Slide 1: First Quarter 2024 Earnings Presentation
First Quarter 2024 Earnings Presentation April 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: Opening Remarks: Continued Momentum in Packaging and Aerospace
Opening Remarks Continued Momentum in TriMas’ Packaging and Aerospace Groups Consolidated sales up 5.4% in Q1 2024 as compared to the prior year quarter at a glance – Growth in TriMas’ Aerospace (+34.7%) and Packaging (+9.3%) groups more than offset lower demand within Specialty Products – Continu
Slide 4: First Quarter 2024 Results
First Quarter 2024 Results Net Sales Adjusted EBITDA (1) Adj. Earnings Per Share(2) (in millions) (in millions) $227.1 +5.4% $215.5 $35.0 +10.2% $31.7 $0.37 +5.7% $0.35 14.7% 15.4% +70 bps Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2024 Results Sales increased 5.4% YoY, as organic growth w
Slide 5: Continuing to Manage a Strong Balance Sheet
Continuing to Manage a Strong Balance Sheet Low Interest Rate Senior Notes Do Not Mature Until 2029 Ended first quarter with Net Debt under $400 million, and cash & available borrowing capacity of March 31, March 31, 2023 more than $257 million(4) Key Credit Statistics 2024 Total Debt $424.9 $395.
Slide 6: First Quarter Segment Overview: Packaging
First Quarter Segment Overview: Packaging Adjusted for Special Items Q1 2024 Q1 2023 LTM Q1 2024 Net Sales $127.0 $116.2 $474.4 Operating Profit $18.0 $15.2 $75.6 Operating Margin 14.2% 13.1% 15.9% (1) Adjusted EBITDA $26.2 $22.6 $110.4 Adjusted EBITDA Margin 20.7% 19.4% 23.3% Quarterly Takeaways 20
Slide 7: First Quarter Segment Overview: Aerospace
First Quarter Segment Overview: Aerospace Adjusted for Special Items Q1 2024 Q1 2023 LTM Q1 2024 Net Sales $67.3 $50.0 $258.8 Operating Profit $7.1 $1.4 $25.2 Operating Margin 10.6% 2.9% 9.8% (1) Adjusted EBITDA $11.8 $6.2 $44.2 Adjusted EBITDA Margin 17.4% 12.4% 17.1% Quarterly Takeaways 2023 Overv
Slide 8: First Quarter Segment Overview: Specialty Products
First Quarter Segment Overview: Specialty Products Adjusted for Special Items Q1 2024 Q1 2023 LTM Q1 2024 Net Sales $32.7 $49.3 $172.0 Operating Profit $2.6 $9.8 $29.5 Operating Margin 8.0% 19.8% 17.1% (1) Adjusted EBITDA $3.6 $10.8 $33.5 Adjusted EBITDA Margin 11.0% 21.9% 19.5% Quarterly Takeaways
Slide 9: TriMas' Key Nearer-Term Value Drivers
TriMas’ Key Nearer-Term Value Drivers Beginning of Positive trends continuing in consumer goods and industrial markets, with customer inventory Packaging levels winding down driving improved order intake and backlogs Recovery Prior decisions to invest in new innovative products remain on track t
Slide 10: Appendix
— Appendix
Slide 11: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet March 31, December 31, 2024 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 30,470 $ 34,890 Receivables, net 162,650 148,030 Inventories 206,260 192,450 Prepaid expenses and other current assets 28,350 22,010 Total current assets 427,730 397,3
Slide 12: Consolidated Statement of Income
Consolidated Statement of Income Three months ended March 31, 2024 2023 (unaudited) Net sales $ 227,100 $ 215,460 Cost of sales (174,390) (167,770) Gross profit 52,710 47,690 Selling, general and administrative expenses (40,270) (37,700) Operating profit 12,440 9,990 Other expense, net: Interest exp
Slide 13: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Three months ended March 31, 2024 2023 Cash Flows from Operating Activities: Net income $ 5,140 $ 4,910 Adjustments to reconcile net income to net cash provided by (used for) operating activities, net of acquisition impact: Gain on dispositions of assets (60) (10
Slide 14: Company and Segment Financial Information
Company and Segment Financial Information Three months ended March 31, 2024 2023 YOY Growth % Packaging Organic Acquisitions Fx Total Net sales $ 127,020 $ 116,220 Operating profit $ 17,110 $ 14,390 Q1 2024 vs. Q1 2023 Special Items to consider in evaluating operating profit: Consolidated TriMas -1.
Slide 15: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended March 31, 2024 2023 Net income, as reported $ 5,140 $ 4,910 Special Items to consider in evaluating quality of net income: Business restructuring and severance costs 1,590 3,930 Purchase accounting costs - 400 M&A diligence and transacti
Slide 16: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended March 31, 2024 2023 As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by (used for) operating activities $ (3,690) $ 2,770 $ (920) $ 9,690 $ 2,030 $ 11,720 Less: Capital expenditures (13,250) -
Slide 17: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Twelve months ended March 31, March 31, 2024 2023 2024 2023 Net income, as reported $ 5,140 $ 4,910 $ 40,590 $ 56,910 Depreciation expense 9,980 8,760 40,630 34,410 Amortization expense 4,210 4,590 17,800 18,400 Interest expense 4,930 3,
Slide 18: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures As of April 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) $ 1.40 $ 1.60 Pre-tax amortization of acquisition-related intangible assets(1) 0.41 0.41 Income