Slide 1: Second Quarter 2023 Earnings Presentation
Second Quarter 2023 Earnings Presentation July 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 Navigating Dynamic and Changing Markets Positioning for Recovery in Consumer Products Markets Q2 results largely in line with expectations Aerospace & Defense – Record quarter within TriMas Specialty Products Consumer – Improving supply, labor and production balance within TriMas A
Slide 4: Second Quarter 2023 Results
Second Quarter 2023 Results Q2 2023 vs. Q1 2023 Sequential Improvement Adjusted for Special Items Q2 2023 Q2 2022 Q1 2023 Net Sales $233.2 $237.7 $215.5 Operating Profit $27.3 $32.1 $15.5 Q2 2023 Q2 2023 Q2 2023 Operating Profit Margin 11.7% 13.5% 7.2% SALES ADJUSTED EBITDA ADJUSTED EPS Net Income $
Slide 5: Proactively Managing a Strong Balance Sheet
Proactively Managing a Strong Balance Sheet Cash & Available Borrowing Capacity of more than $250 million as of June 30, 2023 Strong balance sheet, with sufficient liquidity and cash flow June 30, 2023 June 30, 2022 Key Credit Statistics Net Leverage(2) of 2.3x, even after recent Total Debt $417.0
Slide 6: TriMas Packaging
TriMas Packaging Results & Forward Perspective Adjusted for Special Items Q2 2023 Q2 2022 Q1 2023 Net Sales $117.3 $148.4 $116.2 Operating Profit $21.9 $29.2 $15.2 Operating Margin 18.7% 19.7% 13.1% Adjusted EBITDA (1) $30.3 $37.0 $22.6 Adjusted EBITDA Margin 25.8% 24.9% 19.4% Quarterly Takeaways Ou
Slide 7: TriMas Aerospace
TriMas Aerospace Results & Forward Perspective Adjusted for Special Items Q2 2023 Q2 2022 Q1 2023 Net Sales $59.8 $47.4 $50.0 Operating Profit $3.7 $3.3 $1.4 Operating Margin 6.2% 6.9% 2.9% Adjusted EBITDA(1) $8.6 $8.2 $6.2 Adjusted EBITDA Margin 14.4% 17.4% 12.4% Quarterly Takeaways Our Leading Bra
Slide 8: TriMas Specialty Products
TriMas Specialty Products Results & Forward Perspective Adjusted for Special Items Q2 2023 Q2 2022 Q1 2023 Net Sales $56.1 $41.9 $49.3 Operating Profit $12.1 $6.8 $9.8 Operating Margin 21.6% 16.1% 19.8% Adjusted EBITDA(1) $13.2 $7.9 $10.8 Adjusted EBITDA Margin 23.5% 18.8% 21.9% Quarterly Takeaways
Slide 9: Forward Expectations
Forward Expectations Outlook Revisions & Assumptions (As of July 27, 2023) 2022 February 2023 Outlook July 2023 Outlook Outlook Modeling Packaging Market Packaging Market Actual Approach Robust Recovery Case Moderated Recovery Case Sales Growth 3.1% 10% to 15% 5% to 10% July 2023 Planning Case Sales
Slide 10: TriMas' Strategic Value Drivers
TriMas’ Strategic Value Drivers Packaging Actions implemented to drive operating leverage gains as markets recover at Our Core Continuing to invest in future growth by launching innovative products – Single-polymer and sustainable solutions – Ramping-up Life Sciences volumes for surgical, orthop
Slide 11: 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. 11
Slide 12: Appendix
__ Appendix
Slide 13: Forward Expectations: Segment Updates
Forward Expectations TriMas Segment Updates (As of July 27, 2023) Operating Segment TriMas Packaging TriMas Aerospace TriMas Specialty Products Sales Growth – as of February 2023 4% to 10% 25% to 30% 10% to 20% Sales Growth – as of July 2023 -8% to -2% no change 20% to 25% Operating Profit Margin %
Slide 14: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet June 30, December 31, 2023 2022 (unaudited) Assets Current assets: Cash and cash equivalents $ 41,900 $ 112,090 Receivables, net 164,800 132,370 Inventories 182,520 163,360 Prepaid expenses and other current assets 20,720 14,840 Total current assets 409,940 422,6
Slide 15: Consolidated Statement of Income
Consolidated Statement of Income Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 (unaudited) (unaudited) Net sales $ 233,190 $ 237,680 $ 448,650 $ 461,990 Cost of sales (178,660) (177,000) (346,430) (347,600) Gross profit 54,530 60,680 102,220 114,390 Selling, general and a
Slide 16: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Six months ended June 30, 2023 2022 Cash Flows from Operating Activities: Net income $ 15,930 $ 34,030 Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: Loss on dispositions of assets 50 210 Depreciation
Slide 17: Company and Segment Financial Information
Company and Segment Financial Information Three months ended Six months ended Three months ended YOY Growth % June 30, June 30, March 31, Organic Acquisitions Fx Total 2023 2022 2023 2022 2023 Q2 2023 vs. Q2 2022 Packaging Consolidated TriMas -8.1% 6.2% 0.0% -1.9% Net sales $ 117,320 $ 148,350 $ 233
Slide 18: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Six months ended Three months ended June 30, June 30, March 31, 2023 2022 2023 2022 2023 Net income, as reported $ 11,020 $ 19,860 $ 15,930 $ 34,030 $ 4,910 Special Items to consider in evaluating quality of net income: Business restruct
Slide 19: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended June 30, 2023 2022 As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by operating activities $ 16,500 $ 4,610 $ 21,110 $ 22,020 $ 3,260 $ 25,280 Less: Capital expenditures (10,140) - (10,140) (
Slide 20: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Twelve months ended Six months ended June 30, June 30, June 30, 2023 2022 2023 2022 2023 2022 Net income, as reported $ 11,020 $ 19,860 $ 48,070 $ 66,440 $ 15,930 $ 34,030 Depreciation expense 11,780 8,680 37,510 33,210 20,540 17,150 Amo
Slide 21: Additional Information on Non-GAAP Measures
Addition Information on Non-GAAP Measures As of July 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) $ 1.21 $ 1.36 Pre-tax amortization of acquisition-related intangible assets(1) 0.44 0.44 Income ta