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TriMas Packaging Unveils New State-of-the-Art Facility in Haining, China

2024-11-25T13:02:49-05:00

BLOOMFIELD HILLS, Michigan, November 25, 2024 – TriMas (NASDAQ: TRS) today announced the launch of its new, state-of-the-art, 225,000 square foot facility for its TriMas Packaging group in Haining, China. This milestone follows last year’s decision to rationalize two manufacturing facilities into one new facility. TriMas exited both its Hangzhou, China, and older Haining, China facilities, consolidating them into a single, new facility in Haining with advanced capabilities to better serve customers across China and the wider Asian markets.

The highly automated facility is equipped with advanced injection molding and assembly capabilities, autonomous robots including Automated Guided Vehicles (AGVs), robotic auto palletizing and a specialized Warehouse Management System (WMS). These innovations streamline material handling processes, reduce labor expenses, minimize safety risks and support the Company’s sustainability goals through energy-efficient systems and waste reduction practices. Additionally, the facility features a cutting-edge quality lab, a 100,000-level clean room and QS certification, ensuring compliance with stringent food safety standards in China.

“We are excited to introduce our new state-of-the-art facility in Haining, which reflects our commitment to operational excellence, innovation, sustainability and delivering high-quality packaging solutions for our customers,” said Thomas Amato, TriMas President and Chief Executive Officer. “With this addition, we are proud to now have advanced flagship locations in the United States, Mexico, and China, strategically positioning us for continued growth across these key regions. We extend our thanks to our TriMas Packaging team who contributed to the successful launch of this cutting-edge facility in Haining.”

The Haining facility manufactures dispensing and airless lotion pumps, foaming pumps, caps and closures, primarily for the beauty and personal care markets. It also produces e-commerce lotion pumps to meet the growing demand in the online retail sector.

View the video to see the new Haining facility: TriMas Packaging: Haining, China Facility

About TriMas Packaging
TriMas Packaging serves its global customers with its market-leading brands, consisting of Rieke®, Affaba & Ferrari™, Rapak®, Taplast™, Plastic Srl and Aarts Packaging. TriMas Packaging designs and manufactures a comprehensive array of dispensing, closure and flexible packaging solutions for a broad range of end markets including the beauty and personal care, food and beverage, home care, pharmaceutical and nutraceutical, and industrial and agricultural markets. With approximately 2,200 dedicated employees and 26 locations worldwide, TriMas Packaging’s innovative solutions and services are designed to enhance customers’ ability to dispense, transport and store their products safely and securely in an ever-changing marketplace. 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 3,400 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimas.com.

Contact
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com

TriMas Announces Winner of Its Annual Kaizen Challenge

2024-11-25T09:32:41-05:00

Internal Competition Drives the Company’s Continuous Improvement Culture

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BLOOMFIELD HILLS, Michigan, November 25, 2024 – TriMas (NASDAQ: TRS) today announced the winner of its 2024 TriMas Kaizen Challenge. The winning project was submitted by a dedicated team at Allfast Fastening Systems, part of the TriMas Aerospace group and based in the City of Industry, California. Allfast’s Kaizen project focused on improving aerospace customers’ quoting experiences by streamlining the ordering process and implementing a new interactive customer portal.

TriMas implemented its annual, enterprise-wide Kaizen Challenge, a core component of its TriMas Business Model, to promote its relentless commitment to continuous improvement. Since its introduction seven years ago, more than 210 of the Company’s top product, process and service-related projects from 27 different locations in 10 countries have been submitted to its internal competition. Each year, the Company evaluates its most impactful Kaizen projects, selecting winning teams based on specific criteria that include positive and sustainable impacts on performance, along with a demonstrated use of employee engagement and Kaizen tools.

“This year, we received a record number of submissions for the 2024 TriMas Kaizen Challenge, each demonstrating an exceptional level of employee engagement and quality,” stated Thomas Amato, TriMas President and Chief Executive Officer. “I want to thank all of our project teams worldwide for their unwavering dedication to using the tools of Kaizen to improve. Embracing a culture of Kaizen continues to remain a cornerstone of TriMas, empowering our employees to drive improvements in our processes, products and customer service.”

Allfast Fastening Systems’ project was a cross-functional team effort, culminating in the presentation delivered by Dale Carruthers, Vice President of Sales and Marketing. The team focused on improving its customers’ quoting experience, including the ordering process, while reducing waste in process steps. Using value stream mapping, the team was able to reduce the quote lead-time, provide real-time information, enhance consistency and improve customer service.

The following locations were also named Finalists in the 2024 TriMas Kaizen Challenge:
• TriMas Packaging group: New Albany, Ohio, and San Miguel de Allende, Mexico
• TriMas Life Sciences group: Denver, Colorado
• TriMas Aerospace group: Simi Valley, California

"Congratulations once again to our 2024 Kaizen Challenge winner, top finalists and all participating teams. I look forward to another year of our leadership driving a culture 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 3,400 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimas.com.

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

TriMas Reports Third Quarter 2024 Results

2024-11-03T15:28:01-05:00

Continued Organic Sales Growth in its Two Largest Segments

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BLOOMFIELD HILLS, Michigan, November 4, 2024 - TriMas (NASDAQ: TRS) today announced financial results for the third quarter ended September 30, 2024.

TriMas Third Quarter Highlights

Achieved core sales growth within its Packaging and Aerospace segments of 12.3% and 4.8%, respectively
Continued to experience sales recovery in the beauty & personal care and industrial packaging end markets, which were impacted most in 2023
Resolved 10-week work stoppage at one of its Aerospace locations, which impacted the quarter
Reduced net shares outstanding by approximately 1.6% year-to-date through common stock repurchases

"While we are pleased with the core sales growth in our two largest groups, TriMas Packaging and TriMas Aerospace, we believe there is additional upside potential in conversion rates as actions underway are anticipated to deliver further benefits in 2025," said Thomas Amato, TriMas President and Chief Executive Officer. "Within our TriMas Packaging group, we remain highly encouraged by the positive commercial trends and sales momentum, even as we work through discrete challenges associated with product demand increases in certain dispenser product lines. While we have already invested in incremental capacity, which will come online in the fourth quarter and benefit us in 2025, the high rate of demand this quarter, which at times surpassed peak capacity, had a countervailing impact on our third quarter performance. Within our TriMas Aerospace group, we successfully resolved a 10-week work stoppage at one of our manufacturing facilities by entering into a new three-year collective bargaining agreement, although the disruption delayed some sales and related conversion this quarter. With respect to Specialty Products, we are seeing early signs of a recovery from a cyclical demand trough. Importantly, the cost restructuring actions we implemented in the second quarter are now starting to yield positive contributions, albeit on a lower sales base."

Third Quarter 2024

TriMas reported third quarter 2024 net sales of $229.4 million, a decrease of 2.5% compared to $235.3 million in third quarter 2023, as organic sales growth in its Packaging and Aerospace segments were more than offset by lower market demand for products in its Specialty Products segment, which experienced a net sales decrease of 44.8% as compared to the prior year quarter. The Company reported operating profit of $8.3 million in third quarter 2024, compared to $23.8 million in third quarter 2023. Adjusting for Special Items⁽¹⁾, third quarter 2024 adjusted operating profit was $22.7 million, compared to $27.9 million in the prior year period, as the favorable impact of higher sales volumes in its Packaging and Aerospace segments was offset by the impact of decremental margin from lower sales within Specialty Products, as well as higher conversion costs within one of its Packaging operations related to capacity constraints.

The Company reported third quarter 2024 net income of $2.5 million, or $0.06 per diluted share, compared to $16.5 million, or $0.40 per diluted share, in third quarter 2023. Adjusting for Special Items⁽¹⁾primarily related to changes in non-cash legacy and environmental liabilities, third-party and other costs related to the work stoppage within the Aerospace segment, business restructuring and severance costs, and information technology system implementation costs, third quarter 2024 adjusted net income⁽²⁾ was $17.7 million, compared to $26.0 million in third quarter 2023, primarily as a result of lower operating profit attributable to the Specialty Products segment, as noted above, as well as a higher interest expense and effective tax rate in third quarter 2024. Third quarter 2024 adjusted diluted earnings per share⁽²⁾was $0.43, compared to $0.63 in the prior year period.

Financial Position

The Company reported net cash provided by operating activities of $22.0 million for third quarter 2024, compared to $31.4 million in third quarter 2023, primarily driven by the year-over-year performance decline within its Specialty Products segment. As a result, the Company reported Free Cash Flow⁽³⁾ of $15.4 million for third quarter 2024, compared to $25.2 million in third quarter 2023. Please see Appendix I for further details.

TriMas ended third quarter 2024 with $26.9 million of cash on hand, $210.2 million of cash and available borrowing capacity under its revolving credit facility, and a net leverage ratio of 2.8x as defined in the Company's credit agreement. As of September 30, 2024, TriMas reported total debt of $410.0 and Net Debt⁽⁴⁾ of $383.0 million. The Company continues to maintain a strong balance sheet and remains committed to its capital allocation strategy of investing in its businesses, returning capital to shareholders through both share buybacks and dividends, and augmenting organic growth through programmatic bolt-on acquisitions focused on building out its packaging and aerospace platforms.

During the first nine months of 2024, the Company repurchased 771,067 shares of its outstanding common stock for $19.3 million, further reducing net shares outstanding by approximately 1.6%. As of September 30, 2024, the Company had $67.6 million remaining under the repurchase authorization. TriMas also paid a quarterly cash dividend of $0.04 per share of TriMas Corporation stock in third quarter 2024, as well as declared a $0.04 per share dividend to be payable on November 12, 2024.

Third Quarter Segment Results

TriMas Packaging group's net sales for the third quarter were $130.2 million, an increase of 11.8% compared to the year ago period, primarily due to organic growth within the beauty & personal care, food & beverage, industrial and home care end markets. Third quarter operating profit margin and the related percentage were lower than the prior year period, primarily on account of allocated information technology costs and off-standard costs due to high demand for certain dispenser product lines as customer demand has begun to revert from the prior year levels. Despite these differences as compared to the prior year quarter, TriMas Packaging's adjusted operating profit margin for the third quarter improved by approximately 60 basis points compared to the conversion rate of second quarter 2024. The Company continues to invest in product design and innovation, and global capacity, to accelerate organic growth within its TriMas Packaging group.

TriMas Aerospace group's net sales for the third quarter were $70.8 million, an increase of 4.8% compared to the year ago period, driven by stronger demand, despite delayed shipments from a 10-week work stoppage at one of its fastener manufacturing locations, which has since been resolved. Third quarter operating profit increased, and the related adjusted margin percentage remained flat, as completed operational excellence initiatives and commercial improvements were offset by the impact of reduced sales and related profits resulting from the work stoppage. The Company remains focused on continuing to expand its product offering across its existing customer base, and investing in capacity in certain operations through equipment and skilled labor, all to further enhance conversion on anticipated continued long-term demand trends.

Specialty Products' net sales for the third quarter were $28.3 million, a decrease of 44.8% compared to the year ago period. Third quarter operating profit and the related margin percentage decreased as a result of the demand rate decline and related lower absorption of structural costs, even after recent cost reduction actions. Despite these differences as compared to the prior year quarter, Specialty Products' adjusted operating profit for the third quarter improved approximately 660 basis points when compared to the conversion rate of second quarter 2024, as a result of the cost reduction actions implemented during second quarter 2024. In addition, as previously disclosed, the Company has initiated a sale process for its Arrow Engine business, which when successfully completed, would facilitate an exit of its presence in the oil and gas end market.

Outlook

The Company reaffirms its full year 2024 outlook provided on July 30, 2024. The Company expects to generate full year 2024 adjusted diluted earnings per share⁽²⁾ in the range of $1.70 to $1.90.

"As we near the completion of 2024, we expect that the return of one of our aerospace facilities to full shift production rates, ongoing efficiency improvements within one of our packaging facilities and continued cost containment within our Specialty Products segment will benefit us in the fourth quarter. These developments should not only help us to meet our outlook range for the year, but also, more importantly, further improve our momentum as we enter 2025. We are encouraged by the sequential performance improvements we are experiencing across all of our businesses, on a normalized basis, and are excited about the promising core growth prospects within the TriMas portfolio as we look ahead," concluded Amato.

The above outlook includes the impact of all announced acquisitions, but does not contemplate any impact from a prolonged work stoppage at any of the Company's customers. As previously communicated, effective as of the first quarter of 2024, the Company is adding back non-cash compensation expense to its adjusted diluted earnings per share calculation. The outlook provided assumes no detrimental impact related to input costs or end market demand associated with escalating global conflicts. All of the above amounts considered as 2024 guidance are after adjusting for any current or future amounts that may be considered Special Items, and in the case of adjusted diluted earnings per share, acquisition-related intangible asset amortization expense for deals that have not yet been consummated. The inability to predict the amount and timing of the impacts of these Special Items makes a detailed reconciliation of these forward-looking non-GAAP financial measures impracticable.⁽¹⁾

Conference Call Information

TriMas will host its third quarter 2024 earnings conference call today, Monday, November 4, 2024, at 10 a.m. ET. To participate via phone, please dial (877) 407-0890 (U.S. and Canada) or +1 (201) 389-0918 (outside the U.S. and Canada), and ask to be connected to the TriMas Corporation third quarter 2024 earnings conference call. The conference call will also be simultaneously webcast via the TriMas website at www.trimas.com, under the "Investors" section, with an accompanying slide presentation. A replay of the conference call will be available on the TriMas website or by dialing (877) 660-6853 (U.S. and Canada) or +1 (201) 612-7415 (outside the U.S. and Canada) with a meeting ID of 13749560, beginning November 4, 2024, at 3:00 p.m. ET through November 18, 2024, at 3:00 p.m. ET.

Notice Regarding Forward-Looking Statements

Any "forward-looking" statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, contained herein, including those relating to TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: general economic and currency conditions; competitive factors; market demand; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; pressures on our supply chain, including availability of raw materials and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations, including, but not limited to, risks relating to tensions between the United States and China; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers’ and suppliers’ sustainability and environmental, social and governance (“ESG”) goals and achieve our sustainability and ESG goals in alignment with our own announced targets; litigation; contingent liabilities relating to acquisition activities; interest rate volatility; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; the disruption of operations from catastrophic or extraordinary events, including, but not limited to, natural disasters, geopolitical conflicts and public health crises, the amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; our ability to successfully complete the sale of our Arrow Engine business; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The risks described are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements, except as required by law.

Non-GAAP Financial Measures

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

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

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

⁽¹⁾Appendix I details certain costs, expenses and other amounts or charges, collectively described as "Special Items," that are included in the determination of net income, earnings per share and/or cash flows from operating activities under GAAP, but that management believes should be separately considered when evaluating the quality of the Company’s core operating results, given they may not reflect the ongoing activities of the business.

⁽²⁾ The Company defines adjusted net income (and on a per diluted share basis, adjusted diluted earnings per share) as net income (per GAAP), plus or minus the after-tax impact of Special Items⁽¹⁾, plus the after-tax impacts of non-cash acquisition-related intangible asset amortization and non-cash compensation expense. While the acquisition-related intangible assets aid in the Company’s revenue generation, the Company adjusts for the non-cash amortization expense and non-cash compensation expense because the Company believes it (i) enhances management’s and investors’ ability to analyze underlying business performance, (ii) facilitates comparisons of financial results over multiple periods, and (iii) provides more relevant comparisons of financial results with the results of other companies as the amortization expense associated with these assets may fluctuate significantly from period to period based on the timing, size, nature, and number of acquisitions.

⁽³⁾The Company defines Free Cash Flow as Net Cash Provided by/Used for Operating Activities, excluding the cash impact of Special Items, less Capital Expenditures. Please see Appendix I for additional details.

⁽⁴⁾The Company defines Net Debt as Total Debt less Cash and Cash Equivalents. Please see Appendix I for additional details.

About TriMas

TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,400 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimas.com.

Contact
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com

TriMas Packaging to Exhibit Latest Innovations at Beautyworld Middle East

2024-10-23T10:03:00-04:00

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BLOOMFIELD HILLS, Michigan, October 23, 2024 – TriMas Packaging, the largest operating group within TriMas (NASDAQ: TRS), will showcase its latest beauty and cosmetic packaging innovations at Beautyworld Middle East 2024, held at the Dubai World Trade Centre, Booth #3-H19, from October 28th to 30th. As the region’s premier international trade fair for beauty and wellness products, fragrances and beauty accessories—and one of the leading beauty shows worldwide—Beautyworld Middle East provides TriMas Packaging, and its market-leading brands, consisting of Rieke^®, Aarts Packaging, Affaba & Ferrari™, Taplast™ and Rapak^®, the perfect platform to present their latest advancements and sustainable solutions for the beauty, cosmetic and personal care markets.

“We are excited to exhibit at Beautyworld Middle East for the first time to showcase our innovative, customizable and sustainable solutions for the beauty, cosmetic and personal care sectors,” said Fabio Salik, TriMas Packaging Group President. “With the growing demand for luxury fragrances, this event provides an ideal opportunity to display our portfolio of high-end fragrance pumps and closures. Building upon our success in Europe, we look forward to sharing our expertise with a wider audience in this dynamic, rapidly growing market.”

The event is expected to attract more than 70,000 visitors and 2,000 exhibitors, making it an excellent opportunity to connect with industry leaders and explore the latest developments in the Middle East’s beauty industry.

Visit the TriMas Packaging team at Booth #3-H19.

About TriMas Packaging
TriMas Packaging serves its global customers with its market-leading brands, consisting of Rieke®, Affaba & Ferrari™, Rapak®, Taplast™, Plastic Srl and Aarts Packaging. TriMas Packaging designs and manufactures a comprehensive array of dispensing, closure and flexible packaging solutions for a broad range of end markets including the beauty and personal care, food and beverage, home care, pharmaceutical and nutraceutical, and industrial and agricultural markets. With approximately 2,200 dedicated employees and 26 locations worldwide, TriMas Packaging’s innovative solutions and services are designed to enhance customers’ ability to dispense, transport and store their products safely and securely in an ever-changing marketplace. 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 3,400 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimas.com.

Contact
Kristin Reim
Communications Specialist
(615) 927-1908
kristin.reim@trimas.com

TriMas Declares Quarterly Dividend

2024-10-22T09:03:38-04:00

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BLOOMFIELD HILLS, Michigan, October 22, 2024 – 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 12, 2024, to shareholders of record as of the close of business on November 5, 2024.

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.trimas.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: general economic and currency conditions; competitive factors; market demand; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; pressures on our supply chain, including availability of raw materials and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations, including, but not limited to, risks relating to tensions between the United States and China; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers’ and suppliers’ sustainability and environmental, social and governance (“ESG”) goals and achieve our sustainability and ESG goals in alignment with our own announced targets; litigation; contingent liabilities relating to acquisition activities; interest rate volatility; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; the disruption of operations from catastrophic or extraordinary events, including, but not limited to, natural disasters, geopolitical conflicts and public health crises, the amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; our ability to successfully complete the sale of our Arrow Engine business; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The risks described are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements, except as required by law.

Contact
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com

TriMas Packaging Launches New Range of High-End Perfume Pumps in Europe

2024-10-15T09:29:57-04:00

Discover TriMas Packaging’s exciting new range of luxury perfume pumps. Click the link below to read the full Premium Beauty �ֻ��Ƭ��һ�� article and explore their latest European launch.

https://shorturl.at/8g9eF

About TriMas Packaging
TriMas Packaging serves its global customers with its market-leading brands, consisting of Rieke®, Affaba & Ferrari™, Rapak®, Taplast™, Plastic Srl and Aarts Packaging. TriMas Packaging designs and manufactures a comprehensive array of dispensing, closure and flexible packaging solutions for a broad range of end markets including the beauty and personal care, food and beverage, home care, pharmaceutical and nutraceutical, and industrial and agricultural markets. With approximately 2,200 dedicated employees and 26 locations worldwide, TriMas Packaging’s innovative solutions and services are designed to enhance customers’ ability to dispense, transport and store their products safely and securely in an ever-changing marketplace. 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 3,400 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimas.com.

Contact
Kristin Reim
Communications Specialist
(615) 927-1908
kristin.reim@trimas.com

TriMas Announces Third Quarter 2024 Earnings Conference Call Date

2024-10-08T15:04:16-04:00

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BLOOMFIELD HILLS, Michigan, October 8, 2024 – TriMas (NASDAQ: TRS) announced today that it will host its third quarter 2024 earnings conference call on Monday, November 4, 2024. The conference call will begin at 10 a.m. Eastern Time and will follow the Company’s release of third quarter 2024 earnings results at 8 a.m. that day.

To participate on the earnings conference call, please dial: (877) 407-0890 (U.S. and Canada) or +1 (201) 389-0918 (outside the U.S. and Canada) and ask to be connected to the TriMas third quarter 2024 earnings conference call. The conference call will also be simultaneously webcast via TriMas’ website at www.trimas.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 November 4 at 3 p.m. Eastern Time through November 18 at 3 p.m. Eastern Time. To access the replay, please dial: (877) 660-6853 (U.S. and Canada) or +1 (201) 612-7415 (outside the U.S. and Canada) and use meeting ID 13749560 to access 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 3,400 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimas.com.

Contact
Sherry Lauderback
Vice President, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com

TriMas Packaging to Attend Luxe Pack Monaco 2024

2024-09-16T10:03:01-04:00

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BLOOMFIELD HILLS, Michigan, September 16, 2024 – TriMas Packaging, the largest division of TriMas (NASDAQ: TRS), will exhibit at LUXE PACK Monaco 2024, at the Grimaldi Forum in the Ravel Hall, at Booth #RD10, from September 30th to October 2nd. As the premier trade show for luxury packaging, LUXE PACK features global packaging manufacturers and their most creative innovations and technologies. TriMas Packaging, and its market-leading brands, consisting of Rieke®, Aarts Packaging, Affaba & Ferrari™, Taplast™ and Rapak®, will be showcasing its latest innovations in packaging design and sustainable product solutions, tailored for the luxury and masstige beauty, cosmetic and personal care end markets.

“We are excited to return to LUXE PACK Monaco this year to showcase our most innovative, highly customizable and sustainable product solutions,” said Fabio Salik, TriMas Packaging Group President. “With ongoing growth in the beauty, cosmetic and personal care markets, we continue to invest in advanced processes, cutting-edge technology and sustainable innovation to meet the evolving needs of our customers. Our latest offerings include high-end fragrance pumps and all-plastic foamers, designed to deliver exceptional quality, functionality and user convenience.”

TriMas Packaging will also be featuring dispensers, airless systems, color cosmetic packaging, closures and jars from its extensive beauty and personal care portfolio, as well as its environmentally-conscious Singolo™ line of fully recyclable, single-polymer dispensing pumps.

Visit the TriMas Packaging team located in the Ravel Hall, Booth #RD10.

About TriMas Packaging
TriMas Packaging serves its global customers with its market-leading brands, consisting of Rieke®, Affaba & Ferrari™, Rapak®, Taplast™, Plastic Srl and Aarts Packaging. TriMas Packaging designs and manufactures a comprehensive array of dispensing, closure and flexible packaging solutions for a broad range of end markets including the beauty and personal care, food and beverage, home care, pharmaceutical and nutraceutical, and industrial and agricultural markets. With approximately 2,200 dedicated employees and 26 locations worldwide, TriMas Packaging’s innovative solutions and services are designed to enhance customers’ ability to dispense, transport and store their products safely and securely in an ever-changing marketplace. 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 3,400 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimas.com.

Contact
Kristin Reim
Communications Specialist
(615) 927-1908
kristin.reim@trimas.com

TriMas Reports Second Quarter 2024 Results

2024-07-30T08:05:00-04:00

Accelerated Organic Sales Growth in its Two Largest Segments

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BLOOMFIELD HILLS, Michigan, July 30, 2024 - TriMas (NASDAQ: TRS) today announced financial results for the second quarter ended June 30, 2024.

TriMas Second Quarter Highlights

Achieved organic sales growth within its Packaging and Aerospace segments of 13.0% and 27.6%, respectively
Increased net sales by 1%, as its two largest segments offset decreased demand within Specialty Products
Improved adjusted operating profit margin within its Aerospace segment by 730 basis points year-over-year
Reduced net shares outstanding by approximately 1.3% year-to-date through common stock repurchases

"Overall, our sales growth for the second quarter, as well as on a year-to-date basis, has exceeded our internal planning model for TriMas Packaging and TriMas Aerospace, our two largest groups," said Thomas Amato, TriMas President and Chief Executive Officer. "Although these two groups account for nearly 85% of TriMas’ sales over the past twelve months, our Specialty Products segment has not yet experienced a meaningful reversion in demand, which was expected to occur during the second quarter."

"Within our TriMas Aerospace group, we continue to sequentially benefit from the continuous improvement actions we initiated last year. These actions have enabled us to bring our production into better balance in light of the continued robust demand and constrained supply network in the aerospace and defense end market. Within our TriMas Packaging group, we are highly encouraged by the rate of organic sales growth and are working through challenges associated with customer demand rates at peak capacity in certain product lines, similar to what we have experienced in other businesses emerging from a demand trough. We expect some of these items, such as expedited freight and capacity constraints, to recede as we move through the year. With respect to Specialty Products, specifically our Norris Cylinder business, we have implemented additional cost restructuring actions to better align with the current demand levels. We expect these steps will improve performance during the second half of the year, albeit on a lower sales base than anticipated," commented Amato.

Second Quarter 2024

TriMas reported second quarter 2024 net sales of $240.5 million, an increase of 3.1% compared to $233.2 million in second quarter 2023, as organic sales growth in certain packaging and aerospace product lines more than offset lower market demand for products used in certain industrial, and oil and gas, applications within the Specialty Products segment. The Company reported operating profit of $17.9 million in second quarter 2024, a decrease of 11.0% compared to $20.1 million in second quarter 2023. Adjusting for Special Items⁽¹⁾, second quarter 2024 adjusted operating profit was $20.8 million, compared to $27.3 million in the prior year period, as the impact of higher sales volumes was offset by the impact of lower absorption of manufacturing and other costs within Specialty Products.

The Company reported second quarter 2024 net income of $10.9 million, or $0.27 per diluted share, compared to $11.0 million, or $0.26 per diluted share, in second quarter 2023. Adjusting for Special Items⁽¹⁾, second quarter 2024 adjusted net income⁽²⁾ was $17.5 million, compared to $23.4 million in second quarter 2023, primarily as a result of lower operating profit in second quarter 2024. Second quarter 2024 adjusted diluted earnings per share⁽²⁾was $0.43, compared to $0.56 in the prior year period.

Financial Position

The Company reported net cash provided by operating activities of $18.4 million for second quarter 2024, compared to $16.5 million in second quarter 2023. As a result, the Company reported a Free Cash Flow⁽³⁾ of $11.4 million for second quarter 2024, compared to $11.0 million in second quarter 2023. Please see Appendix I for further details.

TriMas ended second quarter 2024 with $35.0 million of cash on hand, $232.5 million of cash and available borrowing capacity under its revolving credit facility, and a net leverage ratio of 2.7x as defined in the Company's credit agreement. As of June 30, 2024, TriMas reported total debt of $427.4 million and Net Debt⁽⁴⁾ of $392.4 million. The Company continues to maintain a strong balance sheet and remains committed to its capital allocation strategy of investing in its businesses, returning capital to shareholders through both share buybacks and dividends, and augmenting organic growth through programmatic bolt-on acquisitions focused on building out its packaging and aerospace platforms.

During the first six months of 2024, the Company repurchased 671,937 shares of its outstanding common stock for $16.9 million, further reducing net shares outstanding by approximately 1.3%. As of June 30, 2024, the Company had $70.1 million remaining under the repurchase authorization. TriMas also paid a quarterly cash dividend of $0.04 per share of TriMas Corporation stock in second quarter 2024, as well as declared a $0.04 per share dividend to be payable on August 13, 2024.

Second Quarter Segment Results

TriMas Packaging group's net sales for the second quarter were $131.9 million, an increase of 12.5% compared to the year ago period, primarily due to organic growth within the personal care, beauty and industrial end markets. Second quarter operating profit margin percentage was lower than the prior year period, as second quarter 2023 benefited from certain information technology costs remaining at the enterprise-wide level and a favorable commercial settlement, both of which did not repeat in second quarter 2024. Additionally, second quarter 2024 was burdened by capacity pinch points within certain products, related performance inefficiencies and expedited freight costs, due to high demand for certain personal care product lines as customers began to refill their pipeline. Despite these differences as compared to the prior year quarter, TriMas Packaging's adjusted operating profit for the second quarter remained consistent with the conversion rate of first quarter 2024. The Company continues to actively engage with its customers to confirm longer-term demand and related capacity requirements as order intake continues to build.

TriMas Aerospace group's net sales for the second quarter were $77.7 million, an increase of 30.0% compared to the year ago period, of which 27.6% was attributed to organic growth, primarily driven by increased production efficiencies and commercial actions in response to higher input costs. Second quarter operating profit increased, and the related adjusted margin percentage improved approximately 730 basis points, primarily due to operational excellence initiatives and commercial improvements. The Company remains focused on continuing to invest in new and innovative product and process solutions, and adding capacity in certain operations through both equipment and skilled labor, all to further enhance conversion on anticipated continued robust demand.

TriMas Specialty Products' net sales were $30.9 million, a decrease of 45.0% compared to the year ago period. While lower sales were anticipated for the quarter, the decline was greater than expected as an anticipated recovery for Norris Cylinder's product lines, predominantly from customers that use cylinders for heating, cooling and air conditioning, and other industrial applications, did not materialize as a result of overstocked inventory positions. Second quarter operating profit and the related margin percentage decreased significantly despite cost reduction actions in the quarter, given the material decrease in sales rate and the related lower absorption of structural costs. In addition, as previously disclosed, the Company has initiated a sale process for its Arrow Engine business, which when successfully completed, would facilitate an exit of its presence in the oil and gas end market.

Outlook

As a result of the conversion rate on lower than expected sales within Specialty Products in the second quarter, and anticipated lower sales within this segment for the balance of the year, TriMas is revising its full year 2024 outlook provided on February 29, 2024. The Company is now expecting to generate full year 2024 adjusted diluted earnings per share⁽²⁾ in the range of $1.70 to $1.90, based on revised consolidated sales growth of 4% to 6% compared to 2023.

"As we entered the second quarter, we expected that the planned improvements within our Packaging segment and the performance momentum within our Aerospace segment would offset the low but increasing second half demand within our Specialty Products segment for the full year. Given the lower second quarter sales and a slow rate of order book building within Specialty Products, we have updated our 2024 forecast and have taken deeper structural cost-savings actions within our Norris Cylinder business. The revision to our full year outlook is attributable to the lower-than-expected sales and related earnings in our Specialty Products segment for the year. However, we expect Norris Cylinder to show meaningful improvement exiting 2024 compared to its second-quarter performance. Additionally, we are excited about the promising core growth prospects in TriMas Packaging and the ongoing performance gains in TriMas Aerospace," concluded Amato.

The above outlook includes the impact of all announced acquisitions. As previously communicated, effective as of the first quarter of 2024, the Company is adding back non-cash compensation expense to its adjusted diluted earnings per share calculation. The outlook provided assumes no detrimental impact related to input costs or end market demand associated with escalating global conflicts. All of the above amounts considered as 2024 guidance are after adjusting for any current or future amounts that may be considered Special Items, and in the case of adjusted diluted earnings per share, acquisition-related intangible asset amortization expense for deals that have not yet been consummated. The inability to predict the amount and timing of the impacts of these Special Items makes a detailed reconciliation of these forward-looking non-GAAP financial measures impracticable.⁽¹⁾

Conference Call Information

TriMas will host its second quarter 2024 earnings conference call today, Tuesday, July 30, 2024, at 10 a.m. ET. To participate via phone, please dial (877) 407-0890 (U.S. and Canada) or +1 (201) 389-0918 (outside the U.S. and Canada), and ask to be connected to the TriMas Corporation second quarter 2024 earnings conference call. The conference call will also be simultaneously webcast via the TriMas website at www.trimas.com, under the "Investors" section, with an accompanying slide presentation. A replay of the conference call will be available on the TriMas website or by dialing (877) 660-6853 (U.S. and Canada) or +1 (201) 612-7415 (outside the U.S. and Canada) with a meeting ID of 13747794, beginning July 30, 2024, at 3:00 p.m. ET through August 13, 2024, at 3:00 p.m. ET.

Notice Regarding Forward-Looking Statements

Non-GAAP Financial Measures

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

⁽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
sherry.lauderback@trimas.com

TriMas Declares Quarterly Dividend

2024-07-23T09:02:06-04:00

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BLOOMFIELD HILLS, Michigan, July 23, 2024 – 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 13, 2024, to shareholders of record as of the close of business on August 6, 2024.

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.trimas.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: general economic and currency conditions; competitive factors; market demand; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; pressures on our supply chain, including availability of raw materials and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations, including, but not limited to, risks relating to tensions between the United States and China; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers’ and suppliers’ sustainability and environmental, social and governance (“ESG”) goals and achieve our sustainability and ESG goals in alignment with our own announced targets; litigation; contingent liabilities relating to acquisition activities; interest rate volatility; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; the disruption of operations from catastrophic or extraordinary events, including, but not limited to, natural disasters, geopolitical conflicts and public health crises, the amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; our ability to successfully complete the sale of our Arrow Engine business; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The risks described are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements, except as required by law.

Contact
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com

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TriMas Packaging Unveils New State-of-the-Art Facility in Haining, China

TriMas Announces Winner of Its Annual Kaizen Challenge

TriMas Reports Third Quarter 2024 Results

TriMas Packaging to Exhibit Latest Innovations at Beautyworld Middle East

TriMas Declares Quarterly Dividend

TriMas Packaging Launches New Range of High-End Perfume Pumps in Europe

TriMas Announces Third Quarter 2024 Earnings Conference Call Date

TriMas Packaging to Attend Luxe Pack Monaco 2024

TriMas Reports Second Quarter 2024 Results

Accelerated Organic Sales Growth in its Two Largest Segments

TriMas Declares Quarterly Dividend

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