Trimas Corporation · NASDAQ:TRS
Trimas — Q3 2021 Earnings Presentation
24 slides from Trimas's earnings presentation, Oct 28, 2021
Slide 1: Third Quarter 2021 Earnings Presentation
Third Quarter 2021 Earnings Presentation October 28, 2021
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: TriMas Highlights
TriMas Highlights Our Business Characteristics • Strong brand names • Diverse end markets • Innovative product solutions • Consistent cash generation TriMas Continued Momentum(1) Aerospace • Sales of $836.3 million • Adjusted EBITDA(2) of $168.5 million, or 20.2% 21% TriMas of sales • Strong balance
Slide 4: Q3 2021 Results
Q3 2021 Results Adjusted for Special Items Q3 2021 Q3 2020 YOY Growth % Organic Acquisitions Fx Total Net Sales $222.4 $199.5 Consolidated TriMas 4.8% 5.7% 1.0% 11.5% Operating Profit $31.6 $29.6 TriMas Packaging -7.7% 8.4% 1.4% 2.1% TriMas Aerospace 18.8% - - 18.8% Operating Profit Margin 14.2% 14.
Slide 5: YTD Q3 2021 Results
YTD Q3 2021 Results Adjusted for Special Items Q3 2021 YTD Q3 2020 YTD YOY Growth % Organic Acquisitions Fx Total Net Sales $648.1 $581.8 Consolidated TriMas 3.1% 6.7% 1.6% 11.4% Operating Profit $88.2 $79.1 Packaging 0.6% 9.5% 2.5% 12.6% Aerospace 0.5% 3.3% - 3.8% Operating Profit Margin 13.6% 13.6
Slide 6: Strong Balance Sheet and Cash Flow
Strong Balance Sheet and Cash Flow September 30, September 30, December 31, Key Credit Statistics 2021 2020 2020 Total Debt $393.6 $295.6 $346.3 Less: Cash $137.0 $99.7 $74.0 Net Debt $256.6 $195.8 $272.3 (1) LTM Adjusted EBITDA $168.5 $154.1 $156.8 Net Leverage(2) 1.5x 1.3x 1.7x Q3 Free Cash Flow(3
Slide 7: Segment Results
»S TriMias Segment Results
Slide 8: TriMas Packaging Segment
TriMas Packaging Segment Adjusted for Special Items Q3 2021 Q3 2020 Net Sales $138.0 $135.1 Operating Profit $27.3 $28.0 Operating Margin 19.8% 20.7% (1) Adjusted EBITDA $34.6 $34.2 Adjusted EBITDA Margin 25.1% 25.3% Quarterly Takeaways • Sales increase driven by acquisitions, higher demand for indu
Slide 9: TriMas Aerospace Segment
TriMas Aerospace Segment Adjusted for Special Items Q3 2021 Q3 2020 Net Sales $46.5 $39.1 Operating Profit $4.6 $3.7 Operating Margin 9.8% 9.5% Adjusted EBITDA(1) $9.0 $8.2 Adjusted EBITDA Margin 19.4% 20.9% Quarterly Takeaways • Sales positively impacted by stocking orders spanning 2021, while over
Slide 10: TriMas Specialty Products Segment
TriMas Specialty Products Segment Adjusted for Special Items Q3 2021 Q3 2020 Net Sales $37.9 $25.2 Operating Profit $6.7 $3.4 Operating Margin 17.6% 13.4% Adjusted EBITDA(1) $7.6 $4.3 Adjusted EBITDA Margin 19.9% 16.9% Quarterly Takeaways • Sales increased as a result of the demand recovery for gene
Slide 11: Outlook & Summary
»S TriMias Outlook & Summary
Slide 12: Forward Expectations
Forward Expectations TriMas FY 2021 Outlook Initial 2022 Thoughts 7/29/21 10/28/21 TriMas Consolidated Outlook Outlook • Organic sales growth expected to be supplemented by bolt-on acquisitions; continued strong cash conversion Sales Growth 9% to 14% 10% to 13% (as compared to FY 2020) TriMas Packag
Slide 13: TriMas' Value Drivers
TriMas’ Value Drivers Value Drivers ▪ Products that help fight the spread of germs Packaging at Our Core ▪ Innovation pipeline to drive long-term growth ▪ Well positioned as industrial and aerospace markets rebound Market Recoveries ▪ Expect margin leverage due to realignment actions ▪ Targeting to
Slide 14: »S TriMias
»S TriMias
Slide 15: Appendix
»S TriMias Appendix
Slide 16: Additional FY 2021 Assumptions
Additional FY 2021 Assumptions As of 10/28/21 TriMas FY 2021 Outlook 7/29/21 10/28/21 Outlook Outlook TriMas Packaging Sales Growth (as compared to FY 2020) 10% to 13% 8% to 11% Operating Profit Margin 19.5% to 20.5% 19% to 20% TriMas Aerospace Sales Growth (as compared to FY 2020) 7% to 13% 9% to 1
Slide 17: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet September 30, December 31, 2021 2020 (unaudited) Assets Current assets: Cash and cash equivalents $ 136,960 $ 73,950 Receivables, net 135,010 113,410 Inventories 154,330 149,380 Prepaid expenses and other current assets 17,070 15,090 Total current assets 443,370
Slide 18: Consolidated Statement of Operations
Consolidated Statement of Operations Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 (unaudited) Net sales $ 222,420 $ 199,460 $ 648,140 $ 581,800 Cost of sales (163,980) (147,530) (480,340) (446,270) Gross profit 58,440 51,930 167,800 135,530 Selling, general an
Slide 19: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Nine months ended September 30, 2021 2020 Cash Flows from Operating Activities: Net income (loss) $ 44,490 $ (103,450) Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: Impairment of goodwill and indefini
Slide 20: Company and Segment Financial Information
Company and Segment Financial Information Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Packaging Net sales $ 138,010 $ 135,120 $ 409,730 $ 364,000 Operating profit $ 27,340 $ 28,020 $ 76,490 $ 70,340 Special Items to consider in evaluating operating profit: Pu
Slide 21: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Net income (loss), as reported $ 19,590 $ (100,870) $ 44,490 $ (103,450) Special Items to consider in evaluating quality of net income (loss): Impairment of goodwill and i
Slide 22: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended September 30, 2021 2020 As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by operating activities $ 35,070 $ 1,180 $ 36,250 $ 48,270 $ 1,740 $ 50,010 Less: Capital expenditures (11,520) - (11,5
Slide 23: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Twelve months ended Nine months ended September 30, September 30, September 30, 2021 2020 2021 2020 2021 2020 Net income (loss), as reported $ 19,590 $ (100,870) $ 68,180 $ (90,020) $ 44,490 $ (103,450) Depreciation expense 7,910 6,930 3
Slide 24: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures As of 10/28/21 Full Year 2021 GAAP to Non-GAAP EPS Outlook Reconciliation Twelve months ended December 31, 2021 Low High Diluted earnings per share (GAAP) $ 1.44 $ 1.53 Pre-tax amortization of acquisition-related intangible assets (1) 0.49 0.49 Income tax