Slide 1: First Quarter 2023 Earnings Presentation
First Quarter 2023 Earnings Presentation April 27, 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 Closed on the Weldmac Manufacturing acquisition last week, and completed the Aarts Packaging acquisition in Q1 TriMas Q1 results as expected given anticipated demand weakness, as Aerospace packaging end market custome
Slide 4: First Quarter 2023 Results
First Quarter 2023 Results Adjusted for Special Items Q1 2023 Q1 2022 Net Sales $215.5 $224.3 Operating Profit $15.5 $26.2 Q1 2023 Q1 2023 Q1 2023 Operating Profit Margin 7.2% 11.7% SALES ADJUSTED EBITDA ADJUSTED EPS Net Income $9.0 $17.6 -3.9% $31.7M $0.30 Adjusted Earnings Per Share(1) $0.30 $0.50
Slide 5: Continued Focus on Maintaining a Strong Balance Sheet
Continued Focus on Maintaining a Strong Balance Sheet Cash & Available Borrowing Capacity of ~$300 million as of March 31, 2023 Strong balance sheet, with sufficient March 31, 2023 March 31, 2022 Key Credit Statistics liquidity and cash flow Total Debt $395.0 $394.0 Net Leverage(2) of 2.0x, even a
Slide 6: TriMas Packaging Segment
TriMas Packaging Segment Results & Forward Perspective Adjusted for Special Items Q1 2023 Q1 2022 Net Sales $116.2 $138.5 Operating Profit $15.2 $23.8 Operating Margin 13.1% 17.2% Adjusted EBITDA (1) $22.6 $31.8 Adjusted EBITDA Margin 19.4% 23.0% Quarterly Takeaways Forward Perspective Sales decre
Slide 7: TriMas Aerospace Segment
TriMas Aerospace Segment Results & Forward Perspective Adjusted for Special Items Q1 2023 Q1 2022 Net Sales $50.0 $44.5 Operating Profit $1.4 $2.4 Operating Margin 2.9% 5.4% (1) Adjusted EBITDA $6.2 $7.2 Adjusted EBITDA Margin 12.4% 16.3% Quarterly Takeaways Forward Perspective 2023 Outlook Sales
Slide 8: TriMas Specialty Products Segment
TriMas Specialty Products Segment Results & Forward Perspective Adjusted for Special Items Q1 2023 Q1 2022 Net Sales $49.3 $41.3 Operating Profit $9.8 $7.2 Operating Margin 19.8% 17.5% (1) Adjusted EBITDA $10.8 $8.3 Adjusted EBITDA Margin 21.9% 20.2% Quarterly Takeaways Forward Perspective Sales i
Slide 9: Forward Expectations
Forward Expectations As of April 27, 2023 FY 2023 Outlook FREE CASH FLOW SALES GROWTH ADJUSTED EPS 10% to 15% $2.00 to $2.20 >100% of Net Income Enterprise-wide Assumptions Organic sales growth expected to be augmented by acquisitions Effective Tax Rate: ~25% Although we expect TriMas Packaging
Slide 10: TriMas' Strategic Value Drivers
TriMas’ Strategic Value Drivers Packaging Taking actions to enhance conversion rates as demand recovers at Our Core Continuing to invest in future growth by launching innovative products – Single-polymer and sustainable solutions – Further accelerating expansion in life sciences and beauty appli
Slide 11: 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 11
Slide 12: Appendix
__ Appendix
Slide 13: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet March 31, December 31, 2023 2022 (unaudited) Assets Current assets: Cash and cash equivalents $ 51,890 $ 112,090 Receivables, net 149,580 132,370 Inventories 171,750 163,360 Prepaid expenses and other current assets 18,020 14,840 Total current assets 391,240 422,
Slide 14: Consolidated Statement of Income
Consolidated Statement of Income Three months ended March 31, 2023 2022 (unaudited) Net sales $ 215,460 $ 224,310 Cost of sales (167,770) (170,600) Gross profit 47,690 53,710 Selling, general and administrative expenses (37,700) (31,780) Operating profit 9,990 21,930 Other expense, net: Interest exp
Slide 15: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Three months ended March 31, 2023 2022 Cash Flows from Operating Activities: Net income $ 4,910 $ 14,170 Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: (Gain) loss on dispositions of assets (10) 20 Dep
Slide 16: Company and Segment Financial Information
Company and Segment Financial Information Three months ended YOY Growth % March 31, Organic Acquisitions Fx Total 2023 2022 Q1 2023 vs. Q1 2022 Packaging Consolidated TriMas -7.1% 4.3% -1.1% -3.9% Net sales $ 116,220 $ 138,490 Packaging -21.2% 6.9% -1.8% -16.1% Operating profit $ 14,390 $ 21,330 Aer
Slide 17: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended March 31, 2023 2022 Net income, as reported $ 4,910 $ 14,170 Special Items to consider in evaluating quality of net income: Business restructuring and severance costs 3,930 2,820 M&A diligence and transaction costs 1,200 910 Purchase acc
Slide 18: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended March 31, 2023 2022 As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by operating activities $ 9,690 $ 2,030 $ 11,720 $ 5,670 $ 4,310 $ 9,980 Less: Capital expenditures (14,790) - (14,790) (11
Slide 19: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Twelve months ended March 31, March 31, 2023 2022 2023 2022 Net income, as reported $ 4,910 $ 14,170 $ 56,910 $ 58,420 Depreciation expense 8,760 8,470 34,410 32,510 Amortization expense 4,590 5,290 18,400 21,460 Interest expense 3,700 3
Slide 20: Additional Information on Non-GAAP Measures
Addition Information on Non-GAAP Measures As of April 27, 2023 Full Year 2023 GAAP to Non-GAAP EPS Outlook Reconciliation Twelve months ended December 31, 2023 Low High Diluted earnings per share (GAAP) $ 1.57 $ 1.77 Pre-tax amortization of acquisition-related intangible assets(1) 0.45 0.45 Income t