TriMas Reports Second Quarter 2022 Results

Company Reaffirms Full Year 2022 Outlook

BLOOMFIELD HILLS, Mich.--()--TriMas (NASDAQ: TRS) today announced financial results for the second quarter ended June 30, 2022.

TriMas Highlights

  • Increased second quarter 2022 net sales by 8.5%, led by sales growth in TriMas' Specialty Products group of 20.5%
  • Increased second quarter 2022 operating profit by 16.8% to $29.9 million and adjusted operating profit(1) by 7.2% to $32.1 million
  • Reported second quarter diluted EPS of $0.47 and an adjusted diluted EPS(2) of $0.60
  • Repurchased 927,987 shares of outstanding common stock, reducing net shares outstanding by approximately 1.8% during the first half of 2022
  • Reaffirmed full year 2022 sales, adjusted diluted EPS(2) and Free Cash Flow(3) outlook

Second Quarter 2022

TriMas reported second quarter 2022 net sales of $237.7 million, an increase of 8.5% compared to $219.0 million in second quarter 2021, primarily as a result of increased demand in TriMas' Specialty Products group and acquisition-related sales, partially offset by the impact of unfavorable currency exchange. The Company reported operating profit of $29.9 million in second quarter 2022, an increase of 16.8% compared to $25.6 million in second quarter 2021. Adjusting for Special Items(1) primarily related to realignment and acquisition-related diligence and transaction costs, second quarter 2022 adjusted operating profit was $32.1 million, an increase of 7.2% compared to $30.0 million in the prior year period, as the earnings on incremental sales more than offset the less favorable product sales mix, continuing inflationary pressure on input costs, including energy, freight and certain commodity costs, production inefficiencies from prolonged pandemic-related labor challenges and supply chain constraints.

The Company reported second quarter 2022 net income of $19.9 million, or $0.47 per diluted share, compared to $11.8 million, or $0.27 per diluted share, in second quarter 2021. Adjusting for Special Items(1), second quarter 2022 adjusted net income(2) was $21.8 million, a decrease compared to $22.7 million in second quarter 2021, as while the Company generated higher year-over-year adjusted operating profit, the tax rate in second quarter 2021 was lower due to tax planning initiatives. As a result, second quarter 2022 adjusted diluted earnings per share(2) was $0.60, as compared to $0.62 in the prior year period.

"During the second quarter, our team delivered sales growth of 8.5% and adjusted diluted EPS(2) of $0.60, in line with our expectations," said Thomas Amato, TriMas President and Chief Executive Officer. "Like many companies, TriMas was not immune to the impacts of production labor availability, supply challenges and inflationary effects, as well as an extremely dynamic demand environment. We continue to leverage the TriMas Business Model, remaining flexible and adjusting our capacity in our operations when demand for various product lines differs from our planning models.

"In addition, our operational and treasury actions have enabled TriMas to navigate well through this unprecedented market period, while continuing to gain traction against our long-range objectives. We continue to deploy capital in a balanced manner, as we invest in organic growth initiatives, pursue strategic bolt-on acquisitions and return capital to shareholders through share repurchases and dividends. We remain confident that TriMas’ diversified end market model, strong balance sheet and multiple levers for growth will provide long-term benefits to our shareholders," Amato concluded.

Financial Position

During second quarter 2022, the Company repurchased 645,984 shares of its outstanding common stock for $18.8 million, bringing the Company's total share repurchases for the first half of 2022 to 927,987 shares, or a net reduction of approximately 1.8% of outstanding shares. As of June 30, 2022, $114.7 million remained available under the Company's repurchase authorization. During second quarter 2022, TriMas also paid a quarterly cash dividend of $0.04 per share of TriMas Corporation stock on May 12, 2022.

TriMas ended second quarter 2022 with $348.1 million of unrestricted cash and aggregate availability under its revolving credit facility, $49.1 million of unrestricted cash on hand and a leverage ratio of 2.0x as defined in the Company's credit agreement. TriMas reported total debt of $394.3 million and Net Debt(4) of $345.2 million as of June 30, 2022.

The Company reported net cash provided by operating activities of $22.0 million for second quarter 2022, compared to $26.9 million in second quarter 2021. As a result, the Company reported Free Cash Flow(3) of $15.5 million for second quarter 2022 compared to $20.6 million in second quarter 2021, primarily due to proactive procurement actions. The Company continues to target 2022 Free Cash Flow(3) to be greater than 100% of net income. Please see Appendix I for further details.

Second Quarter Segment Results

TriMas' Packaging segment represents approximately 61% of TriMas June 30, 2022 LTM sales. Net sales for the second quarter increased 6.2%, including 3.4% of unfavorable currency exchange pressure, compared to the year ago period, as sales from our recent acquisitions and higher demand for closure products were partially offset by lower sales of dispenser-related product lines. During second quarter 2021, dispenser-related product line sales in beauty and personal care end markets benefited from strong customer demand believed to be related to the pandemic. Second quarter operating profit was relatively flat, while the related margin percentage decreased, as the impact of increased sales was moderated by higher energy costs, primarily in Europe, and other inflationary input costs.

TriMas' Aerospace segment represents approximately 21% of TriMas June 30, 2022 LTM sales. Net sales for the second quarter increased 6.4% compared to the year ago period, as the impact of increased aerospace production demand and acquisition-related sales more than offset the expected decline in special stocking orders, which were predominantly fulfilled in 2021. Second quarter operating profit and the related margin increased, as the fixed cost leverage on higher sales levels more than offset the impact of the 2021 high margin special stocking sales.

TriMas' Specialty Products segment represents approximately 18% of TriMas June 30, 2022 LTM sales. Second quarter net sales increased 20.5% compared to the year ago period, primarily due to higher demand for steel cylinders used in construction and HVAC applications, as well as increased sales of engines, compressors and replacement parts for stationary power generation units and applications for natural gas and crude oil extraction related to the higher oil-field activity in North America. Second quarter operating profit increased, while the related margin percentage decreased, as earnings generated on higher sales were partially offset by an increase in material costs.

Outlook

The Company reaffirms its full year 2022 outlook originally provided on March 1, 2022. The Company expects to generate full year 2022 adjusted diluted earnings per share(2) in the range of $2.25 to $2.35, based on consolidated sales growth of 8% to 11% compared to 2021. In addition, the Company is targeting 2022 Free Cash Flow(3) to be greater than 100% of net income.

The above outlook includes the impact of all announced acquisitions, but excludes any additional future direct or indirect impacts that may result from additional supply or labor disruptions related to the COVID pandemic or other factors, and the geopolitical risks related to the ongoing conflict in Eastern Europe. All of the above amounts considered as 2022 guidance are after adjusting for any current or future amounts that may be considered Special Items, and in the case of adjusted diluted earnings per share, acquisition-related intangible asset amortization expense for deals that have not yet been consummated. The inability to predict the amount and timing of the impacts of these Special Items makes a detailed reconciliation of these forward-looking non-GAAP financial measures impracticable.(1)

Conference Call Information

TriMas will host its second quarter 2022 earnings conference call today, Thursday, July 28, 2022, at 10 a.m. ET. The call-in number is (888) 220-8451. Participants should request to be connected to the TriMas second quarter 2022 earnings conference call (Confirmation Code 7250176). The conference call will also be simultaneously webcast via TriMas' website at www.trimascorp.com, under the "Investors" section, with an accompanying slide presentation. A replay of the conference call will be available on the TriMas website or by dialing (888) 203-1112 (Replay Passcode 7250176) beginning July 28, 2022, at 3 p.m. ET through August 4, 2022, at 3 p.m. ET.

Notice Regarding 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, involve risks and uncertainties with respect to, including, but not limited to: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; general economic and currency conditions; inflationary pressures on our supply chain, including raw material and energy costs, and customers; interest rate volatility; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; competitive factors; future trends; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; information technology and other cyber-related risks; the performance of our subcontractors and suppliers; supply constraints, including the availability and cost of raw materials; market demand; intellectual property factors; litigation; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; the disruption of operations from catastrophic or extraordinary events, including natural disasters and public health crises; the amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The risks described are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements, except as required by law.

Non-GAAP Financial Measures

In this release, certain non-GAAP financial measures are used. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure may be found in Appendix I at the end of this release. Management believes that presenting these non-GAAP financial measures provides useful information to investors by helping them identify underlying trends in the Company’s businesses and facilitating comparisons of performance with prior and future periods and to the Company’s peers. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies.

Reconciliations of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are provided only for the expected impact of amortization of acquisition-related intangible assets for completed acquisitions, as the Company is unable to provide estimates of future Special Items(1) or amortization from future acquisitions without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items impacting comparability and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Additional information is available at www.trimascorp.com under the “Investors” section.

(1)

 

Appendix I details certain costs, expenses and other amounts or charges, collectively described as "Special Items," that are included in the determination of net income, earnings per share and/or cash flows from operating activities under GAAP, but that management believes should be separately considered when evaluating the quality of the Company’s core operating results, given they may not reflect the ongoing activities of the business.

(2)

 

The Company defines adjusted diluted earnings per share as net income (per GAAP), plus or minus the after-tax impact of Special Items(2), plus the after-tax impact of non-cash acquisition-related intangible asset amortization expense. While the acquisition-related intangible assets aid in the Company’s revenue generation, the Company adjusts for the non-cash amortization expense because the Company believes it (i) enhances management’s and investors’ ability to analyze underlying business performance, (ii) facilitates comparisons of financial results over multiple periods, and (iii) provides more relevant comparisons of financial results with the results of other companies as the amortization expense associated with these assets may fluctuate significantly from period to period based on the timing, size, nature, and number of acquisitions.

(3)

 

The Company defines Free Cash Flow as Net Cash Provided by/Used for Operating Activities, excluding the cash impact of Special Items, less Capital Expenditures. Please see Appendix I for additional details.

(4)

 

The Company defines Net Debt as Total Debt less Cash and Cash Equivalents. Please see Appendix I for additional details.

About TriMas

TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

TriMas Corporation

Condensed Consolidated Balance Sheet

(Dollars in thousands)

 

 

 

 

 

 

 

June 30,
2022

 

December 31,
2021

Assets

 

(unaudited)

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

49,090

 

$

140,740

Receivables, net

 

 

155,140

 

 

125,630

Inventories

 

 

164,040

 

 

152,450

Prepaid expenses and other current assets

 

 

17,000

 

 

12,950

Total current assets

 

 

385,270

 

 

431,770

Property and equipment, net

 

 

275,670

 

 

265,630

Operating lease right-of-use assets

 

 

50,500

 

 

50,650

Goodwill

 

 

339,210

 

 

315,490

Other intangibles, net

 

 

197,100

 

 

196,730

Deferred income taxes

 

 

8,990

 

 

9,740

Other assets

 

 

46,020

 

 

33,630

Total assets

 

$

1,302,760

 

$

1,303,640

Liabilities and Shareholders' Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

96,870

 

$

87,800

Accrued liabilities

 

 

50,490

 

 

58,980

Operating lease liabilities, current portion

 

 

8,230

 

 

8,120

Total current liabilities

 

 

155,590

 

 

154,900

Long-term debt, net

 

 

394,270

 

 

393,820

Operating lease liabilities

 

 

44,110

 

 

43,780

Deferred income taxes

 

 

25,750

 

 

21,260

Other long-term liabilities

 

 

52,260

 

 

59,030

Total liabilities

 

 

671,980

 

 

672,790

Total shareholders' equity

 

 

630,780

 

 

630,850

Total liabilities and shareholders' equity

 

$

1,302,760

 

$

1,303,640

TriMas Corporation

Consolidated Statement of Income

(Unaudited - dollars in thousands, except per share amounts)

 

 

Three months ended
June 30,

Six months ended
June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net sales

$

237,680

 

$

218,990

 

$

461,990

 

$

425,720

 

Cost of sales

 

(177,000

)

 

(160,960

)

 

(347,600

)

 

(316,360

)

Gross profit

 

60,680

 

 

58,030

 

 

114,390

 

 

109,360

 

Selling, general and administrative expenses

 

(30,810

)

 

(32,460

)

 

(62,590

)

 

(62,680

)

Operating profit

 

29,870

 

 

25,570

 

 

51,800

 

 

46,680

 

Other expense, net:

 

 

 

 

Interest expense

 

(3,500

)

 

(4,120

)

 

(6,910

)

 

(7,670

)

Debt financing and related expenses

 

 

 

(10,320

)

 

 

 

(10,520

)

Other income (expense), net

 

270

 

 

670

 

 

(10

)

 

(260

)

Other expense, net

 

(3,230

)

 

(13,770

)

 

(6,920

)

 

(18,450

)

Income before income tax expense

 

26,640

 

 

11,800

 

 

44,880

 

 

28,230

 

Income tax benefit (expense)

 

(6,780

)

 

40

 

 

(10,850

)

 

(3,330

)

Net income

$

19,860

 

$

11,840

 

$

34,030

 

$

24,900

 

Basic earnings per share:

 

 

 

 

Net income per share

$

0.47

 

$

0.27

 

$

0.80

 

$

0.58

 

Weighted average common shares—basic

 

42,297,525

 

 

43,110,191

 

 

42,548,366

 

 

43,147,599

 

Diluted earnings per share:

 

 

 

 

Net income per share

$

0.47

 

$

0.27

 

$

0.80

 

$

0.57

 

Weighted average common shares—diluted

 

42,481,199

 

 

43,308,356

 

 

42,795,446

 

 

43,471,616

 

TriMas Corporation

Consolidated Statement of Cash Flow

(Unaudited - dollars in thousands)

 

 

 

 

 

Six months ended
June 30,

 

 

 

2022

 

 

 

2021

 

Cash Flows from Operating Activities:

 

 

 

 

Net income

 

$

34,030

 

 

$

24,900

 

Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact:

 

 

 

 

Loss on dispositions of assets

 

 

210

 

 

 

130

 

Depreciation

 

 

17,150

 

 

 

15,830

 

Amortization of intangible assets

 

 

10,040

 

 

 

10,780

 

Amortization of debt issue costs

 

 

450

 

 

 

520

 

Deferred income taxes

 

 

3,320

 

 

 

1,790

 

Non-cash compensation expense

 

 

5,300

 

 

 

5,660

 

Debt financing and related expenses

 

 

 

 

 

10,520

 

Increase in receivables

 

 

(29,430

)

 

 

(22,600

)

Increase in inventories

 

 

(7,940

)

 

 

(900

)

Decrease (increase) in prepaid expenses and other assets

 

 

790

 

 

 

(7,430

)

Increase (decrease) in accounts payable and accrued liabilities

 

 

(8,870

)

 

 

1,350

 

Other operating activities

 

 

2,640

 

 

 

2,120

 

Net cash provided by operating activities, net of acquisition impact

 

 

27,690

 

 

 

42,670

 

Cash Flows from Investing Activities:

 

 

 

 

Capital expenditures

 

 

(21,720

)

 

 

(18,330

)

Acquisition of businesses, net of cash acquired

 

 

(64,100

)

 

 

 

Net proceeds from disposition of property and equipment

 

 

110

 

 

 

140

 

Net cash used for investing activities

 

 

(85,710

)

 

 

(18,190

)

Cash Flows from Financing Activities:

 

 

 

 

Retirement of senior notes

 

 

 

 

 

(300,000

)

Proceeds from issuance of senior notes

 

 

 

 

 

400,000

 

Proceeds from borrowings on revolving credit facilities

 

 

12,000

 

 

 

 

Repayments of borrowings on revolving credit facilities

 

 

(12,000

)

 

 

(48,620

)

Debt financing fees and senior notes redemption premium

 

 

 

 

 

(13,570

)

Payments to purchase common stock

 

 

(27,890

)

 

 

(14,210

)

Shares surrendered upon exercise and vesting of equity awards to cover taxes

 

 

(2,280

)

 

 

(4,620

)

Dividends paid

 

 

(3,460

)

 

 

 

Net cash provided by (used for) financing activities

 

 

(33,630

)

 

 

18,980

 

Cash and Cash Equivalents:

 

 

 

 

Increase (decrease) for the period

 

 

(91,650

)

 

 

43,460

 

At beginning of period

 

 

140,740

 

 

 

73,950

 

At end of period

 

$

49,090

 

 

$

117,410

 

Supplemental disclosure of cash flow information:

 

 

 

 

Cash paid for interest

 

$

6,330

 

 

$

6,170

 

Cash paid for taxes

 

$

1,120

 

 

$

4,420

 

Appendix I

TriMas Corporation

Additional Information Regarding Special Items Impacting

Reported GAAP Financial Measures

(Unaudited - dollars in thousands)

 

 

Three months ended
June 30,

Six months ended
June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Packaging

 

 

 

 

Net sales

$

148,350

 

$

139,630

 

$

286,840

 

$

271,720

 

Operating profit

$

27,800

 

$

27,850

 

$

49,130

 

$

49,150

 

Special Items to consider in evaluating operating profit:

 

 

 

 

Purchase accounting costs

 

280

 

 

 

 

760

 

 

830

 

Business restructuring and severance costs

 

1,150

 

 

390

 

 

3,120

 

 

1,900

 

Adjusted operating profit

$

29,230

 

$

28,240

 

$

53,010

 

$

51,880

 

 

 

 

 

 

Aerospace

 

 

 

 

Net sales

$

47,390

 

$

44,560

 

$

91,910

 

$

89,170

 

Operating profit

$

2,750

 

$

2,120

 

$

4,590

 

$

6,620

 

Special Items to consider in evaluating operating profit:

 

 

 

 

Purchase accounting costs

 

160

 

 

 

 

400

 

 

 

Business restructuring and severance costs

 

360

 

 

620

 

 

690

 

 

1,070

 

Adjusted operating profit

$

3,270

 

$

2,740

 

$

5,680

 

$

7,690

 

 

 

 

 

 

Specialty Products

 

 

 

 

Net sales

$

41,940

 

$

34,800

 

$

83,240

 

$

64,830

 

Operating profit

$

6,770

 

$

6,010

 

$

14,010

 

$

10,530

 

 

 

 

 

 

Corporate Expenses

 

 

 

 

Operating loss

$

(7,450

)

$

(10,410

)

$

(15,930

)

$

(19,620

)

Special Items to consider in evaluating operating loss:

 

 

 

 

M&A diligence and transaction costs

 

240

 

 

170

 

 

1,150

 

 

660

 

Business restructuring and severance costs

 

80

 

 

3,230

 

 

450

 

 

5,480

 

Adjusted operating loss

$

(7,130

)

$

(7,010

)

$

(14,330

)

$

(13,480

)

 

 

 

 

 

Total Company

 

 

 

 

Net sales

$

237,680

 

$

218,990

 

$

461,990

 

$

425,720

 

Operating profit

$

29,870

 

$

25,570

 

$

51,800

 

$

46,680

 

Total Special Items to consider in evaluating operating profit

 

2,270

 

 

4,410

 

 

6,570

 

 

9,940

 

Adjusted operating profit

$

32,140

 

$

29,980

 

$

58,370

 

$

56,620

 

Appendix I

TriMas Corporation

Additional Information Regarding Special Items Impacting

Reported GAAP Financial Measures

(Unaudited - dollars in thousands, except per share amounts)

 

 

Three months ended
June 30,

Six months ended
June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income, as reported

$

19,860

 

$

11,840

 

$

34,030

 

$

24,900

 

Special Items to consider in evaluating quality of net income:

 

 

 

 

Business restructuring and severance costs

 

1,590

 

 

4,850

 

 

4,410

 

 

9,060

 

Purchase accounting costs

 

440

 

 

 

 

1,160

 

 

830

 

M&A diligence and transaction costs

 

240

 

 

170

 

 

1,150

 

 

660

 

Debt financing and related expenses

 

 

 

10,320

 

 

 

 

10,520

 

Income tax effect of Special Items(1)

 

(330

)

 

(4,520

)

 

(1,380

)

 

(5,910

)

Adjusted net income

$

21,800

 

$

22,660

 

$

39,370

 

$

40,060

 

 

 

 

 

 

 

Three months ended
June 30,

Six months ended
June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Diluted earnings per share, as reported

$

0.47

 

$

0.27

 

$

0.80

 

$

0.57

 

Special Items to consider in evaluating quality of EPS:

 

 

 

 

Business restructuring and severance costs

 

0.04

 

 

0.11

 

 

0.10

 

 

0.21

 

Purchase accounting costs

 

0.01

 

 

 

 

0.03

 

 

0.02

 

M&A diligence and transaction costs

 

0.01

 

 

0.01

 

 

0.03

 

 

0.02

 

Debt financing and related expenses

 

 

 

0.24

 

 

 

 

0.24

 

Income tax effect of Special Items(1)

 

(0.01

)

 

(0.10

)

 

(0.03

)

 

(0.14

)

Pre-tax amortization of acquisition-related intangible assets

 

0.11

 

 

0.12

 

 

0.23

 

 

0.25

 

Income tax benefit on amortization of acquisition-related intangible assets(1)

 

(0.03

)

 

(0.03

)

 

(0.06

)

 

(0.06

)

Adjusted diluted EPS

$

0.60

 

$

0.62

 

$

1.10

 

$

1.11

 

Weighted-average shares outstanding

 

42,481,199

 

 

43,308,356

 

 

42,795,446

 

 

43,471,616

 

(1)

 

Income tax effect of Special Items and amortization of acquisition-related intangible assets is calculated on an item-by-item basis, utilizing the tax rate in the jurisdiction where the Special Item or amortization occurred. For the three and six month periods ended June 30, 2022 and 2021, the income tax effect of Special Items varied from the tax rate inherent in the Company's reported GAAP results, primarily as a result of certain discrete items that occurred during the period for GAAP reporting purposes.

Appendix I

TriMas Corporation

Additional Information Regarding Special Items Impacting

Reported GAAP Financial Measures

(Unaudited - dollars in thousands)

 

 

Three months ended June 30,

 

2022

 

2021

 

As
reported

Special
Items

As
adjusted

As
reported

Special
Items

As
adjusted

Net cash provided by operating activities

$

22,020

 

$

3,260

$

25,280

 

$

26,930

 

$

2,670

$

29,600

 

Less: Capital expenditures

 

(9,830

)

 

 

(9,830

)

 

(8,960

)

 

 

(8,960

)

Free Cash Flow

 

12,190

 

 

3,260

 

15,450

 

 

17,970

 

 

2,670

 

20,640

 

Net income

 

19,860

 

 

1,940

 

21,800

 

 

11,840

 

 

10,820

 

22,660

 

Free Cash Flow as a percentage of net income

 

61

%

 

 

71

%

 

152

%

 

 

91

%

 

 

 

 

 

 

 

 

Six months ended June 30,

 

2022

 

2021

 

 

As
reported

Special
Items

As
adjusted

As
reported

Special
Items

As
adjusted

Net cash provided by operating activities

$

27,690

 

$

7,570

$

35,260

 

$

42,670

 

$

6,590

$

49,260

 

Less: Capital expenditures

 

(21,720

)

 

 

(21,720

)

 

(18,330

)

 

 

(18,330

)

Free Cash Flow

 

5,970

 

 

7,570

 

13,540

 

 

24,340

 

 

6,590

 

30,930

 

Net income

 

34,030

 

 

5,340

 

39,370

 

 

24,900

 

 

15,160

 

40,060

 

Free Cash Flow as a percentage of net income

 

18

%

 

 

34

%

 

98

%

 

 

77

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,
2022

December 31,
2021

June 30,
2021

Long-term debt, net

$

394,270

$

393,820

$

393,370

Less: Cash and cash equivalents

 

49,090

 

140,740

 

117,410

Net Debt

$

345,180

$

253,080

$

275,960

Appendix I

TriMas Corporation

Reconciliation of GAAP to Non-GAAP Financial Measures

Forecasted Diluted Earnings Per Share Guidance

(Unaudited - dollars per share)

 

 

 

Twelve months ended

 

December 31, 2022

 

Low

High

Diluted earnings per share (GAAP)

$

1.78

 

$

1.88

 

Pre-tax amortization of acquisition-related intangible assets(1)

 

0.46

 

 

0.46

 

Income tax benefit on amortization of acquisition-related intangible assets

 

(0.12

)

 

(0.12

)

Impact of Special Items(2)

 

0.13

 

 

0.13

 

Adjusted diluted earnings per share

$

2.25

 

$

2.35

 

(1)  

 

These amounts relate to acquisitions completed prior to June 30, 2022. The Company is unable to provide forward-looking estimates of future acquisitions, if any, that have not yet been consummated.

(2)  

 

The Company is unable to provide forward-looking estimates of Special Items without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

 

Contacts

Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherrylauderback@trimascorp.com

Contacts

Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherrylauderback@trimascorp.com