Slide 1: Fourth Quarter and Full Year 2023 Earnings Presentation
Fourth Quarter and Full Year 2023 Earnings Presentation February 29, 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: Opening Remarks
Opening Remarks Momentum Building in Packaging with Progressive Gains in Aerospace ▪ Consolidated sales up 3.1% in Q4 2023 as compared to the prior year quarter at a glance – Growth in TriMas’ Aerospace (+26.1%) and Packaging (+7.5%) groups more than offset lower-than- anticipated demand within Spec
Slide 4: Enhancements for 2024
Enhancements for 2024 1 Continued portfolio rationalization ▪ TriMas has initiated a sale process for its Arrow Engine business, which when completed, would facilitate an exit of its presence in the Oil & Gas end market ▪ Arrow Engine is anticipated to generate 2024 sales of ~$35 million, less than
Slide 5: Fourth Quarter and Full Year Results
Fourth Quarter and Full Year Results Net Sales Operating Profit Adj. Earnings Per Share(1) $893.6 $883.8 $116.2 $2.12 $93.8 $1.73 $1.74 $89.5 $209.6 $0.62 $203.3 $36.3 $18.7 $18.8 $0.37 $0.32 Q4 2022 Q4 2023 FY 2022 FY 2023 Q4 2022 Q4 2023 FY 2022 FY 2023 Q4 2022 Q4 2023 FY 2022 FY 2023 = Results ex
Slide 6: Continuing to Manage a Strong Balance Sheet
Continuing to Manage a Strong Balance Sheet Low Interest Rate Senior Notes Do Not Mature Until 2029 ▪ Net Leverage(2) of 2.3x, even after investing more December 31, December 31, than $150 million of cash in 2023 for acquisitions, Key Credit Statistics 2023 2022 capital expenditures, dividends and s
Slide 7: Fourth Quarter Segment Overview: Packaging
Fourth Quarter Segment Overview: Packaging Adjusted for Special Items Q4 2023 Q4 2022 LTM 2023 Net Sales $113.6 $105.6 $463.6 Operating Profit $16.2 $15.1 $72.9 Operating Margin 14.3% 14.3% 15.7% Adjusted EBITDA (1) $25.4 $19.7 $106.7 Adjusted EBITDA Margin 22.4% 18.7% 23.0% Quarterly Takeaways 2023
Slide 8: Growth Through New Product Innovations
Growth Through New Product Innovations Singolo Life Sciences/Medical Fully recyclable, Single-polymer Dispenser ▪ Further penetrating medical applications by leveraging qualification status ▪ Fully recyclable with new single-polymer material design and presence on approved vendor lists ▪ European-ce
Slide 9: Fourth Quarter Segment Overview: Aerospace
Fourth Quarter Segment Overview: Aerospace Adjusted for Special Items Q4 2023 Q4 2022 LTM 2023 Net Sales $64.0 $50.8 $241.4 Operating Profit $6.1 $1.4 $19.5 Operating Margin 9.5% 2.8% 8.1% Adjusted EBITDA (1) $10.8 $6.2 $38.7 Adjusted EBITDA Margin 16.9% 12.2% 16.0% Quarterly Takeaways 2023 Overview
Slide 10: Fourth Quarter Segment Overview: Specialty Products
Fourth Quarter Segment Overview: Specialty Products Adjusted for Special Items Q4 2023 Q4 2022 LTM 2023 Net Sales $32.0 $46.9 $188.6 Operating Profit $4.0 $9.5 $36.6 Operating Margin 12.6% 20.2% 19.4% Adjusted EBITDA (1) $5.1 $10.5 $40.7 Adjusted EBITDA Margin 15.8% 22.3% 21.6% Quarterly Takeaways 2
Slide 11: Forward Expectations
Forward Expectations As of February 29, 2024 FY 2024 Outlook Reporting Segment Packaging Aerospace Specialty Products (52% of 2023 Sales) (27% of 2023 Sales) (21% of 2023 Sales) ADJUSTED EPS(2) Sales Growth YOY 5% to 9% 14% to 18% -4% to 1% SALES GROWTH(1) $1.95 to $2.15 5% to 8% Adj. EBITDA(3) % 21
Slide 12: TriMas' Key Nearer-Term Value Drivers
TriMas’ Key Nearer-Term Value Drivers Beginning of ▪ Positive trends emerging related to U.S. Consumer Spending, with customer inventory stocks winding down and the beginning of improved order intake Packaging Recovery ▪ Continued to invest in long-term growth and innovative products, despite a lowe
Slide 13: Appendix
— Appendix
Slide 14: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet December 31, December 31, 2023 2022 Assets Current assets: Cash and cash equivalents $ 34,890 $ 112,090 Receivables, net 148,030 132,370 Inventories 192,450 163,360 Prepaid expenses and other current assets 22,010 14,840 Total current assets 397,380 422,660 Prope
Slide 15: Consolidated Statement of Income
Consolidated Statement of Income Three months ended Twelve months ended December 31, December 31, 2023 2022 2023 2022 (unaudited) Net sales $ 209,560 $ 203,310 $ 893,550 $ 883,830 Cost of sales (166,390) (157,730) (692,230) (675,530) Gross profit 43,170 45,580 201,320 208,300 Selling, general and ad
Slide 16: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Twelve months ended December 31, 2023 2022 Cash Flows from Operating Activities: Net income $ 40,360 $ 66,170 Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: Impairment of indefinite-lived intangible as
Slide 17: Company and Segment Financial Information
Company and Segment Financial Information Three months ended Twelve months ended YOY Growth % December 31, December 31, Organic Acquisitions Fx Total 2023 2022 2023 2022 Packaging Q4 2023 vs. Q4 2022 Net sales $ 113,560 $ 105,640 $ 463,600 $ 522,180 Consolidated TriMas -5.4% 7.6% 0.9% 3.1% Operating
Slide 18: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Twelve months ended December 31, December 31, 2023 2022 2023 2022 Net income, as reported $ 7,940 $ 18,840 $ 40,360 $ 66,170 Special Items to consider in evaluating quality of net income: Impairment of indefinite-lived intangible assets
Slide 19: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended December 31, 2023 2022 Special Special As reported Items As adjusted As reported Items As adjusted Net cash provided by operating activities $ 30,590 $ 3,370 $ 33,960 $ 25,930 $ 2,390 $ 28,320 Less: Capital expenditures (19,250) - (19,25
Slide 20: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Twelve months ended December 31, December 31, 2023 2022 2023 2022 Net income, as reported $ 7,940 $ 18,840 $ 40,360 $ 66,170 Depreciation expense 9,580 8,780 39,410 34,120 Amortization expense 4,370 4,500 18,180 19,100 Interest expense 4
Slide 21: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures As of February 29, 2024 Full Year 2024 GAAP to Non-GAAP EPS Outlook Reconciliation Twelve months ended Three months ended March 31 December 31, 2024 Low High Diluted earnings per share (GAAP) $ 1.44 $ 1.64 Pre-tax amortization of acquisition-related intang