TriMas : 52925 KeyBanc Conference Presentation
TRS
Published on 05/29/2025 at 08:04
2025 Off to a Great Start with Strong First Quarter Performance
Proactively navigating dynamics emerging in global markets
Packaging
Aerospace
Achieved 22.1% EBITDA for the quarter, resulting in LTM EBITDA of 20.0%, supported by strong order intake and backlog
Specialty Products
Collaborating closely with customers and suppliers, while assessing options to leverage global footprint to mitigate tariff impacts
3
Net Sales
(in millions)
$241.7
$0.46
+24.3%
$0.37
$227.1
+6.4%
Organic: +8.2%
Acquisitions: +1.4%
Dispositions: -1.6%
Currency: -1.6%
Adjusted EBITDA (1)
(in millions)
16.4%
15.4%
+13.5%
$39.7
+100 bps
$35.0
Adj. Earnings Per Share(2)
Q1 2024
Q1 2025
Q1 2024
Q1 2025
Q1 2024
Q1 2025
Adjusted for Special Items
Q1 2025
Q1 2024
Change
Net Sales
$241.7
$227.1
6.4%
Operating Profit
$24.4
$16.3
50.2%
Operating Profit Margin
10.1%
7.2%
290 bps
Net Income
$18.8
$15.1
24.7%
Adjusted Earnings Per Share(2)
$0.46
$0.37
24.3%
Adjusted EBITDA(1)
$39.7
$35.0
13.5%
Adjusted EBITDA Margin
16.4%
15.4%
100 bps
Segment Adjusted EBITDA(1)
$46.9
$41.6
12.7%
Segment Adjusted EBITDA Margin
19.4%
18.3%
110 bps
Q1 2025 Results
Packaging and Aerospace sales growth more than offset the loss of sales related to Arrow Engine divestiture and lower demand within Specialty Products' end markets
Increased operating profit by $8.2 million, or 50%+, as the impact of higher sales volumes and improved conversion more than offset Specialty Products' conversion
YoY Adjusted EBITDA(1) and margin increased primarily due to higher sales and improved conversion within Aerospace
Q1 Adjusted EPS(2) increased to $0.46, or by 24.3% YoY, driven by higher operating profit
Note: All items are adjusted for Special Items. Please see the Appendix for a detailed reconciliation to GAAP results. Unaudited, dollars in millions, except per share amounts.
Adjusted EBITDA is defined as net income (loss) plus expense (benefit) for interest, taxes, depreciation, amortization and non-cash stock compensation, all as adjusted for the impact of Special Items.
4 (2) Adjusted Earnings Per Share is defined as diluted EPS per GAAP plus or minus the after-tax impact of Special Items, acquisition-related intangible amortization expense and non-cash compensation expense.
Low-Interest Rate Senior Notes Do Not Mature Until 2029
Key Credit Statistics
March 31,
2025
December 31,
2024
March 31,
2024
Total Debt
$434.2
$398.1
$424.9
Less: Cash
$32.7
$23.1
$30.5
Net Debt
$401.5
$375.1
$394.5
Net Leverage(1)
2.7x
2.6x
2.5x
Quarterly Free Cash Flow(2)
$0.6
$16.8
($14.2)
Continuing to manage a strong balance sheet, backed by low-interest, long-term debt with no maturities until 2029
Successfully refinanced a $250 million Senior Secured Revolving Credit Facility maturing in 2030, maintaining balance sheet strength and providing flexibility to execute long-term growth strategy
Net debt higher than prior quarter, as a result of funding the GMT Aerospace acquisition
Q1 Free Cash Flow as expected given seasonality, showing YOY improvement of $14.8 million, driven by enhanced performance and disciplined working capital management
Note: All items are adjusted for Special Items. Please see the Appendix for a detailed reconciliation to GAAP results. Unaudited, dollars in millions.
(1) Net Leverage is defined as Net Debt/LTM Adjusted EBITDA.
5 (2) Free Cash Flow is defined as Net Cash Provided by/(Used for) Operating Activities, excluding the cash impact of Special Items, less capital expenditures.
Disclaimer
TriMas Corporation published this content on May 29, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 29, 2025 at 12:03 UTC.