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TriMas Closes on Acquisition of Omega

2021-12-20T11:15:34-05:00

Further Expanding its TriMas Packaging Platform

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BLOOMFIELD HILLS, Michigan, December 20, 2021 – TriMas (NASDAQ: TRS) today announced that it has closed the acquisition of Omega Plastics (“Omega”), a manufacturer of custom components and tooling for medical, as well as industrial applications, adding to TriMas’ Packaging group.

Omega leverages its core injection molding capabilities, ISO Class 8 clean room and advanced in-house tool making capabilities, to provide its customers a faster product development cycle, from prototype development, testing and validation, to short and medium run production and assembly. Omega’s medical components are currently used in drug delivery, including consumable intravenous applications, as well as diagnostic testing and orthopedic applications.

As of September 30, 2021, TriMas’ Packaging group’s last twelve months sales were approximately $534 million, representing approximately 64% of TriMas’ total sales. TriMas plans to expand Omega’s production capacity, as required in order to benefit its customers’ longer-term needs, while also leveraging Omega’s advanced tool making capabilities to add to TriMas Packaging’s speed-to-market advantage on innovation and new product designs. Omega is expected to generate approximately $18 million in revenue in fiscal year 2021.

“We welcome Omega to TriMas’ family of businesses and look forward to working with the Omega leadership team to unleash future growth opportunities,” said Thomas Amato, TriMas President & CEO. “I’d like to thank all the teams from Omega, TriMas and our respective advisors that supported the work to complete this transaction.”

The addition of Omega further expands TriMas Packaging’s Pharmaceutical & Nutraceutical product offering into supporting medical device contract development manufacturing customers.

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: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; 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; 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; information technology and other cyber-related risks; the performance of our subcontractors and suppliers; supply constraints, including the availability and cost of raw materials; market demand; intellectual property factors; litigation; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; our leverage; liabilities imposed by our debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; the disruption of operations from catastrophic or extraordinary events, including natural disasters and public health crises; the potential impact of Brexit; our 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, 2020. 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.

About TriMas
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial markets, with approximately 3,400 dedicated employees in 12 countries. We 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.trimascorp.com.

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

TriMas Announces Two New Acquisitions

2021-12-13T09:33:43-05:00

Further Expanding its TriMas Packaging and TriMas Aerospace Platforms

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BLOOMFIELD HILLS, Michigan, December 13, 2021 – TriMas (NASDAQ: TRS) today announced that it has recently signed agreements to acquire Omega Plastics (“Omega”), to be added to TriMas Packaging, and TFI Aerospace (“TFI”), to be added to TriMas Aerospace.

Omega, located in Clinton Township, Michigan, specializes in manufacturing custom components and devices for drug delivery, diagnostic and orthopedic medical applications, as well as components for industrial applications. Omega leverages its advanced in-house tool making capabilities, ISO13485-certified injection molding facility and ISO Class 8 clean room to provide its customers a faster product development cycle, from prototype development, testing and validation, to short and medium run production and assembly. Omega is an approved vendor to several leading medical device companies, with a long track record of unparalleled service and quality. Omega currently operates as a private, family-owned company, and is expected to generate approximately $18 million in revenue in fiscal year 2021.

“We are excited to announce the agreement between TriMas and Omega,” said Thomas Amato, President and Chief Executive Officer of TriMas. “We look forward to expanding Omega’s production capacity to benefit its customers’ longer-term needs, while also leveraging Omega’s advanced tool making capabilities to add rapid prototyping to enhance TriMas Packaging’s speed-to-market advantage on innovation and new product designs. The addition of Omega further expands our Pharmaceutical & Nutraceutical product offerings into additional medical applications, which we believe is an attractive market for long-term growth.”

Located near Toronto, Canada, TFI is a leading manufacturer and supplier of specialty fasteners used in a variety of applications, predominantly for the aerospace end market. TFI currently operates as a private, family-owned company, and is expected to generate approximately $6 million in revenue in fiscal year 2021.

“In addition to expanding TriMas Packaging through the acquisition of Omega, we are also pleased to announce the acquisition of TFI,” Amato continued. “This acquisition will further expand TriMas Aerospace’s fastener product lines with the addition of complimentary niche products that have an exciting growth trajectory resulting from TFI’s new program wins and the overall aerospace market recovery. We anticipate TFI’s customers will benefit from the added innovation and manufacturing depth offered by TriMas Aerospace, while TriMas Aerospace’s customers will enjoy additional product offerings.”

Amato continued, “We continue to execute on our core strategy of augmenting our growth through bolt-on acquisitions by leveraging our strong cash generation. After closing these two acquisitions, we expect our net leverage ratio to remain below 2.0x, providing ample capacity to execute on additional bolt-on acquisitions while also returning capital to shareholders through dividends and share buybacks.”

TriMas expects to close on Omega by the end of the year, and closed on TFI simultaneously with signing.

“We look forward to welcoming both Omega and TFI to the TriMas family of businesses,” concluded Amato.

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: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; 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; 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; information technology and other cyber-related risks; the performance of our subcontractors and suppliers; supply constraints, including the availability and cost of raw materials; market demand; intellectual property factors; litigation; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; our leverage; liabilities imposed by our debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; the disruption of operations from catastrophic or extraordinary events, including natural disasters and public health crises; the potential impact of Brexit; our 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, 2020. 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.

About TriMas
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial markets, with approximately 3,300 dedicated employees in 11 countries. We 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.trimascorp.com.

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

Taylor Baldwin Joins TriMas as Director of Information Technology

2021-12-01T12:57:55-05:00

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BLOOMFIELD HILLS, Michigan, December 1, 2021 – TriMas (NASDAQ: TRS) today announced the appointment of Taylor Baldwin to Director of Information Technology, effective December 1, 2021. In this position, Mr. Baldwin will report directly to Scott Mell, TriMas Chief Financial Officer.

As TriMas’ Director of Information Technology, Mr. Baldwin will be appointed to chair of the TriMas IT Council and have responsibility for developing and managing TriMas’ overall IT strategy, as well as leading the global team responsible for the day-to-day IT functions across the company. He will also be responsible for implementing and integrating system and technology initiatives necessary to achieve our organizational goals, managing the company’s technology assets, and working with individual business units to identify and implement standards for telecommunications, software, hardware and processes to achieve operational and cost efficiency, among other responsibilities.

Mr. Baldwin comes to TriMas with significant IT and leadership experience with large, global companies. Prior to joining TriMas, Mr. Baldwin previously held the position of Global Oracle ERP Lead – Product Operations Manufacturing Center of Excellence at Eaton Corporation. Before joining Eaton Corporation, Mr. Baldwin spent nine years at Sherwin-Williams, where he held various Information Technology positions and was appointed to Senior Manager – Global Enterprise Applications Operations in 2018. Prior to that, he held various IT and management positions at Ernst & Young and Marathon Petroleum Corporation.

Mr. Baldwin received a Bachelor of Sciences degree in Management with concentrations in Information Systems and Accounting from Case Western Reserve University in Cleveland, Ohio. Mr. Baldwin will be working out of the Bloomfield Hills office.

About TriMas
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial markets, with approximately 3,300 dedicated employees in 11 countries. We 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.trimascorp.com.

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

TriMas Utilizes Kaizen to Advance the Sustainability of its Products and Processes

2021-11-18T12:03:07-05:00

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BLOOMFIELD HILLS, Michigan, November 18, 2021 – TriMas (NASDAQ: TRS) today announced the winners of its 2021 TriMas Kaizen Challenge. The 2021 winners are Arrow Engine’s A54-E Development and EPA Certification project and TriMas Aerospace’s Reduction in Cutting Oil Consumption project.

TriMas launched its annual, enterprise-wide Kaizen Challenge four years ago, as part of the TriMas Business Model. Since its introduction, more than 110 of the Company’s top product, process and service-related projects have been submitted into the competition from 20 different locations in nine countries. Annually, the TriMas Leadership Team reviews each of the top projects and selects winners based on specific criteria including the positive impacts on the environment and business, as well as the demonstrated use of employee engagement and the tools of Kaizen.

“This year’s submissions were of the highest quality level since we began the TriMas Kaizen Challenge,” said Thomas Amato, TriMas President & CEO. “I thank all of our Kaizen teams around the world for their efforts. Kaizen, which simply translates to ‘change for good’, has proven to be an effective way for TriMas to leverage our employee engagement to drive sustainability improvements in all of our processes and products.”

The A54-E Development and EPA Certification project was a cross-functional team effort within TriMas’ Arrow Engine business, and was presented by Ms. Adonis Escobar, Industrial Engineer. The project led to the development and commercialization of a new engine for expanded use in agricultural, off-highway industrial, and stationary and mobile power generation applications. Using the tools of Kaizen, the team identified advancements, as compared to older models, that facilitated EPA certification, significantly reduced carbon and nitrous emissions, streamlined manufacturing processes, and added a remote user application to enhance monitoring and service.

The Reduction in Cutting Oil Consumption project was also a cross-functional team effort within TriMas’ Monogram Aerospace Fasteners business, which was presented by Mr. Ed Guzman, Continuous Improvement & Lean Manager. Using the tools of Kaizen, the project led to the identification, testing and implementation of an alternative cutting oil, which enhances machining throughput and tool wear, while reducing overall process waste. The findings from this Kaizen project can be applied to multiple TriMas locations.

Additional 2021 TriMas Kaizen Challenge finalist projects were submitted by: TriMas Packaging’s locations in Rohnert Park, California; Neunkirchen, Germany; and San Miguel de Allende, Mexico; as well as TriMas’ Norris Cylinder locations in Longview, Texas, and Huntsville, Alabama.

“We thank all of this year’s TriMas Kaizen Challenge project teams and look forward to another year of the use of Kaizen to drive robust process and product innovation across TriMas,” concluded Amato.

About TriMas
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial markets, with approximately 3,300 dedicated employees in 11 countries. We 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.trimascorp.com.

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

TriMas Board Member Herbert Parker Recognized as One of the Most Influential Black Corporate Directors by Savoy Magazine

2021-11-02T10:04:05-04:00

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BLOOMFIELD HILLS, Michigan, November 2, 2021 – TriMas (NASDAQ: TRS) today announced that Herbert Parker, a member of TriMas’ Board of Directors and Audit Committee Chairman, has been named to Savoy Magazine’s 2021 Most Influential Black Corporate Directors list. Mr. Parker is featured in Savoy Magazine’s Fall 2021 issue, alongside a distinguished list of black influencers and achievers that have positively impacted corporate America.

“We proudly congratulate Herbert on receiving this distinguished and well-deserved honor,” said Thomas Amato, TriMas President and Chief Executive Officer. “Herbert’s extensive experience in finance and accounting, compliance, acquisitions, capital allocation, restructuring and risk oversight has been invaluable in driving our success. We are grateful for the unique business perspective that he brings to TriMas, and I personally value his leadership and advice.”

Mr. Parker joined the TriMas Board of Directors in 2015 and currently chairs the TriMas Audit Committee. From 2015 to 2017, Mr. Parker served as Executive Vice President of Operational Excellence of Harman International Industries, Inc., a worldwide leader in the development, manufacture and marketing of high quality, high-fidelity audio products, lighting solutions and electronic systems. Previously, Mr. Parker served as Executive Vice President and Chief Financial Officer of Harman International from 2008 to 2015. Prior to joining Harman International, Mr. Parker served in various senior financial positions with ABB Ltd., a global power and technology company, including as Chief Financial Officer of the global automation division from 2002 to 2005, and the Americas region from 2006 to 2008.

“On behalf of TriMas’ Board of Directors, we offer Herbert our congratulations on this notable recognition,” said Samuel Valenti III, TriMas Chairman of the Board. “TriMas’ Board is fortunate to benefit from the experience and leadership Herbert has brought to the company during the past six years, and we look forward to his continued success and future contributions in overseeing the execution of TriMas’ strategy.”

In addition to TriMas, Mr. Parker currently serves on the boards of American Axle & Manufacturing Holdings, Inc., Apogee Enterprises, Inc., and nVent Electric plc, as well as the Stamford, Connecticut, YMCA.

About TriMas
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial markets, with approximately 3,300 dedicated employees in 11 countries. We 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.trimascorp.com.

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

TriMas Reports Third Quarter 2021 Results

2021-10-28T08:05:08-04:00

Delivered Solid Sales and Earnings Growth; Recently Initiated Dividend Program

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BLOOMFIELD HILLS, Michigan, October 28, 2021 - TriMas (NASDAQ: TRS) today announced financial results for the third quarter ended September 30, 2021.

TriMas Highlights

Increased third quarter net sales by 11.5%, with record third quarter sales in TriMas' Packaging segment
Leveraged increased sales to nearly double year-over-year operating profit in the Specialty Products segment
Reported diluted EPS of $0.45, while adjusted diluted EPS⁽¹⁾ increased by 9.6% to $0.57
Added quarterly dividend program to the Company's balanced, long-term capital allocation strategy
Raised full year 2021 Free Cash Flow⁽²⁾outlook and reaffirmed 2021 sales and adjusted diluted EPS⁽¹⁾ outlook midpoints

Third Quarter 2021

TriMas reported third quarter 2021 net sales of $222.4 million, an increase of 11.5% compared to $199.5 million in third quarter 2020, as a result of organic growth, acquisition-related sales and favorable currency exchange. The Company reported operating profit of $30.8 million in third quarter 2021, compared to an operating loss of $108.3 million in third quarter 2020. This increase was primarily the result of the Company's third quarter 2020 pre-tax, noncash goodwill and indefinite-lived intangible asset impairment charges in its Aerospace segment. Adjusting for Special Items⁽³⁾, third quarter 2021 adjusted operating profit was $31.6 million, a 6.8% increase compared to $29.6 million in the prior year period, primarily as a result of higher overall sales and improved profit margin within the Specialty Products segment, partially offset by increased input costs in third quarter 2021.

The Company reported third quarter 2021 net income of $19.6 million, or $0.45 per diluted share, compared to a net loss of $100.9 million, or $(2.32) per diluted share resulting primarily from the impairment charges in the prior year period. Third quarter 2021 adjusted net income⁽³⁾ was $20.5 million, or $0.57 per diluted share, an increase of 9.8% compared to $18.6 million, or $0.52 per diluted share, in the prior year period.

"Overall, we are pleased with our third quarter results and our continued positive momentum," said Thomas Amato, TriMas President and Chief Executive Officer. "Our business profile, which is based on providing innovative products to a broad set of customers in diverse end markets, has continued to deliver strong results. Our dedicated global team remains committed to achieving customer satisfaction and high performance. During the third quarter, we achieved sales growth of 11.5% and adjusted diluted EPS⁽¹⁾ of $0.57, an increase of 9.6% as compared to the prior year.

"Our solid execution in the quarter was complemented by our balanced approach to capital allocation and disciplined management of our balance sheet. Last week, we were excited to announce the initiation of a dividend program, and believe our capital structure enables us to continue to invest in organic growth initiatives and strategic acquisitions, while also returning capital to shareholders through share repurchases and now dividends. We believe our focus on maintaining a strong balance sheet, coupled with consistent cash generation, is a sound formula to deliver long-term value to our shareholders.

"While there are still continued macro uncertainties and input cost pressures, we continue to proactively manage our businesses, leveraging the TriMas Business Model. As a result, we are raising our full year 2021 Free Cash Flow⁽²⁾ outlook and reaffirming our full year 2021 sales and EPS outlook midpoints, while also tightening the ranges. We now anticipate full year 2021 sales growth of 10% to 13% compared to 2020, and adjusted EPS⁽¹⁾ to range between $2.18 to $2.27 per share, a 16% increase at the midpoint compared to 2020. As a result of our proactive actions during the past year, we believe we are a stronger and leaner organization, and are poised to capitalize on new product and M&A opportunities as they arise." Amato concluded.

Financial Position

The Company reported net cash provided by operating activities of $35.1 million for third quarter 2021, compared to $48.3 million in third quarter 2020. The Company reported Free Cash Flow⁽²⁾ of $24.7 million for third quarter 2021, as compared to $41.6 million in third quarter 2020, with the change driven by planned additional capital investment to localize production in the United States and add future capacity for new programs primarily in TriMas' Packaging group. The Company increased its full year 2021 Free Cash Flow⁽²⁾ outlook from greater than 100% of net income to greater than 110% of net income. Please see Appendix I for further details.

On October 21, 2021, TriMas announced it has added a dividend program to its long-term capital allocation strategy to return part of its cash flow to its shareholders. The Board of Directors approved the payment of a cash dividend of $0.04 per share of TriMas Corporation stock which will be payable on November 10, 2021, to shareholders of record as of the close of business on November 3, 2021. TriMas intends to pay regular quarterly dividends, with future dividend payments subject to review and approval by its Board of Directors.

In addition, during the third quarter of 2021, the Company repurchased 129,866 shares of its outstanding common stock for approximately $4.0 million. On a year to date basis, the Company reduced total shares outstanding by 0.8%. As of September 30, 2021, $143.5 million remained available under the Company's repurchase authorization.

TriMas ended third quarter 2021 with $125.8 million of unrestricted cash on hand, $429.8 million of unrestricted cash and aggregate availability under its revolving credit facilities, and a leverage ratio of 1.7x as defined in the Company's credit agreement. TriMas reported total debt of $393.6 million as of September 30, 2021, an increase as compared to $346.3 million as of December 31, 2020, due to the upsizing of the 4.125% notes due 2029 during the Company's March 2021 refinance.

Third Quarter Segment Results

TriMas operates in three segments: Packaging, Aerospace and Specialty Products. With its diversified portfolio of businesses, each of which go to market with well-recognized brand names in the markets they serve, TriMas predominantly participates in the consumer products, aerospace & defense, and industrial markets. Its largest segment is Packaging, generating approximately two-thirds of TriMas' overall sales, followed by the Aerospace and Specialty Products segments, which comprise of approximately 21% and 15% of total sales, respectively.

Packaging (Approximately 64% of TriMas September 30, 2021 LTM sales)

TriMas' Packaging segment, which consists primarily of the Rieke^®, Taplast^™, Affaba & Ferrari^™ and Rapak^® brands, develops and manufactures specialty dispensing, closure and flexible container products for applications in the beauty & personal care, food & beverage, pharmaceutical & nutraceutical, industrial and home care end markets. Net sales for the third quarter increased 2.1% compared to the year ago period, primarily due to acquisition-related sales, higher demand for products sold into industrial and food & beverage applications, and the impact of favorable currency exchange. The sales increases offset the planned abatement in demand from the record sales rate of dispensing pumps and closure products that help fight the spread of germs in the second half of 2020 related to the global pandemic. Third quarter operating profit decreased, as the impacts of higher sales levels and a more favorable product sales mix were more than offset by higher input costs as there is a timing lag to recover via commercial actions. The Company remains committed to building out TriMas' packaging platform through commercializing new innovative products and expanding the product set through acquisitions.

Aerospace (Approximately 21% of TriMas September 30, 2021 LTM sales)

TriMas' Aerospace segment, which includes the Monogram Aerospace Fasteners^™, Allfast Fastening Systems^®, Mac Fasteners^™, RSA Engineered Products^™ and Martinic Engineering^™ brands, develops, qualifies and manufactures highly-engineered, precision fasteners and machined components to serve the aerospace, including military and defense, end market. Net sales for the third quarter increased 18.9% compared to the year ago period, primarily due to customers' stocking orders spanning over 2021. Except for the stocking orders in each quarter of 2021, this segment continues to be affected by low levels of demand related to the impact of reductions in air travel and commercial and business jet production as a result of the global pandemic. Third quarter operating profit and the related margin increased as the savings from realignment actions and a more favorable product sales mix more than offset production inefficiencies as a result of the pandemic. The Company continues to focus on balancing cost structures and positioning for a recovery in the end markets impacted by the pandemic.

Specialty Products (Approximately 15% of TriMas September 30, 2021 LTM sales)

TriMas' Specialty Products segment, which includes the Norris Cylinder^™ and Arrow^® Engine brands, designs, manufactures and distributes highly-engineered steel cylinders, as well as wellhead products, for use within the welding and HVAC, military, industrial, and oil and gas end markets. Norris Cylinder, which has recently been designated a "Made in the USA" manufacturer and is the only remaining steel cylinder manufacturer in North America, represents the majority of sales in this segment. Third quarter net sales increased 50.3% compared to the year ago period, primarily due to higher demand for steel cylinders used in construction and HVAC applications, as end markets have improved from the COVID-19 pandemic downturn in 2020. Third quarter operating profit and the related margin increased as a result of higher sales and the positive impact of factory floor improvement actions. The Company continues to focus on continuous improvement initiatives, and is now realizing the leveraging benefits as demand increases.

Outlook

The Company raised its 2021 Free Cash Flow⁽²⁾ outlook and reaffirmed its full year 2021 sales and earnings outlook midpoints, while tightening the ranges previously provided on its second quarter earnings call. The Company is now estimating that TriMas’ 2021 consolidated sales growth will range between 10% to 13%, as compared to full year 2020, and as compared to the previously provided sales growth range of 9% to 14%. The Company now expects full year 2021 adjusted diluted earnings per share⁽¹⁾ to be in the range of $2.18 to $2.27, from the previous range of $2.15 to $2.30 per share, and as compared to $1.92 for full year 2020. In addition, the Company has increased its 2021 Free Cash Flow⁽²⁾ outlook from greater than 100% of net income to greater than 110% of net income.

"During the third quarter, we continued to see increasing input costs, primarily resin, steel and freight, and we continued to operate in a constrained labor environment. We anticipate that we will be able to offset these challenges, and therefore, are reaffirming our outlook midpoints. We are pleased to expect full year 2021 sales growth in all three segments and an EPS range representing an increase of approximately 16% at the midpoint, as compared to 2020, especially in light of the continued macro uncertainties," added Amato.

All of the above amounts considered as 2021 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 2021 earnings conference call today, Thursday, October 28, 2021, at 10 a.m. ET. The call-in number is (800) 367-2403. Participants should request to be connected to the TriMas third quarter 2021 earnings conference call (Confirmation Code 5060586). 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 5060586) beginning October 28, 2021, at 3 p.m. ET through November 4, 2021, 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 TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; 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; 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; information technology and other cyber-related risks; the performance of our subcontractors and suppliers; supply constraints, including the availability and cost of raw materials; market demand; intellectual property factors; litigation; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; our leverage; liabilities imposed by our debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; the disruption of operations from catastrophic or extraordinary events, including natural disasters and public health crises; the potential impact of Brexit; our 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, 2020. 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.trimascorp.com under the “Investors” section.

⁽¹⁾The Company defines adjusted diluted earnings per share as net income (per GAAP), plus or minus the after-tax impact of Special Items⁽²⁾, plus the after-tax impact of non-cash acquisition-related intangible asset amortization expense. While the acquisition-related intangible assets aid in the Company’s revenue generation, the Company adjusts for the non-cash amortization 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.

⁽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.

⁽³⁾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.

About TriMas

TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial end markets, with approximately 3,300 dedicated employees in 11 countries. We 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 end 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 Initiation of Dividend

2021-10-21T08:03:43-04:00

Provides Additional Element to its Long-term Capital Allocation Strategy

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BLOOMFIELD HILLS, Michigan, October 21, 2021 – TriMas (NASDAQ: TRS) today announced that its Board of Directors has approved the payment of a cash dividend of $0.04 per share of TriMas Corporation stock which will be payable on November 10, 2021, to shareholders of record as of the close of business on November 3, 2021. With the initiation of a cash dividend, TriMas intends to pay regular quarterly dividends, with future dividend payments subject to review and approval by its Board of Directors.

“We are excited to deploy another method of providing shareholder returns, thereby rounding out our long-term capital allocation strategy. Initiating a dividend, coupled with the share buy-backs we began a few years ago, provides an avenue to return a portion of our strong free cash flow to our shareholders,” said Thomas Amato, TriMas President and Chief Executive Officer. “Over the past 18 months, we have repositioned our portfolio of businesses through both acquisitions and divestitures, whereby approximately 65% of our revenues are now focused within TriMas’ Packaging segment. We have also increased our sustainable free cash flow through implementing our TriMas Business Model, driving operational improvements and securing our capital structure with low interest rate, long-term debt. With our new strategic positioning, we are confident in our long-term cash generation, and believe our capital structure enables us to continue to invest in organic growth initiatives and strategic acquisitions, while returning capital to shareholders through share repurchases and quarterly dividends.”

TriMas was formed in 1986 and, following a number of corporate development activities, went public in 2007. This initiation of a dividend is TriMas’ first dividend since its initial public offering in 2007. TriMas will report third quarter earnings results on October 28, 2021.

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: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; 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; 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; information technology and other cyber-related risks; the performance of our subcontractors and suppliers; supply constraints; market demand; intellectual property factors; litigation; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; our leverage; liabilities imposed by our debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; the disruption of operations from catastrophic or extraordinary events, including natural disasters and public health crises; the potential impact of Brexit; our 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, 2020. 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.

About TriMas
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial markets, with approximately 3,300 dedicated employees in 11 countries. We 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.trimascorp.com.

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

TriMas Announces Third Quarter 2021 Earnings Conference Call Date

2021-10-06T10:03:32-04:00

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BLOOMFIELD HILLS, Michigan, October 6, 2021 – TriMas (NASDAQ: TRS) announced today that it will host its third quarter 2021 earnings conference call on Thursday, October 28, 2021. The conference call will begin at 10 a.m. Eastern Time and will follow the Company’s release of third quarter 2021 earnings results at 8 a.m. that day.

To participate on the earnings conference call, please dial: (800) 367-2403 (Confirmation Code 5060586) and ask to be connected to the TriMas third quarter 2021 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 28 at 3 p.m. Eastern Time through November 4 at 3 p.m. Eastern Time. To access the replay, please dial: (888) 203-1112 (Replay Passcode 5060586) or visit the “Investors” section of the Company’s website.

About TriMas
TriMas is a global manufacturer and provider of products for customers predominantly in the consumer products, aerospace and industrial end markets, with approximately 3,200 dedicated employees in 11 countries. We 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.trimascorp.com.

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

TriMas' Rieke Business Celebrates 100-Year Milestone

2021-10-04T10:03:35-04:00

Future of TriMas Packaging Focused on Growth, Innovation and Sustainability

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BLOOMFIELD HILLS, Michigan, October 4, 2021 – TriMas (NASDAQ: TRS) today announced that Rieke®, part of its TriMas Packaging group, is celebrating its 100-year anniversary. Rieke is an innovative leader in the development and manufacture of specialty dispensing and closure products for applications in the beauty and personal care, food and beverage, pharmaceutical and nutraceutical, industrial and home care end markets.

“For the past century, Rieke has provided customers with innovative products of remarkable quality and value,” said Thomas Amato, TriMas President and Chief Executive Officer. “As one of only a few packaging companies to reach this milestone, Rieke has proven it has a unique ability to adapt and refocus its business model across generations, successfully managing through economic cycles to remain a front runner in developing new products to provide innovative solutions to its customers. Recent examples of Rieke’s new product introductions include a fully recyclable, single polymer dispenser and an e-commerce locking dispenser. This centennial anniversary is a testament to our market-leading innovation, talented and committed employees, and strong customer relationships, which combined, have fueled Rieke’s growth and success over the past 100 years.”

Rieke was founded in 1921 by Theodore W. Rieke, an engineer who innovated a new closure approach that revolutionized the durability and performance of industrial drums. In 1978, Rieke was acquired by Masco Corporation, which provided capital to facilitate Rieke’s global expansion through organic investments and acquisitions. Ultimately, Rieke was a key catalyst of Masco’s formation of TriMas Corporation in 1988, where today, along with other brands in TriMas’ Packaging group, Rieke represents the majority of TriMas’ revenue. Over the past 100 years, Rieke has evolved from its industrial roots to a leading global provider of a broad range of dispenser and closure solutions for a diverse set of end markets. Today, Rieke and its related brands have grown to more than one-half of a billion dollars in annual revenue, with 20 global locations and approximately 2,000 dedicated employees.

“As we begin the next phase of Rieke’s growth, we look forward to expanding our product offering globally and continuing to champion the next generation of sustainable closure and dispensing solutions,” commented Fabio Salik, President of TriMas Packaging. “We thank our valued customers and dedicated employees for their continued support of Rieke, and we look forward to our shared successes in the future. We believe Mr. Rieke would be very proud to see what his idea in 1921 has evolved into today, as well as our exciting prospects for the future.”

TriMas Packaging, which consists primarily of the Rieke®, Taplast™, Affaba & Ferrari™, Rapak® and Stolz® brands, designs and manufactures specialty dispensing, closure and bag-in-box products. TriMas Packaging’s products include: Dispensing products such as foamer pumps, lotion pumps, fine-mist sprayers, trigger sprayers, beverage dispensers and flip-top caps; closure products such as beverage and tethered caps, aseptic caps, sport caps, flip-top caps, packaged food lids, child-resistant caps, tubes, jar and pail closures, as well as a variety of related industrial products, such as drum closures; and flexible products and bag-in-box solutions, including flexible bags, taps and fitments, and filling equipment. TriMas Packaging also specializes in products to meet customer’s e-commerce and sustainability needs. For more information, please visit www.riekepackaging.com.

About TriMas
TriMas is a global manufacturer and provider of products for customers predominantly in the consumer products, aerospace and industrial end markets, with approximately 3,200 dedicated employees in 11 countries. We 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.trimascorp.com.

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

TriMas Reports Second Quarter 2021 Results

2021-07-28T16:36:24-04:00

TriMas' Packaging Group Posts Record Quarterly Sales and Operating Profit
Provides Full Year 2021 Outlook

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BLOOMFIELD HILLS, Michigan, July 29, 2021 - TriMas (NASDAQ: TRS) today announced financial results for the second quarter ended June 30, 2021.

TriMas Highlights

Increased second quarter net sales by 9.7%, driven by year-over-year sales growth in all segments
Achieved record quarterly sales and operating profit in the Packaging segment
Leveraged increased sales in the Specialty Products segment to achieve significant margin expansion
Reported diluted EPS of $0.27, while adjusted diluted EPS⁽¹⁾ increased by 19.2% to $0.62
Broke ground on a new facility in the United States to support customers' localized demand for foaming and metered-dose dispensers
Commercialized fully-recyclable, single-polymer dispensing pump, while developing full range of more sustainable dispensing pumps

Second Quarter 2021

TriMas reported second quarter net sales of $219.0 million, an increase of 9.7% compared to $199.6 million in second quarter 2020, primarily as a result of acquisition-related sales in the Packaging segment, organic growth in the Specialty Products and Aerospace segments, and favorable currency exchange. The Company reported operating profit of $25.6 million in second quarter 2021, compared to an operating loss of $18.2 million in second quarter 2020, resulting from realignment costs and non-cash charges related to a change in accounting policy in second quarter 2020 that did not repeat in 2021. Adjusting for Special Items⁽²⁾, second quarter 2021 adjusted operating profit was $30.0 million, a 8.9% increase compared to $27.5 million in the prior year period, primarily as a result of higher overall sales and improved profit margin within the Specialty Products segment, partially offset by increased input costs in second quarter 2021.

The Company reported second quarter 2021 net income of $11.8 million, or $0.27 per diluted share, compared to a net loss of $15.7 million, or $(0.36) per diluted share, in the prior year period. Second quarter 2021 adjusted net income⁽²⁾ was $22.7 million, or $0.62 per diluted share, an increase of 21.4% compared to $18.7 million, or $0.52 per diluted share, in the prior year period.

"Overall, we are pleased with our strong second quarter results, as we continued to maintain our positive momentum, despite having to overcome rising input costs," said Thomas Amato, TriMas President and Chief Executive Officer. "In addition, our ability to navigate TriMas during this period of continued uncertainty and deliver sales growth of 9.7%, adjusted operating profit of $30.0 million and adjusted diluted EPS⁽¹⁾ of $0.62, is a direct result of the dedication of our global team and our relentless commitment to satisfying our customers.

"Our solid execution in the quarter was complemented by our balanced approach to capital allocation and disciplined management of our balance sheet. Our net debt was comparable to year end 2020, even after investing in our businesses, funding costs to upsize and secure long-term fixed rate financing at a historically low interest rate, and reducing our net shares outstanding from the end of 2020 by approximately 0.5% through share repurchases. We believe our focus on maintaining a strong balance sheet, while expanding our cash generating characteristics, is a sound formula to deliver long-term value to our shareholders.

"While there are still continued market uncertainties arising from the global pandemic, with first half successfully behind us, we are providing full year 2021 outlook at this time. We anticipate full year 2021 sales growth of 9% to 14% compared to 2020, and adjusted EPS⁽¹⁾ to range between $2.15 to $2.30 per share, a 16% increase at the midpoint compared to 2020. As a result of our proactive actions during the past year, we believe we are a stronger company and well-positioned for the future as demand recovers, especially in our most impacted businesses. We are a leaner organization and are poised to capitalize on new product and M&A opportunities as they arise." Amato concluded.

Financial Position

The Company reported net cash provided by operating activities of $26.9 million for second quarter 2021, compared to $27.4 million in second quarter 2020. The Company reported Free Cash Flow⁽³⁾ of $20.6 million for second quarter 2021, as compared to $25.2 million in second quarter 2020, with the change driven by planned additional capital investment principally in TriMas' Packaging group. The Company reaffirmed its full year 2021 Free Cash Flow⁽³⁾ outlook of greater than 100% of net income. Please see Appendix I for further details.

In addition, during the second quarter of 2021, the Company repurchased 358,047 shares of its outstanding common stock for approximately $11.6 million. In total since 2018, the Company has repurchased approximately 3.7 million outstanding shares for $102.5 million. Given TriMas' cash generation characteristics, share repurchases continue to be a core part of the Company’s capital allocation strategy. As of June 30, 2021, $147.5 million remained available under the Company's repurchase authorization.

TriMas ended second quarter 2021 with $106.3 million of unrestricted cash on hand, $410.3 million of unrestricted cash and aggregate availability under its revolving credit facilities, and a leverage ratio of 1.8x as defined in the Company's credit agreement. TriMas reported total debt of $393.4 million as of June 30, 2021, an increase as compared to $346.3 million as of December 31, 2020 due to the upsizing of the 4.125% notes due 2029 during the refinance that was completed during March 2021 to take advantage of historically low rates. The Company ended the quarter with Net Debt⁽⁴⁾, an important measure the Company tracks under its deleveraging model, of $276.0 million.

Second Quarter Segment Results

TriMas operates and reports in three segments: Packaging, Aerospace and Specialty Products. With its diversified portfolio of businesses, each of which go to market with well-recognized brand names in the markets they serve, TriMas predominantly participates in the consumer products, aerospace and industrial markets. Its largest segment is Packaging, generating approximately two thirds of TriMas' overall sales, followed by the Aerospace and Specialty Products segments, which comprise of approximately 21% and 14% of total sales, respectively.

Packaging (Approximately 65% of TriMas June 30, 2021 LTM sales)

TriMas' Packaging segment, which consists primarily of the Rieke^®, Taplast^™, Affaba & Ferrari^™ and Rapak^® brands, develops and manufactures specialty dispensing and closure products for applications in the beauty & personal care, food & beverage, pharmaceutical & nutraceutical, industrial, and home care markets. Net sales for the second quarter increased 8.4% compared to the year ago period, primarily due to acquisition-related sales, higher demand for products sold into home care applications, and the impact of favorable currency exchange. The sales increases more than offset the expected and planned pull-back in demand from the high sales rate of dispensing pumps and closure products that help fight the spread of germs in second quarter 2020 related to the onset of the global pandemic. Second quarter operating profit increased, as the impact of higher sales more than offset higher input costs and a less favorable product sales mix. The Company remains committed to building out TriMas' packaging platform through commercializing new innovative products and expanding the product set through acquisitions.

Aerospace (Approximately 21% of TriMas June 30, 2021 LTM sales)

TriMas' Aerospace segment, which includes the Monogram Aerospace Fasteners^™, Allfast Fastening Systems^®, Mac Fasteners^™, RSA Engineered Products^™ and Martinic Engineering^™ brands, develops, qualifies and manufactures highly-engineered, precision fasteners and machined components to serve the aerospace, including military and defense, end market. Net sales for the second quarter increased 4.6% compared to the year ago period, primarily due to customers' stocking orders spanning over 2021, partially offset by the significantly lower demand related to the impact of lower air travel and reduced commercial and business jet production as a result of the global pandemic. Second quarter operating profit and the related margin decreased as the savings from realignment actions were more than offset by the lower absorption of fixed costs in certain manufacturing facilities and production inefficiencies, both as a result of the pandemic. The Company continues to focus on balancing cost structures to better align with lower demand and positioning for a recovery in the end markets impacted by the pandemic.

Specialty Products (Approximately 14% of TriMas June 30, 2021 LTM sales)

TriMas' Specialty Products segment, which includes the Norris Cylinder^™ and Arrow^® Engine brands, designs, manufactures and distributes highly-engineered steel cylinders, as well as wellhead engines and compressor systems, for use within the welding and HVAC, military, industrial, and oil and gas end markets. Norris Cylinder, which has recently been designated a "Made in the USA" manufacturer and is the only remaining steel cylinder manufacturer in North America, represents the majority of sales in this segment. Second quarter net sales increased 23.8% compared to the year ago period, due to higher demand for steel cylinders used in construction and HVAC applications, as well as increased demand for oil and gas products, as end markets have improved from the COVID-19 pandemic downturn in 2020. Second quarter operating profit and the related margin increased as a result of higher sales and the positive impact of previous realignment and factory floor improvement actions implemented in the businesses. The Company has taken actions to better align cost structures with sales demand in the end markets impacted by the global pandemic, and is now realizing these leveraging benefits as demand increases.

Outlook

For the full year 2021, the Company expects TriMas’ consolidated sales to range between $840 million and $875 million, or sales growth of approximately 9% to 14%, as compared to full year 2020, with sales in all three segments anticipated to increase year-over-year. The Company expects full year 2021 adjusted diluted earnings per share⁽¹⁾ in the range of $2.15 to $2.30 per share, representing a year-over-year increase of approximately 16% at the midpoint. In addition, the Company is continuing to forecast 2021 Free Cash Flow⁽³⁾ to be greater than 100% of net income.

Conference Call Information

TriMas will host its second quarter 2021 earnings conference call today, Thursday, July 29, 2021, at 10 a.m. ET. The call-in number is (800) 367-2403. Participants should request to be connected to the TriMas second quarter 2021 earnings conference call (Confirmation Code 7302308). 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 7302308) beginning July 29, 2021, at 3 p.m. ET through August 5, 2021, 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 TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; 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; 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; information technology and other cyber-related risks; the performance of our subcontractors and suppliers; supply constraints; market demand; intellectual property factors; litigation; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; our leverage; liabilities imposed by our debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; the disruption of operations from catastrophic or extraordinary events, including natural disasters and public health crises; the potential impact of Brexit; our 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, 2020. 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

Additional information is available at www.trimascorp.com under the “Investors” section.

⁽²⁾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.

⁽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 is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial end markets, with approximately 3,200 dedicated employees in 11 countries. We 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 end 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 Closes on Acquisition of Omega

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TriMas Reports Third Quarter 2021 Results

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TriMas' Rieke Business Celebrates 100-Year Milestone

TriMas Reports Second Quarter 2021 Results

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