Slide 1: Third Quarter 2022 Earnings Presentation
Third Quarter 2022 Earnings Presentation October 27, 2022
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: Opening Remarks: Inflationary Effects Impact Certain Seasonal Orders
Opening Remarks Inflationary Effects Impact Certain Seasonal Orders North America Europe Asia (80% of TriMas Q3 2022 Net Sales) (15% of TriMas Q3 2022 Net Sales) (5% of TriMas Q3 2022 Net Sales) ▪ Accelerated inflation during recent months impacting ▪ Russia/Ukraine conflict resulting in rising ener
Slide 4: Third Quarter 2022 Results
Third Quarter 2022 Results YTD YTD Adjusted for Special Items Q3 2022 Q3 2021 Q3 2022 Q3 2021 Net Sales $218.5 $222.4 $680.5 $648.1 Operating Profit $21.6 $31.6 $80.0 $88.2 Q3 2022 Q3 2022 Q3 2022 Operating Profit Margin 9.9% 14.2% 11.7% 13.6% SALES GROWTH ADJUSTED EPS ADJUSTED EBITDA Net Income $13
Slide 5: Continued Focus on Maintaining a Strong Balance Sheet
Continued Focus on Maintaining a Strong Balance Sheet Unrestricted Cash & Availability of $378.3 million as of September 30, 2022 Strong balance sheet, with sufficient September 30, September 30, liquidity and cash flow Key Credit Statistics 2022 2021 ▪ Net Leverage(2) of 1.9x, even after acquisitio
Slide 6: TriMas Packaging Segment
TriMas Packaging Segment Results & Forward Perspective Adjusted for Special Items Q3 2022 Q3 2021 Net Sales $129.7 $138.0 Operating Profit $18.1 $27.3 Operating Margin 13.9% 19.8% Adjusted EBITDA(1) $26.1 $34.6 Adjusted EBITDA Margin 20.1% 25.1% Quarterly Takeaways Forward Perspective ▪ Sales decrea
Slide 7: TriMas Aerospace Segment
TriMas Aerospace Segment Results & Forward Perspective Adjusted for Special Items Q3 2022 Q3 2021 Net Sales $45.4 $46.5 Operating Profit $4.8 $4.6 Operating Margin 10.5% 9.8% Adjusted EBITDA(1) $9.6 $9.0 Adjusted EBITDA Margin 21.1% 19.4% Quarterly Takeaways Forward Perspective ▪ Sales down slightly
Slide 8: TriMas Specialty Products Segment
TriMas Specialty Products Segment Results & Forward Perspective Adjusted for Special Items Q3 2022 Q3 2021 Net Sales $43.4 $37.9 Operating Profit $6.8 $6.7 Operating Margin 15.6% 17.6% Adjusted EBITDA(1) $7.7 $7.6 Adjusted EBITDA Margin 17.8% 19.9% Quarterly Takeaways Forward Perspective ▪ Sales inc
Slide 9: Forward Expectations
Forward Expectations As of October 27, 2022 FY 2022 Outlook FREE CASH FLOW SALES GROWTH ADJUSTED EPS $2.10 to $2.18 >80% 3% to 5% of Net Income (From 8% to 11%) (From $2.25 to $2.35) (From >100% of Net Income) ▪ Managing through a deferred demand environment from consumer products customers in TriMa
Slide 10: TriMas' Strategic Value Drivers
TriMas’ Strategic Value Drivers Aerospace ▪ Positioned for aerospace commercial jet production recovery 2026 Recovery ▪ TriMas Aerospace backlog strengthening versus prior year quarter NET SALES TRIMAS’ ~$1.5 Billion PACKAGING ▪ Achieving margin leverage in Specialty Products GROUP Optimizing – Stro
Slide 11: TriMas Q&A
TriMas Q&A Packaging Aerospace & Industrials Our Vision To provide innovative products of exceptional performance and value through market-leading brands. Strong Brand Names Diverse End Markets Innovative Product Solutions 11
Slide 12: Appendix
___ Appendix TriMas
Slide 13: Fiscal Year 2022 Outlook – Additional Assumptions
Fiscal Year 2022 Outlook – Additional Assumptions As of October 27, 2022 FY 2022 Outlook by Segment Enterprise-wide Assumptions Core 7/28/22 10/27/22 and Acquisition Outlook Outlook Growth Effective Tax Rate: ~24% TriMas Packaging Capital Expenditures as a % of Sales: 5% to 6%* Sales Growth 9% to 12
Slide 14: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet September 30, December 31, 2022 2021 (unaudited) Assets Current assets: Cash and cash equivalents $ 80,340 $ 140,740 Receivables, net 142,610 125,630 Inventories 173,740 152,450 Prepaid expenses and other current assets 20,130 12,950 Total current assets 416,820
Slide 15: Consolidated Statement of Income
Consolidated Statement of Income Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Net sales $ 218,530 $ 222,420 $ 680,520 $ 648,140 Cost of sales (170,200) (163,980) (517,800) (480,340) Gross profit 48,330 58,440 162,720 167,800 Selling, general and administrative
Slide 16: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Nine months ended September 30, 2022 2021 Cash Flows from Operating Activities: Net income $ 47,330 $ 44,490 Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: (Gain) loss on dispositions of assets (4,540)
Slide 17: Company and Segment Financial Information
Company and Segment Financial Information Three months ended Nine months ended YOY Growth % September 30, September 30, Organic Acquisitions Fx Total 2022 2021 2022 2021 Q3 2022 vs. Q3 2021 Packaging Consolidated TriMas -4.8% 5.8% -2.7% -1.7% Net sales $ 129,700 $ 138,010 $ 416,540 $ 409,730 Packagi
Slide 18: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Net income, as reported $ 13,300 $ 19,590 $ 47,330 $ 44,490 Special Items to consider in evaluating quality of net income: Business restructuring and severance costs 610 6
Slide 19: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended September 30, 2022 2021 As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by operating activities $ 18,950 $ 6,520 $ 25,470 $ 35,070 $ 1,180 $ 36,250 Less: Capital expenditures (10,120) - (10,1
Slide 20: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Twelve months ended Nine months ended September 30, September 30, September 30, 2022 2021 2022 2021 2022 2021 Net income, as reported $ 13,300 $ 19,590 $ 60,150 $ 68,180 $ 47,330 $ 44,490 Depreciation expense 8,190 7,910 33,490 31,060 25
Slide 21: Additional Information on Non-GAAP Measures
Addition Information on Non-GAAP Measures As of October 27, 2022 Full Year 2022 GAAP to Non-GAAP EPS Outlook Reconciliation Twelve months ended Three months ended March 31 December 31, 2022 Low High Diluted earnings per share (GAAP) $ 1.62 $ 1.70 Pre-tax amortization of acquisition-related intangibl