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TriMas Packaging Facility Achieves FSSC 22000, A Leading Food Safety Production Certification

2022-12-07T15:15:49-05:00

BLOOMFIELD HILLS, Michigan, December 7, 2022 – TriMas (NASDAQ: TRS) today announced that its TriMas Packaging facility located in Hamilton, Indiana, has successfully been certified as meeting the requirements of Food Safety Certification FSSC 22000, an important criteria for current and prospective food and beverage customers. The FSSC 22000 certification is considered one of the highest standards of the Global Food Safety Initiative (GFSI) certification in food safety quality management systems.

“We are very proud of all of those involved whom enabled the achievement of this important certification for our Hamilton, Indiana production location,” stated Fabio Salik, President, TriMas Packaging. “Attaining this industry-wide recognized standard reaffirms TriMas Packaging’s commitment to accelerating growth in the food and beverage end market, continuously improving our manufacturing processes and, importantly, enabling the transfer of demonstrated production technology used to support our customers in Europe now into the U.S. market.”

The Food Safety System Certification (FSSC 22000) for food safety and quality management, awarded by SGS, the world’s leading testing, inspection and certification company, augments TriMas Packaging’s Hamilton facility’s existing certification to ISO 9001:2015 Quality Management System. FSSC 22000 is an internationally recognized standard for food safety certification applicable to organizations in the food chain, regardless of size and complexity, and reflects the industry’s best practices.

TriMas Packaging serves its global customers with its market-leading brands, consisting primarily of Rieke^®, Affaba & Ferrari™, Taplast™, Rapak^® and Plastic Srl. TriMas Packaging designs and manufactures a comprehensive array of dispensing, closure and flexible packaging solutions for a broad range of markets including the beauty and personal care, food and beverage, home care, pharmaceutical and nutraceutical, and industrial and agricultural markets. TriMas has also recently added capabilities and products for applications in the Life Sciences end market, including prototype production molds and custom, medical-related components such as consumable vascular delivery and diagnostic test components, with the acquisitions of the Intertech and Omega brands. For more information, please visit www.trimaspackaging.com.

About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

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

TriMas' 2022 Kaizen Challenge Winners Reflect Ongoing Commitment to Continuous Improvement

2022-12-02T10:03:04-05:00

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BLOOMFIELD HILLS, Michigan, December 2, 2022 – TriMas (NASDAQ: TRS) today announced the winners of its 2022 TriMas Kaizen Challenge. The 2022 winners are TriMas Aerospace’s Optimizing Subcontracting Supply project and TriMas Packaging’s Productivity Improvement project.

TriMas launched its annual, enterprise-wide Kaizen Challenge five years ago, as part of its TriMas Business Model. Since its introduction, more than 147 of the Company’s top product, process and service-related projects have been submitted into the competition from 24 different locations in nine countries. Annually, the Company’s most impactful Kaizen projects are assessed and winners are selected based on specific criteria including the positive impacts on the business, key stakeholders and the environment, 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,” stated Thomas Amato, TriMas President & CEO. “I thank all of our Kaizen project teams around the world for their efforts. Kaizen has proven to be an effective way for TriMas to utilize employee engagement to drive sustainable improvements in all of our processes and products.”

TriMas Aerospace’s Optimizing Subcontracting Supply project was a cross-functional team effort at RSA Engineered Products, led by Juliana Bermudez, Program Manager. Utilizing the tools of Kaizen, the team focused on creating sustainable processes to standardize commercial variations and streamline subcontracted components. By eliminating waste, standardizing minimum order quantities and improving processes, the team was able to optimize its subcontracting channel.

TriMas Packaging’s Productivity Improvement project, led by Brian Fitzgerald, Director of Operations, was a cross-functional team effort within Rapak. Using the tools of Kaizen, the team conducted a root cause analysis to better understand the challenges in producing components, while meeting increased customer demand and maintaining the highest quality. Once constraints were identified, the Kaizen project team took many positive actions, including improving and standardizing the manufacturing process, enhancing equipment preventative maintenance, providing additional training, and reducing SKUs. As a result, the team increased production rates and productivity, all while reducing inventory stocking levels.

Additional 2022 TriMas Kaizen Challenge finalist projects were submitted by TriMas Packaging’s locations in Haining, China; New Albany, Ohio (USA); and San Miguel de Allende, Mexico.

“Congratulations again to our 2022 winners, top finalists and submitting teams, and I look forward to another year of continuous improvement across our businesses,” concluded Amato.

About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

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

TriMas to Present at the Bank of America Securities 2022 Leveraged Finance Conference

2022-11-28T16:03:54-05:00

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BLOOMFIELD HILLS, Michigan, November 28, 2022 – TriMas (NASDAQ: TRS) today announced that TriMas management is scheduled to present at the Bank of America Securities 2022 Leveraged Finance Conference on Tuesday, November 29, 2022, at 10:10 a.m. ET in Boca Raton, Florida. The live webcast will be available in the Investor Relations section of the Company’s website at www.trimascorp.com or at TriMas Corporation (veracast.com).

About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

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

TriMas Reports Third Quarter 2022 Results

2022-10-26T19:47:31-04:00

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BLOOMFIELD HILLS, Michigan, October 27, 2022 - TriMas (NASDAQ: TRS) today announced financial results for the third quarter ended September 30, 2022.

TriMas Highlights

Increased third quarter net sales in TriMas' Specialty Products group by 5%
Launching a new fully-recyclable PET injection blow-molded jar with a closure system for personal care applications within TriMas Packaging
Continued strong order backlog within TriMas' Specialty Products group, while order backlog increased within TriMas Aerospace
Favorably settled cross-currency swaps for pre-tax cash proceeds of $26 million
Repurchased more than one million shares of outstanding common stock during the first nine months of 2022, reducing net shares outstanding by approximately 2.0%

Third Quarter 2022

TriMas reported third quarter 2022 net sales of $218.5 million, a decrease of 1.7% compared to $222.4 million in third quarter 2021, as organic growth in TriMas' Specialty Products group and acquisition-related sales were more than offset primarily by lower demand for TriMas Packaging's products used in certain consumer goods applications and the impact of unfavorable currency exchange, as well as the planned reduction in TriMas Aerospace special stocking orders, which were predominantly fulfilled in 2021. The Company reported operating profit of $21.0 million in third quarter 2022, compared to $30.8 million in third quarter 2021. Adjusting for Special Items⁽¹⁾primarily related to realignment and acquisition-related costs, third quarter 2022 adjusted operating profit was $21.6 million, compared to $31.6 million in the prior year period. During third quarter 2022, the favorable impacts of pricing initiatives and a $4.8 million pre-tax gain from a property divestiture were more than offset by the impact of lower sales and related under-absorbed costs, less favorable product sales mix, continued inflationary pressure on input costs, as well as production inefficiencies from supply chain and labor constraints.

The Company reported third quarter 2022 net income of $13.3 million, or $0.32 per diluted share, compared to $19.6 million, or $0.45 per diluted share, in third quarter 2021. Adjusting for Special Items⁽¹⁾, third quarter 2022 adjusted net income⁽²⁾ was $13.6 million, a decrease compared to $20.5 million in third quarter 2021, primarily as a result of lower operating profit in third quarter 2022. Third quarter 2022 adjusted diluted earnings per share⁽²⁾was $0.40, as compared to $0.57 in the prior year period.

"During the third quarter, TriMas, like many companies, was not immune to the impacts of inflationary effects, supply chain and labor constraints, and an extremely dynamic demand environment," said Thomas Amato, TriMas President and Chief Executive Officer. "As we progressed through the quarter, our TriMas Packaging group experienced abrupt demand reductions to our normally strong seasonal sales period, as several of our larger consumer goods customers chose to rebalance inventories. We continue to work collaboratively with our customers as they assess their longer-range demand needs in this economic environment, while taking operational actions where practical. For example, through the use of Kaizen and manufacturing footprint planning, we identified two properties where we were able to unlock value for the company to supplement our cash earnings during the second half of 2022."

"Despite the macroeconomic uncertainty, given our strong balance sheet, we are continuing to pursue attractive bolt-on acquisitions, deploy capital to drive future growth through new innovations and add capacity in areas where demand remains robust. As we enter the final quarter of the year, I am confident in our team’s ability to navigate dynamic global economic challenges and drive long-term growth. To date, our proactive operational and treasury actions have enabled TriMas to be well-positioned for unprecedented market periods, enabling our continued focus on our long-range objectives. Despite certain deferred demand for some of our key product lines, we remain confident that TriMas’ diversified end market model, low leverage and interest expense, and cash generation profile, will provide value creating opportunities for our shareholders, even in challenging periods," Amato concluded.

Financial Position

Through the third quarter of 2022, the Company repurchased 1,004,154 shares of its outstanding common stock for $30.0 million, or a net reduction of approximately 2.0% of outstanding shares. As of September 30, 2022, $112.7 million remained available under the Company's repurchase authorization. During third quarter 2022, TriMas also paid a quarterly cash dividend of $0.04 per share of TriMas Corporation stock on August 11, 2022.

TriMas ended third quarter 2022 with $378.3 million of cash and aggregate availability under its revolving credit facility, $80.3 million of cash on hand and a leverage ratio of 2.0x as defined in the Company's credit agreement. TriMas reported total debt of $394.5 million and Net Debt⁽³⁾ of $314.2 million as of September 30, 2022.

The Company reported net cash provided by operating activities of $19.0 million for third quarter 2022, compared to $35.1 million in third quarter 2021. As a result, the Company reported Free Cash Flow⁽⁴⁾ of $15.4 million for third quarter 2022 compared to $24.7 million in third quarter 2021, primarily due to the Company's proactive investment in raw materials and purchased inventory components to ensure continuity of supply. Please see Appendix I for further details.

Third Quarter Segment Results

TriMas' Packaging segment represents approximately 61% of TriMas' September 30, 2022 LTM sales. Net sales for the third quarter decreased 6.0%, including 4.4% of unfavorable currency exchange, compared to the year ago period, as sales from recent acquisitions were more than offset by deferred demand, most notably for dispenser-related product lines for the personal care and home care submarkets. Third quarter operating profit and the related margin percentage declined, as a result of the lower sales levels and related absorption of costs, less favorable product sales mix, and higher energy and other inflationary costs.

TriMas' Aerospace segment represents approximately 21% of TriMas' September 30, 2022 LTM sales. Net sales for the third quarter decreased 2.3% compared to the year ago period, as the impact of increased aerospace production demand and acquisition-related sales was more than offset by the planned reduction in special stocking orders, which were predominantly fulfilled in 2021. Third quarter operating profit and the related margin increased, primarily as a result of a gain from a property divestiture completed during third quarter 2022, more than offsetting the impact of continued production inefficiencies from supply chain constraints and labor shortages, increased input costs, as well as the favorable impact of the 2021 higher margin special stocking orders. During the period, demand increased within TriMas Aerospace commensurate with increased market demand for aerospace and defense applications, adding to the sales backlog.

TriMas' Specialty Products segment represents approximately 18% of TriMas' September 30, 2022 LTM sales. Third quarter net sales increased 14.5% compared to the year ago period, primarily due to higher demand for steel cylinders used in construction and HVAC applications, as well as increased sales of engines, compressors and replacement parts for stationary power generation units and applications for natural gas and crude oil extraction as a result of higher crude and natural gas pricing, and increased oil-field activity in North America. Third quarter operating profit increased slightly, while the related margin percentage decreased, as earnings generated on higher sales were offset by higher steel and inflationary costs.

Outlook

The Company is revising its full year 2022 outlook originally provided on March 1, 2022, due to macro-economic challenges that intensified during the third quarter. The Company is now expecting to generate full year 2022 adjusted diluted earnings per share⁽²⁾ in the range of $2.10 to $2.18, based on consolidated annual sales growth of 3% to 5% compared to 2021. In addition, the Company now expects 2022 Free Cash Flow⁽³⁾ to be greater than 80% of net income. While not included in TriMas’ definition of Free Cash Flow⁽³⁾, the Company expects to generate approximately $55 million in gross cash proceeds in 2022 from the divestiture of two properties and the settlement of cross-currency swaps, all of which are considered investing cash flow activities.

"As we entered third quarter, we expected that our TriMas Packaging group's order activity would begin to accelerate as a result of the normal holiday selling season," commented Amato. "Instead, third quarter demand fell abruptly from the levels experienced during the first half of 2022, as several of our major consumer goods customers became more cautious in ordering due to the current macro-economic environment and their already ample inventories. Therefore, we are revising our outlook, which includes taking actions to supplement our cash earnings, such as the proactive divestiture of two properties, yielding pre-tax gains of approximately $5 million in third quarter and $17 million in October 2022. We believe the demand challenges we are facing are temporary in nature; however, if conditions persist, we will take flexing actions to mitigate effects, as we have successfully navigated market shocks previously. We remain optimistic about our long-term prospects in each of our end markets."

The above outlook includes the impact of all announced acquisitions, but excludes any additional future direct or indirect impacts that may result from additional supply or labor constraints related to the COVID pandemic or other factors, the geopolitical risks related to the ongoing conflict in Eastern Europe or further direct or indirect effects from high inflationary rates. All of the above amounts considered as 2022 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 2022 earnings conference call today, Thursday, October 27, 2022, at 10 a.m. ET. The call-in number is (888) 254-3590. Participants should request to be connected to the TriMas third quarter 2022 earnings conference call (Confirmation Code 3906527). 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 3906527) beginning October 27, 2022, at 3 p.m. ET through November 3, 2022, 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; inflationary pressures on our supply chain, including raw material and energy costs, and customers; interest rate volatility; 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 and shortages; 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 amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The risks described are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements, except as required by law.

Non-GAAP Financial Measures

In this release, certain non-GAAP financial measures are used. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure may be found in Appendix I at the end of this release. Management believes that presenting these non-GAAP financial measures provides useful information to investors by helping them identify underlying trends in the Company’s businesses and facilitating comparisons of performance with prior and future periods and to the Company’s peers. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies.

Reconciliations of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are provided only for the expected impact of amortization of acquisition-related intangible assets for completed acquisitions, as the Company is unable to provide estimates of future Special Items⁽¹⁾ or amortization from future acquisitions without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items impacting comparability and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Additional information is available at www.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.

⁽²⁾ 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.

⁽³⁾The Company defines Net Debt as Total Debt less Cash and Cash Equivalents. Please see Appendix I for additional details.

⁽⁴⁾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 manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

Contact

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

TriMas Declares Quarterly Dividend

2022-10-20T09:03:14-04:00

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BLOOMFIELD HILLS, Michigan, October 20, 2022 – TriMas (NASDAQ: TRS) today declared a quarterly cash dividend of $0.04 per share of TriMas Corporation stock. The quarterly dividend is payable on November 10, 2022, to shareholders of record as of the close of business on November 3, 2022.

About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.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 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; inflationary pressures on our supply chain, including raw material and energy costs, and customers; interest rate volatility; 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 and shortages; 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 amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The risks described are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements, except as required by law.

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

TriMas Announces Third Quarter 2022 Earnings Conference Call Date

2022-10-06T10:03:52-04:00

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BLOOMFIELD HILLS, Michigan, October 6, 2022 – TriMas (NASDAQ: TRS) announced today that it will host its third quarter 2022 earnings conference call on Thursday, October 27, 2022. The conference call will begin at 10 a.m. Eastern Time and will follow the Company’s release of third quarter 2022 earnings results at 8 a.m. that day.

To participate on the earnings conference call, please dial: (888) 254-3590 (Confirmation Code 3906527) and ask to be connected to the TriMas third quarter 2022 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 27 at 3 p.m. Eastern Time through November 3 at 3 p.m. Eastern Time. To access the replay, please dial: (888) 203-1112 (Replay Passcode 3906527) or visit the “Investors” section of the Company’s website.

About TriMas
TriMas designs and manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets, through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

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

TriMas Aerospace Receives Supplier Performance Recognition From Boeing

2022-08-02T10:03:05-04:00

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BLOOMFIELD HILLS, Michigan, August 2, 2022 – TriMas (NASDAQ: TRS) today announced that TriMas Aerospace’s Allfast Fastening Systems business has received a 2021 Supply Chain Performance Achievement Certificate from The Boeing Company for the tenth consecutive year. Boeing issues the award annually to recognize suppliers who have achieved superior performance each year. Allfast Fastening Systems maintained a Silver composite performance rating for each month of the 12-month performance period from January to December 2021.

“This recognition acknowledges our commitment to our customers to consistently provide superior quality, on-time delivery, flexibility and outstanding service,” said John Schaefer, President of TriMas Aerospace. “Our Allfast team tirelessly focuses on operational excellence and customer satisfaction, and we’re grateful for their hard work and dedication. We thank Boeing for this recognition and look forward to continuing to partner on innovative fastener solutions.”

TriMas Aerospace designs, engineers and manufactures precision fasteners, air ducting products and machined components for the global commercial and military aerospace industry under the following leading brands: Monogram Aerospace Fasteners™, Allfast Fastening Systems®, Mac Fasteners™, RSA Engineered Products, Martinic Engineering™ and TFI Aerospace.

About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.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 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; inflationary pressures on our supply chain, including raw material and energy costs, and customers; interest rate volatility; 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 and shortages; 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 amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December
31, 2021. The risks described are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements, except as required by law.

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

TriMas Reports Second Quarter 2022 Results

2022-07-27T15:12:50-04:00

Company Reaffirms Full Year 2022 Outlook

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BLOOMFIELD HILLS, Michigan, July 28, 2022 - TriMas (NASDAQ: TRS) today announced financial results for the second quarter ended June 30, 2022.

TriMas Highlights

Increased second quarter 2022 net sales by 8.5%, led by sales growth in TriMas' Specialty Products group of 5%
Increased second quarter 2022 operating profit by 16.8% to $29.9 million and adjusted operating profit⁽¹⁾ by 7.2% to $32.1 million
Reported second quarter diluted EPS of $0.47 and an adjusted diluted EPS⁽²⁾ of $0.60
Repurchased 927,987 shares of outstanding common stock, reducing net shares outstanding by approximately 1.8% during the first half of 2022
Reaffirmed full year 2022 sales, adjusted diluted EPS⁽²⁾ and Free Cash Flow⁽³⁾ outlook

Second Quarter 2022

TriMas reported second quarter 2022 net sales of $237.7 million, an increase of 8.5% compared to $219.0 million in second quarter 2021, primarily as a result of increased demand in TriMas' Specialty Products group and acquisition-related sales, partially offset by the impact of unfavorable currency exchange. The Company reported operating profit of $29.9 million in second quarter 2022, an increase of 16.8% compared to $25.6 million in second quarter 2021. Adjusting for Special Items⁽¹⁾primarily related to realignment and acquisition-related diligence and transaction costs, second quarter 2022 adjusted operating profit was $32.1 million, an increase of 7.2% compared to $30.0 million in the prior year period, as the earnings on incremental sales more than offset the less favorable product sales mix, continuing inflationary pressure on input costs, including energy, freight and certain commodity costs, production inefficiencies from prolonged pandemic-related labor challenges and supply chain constraints.

The Company reported second quarter 2022 net income of $19.9 million, or $0.47 per diluted share, compared to $11.8 million, or $0.27 per diluted share, in second quarter 2021. Adjusting for Special Items⁽¹⁾, second quarter 2022 adjusted net income⁽²⁾ was $21.8 million, a decrease compared to $22.7 million in second quarter 2021, as while the Company generated higher year-over-year adjusted operating profit, the tax rate in second quarter 2021 was lower due to tax planning initiatives. As a result, second quarter 2022 adjusted diluted earnings per share⁽²⁾was $0.60, as compared to $0.62 in the prior year period.

"During the second quarter, our team delivered sales growth of 8.5% and adjusted diluted EPS⁽²⁾ of $0.60, in line with our expectations," said Thomas Amato, TriMas President and Chief Executive Officer. "Like many companies, TriMas was not immune to the impacts of production labor availability, supply challenges and inflationary effects, as well as an extremely dynamic demand environment. We continue to leverage the TriMas Business Model, remaining flexible and adjusting our capacity in our operations when demand for various product lines differs from our planning models.

"In addition, our operational and treasury actions have enabled TriMas to navigate well through this unprecedented market period, while continuing to gain traction against our long-range objectives. We continue to deploy capital in a balanced manner, as we invest in organic growth initiatives, pursue strategic bolt-on acquisitions and return capital to shareholders through share repurchases and dividends. We remain confident that TriMas’ diversified end market model, strong balance sheet and multiple levers for growth will provide long-term benefits to our shareholders," Amato concluded.

Financial Position

During second quarter 2022, the Company repurchased 645,984 shares of its outstanding common stock for $18.8 million, bringing the Company's total share repurchases for the first half of 2022 to 927,987 shares, or a net reduction of approximately 1.8% of outstanding shares. As of June 30, 2022, $114.7 million remained available under the Company's repurchase authorization. During second quarter 2022, TriMas also paid a quarterly cash dividend of $0.04 per share of TriMas Corporation stock on May 12, 2022.

TriMas ended second quarter 2022 with $348.1 million of unrestricted cash and aggregate availability under its revolving credit facility, $49.1 million of unrestricted cash on hand and a leverage ratio of 2.0x as defined in the Company's credit agreement. TriMas reported total debt of $394.3 million and Net Debt⁽⁴⁾ of $345.2 million as of June 30, 2022.

The Company reported net cash provided by operating activities of $22.0 million for second quarter 2022, compared to $26.9 million in second quarter 2021. As a result, the Company reported Free Cash Flow⁽³⁾ of $15.5 million for second quarter 2022 compared to $20.6 million in second quarter 2021, primarily due to proactive procurement actions. The Company continues to target 2022 Free Cash Flow⁽³⁾ to be greater than 100% of net income. Please see Appendix I for further details.

Second Quarter Segment Results

TriMas' Packaging segment represents approximately 61% of TriMas June 30, 2022 LTM sales. Net sales for the second quarter increased 6.2%, including 3.4% of unfavorable currency exchange pressure, compared to the year ago period, as sales from our recent acquisitions and higher demand for closure products were partially offset by lower sales of dispenser-related product lines. During second quarter 2021, dispenser-related product line sales in beauty and personal care end markets benefited from strong customer demand believed to be related to the pandemic. Second quarter operating profit was relatively flat, while the related margin percentage decreased, as the impact of increased sales was moderated by higher energy costs, primarily in Europe, and other inflationary input costs.

TriMas' Aerospace segment represents approximately 21% of TriMas June 30, 2022 LTM sales. Net sales for the second quarter increased 6.4% compared to the year ago period, as the impact of increased aerospace production demand and acquisition-related sales more than offset the expected decline in special stocking orders, which were predominantly fulfilled in 2021. Second quarter operating profit and the related margin increased, as the fixed cost leverage on higher sales levels more than offset the impact of the 2021 high margin special stocking sales.

TriMas' Specialty Products segment represents approximately 18% of TriMas June 30, 2022 LTM sales. Second quarter net sales increased 20.5% compared to the year ago period, primarily due to higher demand for steel cylinders used in construction and HVAC applications, as well as increased sales of engines, compressors and replacement parts for stationary power generation units and applications for natural gas and crude oil extraction related to the higher oil-field activity in North America. Second quarter operating profit increased, while the related margin percentage decreased, as earnings generated on higher sales were partially offset by an increase in material costs.

Outlook

The Company reaffirms its full year 2022 outlook originally provided on March 1, 2022. The Company expects to generate full year 2022 adjusted diluted earnings per share⁽²⁾ in the range of $2.25 to $2.35, based on consolidated sales growth of 8% to 11% compared to 2021. In addition, the Company is targeting 2022 Free Cash Flow⁽³⁾ to be greater than 100% of net income.

The above outlook includes the impact of all announced acquisitions, but excludes any additional future direct or indirect impacts that may result from additional supply or labor disruptions related to the COVID pandemic or other factors, and the geopolitical risks related to the ongoing conflict in Eastern Europe. All of the above amounts considered as 2022 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 second quarter 2022 earnings conference call today, Thursday, July 28, 2022, at 10 a.m. ET. The call-in number is (888) 220-8451. Participants should request to be connected to the TriMas second quarter 2022 earnings conference call (Confirmation Code 7250176). 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 7250176) beginning July 28, 2022, at 3 p.m. ET through August 4, 2022, at 3 p.m. ET.

Notice Regarding Forward-Looking Statements

Non-GAAP Financial Measures

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

⁽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

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

TriMas Declares Quarterly Dividend

2022-07-20T09:03:09-04:00

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BLOOMFIELD HILLS, Michigan, July 21, 2022 – TriMas (NASDAQ: TRS) today declared a quarterly cash dividend of $0.04 per share of TriMas Corporation stock. The quarterly dividend is payable on August 11, 2022, to shareholders of record as of the close of business on August 4, 2022. TriMas announced the initiation of a dividend as part of its capital allocation strategy in October 2021.

About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.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 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; inflationary pressures on our supply chain, including raw material and energy costs, and customers; interest rate volatility; 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 and shortages; 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 amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The risks described are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements, except as required by law.

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

TriMas Announces Second Quarter 2022 Earnings Conference Call Date

2022-07-07T10:03:32-04:00

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BLOOMFIELD HILLS, Michigan, July 7, 2022 – TriMas (NASDAQ: TRS) announced today that it will host its second quarter 2022 earnings conference call on Thursday, July 28, 2022. The conference call will begin at 10 a.m. Eastern Time and will follow the Company’s release of second quarter 2022 earnings results at 8 a.m. that day.

To participate on the earnings conference call, please dial: (888) 220-8451 (Confirmation Code 7250176) and ask to be connected to the TriMas second quarter 2022 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 July 28 at 3 p.m. Eastern Time through August 4 at 3 p.m. Eastern Time. To access the replay, please dial: (888) 203-1112 (Replay Passcode 7250176) or visit the “Investors” section of the Company’s website.

About TriMas
TriMas designs and manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets, through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

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

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