Company Provides 2026 Full-Year Earnings Outlook
- First quarter sales growth increased 10.4% compared to prior year, including organic growth of 7.3%
- First quarter operating profit totaled $6.9 million, with adjusted operating profit of $12.7 million, up 32.2%
- Repurchased nearly 1.5 million of outstanding shares during first quarter
- Completed the divestiture of TriMas Aerospace in March, generating $1.2 billion in net proceeds
BLOOMFIELD HILLS, Michigan, April 30, 2026 - TriMas (NASDAQ: TRS) today announced financial results for the first quarter ended March 31, 2026.
TriMas reported first quarter 2026 net sales of $168.3 million, a 10.4% increase compared to $152.5 million in first quarter 2025, driven by organic growth in both Packaging and Specialty Products, as well as the benefit of favorable foreign currency exchange. The Company reported operating profit of $6.9 million in first quarter 2026, compared to $7.2 million in first quarter 2025. Adjusting for Special Items(1), first quarter 2026 adjusted operating profit was $12.7 million, a 32.2% increase compared to $9.6 million in the prior year period, driven by stronger sales and the successful execution of cost-out and operational improvement initiatives.
The Company reported a first quarter 2026 loss from continuing operations of $51.8 million, or $1.38 per diluted share, compared to income from continuing operations of $1.9 million, or $0.05 per diluted share, in first quarter 2025. The decline was primarily attributable to a $53.9 million non-cash tax impact related to the divestiture of TriMas Aerospace. Adjusting for Special Items(1) including this tax item, first quarter 2026 adjusted income(2) from continuing operations was $9.0 million, representing an increase of 50.8% compared to $5.9 million in the prior year period. First quarter 2026 adjusted diluted earnings per share(2) from continuing operations was $0.24, an increase of 60.0% compared to $0.15 in first quarter 2025.
鈥淲e delivered first quarter results consistent with our expectations, while successfully completing the divestiture of TriMas Aerospace in March, an important milestone in the continued transformation of TriMas,鈥� said Thomas Snyder, TriMas President and Chief Executive Officer. 鈥淲e entered 2026 with a clear focus on strengthening our core businesses, and the decisive cost actions implemented in January are expected to support improved operating leverage as we move through the year. With a more focused portfolio, enhanced financial flexibility and disciplined execution across the organization, we believe TriMas is well positioned to deliver improved performance and drive sustainable long鈥憈erm value for our stakeholders.鈥�
Financial Position
During the first quarter of 2026, the Company repurchased 1,487,057 shares of its outstanding common stock for $54.5 million, contributing to a 3.4% net reduction in shares outstanding compared to December 31, 2025. As of March 31, 2026, $95.5 million remained available under the repurchase authorization, with approximately 36.3 million shares outstanding. In addition, TriMas declared and paid a quarterly cash dividend of $0.04 per share.
The Company reported net cash used in operating activities of continuing operations of $19.1 million for first quarter 2026, compared to net cash provided by operating activities of continuing operations of $7.0 million in first quarter 2025. As a result, the Company reported a Free Cash Flow(3) use of $16.1 million for first quarter 2026, compared to Free Cash Flow(3) of $0.9 million in first quarter 2025, driven by higher levels of investment to position the business for future growth. Please see Appendix I for further details.
TriMas ended first quarter 2026 with $1,309.6 million of cash on hand, $1,499.7 million of cash and available borrowing capacity under its revolving credit facility, and a net leverage ratio of 1.8x as defined in the Company's credit agreement. As of March 31, 2026, the Company reported total debt of $396.6 million and Net Debt(4) of $(913.0) million, reflecting cash on hand that significantly exceeded the Company's debt position following the divestiture of TriMas Aerospace, which generated approximately $1.2 billion in net after鈥憈ax proceeds. The Company utilized a portion of the proceeds to repurchase outstanding shares and to repay revolver borrowings related to fourth quarter 2025 share repurchase activity. The remaining proceeds are currently invested in interest鈥慴earing investments pending further redeployment.
First Quarter Segment Results
The TriMas Packaging group reported first quarter net sales of $139.2 million, an increase of 9.1% compared to first quarter 2025. Sales growth was primarily driven by higher demand for products serving the beauty and personal care, and life science end markets, as well as the benefit of favorable foreign currency exchange. This growth was partially offset by lower sales for products used in industrial closure applications. First quarter operating profit was relatively consistent with the prior year period. Operating profit margins improved sequentially compared to the fourth quarter of 2025, reflecting higher sales levels and the impact of cost鈥憆eduction and operational improvement initiatives. On a year鈥憃ver鈥憏ear basis, margins declined, primarily due to a less favorable product sales mix.
TriMas' Specialty Products group reported first quarter net sales of $29.1 million, an increase of 17.0% compared to first quarter 2025, as strong year-over-year sales growth at Norris Cylinder more than offset the impact of lost sales related to the divestiture of Arrow Engine in January 2025. First quarter operating profit and margins increased compared to the prior year period, with operating margins expanding 940 basis points year-over-year, primarily reflecting the benefit of prior restructuring actions and operating leverage on higher sales volumes at Norris Cylinder.
Discontinued Operations
The divestiture of TriMas Aerospace was completed on March 16, 2026, with the sale of the business to PennAero, a portfolio company of Tinicum L.P. and funds managed by Blackstone, Inc., for approximately $1.5 billion in cash. Net after鈥憈ax proceeds from the transaction totaled approximately $1.2 billion in cash. Following the closing, the Company repaid outstanding borrowings under its revolving credit facility related to share repurchase activity during the fourth quarter of 2025, and utilized a portion of the proceeds toward additional share repurchases. The remaining proceeds were invested in liquid, interest鈥慴earing accounts. The Company intends to maintain these investments until the proceeds are deployed for organic growth initiatives, strategic acquisition opportunities or additional share repurchases.
The results of operations for TriMas Aerospace, which were previously reported within the Aerospace segment, along with one-time transaction-related costs, have been classified as discontinued operations for all periods presented.
Realignment and Cost-Out Initiatives
TriMas continues to advance its realignment and cost鈥憃ut initiatives, which are simplifying the organization and improving operating efficiency. As previously announced, actions taken in January 2026 are expected to generate more than $10 million of savings in 2026 and approximately $15 million on an annualized basis. Building on this progress, in March 2026, the Company announced plans to consolidate its Atkins, Arkansas, packaging facility into other locations by mid鈥憏ear 2026, an action expected to deliver an additional $0.5 million of savings in 2026 and approximately $1 million in annual cost savings.
2026 Outlook
The Company is reaffirming the full year 2026 sales and margin outlook previously provided on February 26, 2026. For 2026, the Company continues to expect sales growth of 3% to 6% year-over-year across its combined Packaging and Specialty Products businesses and more than 300 basis points of adjusted operating profit margin improvement, driven by cost reductions and realignment initiatives. In addition, the Company is providing full year 2026 adjusted diluted earnings per share(2) from continuing operations guidance, which is expected to be in the range of $1.50 to $1.70, representing an approximate 191% increase at the midpoint compared to $0.55 in 2025. This outlook assumes approximately $9 million of interest income per each remaining quarter and assumes no significant change in interest rates or the redeployment of the cash proceeds for the remainder of the year.
鈥淲ith the divestiture of TriMas Aerospace now complete, TriMas is operating as a more focused and agile company,鈥� said Snyder. 鈥淭his portfolio simplification allows us to concentrate on our Packaging and Specialty Products businesses, where we see opportunities for continued growth, operational improvement and margin expansion. Our realignment and cost鈥憃ut initiatives are strengthening our operating foundation, and as we progress through 2026, we expect these actions to drive meaningful year鈥憃ver鈥憏ear EPS growth."
鈥淲e are also actively monitoring global conditions and working with our customers, suppliers and operating teams to mitigate potential impacts related to the conflict in the Middle East, including potential supply chain constraints and cost volatility. In parallel, the successful completion of the Aerospace transaction has enhanced our financial flexibility, enabling disciplined capital deployment to support organic growth investments, pursue strategically aligned acquisitions in packaging and life sciences, and return capital to shareholders through share repurchases.鈥�
The above outlook includes the impact of all announced acquisitions and divestitures as of April 30, 2026. The outlook provided assumes no significant impact related to input costs or end market demand associated with global conflicts or geopolitical actions. All of the above amounts considered as 2026 guidance are after adjusting for any current or future amounts that may be considered Special Items. 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 first quarter 2026 earnings conference call today, Thursday, April 30, 2026, 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 first quarter 2026 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 13759871, beginning April 30, 2026, at 3:00 p.m. ET through May 14, 2026, 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鈥� 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; government and regulatory actions, including, without limitation, the impact of current and future tariffs and reciprocal tariffs, quotas and surcharges, as well as climate change legislation and other environmental regulations; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; our ability to recognize the benefits of and effectively deploy the net proceeds from the sale of TriMas Aerospace; 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; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers鈥� and suppliers鈥� 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 and disposition 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; and other risks that are detailed in the Annual Report on Form 10-K for the year ended December 31, 2025. 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鈥檚 businesses and facilitating comparisons of performance with prior and future periods and to the Company鈥檚 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 鈥淚nvestors鈥� 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鈥檚 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鈥檚 revenue generation, the Company adjusts for the non-cash amortization expense and non-cash compensation expense because the Company believes it (i) enhances management鈥檚 and investors鈥� 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 designs, manufactures and supplies a broad range of innovative and high鈥憅uality products for the consumer packaging, life sciences and industrial markets through its TriMas Packaging and Specialty Products groups. With approximately 2,500 employees in 12 countries, TriMas is committed to empowering customer success through deep partnerships, strong technical expertise, focused innovation, and exceptional quality and service. Guided by a culture of continuous improvement and operational excellence, TriMas invests in its people and capabilities to deliver long鈥憈erm value for all stakeholders. Headquartered in Bloomfield Hills, Michigan, TriMas is publicly traded on NASDAQ under the ticker symbol 鈥淭RS.鈥� For more information, please visit www.trimas.com.
Contact
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