Slide 1: Third Quarter 2024 Earnings Presentation
Third Quarter 2024 Earnings Presentation November 4, 2024
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: Q3 2024 Highlights
Q3 2024 Highlights Continued Momentum and Positive Trends in TriMas’ Largest Operating Groups Strong core sales growth in Packaging and Aerospace of +12.3% and +4.8%, respectively, as compared to the prior year quarter Packaging: Improved Adjusted EBITDA conversion rates by 100 basis points sequen
Slide 4: Q3 2024 Sequential Portfolio Highlights
Q3 2024 Sequential Portfolio Highlights Sequential Performance Summary Across TriMas’ Portfolio TriMas Packaging TriMas Aerospace Specialty Products (in millions) ~57% of Q3 2024 Net Sales ~31% of Q3 2024 Net Sales ~12% of Q3 2024 Net Sales $131.9 $130.2 Normalized for delayed sales and earnings res
Slide 5: Q3 2024 Consolidated Results
Q3 2024 Consolidated Results Adjusted for Special Items Q3 2024 Q3 2023 Change Sales decline was driven by Specialty Products results, with Q3 2024 sales down Total Net Sales $229.4 $235.3 ($6.0) ~$23 million, or more than 40%, as compared to Q3 2023, which represented the TriMas Packaging $130.2
Slide 6: Continuing to Manage a Strong Balance Sheet
Continuing to Manage a Strong Balance Sheet Capitalization and Balance Sheet Continuing to manage a strong balance sheet, allowing for flexible capital allocation including capital expenditures to improve factory floor September 30, June 30, September 30, performance, bolt-on acquisitions, share b
Slide 7: Q3 2024 Segment Overview: TriMas Packaging Group
Q3 2024 Segment Overview: TriMas Packaging Group Adjusted for Special Items Q3 2024 Q3 2023 Q2 2024 Net Sales $130.2 $116.5 $131.9 Operating Profit $19.0 $19.5 $18.5 Operating Margin 14.6% 16.7% 14.0% (1) Adjusted EBITDA $27.6 $28.5 $26.7 Adjusted EBITDA Margin 21.2% 24.5% 20.2% Quarterly Takeaways
Slide 8: Q3 2024 Segment Overview: TriMas Aerospace Group
Q3 2024 Segment Overview: TriMas Aerospace Group Adjusted for Special Items Q3 2024 Q3 2023 Q2 2024 Net Sales $70.8 $67.6 $77.7 Operating Profit $8.7 $8.3 $10.5 Operating Margin 12.3% 12.3% 13.5% Adjusted EBITDA(1) $13.1 $13.0 $15.0 Adjusted EBITDA Margin 18.5% 19.3% 19.4% Quarterly Takeaways Forwar
Slide 9: Q3 2024 Segment Overview: Specialty Products
Q3 2024 Segment Overview: Specialty Products Adjusted for Special Items Q3 2024 Q3 2023 Q2 2024 Net Sales $28.3 $51.3 $30.9 Operating Profit $2.4 $10.7 $0.6 Operating Margin 8.5% 20.9% 1.9% Adjusted EBITDA(1) $3.4 $11.7 $1.7 Adjusted EBITDA Margin 12.1% 22.8% 5.3% Quarterly Takeaways Forward Perspec
Slide 10: TriMas' Near-Term Value Drivers
TriMas’ Near-Term Value Drivers Market recovery in the largest segments is underway with anticipated sustained core growth in the coming years Prioritizing building out TriMas Packaging and TriMas Aerospace platforms through strategic M&A Resetting cost base within demand-impacted Specialty Products
Slide 11: Appendix
— Appendix
Slide 12: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet September 30, December 31, 2024 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 26,910 $ 34,890 Receivables, net 163,260 148,030 Inventories 213,880 192,450 Prepaid expenses and other current assets 31,290 22,010 Total current assets 435,340 3
Slide 13: Consolidated Statement of Income
Consolidated Statement of Income Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 (unaudited) (unaudited) Net sales $ 229,360 $ 235,340 $ 696,960 $ 683,990 Cost of sales (177,660) (179,410) (538,540) (525,840) Gross profit 51,700 55,930 158,420 158,150 Selling, ge
Slide 14: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Nine months ended September 30, 2024 2023 Cash Flows from Operating Activities: Net income $ 18,610 $ 32,420 Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: Gain on dispositions of assets (1,040) (70) D
Slide 15: Company and Segment Financial Information
Company and Segment Financial Information YOY Growth % Organic Acquisitions Fx Total Three months ended September 30, Nine months ended September 30, Q3 2024 vs. Q3 2023 2024 2023 2024 2023 Consolidated TriMas -2.3% 0.0% -0.2% -2.5% Packaging Net sales $ 130,240 $ 116,500 $ 389,190 $ 350,040 Packagi
Slide 16: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 Net income, as reported $ 2,530 $ 16,490 $ 18,610 $ 32,420 Special Items to consider in evaluating quality of net income: Change in legacy liability estimate for asbestos-
Slide 17: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended September 30, 2024 2023 As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by operating activities $ 22,030 $ 5,210 $ 27,240 $ 31,380 $ 3,790 $ 35,170 Less: Capital expenditures (11,870) - (11,8
Slide 18: 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, 2024 2023 2024 2023 2024 2023 Net income, as reported $ 2,530 $ 16,490 $ 26,550 $ 51,260 $ 18,610 $ 32,420 Depreciation expense 9,940 9,290 39,520 38,610 29,
Slide 19: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures As of November 4, 2024 Full Year 2024 GAAP to Non-GAAP EPS Outlook Reconciliation Twelve months ended December 31, 2024 Low High Diluted earnings per share (GAAP) $ 0.82 $ 1.02 Pre-tax amortization of acquisition-related intangible assets(1) 0.41 0.41 Inco