engineered steel cylinders, sealing and fastener products, and wellhead engines and compression systems for use within the industrial, petrochemical, and oil and gas exploration and refining markets. Third quarter net sales increased by 11.6% compared to the year ago period, with higher sales levels of all brands due to refocused commercial efforts and increased end market demand. Third quarter operating profit and the related margin level increased, as the impact of higher sales levels and prior realignment actions offset the impact of higher material costs.

Outlook

The Company raised its full year 2018 sales and earnings per share guidance. The Company increased its 2018 full year organic sales growth estimate to ~6% compared to 2017, from the previous guidance of ~5%. The Company also raised its 2018 full year diluted earnings per share range to $1.72 to $1.78 from the previous range of $1.65 to $1.75, and compared to its previous guidance provided in February 2018 of $1.60 to $1.75. The Company continues to expect 2018 Free Cash Flow⁽²⁾ to be greater than 120% of net income. All of the above amounts considered as 2018 guidance are after adjusting for any current or future amounts that may be considered Special Items.

Conference Call Information

TriMas will host its third quarter 2018 earnings conference call today, Tuesday, October 30, 2018, at 10 a.m. ET. The call-in number is (877) 260-1479. Participants should request to be connected to the TriMas third quarter 2018 earnings conference call (Confirmation Code #6060513). The conference call will also be simultaneously webcast via TriMas' website at www.trimascorp.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 (888) 203-1112 (Replay Passcode #6060513) beginning October 30, 2018 at 3 p.m. ET through November 6, 2018 at 3 p.m. ET.

Notice Regarding Forward-Looking Statements

Non-GAAP Financial Measures

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. Management believes that presenting these non-GAAP financial measures, adjusted to remove the impact of Special Items, 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. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP financial measures.

⁽²⁾The Company defines Net Debt as Total Debt less Cash and Cash Equivalents. Please see Appendix I for additional details.

⁽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.

About TriMas

TriMas is a diversified industrial manufacturer of products for customers in the consumer products, aerospace, industrial, petrochemical, refinery and oil & gas end markets with approximately 4,000 dedicated employees in 13 countries. We provide customers with a wide range of innovative and quality product solutions through our market-leading businesses, which operate in three segments: Packaging, Aerospace and Specialty Products. The 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.trimascorp.com.

TriMas Announces Third Quarter 2018 Earnings Conference Call Date

2018-10-04T14:17:38-04:00

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BLOOMFIELD HILLS, Michigan, October 4, 2018 – TriMas (NASDAQ: TRS) announced today that it will host its third quarter 2018 earnings conference call on Tuesday, October 30, 2018. The conference call will begin at 10 a.m. Eastern Time and will follow the Company’s release of third quarter 2018 earnings results at 8 a.m. that day.

To participate on the earnings conference call, please dial: (877) 260-1479 (Confirmation Code #6060513) and ask to be connected to the TriMas third quarter 2018 earnings conference call. The conference call will also be simultaneously webcast via TriMas’ website at www.trimascorp.com, under the “Investors” section, with an accompanying slide presentation.

If you are unable to participate during the live teleconference, a replay of the conference call will be available beginning October 30 at 3 p.m. Eastern Time through November 6 at 3 p.m. Eastern Time. To access the replay, please dial: (888) 203-1112 (Replay Passcode #6060513) or visit the “Investors” section of the Company’s website.

About TriMas
TriMas is a diversified industrial manufacturer of products for customers in the consumer products, aerospace, industrial, petrochemical, refinery and oil & gas end markets with approximately 4,000 dedicated employees in 13 countries. We provide customers with a wide range of innovative and quality product solutions through our market-leading businesses, which are reported in three segments: Packaging, Aerospace and Specialty Products. The 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.trimascorp.com.

CONTACT:
Christine Parker
Manager, Investor Relations & Communications
(248) 631-5438
christineparker@trimascorp.com

TriMas’ Rieke Business Honored for Innovation

2018-09-12T10:02:01-04:00

Named Diamond Finalist in Dow Chemical’s 2018 30th Awards for Packaging Innovation

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BLOOMFIELD HILLS, Michigan, September 12, 2018 – TriMas (NASDAQ: TRS) today announced that its Rieke business has been named by The Dow Chemical Company as a Diamond Finalist during the 2018 30th Awards for Packaging Innovation.

An international jury of expert judges from global corporate brand manufacturers and package printers selected Rieke’s new Lotion Dispensing Pump (known as the LDS 2cc ECOM) as being worthy of a 2018 Diamond Finalist Award for the advancement of packaging industry standards of excellence from hundreds of submissions. The 2018 30th Awards for Packaging Innovation is the packaging industry’s longest-running, independently judged competition. It honors innovations in packaging design, materials, technology, processes and service across the entire packaging value chain. Entries are judged on the following criteria: technological advancement, responsible packaging and enhanced user experience.

“Dow received hundreds of very strong submissions that collectively demonstrate a deep global commitment to serving consumer needs and addressing worldwide challenges,” commented Diego Donoso, business president for Dow Packaging & Specialty Plastics. “Rieke’s LDS 2cc ECOM is helping to drive the packaging industry forward.”

As part of its continuing e-commerce strategy, Rieke developed its latest dispenser pump to address the issue of liquid leaking during shipment. The LDS 2cc ECOM, which is available for a variety of applications for the personal care market, uses patented technology that meets ISTA-6 Amazon e-commerce packaging specifications. A range of innovative features are included, including a plug seal feature to ensure no leakage that enables it to withstand the challenges of frequent handling and movement during packing, transportation and delivery. The LDS 2cc ECOM also aims to reduce merchandise damage during shipping, which would provide a savings to the e-commerce market channel. In addition, it gives consumers the in-store experience, since it eliminates the need for additional protective packages, such as wrapping paper, bubble wrap and excess material that the consumer would otherwise need to remove. This also helps to reduce processing time and the cost of preparing the package for shipping, while reducing waste.

“Dow’s 2018 30th Awards for Packaging Innovation represent the highest level of achievement in the worldwide packaging industry, and we are extremely proud of this honor and recognition from Dow,” said David Pritchett, president of Rieke. “I would like to thank our dedicated team who strives for the highest quality products, continued innovation and customer satisfaction every day.”

“This award is another example of our commitment to developing innovative products for our customers,” said Thomas Amato, TriMas president and chief executive officer. “Our Rieke e-commerce dispensing pump was developed as a result of working collaboratively with customers to understand needs and offering practical e-commerce product solutions.”

About Rieke
Rieke develops and manufactures specialty, highly-engineered dispensing and closure applications for the health, beauty and home care, food and beverage, and industrial markets. These high performance, value-added products are designed to enhance global customers’ ability to store, transport, process and dispense various products. Rieke’s products include plastic closure and dispensing systems, such as foamers, lotion pumps and specialty sprayers, as well as steel and plastic closure caps and drum closures. For more information, please visit www.riekepackaging.com.

About TriMas
TriMas is a diversified industrial manufacturer of products for customers in the consumer products, aerospace, industrial, petrochemical, refinery and oil & gas end markets with approximately 4,000 dedicated employees in 13 countries. We provide customers with a wide range of innovative and quality product solutions through our market-leading businesses, which we report in three segments: Packaging, Aerospace and Specialty Products. The 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.trimascorp.com.

CONTACT:
Christine Parker
Manager, Investor Relations & Communications
(248) 631-5438
christineparker@trimascorp.com

TriMas Reports Second Quarter 2018 Results

2018-08-07T08:05:00-04:00

Company Delivers Sales and Earnings Growth; Raises 2018 Sales Guidance and EPS Midpoint

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BLOOMFIELD HILLS, Michigan, August 7, 2018 - TriMas (NASDAQ: TRS) today announced financial results for the quarter ended June 30, 2018.

Second Quarter 2018 Highlights

Increased net sales by 5.4% to $224.9 million
Increased operating profit to $31.5 million, while adjusted operating profit⁽¹⁾ increased by 5.3% to $32.1 million
Increased diluted EPS to $0.42, while adjusted diluted EPS⁽¹⁾ increased by 20.0% to $0.48
Reduced total debt by $53.5 million to $293.0 million compared to $346.5 million as of June 30, 2017

Second Quarter 2018

TriMas reported second quarter net sales of $224.9 million, an increase of 5.4% compared to $213.4 million in second quarter 2017. The Company reported operating profit of $31.5 million in second quarter 2018 compared to $26.4 million in second quarter 2017. Adjusting for Special Items⁽¹⁾, second quarter 2018 adjusted operating profit was $32.1 million, an increase of 5.3% compared to the prior year period.

The Company reported second quarter 2018 net income of $19.6 million, or $0.42 per diluted share, compared to net income of $14.9 million, or $0.32 per diluted share, in second quarter 2017. Second quarter 2018 adjusted net income⁽¹⁾ was $22.2 million, or $0.48 per diluted share, an increase of 22.0% compared to $18.2 million, or $0.40 per diluted share, in the prior year period.

"We are pleased to report another strong quarter, as our focused commercial efforts and improved market conditions, along with prior realignment actions, drove sales and earnings growth," said Thomas Amato, TriMas President and Chief Executive Officer. "During the quarter, we generated solid cash flow, further strengthening the balance sheet. In addition, we returned capital to shareholders by buying back more than 100,000 of our common shares for $2.9 million in the quarter, under our $50 million share repurchase authorization."

"As a result of our strong first half, and despite uncertainty around the economic impact of tariff actions and increased commodity costs, we are raising our full year 2018 sales and earnings per share midpoint guidance. Our objective remains to execute our plan by driving the performance of our businesses under the TriMas Business Model, continuing to assess opportunities to better position our businesses and TriMas strategically, and driving strong cash flow conversion," Amato concluded.

Financial Position

TriMas reported total debt of $293.0 million as of June 30, 2018, compared to $303.1 million as of December 31, 2017, and $346.5 million as of June 30, 2017, reductions of $10.1 million and $53.5 million, respectively. TriMas ended second quarter 2018 with $53.4 million of cash and $339.3 million of cash and aggregate availability under its revolving credit facility, and a leverage ratio of 1.7x compared to 2.3x as of June 30, 2017, as defined in the Company's current and former credit agreements.

The Company reported net cash provided by operations of $35.4 million for second quarter 2018 compared to $27.6 million in second quarter 2017. As a result, the Company reported Free Cash Flow⁽²⁾ of $28.9 million for second quarter 2018, compared to $23.8 million in second quarter 2017. Please see Appendix I for further details.

During second quarter 2018, the Company repurchased 100,947 shares of its outstanding common stock for approximately $2.9 million. The Company has approximately $47 million remaining on its November 2015 share buyback authorization as of June 30, 2018.

Second Quarter Segment Results

Packaging (Approximately 42% of TriMas June 30, 2018 LTM sales)

TriMas' Packaging segment, which consists primarily of the Rieke^® brand, develops and manufactures specialty dispensing and closure products for the health, beauty and home care, food and beverage, and industrial markets. Net sales for the second quarter increased 7.2% compared to the year ago period, primarily as a result of higher sales of health, beauty and home care, and industrial products, related to new product introductions, continued growth in Asia, increased demand and favorable currency exchange. Second quarter operating profit increased, while the related margin percentage was relatively flat, as the favorable impact of higher sales was offset by the impact of less favorable product sales mix, investments in manufacturing capacity, technical and commercial resource additions, and higher material costs.

Aerospace (Approximately 22% of TriMas June 30, 2018 LTM sales)

TriMas' Aerospace segment, which includes the Monogram Aerospace Fasteners^™, Allfast Fastening Systems^®, Mac Fasteners^™ and Martinic Engineering^™ brands, develops, qualifies and manufactures highly-engineered, precision fasteners and machined products to serve the aerospace market. Net sales for the second quarter decreased 4.1% compared to the year ago period, as a result of the impact of the decision to exit less profitable machined components, the benefit realized in second quarter 2017 of reductions against past due orders, and order delivery timing within 2018. Second quarter operating profit and the related margin percentage increased, as the impact of continued improved production efficiencies and a more favorable product sales mix offset the impact of lower sales levels.

Specialty Products (Approximately 36% of TriMas June 30, 2018 LTM sales)

TriMas' Specialty Products segment, which includes the Norris Cylinder^™, Lamons^®and Arrow^® Engine brands, designs, manufactures and distributes highly-engineered steel cylinders, sealing and fastener products, and wellhead engines and compression systems for use within the industrial, petrochemical, and oil and gas exploration and refining markets. Second quarter net sales increased by 9.3% compared to the year ago period, with higher sales levels of cylinders and oil and gas related products due to refocused commercial efforts and increased end market demand. Second quarter operating profit increased, while the related margin percentage decreased slightly, as the impact of higher sales levels and continued realignment actions were offset by the impact of higher material costs.

Outlook

The Company updated its full year 2018 guidance provided on February 27, 2018. The Company raised its 2018 full year organic sales growth estimate to ~5% compared to 2017, from the previous guidance of ~3%. The Company also tightened its 2018 full year diluted earnings per share range to $1.65 to $1.75 from the previous range of $1.60 to $1.75, with the new, higher midpoint representing an increase of approximately 21% over the prior year. The Company continues to expect 2018 Free Cash Flow⁽²⁾ to be greater than 120% of net income. All of the above figures considered as 2018 guidance are after adjusting for any current or future amounts that may be considered Special Items.

Amato commented, "We successfully overcame the impact of higher commodity costs in our businesses during the first half of the year through commercial actions, improved operating performance and incremental volume. During the remainder of the year, we will continue to aggressively manage the effects of increased commodity costs, as well as the impacts of tariffs, through commercial actions, supply chain management, leveraging our global manufacturing footprint and continued management of our businesses under the TriMas Business Model. Although we expect to mitigate the impact of these incremental costs, it will take some time to implement certain of these countermeasures. Even after the consideration of any potential unmitigated impact from these higher costs, we tightened our EPS guidance toward the higher end of our previously provided range, as a result of higher sales levels and our improved operational performance."

Conference Call Information

TriMas will host its second quarter 2018 earnings conference call today, Tuesday, August 7, 2018, at 10 a.m. ET. The call-in number is (877) 874-1569. Participants should request to be connected to the TriMas second quarter 2018 earnings conference call (Conference ID #4497064). The conference call will also be simultaneously webcast via TriMas' website at www.trimascorp.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 (888) 203-1112 (Replay Passcode #4497064) beginning August 7, 2018 at 3 p.m. ET through August 14, 2018 at 3 p.m. ET.

Notice Regarding Forward-Looking Statements

Non-GAAP Financial Measures

⁽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. Management believes that presenting these non-GAAP financial measures, adjusted to remove the impact of Special Items, 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. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP financial measures.

⁽²⁾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.

About TriMas

TriMas is a diversified industrial manufacturer of products for customers in the consumer products, aerospace, industrial, petrochemical, refinery and oil & gas end markets with approximately 4,000 dedicated employees in 13 countries. We provide customers with a wide range of innovative and quality product solutions through our market-leading businesses, which operate in three segments: Packaging, Aerospace and Specialty Products. The 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.trimascorp.com.

TriMas’ Norris Cylinder Business Receives Favorable Trade Finding

2018-07-19T10:02:02-04:00

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BLOOMFIELD HILLS, Michigan, July 19, 2018 – TriMas (NASDAQ: TRS) today announced that the United States Department of Commerce has issued a preliminary finding to increase countervailing duties on high pressure steel cylinders imported from China, initiated at the request of TriMas’ Norris Cylinder business, which is part of the Specialty Products group. The preliminary finding increases duties on high pressure steel cylinders imported from China from the current 15.81% rate to a new level of 37.77%, if confirmed in a final determination scheduled for later this year. These duties are necessary to help mitigate subsidies of input steel manufactured in China and provided to local China cylinder manufacturers.

These increased countervailing duties are expected to create a more level competitive environment in the United States and therefore enable Norris Cylinder to continue to invest in its U.S. manufacturing capabilities, and provide its customers with high quality, high pressure steel cylinders. Norris Cylinder is the last remaining producer of high pressure steel cylinders in the United States.

In addition to high pressure cylinders, Norris Cylinder also manufactures low pressure cylinders for storage, transportation and dispensing of compressed industrial gases. Norris Cylinder supplies its products to major industrial gas producers, welding equipment distributors and equipment manufacturers.

About TriMas
TriMas is a diversified industrial manufacturer of products for customers in the consumer products, aerospace, industrial, petrochemical, refinery and oil & gas end markets with approximately 4,000 dedicated employees in 13 countries. We provide customers with a wide range of innovative and quality product solutions through our market-leading businesses, which we report in three segments: Packaging, Aerospace and Specialty Products. The 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.trimascorp.com.

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 the Company’s business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: general economic and currency conditions; material and energy costs; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; competitive factors; future trends; the Company’s ability to realize its business strategies; the Company’s ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; the performance of subcontractors and suppliers; supply constraints; market demand; technology factors; intellectual property factors; litigation; government and regulatory actions; the Company’s leverage; liabilities imposed by debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; information technology factors; the disruption of operations from catastrophic or extraordinary events, including natural disasters; the potential impact of Brexit; tax considerations relating to the Cequent spin-off; the Company’s future prospects; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017. 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.

CONTACT:
Christine Parker
Manager, Investor Relations & Communications
(248) 631-5438
christineparker@trimascorp.com

TriMas’ Rieke Business Introduces New Trigger Sprayer

2018-07-06T11:15:02-04:00

Innovative Design Targeted for Use in E-commerce Applications

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BLOOMFIELD HILLS, Michigan, July 6, 2018 – TriMas (NASDAQ: TRS) today announced that its Rieke business has engineered a new trigger sprayer to meet rigorous testing criteria and design features for e-commerce applications.

Rieke has designed the Ultimate-ETM trigger sprayer to address the e-commerce issue of liquids leaking when shipped in the small parcel environment. This innovative product design, which meets ISTA 6-Amazon test criteria, has no secondary inner seals the consumer needs to remove and allows for refills/re-use. The Ultimate-E also targets to reduce merchandise damage during shipping, which would provide a savings to the e-commerce market channel.

Rieke’s Ultimate-E, which is available in two versions, one for Heath, Beauty and Home Care products, and the other for Industrial applications, also eliminates the need for secondary packaging to prepare products for shipping. This in turn, would avoid additional processing time and cost, for example, related to adding tape on closure and nozzle locking mechanisms, using bubble wrap, and sealing products in zipper bags to contain leaks or shipping trigger sprayers separately.

“Each of TriMas’ businesses focuses on product and process innovation to improve and grow,” said Thomas Amato, TriMas president and chief executive officer. “Rieke’s Ultimate-E trigger sprayer design is an excellent example of working collaboratively with customers to understand needs, even in the most dynamic environment, and offering practical product solutions.”

For more information on Rieke’s innovative design and development approach, please see the following article at: http://www.packagingdigest.com/closures/how-amazon-developed-a-leak-free-trigger-sprayer-2018-07-04

About Rieke
Rieke develops and manufactures specialty dispensing and closure applications for the health, beauty and home care, food and beverage, and industrial markets. These high performance, value-added products are designed to enhance global customers’ ability to store, transport, process and dispense various products. Rieke’s products include plastic closure and dispensing systems, such as foamers, pumps and specialty sprayers, as well as steel and plastic closure caps and drum closures.

About TriMas
TriMas is a diversified industrial manufacturer of products for customers in the consumer products, aerospace, industrial, petrochemical, refinery and oil & gas end markets with approximately 4,000 dedicated employees in 13 countries. We provide customers with a wide range of innovative and quality product solutions through our market-leading businesses, which we report in three segments: Packaging, Aerospace and Specialty Products. The 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.trimascorp.com.

CONTACT:
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherrylauderback@trimascorp.com

TriMas Announces Second Quarter 2018 Earnings Conference Call Date

2018-06-06T10:01:33-04:00

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BLOOMFIELD HILLS, Michigan, June 6, 2018 – TriMas (NASDAQ: TRS) announced today that it will host its second quarter 2018 earnings conference call on Tuesday, August 7, 2018. The conference call will begin at 10 a.m. Eastern Time and will follow the Company’s release of second quarter 2018 earnings results at 8 a.m. that day.

To participate on the earnings conference call, please dial: (877) 874-1569 (Conference ID #4497064) and ask to be connected to the TriMas second quarter 2018 earnings conference call. The conference call will also be simultaneously webcast via TriMas’ website at www.trimascorp.com, under the “Investors” section, with an accompanying slide presentation.

If you are unable to participate during the live teleconference, a replay of the conference call will be available beginning August 7 at 3 p.m. Eastern Time through August 14 at 3 p.m. Eastern Time. To access the replay, please dial: (888) 203-1112 (Replay Passcode #4497064) or visit the “Investors” section of the Company’s website.

CONTACT:
Christine Parker
Manager, Investor Relations & Communications
(248) 631-5438
christineparker@trimascorp.com

TriMas Reports First Quarter 2018 Results

2018-04-26T08:05:00-04:00

Company Achieves Sales and Earnings Growth; Reaffirms 2018 Outlook

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BLOOMFIELD HILLS, Michigan, April 26, 2018 - TriMas (NASDAQ: TRS) today announced financial results for the quarter ended March 31, 2018.

First Quarter 2018 Highlights

Increased net sales by 8.6% to $217.1 million, with organic sales growth in all segments
Increased operating profit to $35.2 million, while adjusted operating profit(1) increased by 16.9% to $28.1 million
Increased diluted EPS to $0.53, while adjusted diluted EPS(1) increased by 36.7% to $0.41
Reduced total debt by $65.2 million, or 17.8%, to $301.7 million compared to March 31, 2017

First Quarter 2018

TriMas reported first quarter net sales of $217.1 million, an increase of 8.6% compared to $199.8 million in first quarter 2017. The Company reported operating profit of $35.2 million in first quarter 2018 compared to $15.9 million in first quarter 2017. Adjusting for a non-cash reversal of an $8.2 million accrual related to a now extinguished legacy liability and $1.0 million of business realignment expenses, first quarter 2018 adjusted operating profit was $28.1 million, an increase of 16.9% compared to the prior year period.

The Company reported first quarter 2018 net income of $24.3 million, or $0.53 per diluted share, compared to net income of $7.0 million, or $0.15 per diluted share, in first quarter 2017. First quarter 2018 adjusted net income⁽¹⁾ was $19.0 million, or $0.41 per diluted share, an increase of 36.7% compared to $0.30 per diluted share in the prior year period.

"We are pleased with our strong performance and carried momentum into the first quarter, as we continue to benefit from our realignment actions and implementation of the TriMas Business Model," said Thomas Amato, TriMas President and Chief Executive Officer. "During the quarter, we captured increased end market demand through our refocused commercial efforts, leveraged our streamlined cost structure to improve profitability and continued to strengthen our balance sheet."

"In 2018, our objective remains to execute our plan of driving performance of our businesses by operating under the TriMas Business Model, continuing to assess opportunities to better position our businesses and TriMas strategically, and driving strong cash flow conversion. We are committed to achieving our 2018 operating plan and are reaffirming our full year outlook provided in February," Amato concluded.

Financial Position

TriMas reported total debt of $301.7 million as of March 31, 2018, compared to $303.1 million as of December 31, 2017, and $366.9 million as of March 31, 2017, reductions of $1.4 million and $65.2 million, respectively. TriMas ended first quarter 2018 with $36.7 million of cash and $312.9 million of cash and aggregate availability under its revolving credit facility, and a leverage ratio of 1.8x compared to 2.5x as of March 31, 2017, as defined in the Company's current and former credit agreements.

The Company reported net cash provided by operations of $16.2 million for first quarter 2018 compared to $22.0 million in first quarter 2017. As a result, the Company reported that Free Cash Flow⁽²⁾ was on plan at $14.4 million for first quarter 2018, compared to $17.7 million in first quarter 2017. Please see Appendix I for further details.

First Quarter Segment Results

Packaging (Approximately 42% of TriMas March 31, 2018 LTM sales)

The Packaging segment, which consists primarily of the Rieke^® brand, develops and manufactures specialty dispensing and closure products for the health, beauty and home care, food and beverage, and industrial markets. Net sales for the first quarter increased 8.9% compared to the year ago period, as a result of higher sales in all of Rieke's primary end markets served. First quarter operating profit increased, while the related margin percentage declined slightly, as the favorable impact of higher sales was more than offset by the impact of investing in manufacturing capacity, and adding technical and commercial resources to the Rieke team.

Aerospace (Approximately 22% of TriMas March 31, 2018 LTM sales)
The Aerospace segment, which includes the Monogram Aerospace Fasteners™, Allfast Fastening Systems®, Mac Fasteners™ and Martinic Engineering™ brands, develops, qualifies and manufactures highly-engineered, precision fasteners and machined products to serve the aerospace market. Net sales for the first quarter increased slightly compared to the year ago period, as higher sales of machined products and continued solid demand for fasteners were partially offset by the impact of the decision to exit less profitable components and the benefit realized in first quarter 2017 of reductions against past due orders. First quarter operating profit and the related margin percentage was relatively flat, as the impact of continued performance improvement actions was mitigated by less favorable product sales mix.

Specialty Products (Approximately 36% of TriMas March 31, 2018 LTM sales)

The Specialty Products segment, which includes the Norris Cylinder™, Lamons® and Arrow® Engine brands, designs, manufactures and distributes highly-engineered steel cylinders, sealing and fastener products, and wellhead engines and compression systems for use within the industrial, petrochemical, and oil and gas exploration and refining markets. First quarter net sales increased by 13.1% compared to the year ago period, with higher sales levels of all brands resulting from refocused commercial efforts and capturing increased end market demand. First quarter operating profit and the related margin percentage increased due to the impact of higher sales levels and continued realignment actions.

Effective with the first quarter of 2018, the Company realigned its reporting segment structure from four segments to three, combining the Energy and Engineered Components segments into a single segment, titled Specialty Products. This change better aligns with the Company's more streamlined operating structure and efforts to better leverage resources across the businesses. Please see the 8-K, Exhibit 99.2, filed February 27, 2018 for historical quarterly information related to this segment reporting change.

Outlook

The Company reaffirms its full year 2018 outlook provided on February 27, 2018. The Company estimates that 2018 organic sales will increase ~3% compared to 2017. The Company expects full year 2018 diluted earnings per share to be between $1.60 to $1.75, and 2018 Free Cash Flow⁽²⁾ to be greater than 120% of net income, adjusting for any current or future amounts that may be considered Special Items.

"In addition to echoing the previous comments on our continued progress at TriMas, I would like to add that we always welcome input from our shareholders,” said Samuel Valenti, Chairman of the TriMas Board of Directors. "Several of our shareholders have provided constructive comments over the past few years, which in turn the Board has taken into consideration as it oversees TriMas. In particular, the Board would like to thank Barington Capital Group, L.P. for their thoughtful discussions with us over the past two years. TriMas looks forward to continuing our dialogue and meetings in the future with Barington, as well as other shareholders."

Conference Call Information

TriMas will host its first quarter 2018 earnings conference call today, Thursday, April 26, 2018, at 10 a.m. ET. The call-in number is (888) 378-4361. Participants should request to be connected to the TriMas first quarter 2018 earnings conference call (Conference ID #2946189). The conference call will also be simultaneously webcast via TriMas' website at www.trimascorp.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 (888) 203-1112 (Replay Passcode #2946189) beginning April 26, 2018 at 3 p.m. ET through May 3, 2018 at 3 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 the Company’s business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: general economic and currency conditions; material and energy costs; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; competitive factors; future trends; the Company’s ability to realize its business strategies; the Company’s ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; the performance of subcontractors and suppliers; supply constraints; market demand; technology factors; intellectual property factors; litigation; government and regulatory actions; the Company’s leverage; liabilities imposed by debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; information technology factors; the disruption of operations from catastrophic or extraordinary events, including natural disasters; the potential impact of Brexit; tax considerations relating to the Cequent spin-off; the Company’s future prospects; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017. 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.

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. Additional information is available at www.trimascorp.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. Management believes that presenting these non-GAAP financial measures, adjusted to remove the impact of Special Items, 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. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP financial measures.

⁽²⁾ 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.

About TriMas

TriMas is a diversified industrial manufacturer of products for customers in the consumer products, aerospace, industrial, petrochemical, refinery and oil & gas end markets with approximately 4,000 dedicated employees in 13 countries. We provide customers with a wide range of innovative and quality product solutions through our market-leading businesses, which operate in three segments: Packaging, Aerospace and Specialty Products. The 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.trimascorp.com.

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TriMas Announces Appointment of Jeff Greene to Board of Directors

TriMas Announces Agreement to Acquire Plastic Srl

About TriMas

Notice Regarding Forward-Looking Statements

TriMas Reports Third Quarter 2018 Results

TriMas Announces Third Quarter 2018 Earnings Conference Call Date

TriMas’ Rieke Business Honored for Innovation

TriMas Reports Second Quarter 2018 Results

Second Quarter 2018 Highlights

Second Quarter 2018

Financial Position

Second Quarter Segment Results

Outlook

Conference Call Information

Notice Regarding Forward-Looking Statements

Non-GAAP Financial Measures

About TriMas

TriMas’ Norris Cylinder Business Receives Favorable Trade Finding

TriMas’ Rieke Business Introduces New Trigger Sprayer

TriMas Announces Second Quarter 2018 Earnings Conference Call Date

TriMas Reports First Quarter 2018 Results

First Quarter 2018 Highlights

First Quarter 2018

Financial Position

First Quarter Segment Results

Outlook

Conference Call Information

Notice Regarding Forward-Looking Statements

Non-GAAP Financial Measures

About TriMas

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