Slide 1: Second Quarter 2024 Earnings Presentation
Second Quarter 2024 Earnings Presentation July 30, 2024
Slide 2: Disclaimer
Disclaimer 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, invol
Slide 3: Q2 2024 Highlights
Q2 2024 Highlights Continued Momentum in Largest Segments Consolidated sales up 3.1% in Q2 2024 as compared to the prior year quarter – Growth in TriMas’ Packaging (+12.5%) and Aerospace (+30.0%) groups more than offset reduction in shipments within Specialty Products Aerospace – Robust order inta
Slide 4: Q2 2024 Sequential Portfolio Highlights
Q2 2024 Sequential Portfolio Highlights (in millions) Packaging Aerospace Specialty Products $131.9 $127.0 $77.7 $67.3 $26.2 $26.7 $15.0 $32.7 $30.9 20.2% $11.8 20.7% 17.4% 19.4% $3.6 $1.7 11.0% 5.3% Q1 2024 Q2 2024 Q1 2024 Q2 2024 Q1 2024 Q2 2024 Net Sales Adj. EBITDA(1) Net Sales Adj. EBITDA(1) Ne
Slide 5: Q2 2024 Consolidated Results
Q2 2024 Consolidated Results Adjusted for Special Items Q2 2024 Q2 2023 Increased sales 3.1% YoY, as organic growth within the Packaging and Net Sales $240.5 $233.2 Aerospace groups offset lower shipments within Specialty Products, which Operating Profit $20.8 $27.3 experienced a strong first half
Slide 6: Q2 2024 Segment Overview: Packaging
Q2 2024 Segment Overview: Packaging Adjusted for Special Items Q2 2024 Q2 2023 Q1 2024 Net Sales $131.9 $117.3 $127.0 Operating Profit $18.5 $21.9 $18.0 Operating Margin 14.0% 18.7% 14.2% (1) Adjusted EBITDA $26.7 $30.3 $26.2 Adjusted EBITDA Margin 20.2% 25.8% 20.7% Quarterly Takeaways Forward Persp
Slide 7: Q2 2024 Segment Overview: Aerospace
Q2 2024 Segment Overview: Aerospace Adjusted for Special Items Q2 2024 Q2 2023 Q1 2024 Net Sales $77.7 $59.8 $67.3 Operating Profit $10.5 $3.7 $7.1 Operating Margin 13.5% 6.2% 10.6% Adjusted EBITDA(1) $15.0 $8.6 $11.8 Adjusted EBITDA Margin 19.4% 14.4% 17.4% Quarterly Takeaways Forward Perspective
Slide 8: Q2 2024 Segment Overview: Specialty Products
Q2 2024 Segment Overview: Specialty Products Adjusted for Special Items Q2 2024 Q2 2023 Q1 2024 Net Sales $30.9 $56.1 $32.7 Operating Profit $0.6 $12.1 $2.6 Operating Margin 1.9% 21.6% 8.0% (1) Adjusted EBITDA $1.7 $13.2 $3.6 Adjusted EBITDA Margin 5.3% 23.5% 11.0% Quarterly Takeaways Forward Perspe
Slide 9: Forward Expectations
Forward Expectations As of July 30, 2024 FY 2024 Outlook 2024 Revised Outlook Adjusted EPS Bridge Core and Interest Exp. Aerospace Acquisition Growth Specialty Products SALES GROWTH(1) ADJUSTED EPS(2) 4% to 6% $1.70 to $1.90 Feb 2024 July 2024 Adjusted Adjusted EPS(2) EPS(2) $1.95 – $2.15 $1.70 - $1
Slide 10: TriMas' Near-Term Value Drivers
TriMas’ Near-Term Value Drivers 1 Market recovery in the largest segments is underway with anticipated sustained core growth in the coming years - Continuing to focus on investing in and enhancing conversion rates Aerospace Packaging Aerospace 2 Resetting cost base within demand-impacted Specialty P
Slide 11: Appendix
— Appendix
Slide 12: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet June 30, December 31, 2024 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 35,010 $ 34,890 Receivables, net 169,660 148,030 Inventories 208,620 192,450 Prepaid expenses and other current assets 25,610 22,010 Total current assets 438,900 397,38
Slide 13: Consolidated Statement of Income
Consolidated Statement of Income Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 (unaudited) (unaudited) Net sales $ 240,500 $ 233,190 $ 467,600 $ 448,650 Cost of sales (186,490) (178,660) (360,880) (346,430) Gross profit 54,010 54,530 106,720 102,220 Selling, general and a
Slide 14: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Six months ended June 30, 2024 2023 Cash Flows from Operating Activities: Net income $ 16,080 $ 15,930 Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: Loss on dispositions of assets - 50 Depreciation 20
Slide 15: Company and Segment Financial Information
Company and Segment Financial Information Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 YOY Growth % Packaging Organic Acquisitions Fx Total Net sales $ 131,930 $ 117,320 $ 258,950 $ 233,540 Operating profit $ 18,020 $ 17,280 $ 35,130 $ 31,670 Q2 2024 vs. Q2 2023 Special
Slide 16: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Net income, as reported $ 10,940 $ 11,020 $ 16,080 $ 15,930 Special Items to consider in evaluating quality of net income: Business restructuring and severance costs 440 4,830 2,030
Slide 17: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended June 30, 2024 2023 As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by operating activities $ 18,360 $ 3,860 $ 22,220 $ 16,500 $ 4,610 $ 21,110 Less: Capital expenditures (10,860) - (10,860) (
Slide 18: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Twelve months ended June 30, June 30, 2024 2023 2024 2023 Net income, as reported $ 10,940 $ 11,020 $ 40,510 $ 48,070 Depreciation expense 10,020 11,780 38,870 37,510 Amortization expense 4,220 4,610 17,410 18,260 Interest expense 5,220
Slide 19: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures As of July 30, 2024 Full Year 2024 GAAP to Non-GAAP EPS Outlook Reconciliation Twelve months ended December 31, 2024 Low High Diluted earnings per share (GAAP) $ 1.08 $ 1.28 Pre-tax amortization of acquisition-related intangible assets(1) 0.41 0.41 Income