Slide 1: Fourth Quarter and Full Year 2022 Earnings Presentation
Fourth Quarter and Full Year 2022 Earnings Presentation February 23, 2023
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 Focused on Long-term Value Creation Advancing TriMas’ Strategy Successful execution of initiatives to offset the impact of lower 21% demand in certain consumer goods applications related to the TriMas dynamic macro environment Aerospace TriMas’ diversified end market model contin
Slide 4: Recent TriMas Acquisitions
Recent TriMas Acquisitions Augmenting our Packaging and Aerospace Groups Netherlands-based provider of innovative luxury packaging U.S.-based manufacturer of high-performance, complex solutions for beauty and lifestyle brands, as well as for the metal fabricated components and assemblies for the
Slide 5: Our Commitment to Sustainability
Our Commitment to Sustainability Operational Advancements TriMas’ Algorithm for a Sustainable Future to minimize our environmental impact Streamlined Processes to Reduce Waste Increased Renewable Energy Sources Sustainable Product Innovation to increase recyclability and reduce waste Energy-efficien
Slide 6: Fourth Quarter and Full Year Results
Fourth Quarter and Full Year Results Adjusted for Special Items Q4 2022 Q4 2021 FY 2022 FY 2021 Net Sales $203.3 $209.0 $883.8 $857.1 Operating Profit $36.3 $24.5 $116.2 $112.8 FY 2022 FY 2022 FY 2022 Operating Profit Margin 17.8% 11.7% 13.2% 13.2% SALES GROWTH ADJUSTED EBITDA ADJUSTED EPS Net Incom
Slide 7: Continued Focus on Maintaining a Strong Balance Sheet
Continued Focus on Maintaining a Strong Balance Sheet Unrestricted Cash & Availability of $410.0 million as of December 31, 2022 Strong balance sheet, with sufficient liquidity and cash flow December 31, December 31, Net Leverage(2) of 1.6x, even after 2022 Key Credit Statistics 2022 2021 acquisit
Slide 8: TriMas Packaging Segment
TriMas Packaging Segment Results & Forward Perspective Adjusted for Special Items Q4 2022 Q4 2021 Net Sales $105.6 $123.5 Operating Profit $15.1 $22.1 Operating Margin 14.3% 17.9% Adjusted EBITDA (1) $19.7 $29.7 Adjusted EBITDA Margin 18.7% 24.0% Quarterly Takeaways Forward Perspective Sales decre
Slide 9: TriMas Aerospace Segment
TriMas Aerospace Segment Results & Forward Perspective Adjusted for Special Items Q4 2022 Q4 2021 Net Sales $50.8 $47.7 Operating Profit $1.4 $3.5 Operating Margin 2.8% 7.4% Adjusted EBITDA(1) $6.2 $8.3 Adjusted EBITDA Margin 12.2% 17.4% Quarterly Takeaways Forward Perspective Sales increased as o
Slide 10: TriMas Specialty Products Segment
TriMas Specialty Products Segment Results & Forward Perspective Adjusted for Special Items Q4 2022 Q4 2021 Net Sales $46.9 $37.8 Operating Profit $9.5 $5.4 Operating Margin 20.2% 14.2% Adjusted EBITDA(1) $10.5 $6.4 Adjusted EBITDA Margin 22.3% 17.0% Quarterly Takeaways Forward Perspective Sales in
Slide 11: Forward Expectations
Forward Expectations As of February 23, 2023 FY 2023 Outlook Core Acq. Growth 2022 Cash and Acquisition Property Sale Core Growth Growth Gains 2023 2022 FREE CASH FLOW Adjusted 2023 Outlook vs. 2022 Adjusted SALES GROWTH ADJUSTED EPS EPS 10% to 15% $2.00 to $2.20 >100% EPS Adjusted EPS Bridge of Net
Slide 12: TriMas' Strategic Value Drivers
TriMas’ Strategic Value Drivers Anticipate strong conversion when demand recovers Packaging Continuing to Invest in future growth through launching innovative products at Our Core – Single-polymer and sustainable solutions – Further accelerating expansion in Life Sciences applications Aerospace
Slide 13: 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 13
Slide 14: Appendix
__ Appendix
Slide 15: Shaping Our Future
Shaping Our Future 2026 TARGETS FY 2022 Results NET SALES TRIMAS’ PACKAGING ~$1.5 Billion GROUP CONSOLIDATED FY 2022 EBITDA(1) MARGIN Adjusted for Special Items ~75% Organic Sales Growth of GDP+ enhanced by ~22% Net Sales $884 million of Consolidated Sales Acquisitions Adjusted EBITDA(1) $178 millio
Slide 16: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet December 31, December 31, 2022 2021 Assets Current assets: Cash and cash equivalents $ 112,090 $ 140,740 Receivables, net 132,370 125,630 Inventories 163,360 152,450 Prepaid expenses and other current assets 14,840 12,950 Total current assets 422,660 431,770 Prop
Slide 17: Consolidated Statement of Income
Consolidated Statement of Income Three months ended Twelve months ended December 31, December 31, 2022 2021 2022 2021 (unaudited) Net sales $ 203,310 $ 208,970 $ 883,830 $ 857,110 Cost of sales (157,730) (159,580) (675,530) (639,920) Gross profit 45,580 49,390 208,300 217,190 Selling, general and ad
Slide 18: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Twelve months ended December 31, 2022 2021 Cash Flows from Operating Activities: Net income $ 66,170 $ 57,310 Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: (Gain) loss on dispositions of assets (21,95
Slide 19: 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 2022 2021 2022 2021 Q4 2022 vs. Q4 2021 Packaging Consolidated TriMas -5.8% 5.3% -2.2% -2.7% Net sales $ 105,640 $ 123,530 $ 522,180 $ 533,260 Packagi
Slide 20: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Twelve months ended December 31, December 31, 2022 2021 2022 2021 Net income, as reported $ 18,840 $ 12,820 $ 66,170 $ 57,310 Special Items to consider in evaluating quality of net income: Change in legacy liability estimate for asbestos
Slide 21: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended December 31, 2022 2021 As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by operating activities $ 25,930 $ 2,390 $ 28,320 $ 56,480 $ 2,630 $ 59,110 Less: Capital expenditures (14,120) - (14,12
Slide 22: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Twelve months ended December 31, December 31, 2022 2021 2022 2021 Net income, as reported $ 18,840 $ 12,820 $ 66,170 $ 57,310 Depreciation expense 8,780 8,150 34,120 31,890 Amortization expense 4,500 5,410 19,100 21,560 Interest expense
Slide 23: Additional Information on Non-GAAP Measures
Addition Information on Non-GAAP Measures As of February 23, 2023 Full Year 2023 GAAP to Non-GAAP EPS Outlook Reconciliation Twelve months ended December 31, 2023 Low High Diluted earnings per share (GAAP) $ 1.67 $ 1.87 Pre-tax amortization of acquisition-related intangible assets(1) 0.45 0.45 Incom