BLOOMFIELD HILLS, Michigan, April 29, 2025 - TriMas (NASDAQ: TRS) today announced financial results for the first quarter ended March 31, 2025. The Company reported first quarter 2025 net income of $12.4 million, or $0.30 per diluted share, compared to $5.1 million, or $0.12 per diluted share, in first quarter 2024. Adjusting for Special Items(2), first quarter 2025 adjusted net income(1) was $18.8 million, compared to $15.1 million in first quarter 2024. First quarter 2025 adjusted diluted earnings per share(1) was $0.46, an increase of 24.3% compared to $0.37 in the prior year period.
TriMas reported first quarter 2025 net sales of $241.7 million, an increase of 6.4% compared to $227.1 million in first quarter 2024, as sales growth in its Packaging and Aerospace segments more than offset the loss of sales related to the divestiture of Arrow Engine and lower market demand for cylinders in its Specialty Products segment. The Company reported operating profit of $21.8 million in first quarter 2025, compared to $12.4 million in first quarter 2024. Adjusting for Special Items(2), first quarter 2025 adjusted operating profit was $24.4 million, an increase of 50.2% compared to $16.3 million in the prior year period, as a result of the favorable impacts of higher sales, and commercial and operational excellence actions.
“We delivered strong performance to start the year, driven by recovering demand and successful growth initiatives within our Aerospace and Packaging segments, combined with manufacturing enhancements and commercial actions," said Thomas Amato, TriMas President and Chief Executive Officer. “During the quarter, TriMas successfully completed the acquisition of GMT Aerospace, a manufacturer of tie-rods for aerospace and defense applications, and divested Arrow Engine, reflecting our continued steps to optimize our portfolio of businesses. Looking ahead, we remain optimistic about the long-term growth within our two largest segments, Packaging and Aerospace, and an accelerated recovery of our Specialty Products segment.”
Financial Position
The Company reported net cash provided by operating activities of $9.2 million for first quarter 2025, compared to a use of $3.7 million in first quarter 2024, driven by improved performance and working capital management. As a result, the Company reported Free Cash Flow(3) of $0.6 million for first quarter 2025, compared to a use of $14.2 million in first quarter 2024, resulting in a year-over-year increase of $14.8 million.
TriMas ended first quarter 2025 with $32.7 million of cash on hand, $240.1 million of cash and available borrowing capacity under its revolving credit facility, and a net leverage ratio of 2.7x as defined in the Company's credit agreement. As of March 31, 2025, TriMas reported total debt of $434.2 and Net Debt(4) of $401.5 million. In March 2025, the Company amended its senior secured revolving credit facility to the amount of $250 million, while extending the maturity to March 31, 2030. With a strong balance sheet and no near-term maturities, the Company remains committed to its capital allocation priorities of investing for growth in its businesses and returning capital to shareholders through both dividends and share buybacks.
During the first three months of 2025, the Company repurchased 20,491 shares of its outstanding common stock for $0.5 million. As of March 31, 2025, the Company had $67.2 million remaining under the repurchase authorization. TriMas also paid a quarterly cash dividend of $0.04 per share of TriMas Corporation stock.
First Quarter Segment Results
TriMas Packaging group's net sales for the first quarter were $127.6 million, an increase of 0.4% compared to first quarter 2024, primarily due to organic growth of 3.3% related to the beauty & personal care, industrial and home care end markets, partially offset by lower sales of products used in food & beverage applications and the impact of unfavorable currency exchange. First quarter operating profit and margin were relatively flat compared to the prior year period, as improved performance was offset primarily by incremental freight related to the accelerated purchases of imported goods. TriMas Packaging group continues to invest in capacity in certain product lines, and product design and innovation to accelerate organic growth and drive improved performance.
TriMas Aerospace group's net sales for the first quarter were $89.2 million, an increase of 32.5% compared to first quarter 2024. First quarter 2025 operating profit margin increased 650 basis points over the same period in 2024, primarily due to higher sales conversion, commercial actions and operational excellence initiatives. During the quarter, TriMas Aerospace group completed the previously announced acquisition of GMT Aerospace, renamed TriMas Aerospace Germany (TAG), a Germany-based developer and manufacturer of tie-rods and rubber-metal, anti-vibration products for commercial and military aerospace applications.
TriMas Specialty Products group's net sales for the first quarter were $24.9 million, a decrease of 24.0% compared to first quarter 2024, driven by the loss of sales related to the divestiture of Arrow Engine in January 2025 and lower demand for cylinders. First quarter operating profit and margin decreased as compared to the same period in 2024, as restructuring actions were more than offset by lower absorption and higher inventory capitalized variances in the quarter.
Outlook
The Company reaffirms its full year 2025 outlook provided on February 27, 2025. The Company expects to generate full year 2025 adjusted diluted earnings per share(1) in the range of $1.70 to $1.85.
“Following a strong start to the year, we are reaffirming our full-year guidance, supported by continued strength in our Aerospace business and positive trends within Specialty Products. While the uncertain tariff environment presents potential challenges for our Packaging business, we are taking proactive steps to mitigate the impact and remain focused on driving ongoing performance improvements,” concluded Amato.
The above outlook includes the impact of all announced acquisitions. The outlook provided assumes no detrimental impact related to input costs or end market demand associated with global conflicts or geopolitical actions. All of the above amounts considered as 2025 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.(2)
Conference Call Information
TriMas will host its first quarter 2025 earnings conference call today, Tuesday, April 29, 2025, at 10 a.m. ET. To participate via phone, please dial (877) 407-0890 (U.S. and Canada) or +1 (201) 389-0918 (outside the U.S. and Canada), and ask to be connected to the TriMas first quarter 2025 earnings conference call. The conference call will also be simultaneously webcast via the TriMas website at www.trimas.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 (877) 660-6853 (U.S. and Canada) or +1 (201) 612-7415 (outside the U.S. and Canada) with a meeting ID of 13753075, beginning April 29, 2025, at 3:00 p.m. ET through May 13, 2025, at 3:00 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: general economic and currency conditions; competitive factors; market demand; our ability to realize our business strategies; government and regulatory actions, including, without limitation, the impact of current and future tariffs and reciprocal tariffs, quotas and surcharges, as well as climate change legislation and other environmental regulations; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; pressures on our supply chain, including availability of raw materials and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations, including, but not limited to, risks relating to tensions between the United States and China; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers’ and suppliers’ sustainability and environmental, social and governance ("ESG") goals and achieve our sustainability goals in alignment with our own announced targets; litigation; contingent liabilities relating to acquisition activities; interest rate volatility; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; the disruption of operations from catastrophic or extraordinary events, including, but not limited to, natural disasters, geopolitical conflicts 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 discussed in Part I, Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2024 and in the First Quarter 2025 report on Form 10-Q. The risks described in our Annual Report on Form 10-K and in the First Quarter 2025 report on Form 10-Q 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(2) 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.trimas.com under the “Investors” section.
(1) The Company defines adjusted net income (and on a per diluted share basis, 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 impacts of non-cash acquisition-related intangible asset amortization and non-cash compensation expense. While the acquisition-related intangible assets aid in the Company’s revenue generation, the Company adjusts for the non-cash amortization expense and non-cash compensation 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.
(2) 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.
(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 3,900 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.trimas.com.
Contact
Sherry Lauderback
VP, Investor Relations, Communications & Sustainability
(248) 631-5506
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BLOOMFIELD HILLS, Michigan, April 22, 2025 – TriMas (NASDAQ: TRS) today declared a quarterly cash dividend of $0.04 per share of TriMas Corporation stock. The quarterly dividend is payable on May 13, 2025, to shareholders of record as of the close of business on May 6, 2025.
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 3,900 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.trimas.com.
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: general economic and currency conditions; competitive factors; market demand; 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; pressures on our supply chain, including availability of raw materials and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations, including, but not limited to, risks relating to tensions between the United States and China; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers’ and suppliers’ sustainability goals and achieve our sustainability goals in alignment with our own announced targets; litigation; contingent liabilities relating to acquisition activities; interest rate volatility; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; the disruption of operations from catastrophic or extraordinary events, including, but not limited to, natural disasters, geopolitical conflicts 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, 2024. 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.
Contact
Sherry Lauderback
VP, Investor Relations, Communications & Sustainability
(248) 631-5506
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BLOOMFIELD HILLS, Michigan, April 7, 2025 – TriMas (NASDAQ: TRS) announced today that it will host its first quarter 2025 earnings conference call on Tuesday, April 29, 2025. The conference call will begin at 10 a.m. Eastern Time and will follow the Company’s release of first quarter 2025 earnings results at 8 a.m. that day.
To participate on the earnings conference call, please dial: (877) 407-0890 (U.S. and Canada) or +1 (201) 389-0918 (outside the U.S. and Canada) and ask to be connected to the TriMas first quarter 2025 earnings conference call. The conference call will also be simultaneously webcast via TriMas’ website at www.trimas.com, under the “Investors” section, with an accompanying slide presentation.
If you are unable to participate during the live teleconference, a replay of the conference call will be available beginning April 29 at 3 p.m. Eastern Time through May 13 at 3 p.m. Eastern Time. To access the replay, please dial: (877) 660-6853 (U.S. and Canada) or +1 (201) 612-7415 (outside the U.S. and Canada) and use meeting ID 13753075 to access or visit the “Investors” section of the Company’s website.
About TriMas
TriMas designs and 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 3,900 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.trimas.com.
Contact
Sherry Lauderback
Vice President, Investor Relations, Communications & Sustainability
(248) 631-5506
This email address is being protected from spambots. You need JavaScript enabled to view it.
BLOOMFIELD HILLS, Michigan, March 20, 2025 – TriMas (NASDAQ: TRS) today announced that Scott Mell, its Chief Financial Officer (CFO), will be leaving the Company effective March 20, 2025, to pursue another opportunity. In light of this transition, Teresa Finley, a current TriMas Board member, has been appointed interim CFO.
“As a valued member of our Board since 2020, Teresa brings extensive financial expertise, operational knowledge and steadfast leadership, and is well-suited to step into this interim role,” said Herbert Parker, TriMas’ Board Chairman. “Her appointment will help ensure continuity in the Company’s strategic momentum, drive improvement in our financial operations and accelerate our focus on delivering enhanced shareholder value."
Ms. Finley is a qualified financial expert and brings more than 34 years of experience in financial, marketing and strategic leadership roles at a Fortune 50 company. In addition to serving as Chief Marketing and Business Services Officer at UPS from 2015 until her retirement in 2017, Ms. Finley's prior roles at UPS included CFO for multiple global businesses, Corporate Controller and Treasurer, and Vice President of Investor Relations. Ms. Finley’s experience also includes serving as a Senior Advisor at the Boston Consulting Group from June 2019 to November 2021, as well as her current role on the Union Pacific Railroad Board.
In addition to her role as interim CFO, Ms. Finley will be appointed TriMas’ Treasurer. Concurrently, she will step down as the Chair of the Board’s Compensation Committee and member of the Audit Committee.
“We extend our thanks to Scott for the contributions he has made during his tenure at TriMas and wish him well in his next endeavor,” added Mr. Parker. “TriMas is off to a solid start to the year, and we are reaffirming our full-year guidance.”
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 3,900 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.trimas.com.
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: general economic and currency conditions; competitive factors; market demand; 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; pressures on our supply chain, including availability of raw materials and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations, including, but not limited to, risks relating to tensions between the United States and China; government and regulatory actions, including,without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers’ and suppliers’ sustainability goals and achieve our sustainability goals in alignment with our own announced targets; litigation; contingent liabilities relating to acquisition activities; interest rate volatility; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; the disruption of operations from catastrophic or extraordinary events, including, but not limited to, natural disasters, geopolitical conflicts 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, 2024. 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.
Contact
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
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BLOOMFIELD HILLS, Michigan, March 10, 2025– TriMas (NASDAQ: TRS) today announced that its TriMas Packaging group has been honored with the prestigious Gold Supplier Award from Grupo Boticário, a leading multinational beauty company headquartered in Brazil. The award was presented during Grupo Boticário’s 28th Annual Supplier Conference in Curitiba, Brazil, recognizing TriMas Packaging’s exceptional performance in innovation, sustainability, quality, customer service, technical support and on-time delivery. This recognition follows the Silver Award earned last year, highlighting the company’s ongoing commitment to excellence.
“We are incredibly honored to receive the Gold Supplier Award from Grupo Boticário, which is a testament to the strength of our partnership and the dedication of our team,” said Fabio Salik, TriMas Packaging Group President. “Our commitment to delivering exceptional customer satisfaction is at the core of everything we do, and it has been a privilege to collaborate with the Grupo Boticário team. We look forward to further strengthening this successful partnership as we continue to expand our presence in South America, particularly within the growing beauty packaging market.”
TriMas Packaging has been a trusted supplier to Grupo Boticário, growing particularly within Latin America over the past few years by offering the supply of its high-quality dispensing and fragrance pumps designed to meet the dynamic needs of the global beauty, cosmetics and personal care end markets.
About TriMas Packaging
TriMas Packaging serves its global customers with its market-leading brands, consisting of Rieke®, Affaba & Ferrari™, Rapak®, Taplast™, Plastic Srl and Aarts Packaging. TriMas Packaging designs and manufactures a comprehensive array of dispensing, closure and flexible packaging solutions for a broad range of end markets including the beauty and personal care, food and beverage, home care, pharmaceutical and nutraceutical, and industrial and agricultural markets. With approximately 2,200 dedicated employees and 26 locations worldwide, TriMas Packaging’s innovative solutions and services are designed to enhance customers’ ability to dispense, transport and store their products safely and securely in an ever-changing marketplace. For more information, please visit www.trimaspackaging.com.
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 3,900 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.trimas.com.
Contact
Kristin Reim
Communications Specialist
(615) 927-1908
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