Slide 1: First Quarter 2021 Earnings Presentation
First Quarter 2021 Earnings Presentation April 29, 2021 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statement 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, involv
Slide 3: Q1 2021 Overview
Q1 2021 Overview TriMas’ Multi-Industry Positioning Delivers Strong First Quarter Results • Solid quarter despite continued impact of pandemic – Continued momentum in TriMas Packaging and better-than- anticipated performance in Specialty Products • Successfully completed refinancing – Extended matur
Slide 4: Q1 2021 Results
Q1 2021 Results Adjusted for Special Items Q1 2021 Q1 2020 YOY Growth % Organic Acquisitions Fx Total Net Sales $206.7 $182.8 Consolidated TriMas 1.9% 9.7% 1.5% 13.1% Operating Profit $26.6 $22.0 Packaging 15.9% 13.4% 2.7% 32.0% Aerospace -17.5% 8.7% - -8.8% Operating Profit Margin 12.9% 12.0% Speci
Slide 5: Strong Balance Sheet and Cash Flow
Strong Balance Sheet and Cash Flow March 31, March 31, December 31, Key Credit Statistics 2021 2020 2020 Total Debt $690.2 $445.0 $346.3 Less: Cash $421.1 $206.1 $74.0 Net Debt $269.1 $238.9 $272.3 LTM Adjusted EBITDA(1) $162.0 $148.4 $156.8 Net Leverage(2) 1.7x 1.6x 1.7x (3) Q1 Free Cash Flow $10.3
Slide 6: Segment Results
>’ TriMias Segment Results
Slide 7: TriMas Packaging Segment
TriMas Packaging Segment Adjusted for Special Items Q1 2021 Q1 2020 Net Sales $132.1 $100.1 Operating Profit $23.6 $18.6 Operating Margin 17.9% 18.6% (1) Adjusted EBITDA $31.0 $23.9 Adjusted EBITDA Margin 23.5% 23.9% Note: Q1 Sales Growth – Organic 15.9%, Acquisitions 13.4% and F(x) 2.7% Quarterly T
Slide 8: TriMas Aerospace Segment
TriMas Aerospace Segment Adjusted for Special Items Q1 2021 Q1 2020 Net Sales $44.6 $48.9 Operating Profit $5.0 $6.1 Operating Margin 11.1% 12.4% Adjusted EBITDA(1) $9.5 $10.1 Adjusted EBITDA Margin 21.4% 20.7% Note: Q4 Sales Growth – Organic -17.5%, Acquisitions 8.7% Quarterly Takeaways • Sales dec
Slide 9: TriMas Specialty Products Segment
TriMas Specialty Products Segment Adjusted for Special Items Q1 2021 Q1 2020 Net Sales $30.0 $33.8 Operating Profit $4.5 $3.4 Operating Margin 15.1% 10.1% Adjusted EBITDA(1) $5.5 $4.4 Adjusted EBITDA Margin 18.3% 13.0% Quarterly Takeaways • Although sales were lower than prior year quarter, results
Slide 10: Outlook & Summary
>’ TriMias Outlook & Summary
Slide 11: Forward Expectations
Forward Expectations As of 4/29/21 TriMas Q2 2021 Outlook Broader 2021 Thoughts (No change from 2/25/21) Consolidated TriMas Sales • Overall sales growth driven by acquisitions • Free Cash Flow(3) generation greater than 100% of net income Consolidated TriMas $205M - $223M % change as compared to Q2
Slide 12: TriMas Well-Positioned for Market Recovery
TriMas Well-Positioned for Market Recovery • Strong Brand Names • Innovative Product Solutions • Diverse End Markets • Exceptional Cash Conversion 3/31/21 LTM Sales % by Segment 21% Aerospace • Commercial Jet 65% • Military & Defense Packaging • Business Jet • Beauty & Personal Care • Food & Beverag
Slide 13: TriMas' Capital Allocation Strategy
TriMas’ Capital Allocation Strategy Capital Allocation Priorities TriMas Business Model 1 Reinvest in our businesses for long-term growth 2 Maintain a strong balance sheet with an overarching Drive Performance target net leverage ratio below 2.0x and Exceptional Cash Conversion 3 Augment organic gro
Slide 14: >’ TriMias
>’ TriMias
Slide 15: Appendix
>’ TriMias Appendix
Slide 16: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet March 31, December 31, 2021 2020 (unaudited) Assets Current assets: Cash and cash equivalents $ 421,140 $ 73,950 Receivables, net 128,000 113,410 Inventories 151,820 149,380 Prepaid expenses and other current assets 17,960 15,090 Total current assets 718,920 351,
Slide 17: Consolidated Statement of Income
Consolidated Statement of Income Three months ended March 31, 2021 2020 (unaudited) Net sales $ 206,730 $ 182,790 Cost of sales (155,400) (136,420) Gross profit 51,330 46,370 Selling, general and administrative expenses (30,220) (26,540) Operating profit 21,110 19,830 Other expense, net: Interest ex
Slide 18: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Three months ended March 31, 2021 2020 Cash Flows from Operating Activities: Net income $ 13,060 $ 13,120 Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: Loss on dispositions of assets 20 50 Depreciatio
Slide 19: Company and Segment Financial Information
Company and Segment Financial Information Three months ended March 31, 2021 2020 Packaging Net sales $ 132,090 $ 100,050 Operating profit $ 21,300 $ 18,280 Special Items to consider in evaluating operating profit: Purchase accounting costs 830 - Business restructuring and severance costs 1,510 320 A
Slide 20: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended March 31, 2021 2020 Net income, as reported $ 13,060 $ 13,120 Special Items to consider in evaluating quality of net income: Business restructuring and severance costs 4,210 820 M&A diligence and transaction costs 490 1,110 Purchase acco
Slide 21: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended March 31, 2021 2020 As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by operating activities $ 15,740 3,920 $ 19,660 $ 3,400 $ 2,290 $ 5,690 Less: Capital expenditures (9,370) - (9,370) (3,930
Slide 22: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Twelve months ended March 31, March 31, 2021 2020 2021 2020 Net income, as reported $ 13,060 $ 13,120 $ (79,820) $ 60,510 Depreciation expense 7,850 6,660 30,210 25,840 Amortization expense 5,390 4,850 21,290 18,850 Interest expense 3,55
Slide 23: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures As of 4/29/21 Q2 2021 GAAP to Non-GAAP EPS Outlook Reconciliation Three months ended June 30, 2021 Low High Diluted earnings per share (GAAP) $ 0.41 $ 0.48 Pre-tax amortization of acquisition-related intangible assets (1) 0.12 0.12 Income tax benefit on am