Slide 1: Third Quarter 2023 Earnings Presentation
Third Quarter 2023 Earnings Presentation October 26, 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: What's Next, Multiple Levers for Growth
Opening Remarks What’s Next: Multiple Levers for Growth in a Dynamic Market 7 Merger & Acquisition Growth 1 New Product Innovation • Innovating for sustainability • Prioritizing packaging and aerospace end • Prioritizing new product development on markets industry trends and customer needs 6 Operati
Slide 4: Opening Remarks
Opening Remarks Beginning to Gain Momentum while Navigating Dynamic Market and Supply Conditions Well Positioned for Recovery in Consumer Products Markets Q3 results largely in line with expectations Aerospace – Significant sales and profit improvement within TriMas Aerospace from prior operationa
Slide 5: Third Quarter 2023 Results
Third Quarter 2023 Results Year-Over-Year Improvement Adjusted for Special Items Q3 2023 Q3 2022 Change Net Sales $235.3 $218.5 7.7% Q3 2023 Q3 2023 Q3 2023 Operating Profit $27.9 $21.6 29.0% SALES ADJUSTED EBITDA ADJUSTED EPS Operating Profit Margin 11.8% 9.9% 190 bps Net Income $20.2 $13.6 49.0% $
Slide 6: Continuing to Manage a Strong Balance Sheet
Continuing to Manage a Strong Balance Sheet Cash & Available Borrowing Capacity of more than $312 million(4) Strong balance sheet, with sufficient liquidity and cash flow September 30, September 30, Key Credit Statistics 2023 2022 Net Leverage(2) of 2.1x, even after recent acquisitions, capital ex
Slide 7: TriMas Packaging
TriMas Packaging Results & Forward Perspective Adjusted for Special Items Q3 2023 Q3 2022 Net Sales $116.5 $129.7 Operating Profit $19.5 $18.1 Operating Margin 16.7% 13.9% Adjusted EBITDA(1) $28.5 $26.1 Adjusted EBITDA Margin 24.5% 20.1% Quarterly Takeaways Our Leading Brands YoY sales increases i
Slide 8: TriMas Aerospace
TriMas Aerospace Results & Forward Perspective Adjusted for Special Items Q3 2023 Q3 2022 Net Sales $67.6 $45.4 Operating Profit $8.3 $4.8 Operating Margin 12.3% 10.5% Adjusted EBITDA(1) $13.0 $9.6 Adjusted EBITDA Margin 19.3% 21.1% Quarterly Takeaways Our Leading Brands YoY sales increased 48.8%,
Slide 9: TriMas Specialty Products
TriMas Specialty Products Results & Forward Perspective Adjusted for Special Items Q3 2023 Q3 2022 Net Sales $51.3 $43.4 Operating Profit $10.7 $6.8 Operating Margin 20.9% 15.6% (1) Adjusted EBITDA $11.7 $7.7 Adjusted EBITDA Margin 22.8% 17.8% Quarterly Takeaways Our Leading Brands YoY sales incre
Slide 10: Forward Expectations
Forward Expectations As of October 26, 2023 FY 2023 Outlook SALES GROWTH ADJUSTED EPS FREE CASH FLOW 5% to 10% $1.80 to $1.95 ~100% of Net Income Outlook provided on July 27, 2023, assumed a more gradual second half demand recovery within certain packaging end markets Assumes no detrimental impa
Slide 11: TriMas' Strategic Value Drivers
TriMas’ Strategic Value Drivers Actions implemented to drive operating leverage gains as markets recover Packaging Continuing to invest in future growth by launching innovative products at Our Core – Single-polymer and sustainable solutions – Ramping-up Life Sciences volumes for surgical, orthop
Slide 12: TriMas Q&A
TriMas Q&A Strong Brand Names Diverse End Markets Innovative Product Solutions Packaging Aerospace & Industrials Our Vision To provide innovative products of exceptional performance and value through market-leading brands. 12
Slide 13: Appendix
__ Appendix
Slide 14: Forward Expectations
Forward Expectations As of October 26, 2023 Operating Segment TriMas Packaging TriMas Aerospace TriMas Specialty Products Sales Growth -8% to -2% 25% to 30% 12% to 15% Operating Profit Margin % 16% to 17% 5% to 8% 19% to 21% Enterprise-wide Assumptions Effective Tax Rate: ~25% Interest Expense: ~$16
Slide 15: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet September 30, December 31, 2023 2022 (unaudited) Assets Current assets: Cash and cash equivalents $ 34,660 $ 112,090 Receivables, net 165,820 132,370 Inventories 182,330 163,360 Prepaid expenses and other current assets 24,610 14,840 Total current assets 407,420
Slide 16: Consolidated Statement of Income
Consolidated Statement of Income Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 (unaudited) (unaudited) Net sales $ 235,340 $ 218,530 $ 683,990 $ 680,520 Cost of sales (179,410) (170,200) (525,840) (517,800) Gross profit 55,930 48,330 158,150 162,720 Selling, ge
Slide 17: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Nine months ended September 30, 2023 2022 Cash Flows from Operating Activities: Net income $ 32,420 $ 47,330 Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: Gain on dispositions of assets (70) (4,540) D
Slide 18: Company and Segment Financial Information
Company and Segment Financial Information Three months ended Nine months ended YOY Growth % September 30, September 30, Organic Acquisitions Fx Total 2023 2022 2023 2022 Q3 2023 vs. Q3 2022 Packaging Net sales $ 116,500 $ 129,700 $ 350,040 $ 416,540 Consolidated TriMas -0.5% 7.2% 1.0% 7.7% Operating
Slide 19: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Net income, as reported $ 16,490 $ 13,300 $ 32,420 $ 47,330 Special Items to consider in evaluating quality of net income: Business restructuring and severance costs 3,390
Slide 20: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended September 30, 2023 2022 As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by operating activities $ 31,380 $ 3,790 $ 35,170 $ 18,950 $ 6,520 $ 25,470 Less: Capital expenditures (10,010) - (10,0
Slide 21: 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, 2023 2022 2023 2022 2023 2022 Net income, as reported $ 16,490 $ 13,300 $ 51,260 $ 60,150 $ 32,420 $ 47,330 Depreciation expense 9,290 8,190 38,610 33,490 29
Slide 22: Additional Information on Non-GAAP Measures
Addition Information on Non-GAAP Measures As of October 26, 2023 Full Year 2023 GAAP to Non-GAAP EPS Outlook Reconciliation Twelve months ended December 31, 2023 Low High Diluted earnings per share (GAAP) $ 1.12 $ 1.27 Pre-tax amortization of acquisition-related intangible assets(1) 0.44 0.44 Income