Slide 1: Second Quarter 2022 Earnings Presentation
Second Quarter 2022 Earnings Presentation July 28, 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: Advancing TriMas' Strategy
Opening Remarks TriMas Delivered Second Quarter Results On Plan Advancing TriMas’ Strategy ▪ Delivered solid Q2 2022 performance despite continuing inflationary 21% pressure on input costs and prolonged pandemic-related labor and TriMas supply challenges Aerospace ▪ Operational and treasury actions
Slide 4: Second Quarter 2022 Results
Second Quarter 2022 Results Adjusted for Special Items Q2 2022 Q2 2021 Net Sales $237.7 $219.0 Operating Profit $32.1 $30.0 Operating Profit Margin 13.5% 13.7% Q2 2022 Q2 2022 Q2 2022 SALES GROWTH ADJUSTED EPS ADJUSTED EBITDA Net Income $21.8 $22.7 8.5% $0.60 $48.3M Adjusted Earnings Per Share(1) $0
Slide 5: Continued Focus on Maintaining a Strong Balance Sheet
Continued Focus on Maintaining a Strong Balance Sheet Strong balance sheet, with sufficient liquidity and cash flow, enables June 30, June 30, continued execution of our long-range Key Credit Statistics 2022 2021 objectives Total Debt $394.3 $393.4 ▪ Net Leverage(2) of 2.0x, even after acquisitions,
Slide 6: TriMas Packaging Segment
TriMas Packaging Segment Results & Forward Perspective Q2 2022 Q2 2021 v vv v v v Net Sales $148.4 $139.6 Operating Profit $29.2 $28.2 Operating Margin 19.7% 20.2% Adjusted EBITDA(1) $37.0 $36.2 Adjusted EBITDA Margin 24.9% 26.0% Quarterly Takeaways Forward Perspective ▪ Sales increased 6.2%, driven
Slide 7: TriMas Aerospace Segment
TriMas Aerospace Segment Results & Forward Perspective Adjusted for Special Items Q2 2022 Q2 2021 Net Sales $47.4 $44.6 Operating Profit $3.3 $2.7 Operating Margin 6.9% 6.1% Adjusted EBITDA(1) $8.2 $7.4 Adjusted EBITDA Margin 17.4% 16.5% Quarterly Takeaways Forward Perspective ▪ Sales increased 6.4%
Slide 8: TriMas Specialty Products Segment
TriMas Specialty Products Segment Results & Forward Perspective Adjusted for Special Items Q2 2022 Q2 2021 Net Sales $41.9 $34.8 Operating Profit $6.8 $6.0 Operating Margin 16.1% 17.3% Adjusted EBITDA(1) $7.9 $7.2 Adjusted EBITDA Margin 18.8% 20.7% Quarterly Takeaways Forward Perspective ▪ Sales inc
Slide 9: Forward Expectations
Forward Expectations As of July 28, 2022 FY 2022 Outlook ADJUSTED EPS FREE CASH FLOW SALES GROWTH 8% to 11% $2.25 to $2.35 >100% of Net Income ▪ Organic sales growth expected to be augmented by acquisitions; more than overcoming TriMas Aerospace special stocking orders fulfilled in 2021 ▪ Normalizin
Slide 10: TriMas' Strategic Value Drivers
TriMas’ Strategic Value Drivers ▪ Investments in growth and innovation Near-term Packaging – Single-polymer and sustainable solutions at Our Core – Child-resistant and security closures TriMas Business Model – Expansion in Life Sciences applications Optimizing ▪ Achieving margin leverage in Specialt
Slide 11: Shaping Our Future
Shaping Our Future 2026 TARGETS NET SALES 2021 Full Year Results TRIMAS’ ~$1.5 Billion PACKAGING GROUP CONSOLIDATED EBITDA MARGIN FY 2021 ~75% Adjusted for Special Items Organic Sales Growth of GDP+ enhanced by ~22% of Consolidated Sales Net Sales $857 million Acquisitions Adjusted EBITDA(1) $172 mi
Slide 12: 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 12
Slide 13: Appendix
___ Appendix TriMas
Slide 14: Fiscal Year 2022 Outlook – Additional Assumptions
Fiscal Year 2022 Outlook – Additional Assumptions As of July 28, 2022 FY 2022 Outlook by Segment Enterprise-wide Assumptions Core and Acquisition 4/28/22 7/28/22 Effective Tax Rate: 23% to 24% Growth Outlook Outlook Capital Expenditures as a % of Sales: 5% to 6%* TriMas Packaging Sales Growth 11% to
Slide 15: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet June 30, December 31, 2022 2021 (unaudited) Assets Current assets: Cash and cash equivalents $ 49,090 $ 140,740 Receivables, net 155,140 125,630 Inventories 164,040 152,450 Prepaid expenses and other current assets 17,000 12,950 Total current assets 385,270 431,7
Slide 16: Consolidated Statement of Income
Consolidated Statement of Income Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Net sales $ 237,680 $ 218,990 $ 461,990 $ 425,720 Cost of sales (177,000) (160,960) (347,600) (316,360) Gross profit 60,680 58,030 114,390 109,360 Selling, general and administrative expenses (
Slide 17: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Six months ended June 30, 2022 2021 Cash Flows from Operating Activities: Net income $ 34,030 $ 24,900 Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: Loss on dispositions of assets 210 130 Depreciation
Slide 18: Company and Segment Financial Information
Company and Segment Financial Information Three months ended Six months ended YOY Growth % June 30, June 30, Organic Acquisitions Fx Total 2022 2021 2022 2021 Q2 2022 vs. Q2 2021 Packaging Consolidated TriMas 3.5% 7.2% -2.2% 8.5% Net sales $ 148,350 $ 139,630 $ 286,840 $ 271,720 Packaging -0.7% 10.3
Slide 19: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Net income, as reported $ 19,860 $ 11,840 $ 34,030 $ 24,900 Special Items to consider in evaluating quality of net income: Business restructuring and severance costs 1,590 4,850 4,41
Slide 20: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended June 30, 2022 2021 As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by operating activities $ 22,020 $ 3,260 $ 25,280 $ 26,930 $ 2,670 $ 29,600 Less: Capital expenditures (9,830) - (9,830) (8,
Slide 21: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Twelve months ended Six months ended June 30, June 30, June 30, 2022 2021 2022 2021 2022 2021 Net income (loss), as reported $ 19,860 $ 11,840 $ 66,440 $ (52,280) $ 34,030 $ 24,900 Depreciation expense 8,680 7,980 33,210 30,080 17,150 15
Slide 22: Additional Information on Non-GAAP Measures
Addition Information on Non-GAAP Measures As of July 28, 2022 Full Year 2021 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) $ 1.78 $ 1.88 Pre-tax amortization of acquisition-related intangible a