TriMas : FINAL Q1 2026 Earnings Presentation
TRS
Published on 04/30/2026 at 09:21 am EDT
April 30, 2026
Q1 2026: Executing the Plan
Successfully Closed the TriMas Aerospace Divestiture on March 16, 2026
Generated approximately $1.24 billion of net after-tax cash proceeds
Repaid borrowings under the revolving credit facility related to Q4 share repurchase activity
Repurchased additional shares, with remaining proceeds invested in interest-bearing accounts
Disciplined Capital Deployment
Repurchased approximately 4.5 million shares between the divestiture announcement and the end of Q1;
~36.3 million shares outstanding as of March 31, 2026
Focus remains on investing in organic growth and pursuing targeted, high-quality acquisitions that will elevate or expand our current packaging and life science platforms
Continued Operational Improvements
Intensified focus on standardization, operational excellence and continuous improvement
Implemented actions to deliver ~$10M of savings in 2026 and ~$15M annually, as previously announced
Announced consolidation of Atkins, Arkansas, packaging facility into other locations by mid-year
Closely monitoring geopolitical developments in the Middle East and actively managing potential impacts across our operations and supply chains
$152.5
Net Sales
(in millions)
$168.3
+10.4%
Organic: +7.3%
Acquisitions: 0.0%
Segment Operating Profit (1) (in millions)
Operating Profit
Q1 2026 Results
Strong year-over-year sales growth driven by organic volume gains and favorable currency
Profit and margin expansion reflecting higher sales leverage and benefits from recent cost-streamlining actions
EBITDA (2) increased meaningfully with margin improvement
EPS(3) grew 60% year-over-year, supported by operating performance, interest income and disciplined cost management
The impact of favorable performance and lower outstanding share count offset higher interest expense and tax rate year-over-year
(in millions)
$12.7 +32.2%
$9.6
6.3%
7.5%
+120 bps
$20.5
$17.9
+14.6%
11.7%
12.2%
+50 bps
Dispositions: -0.9%
Currency: +4.0%
Q1 2025
Q1 2026
Q1 2025
Q1 2026
Q1 2025
Q1 2026
EBITDA (2)
(in millions)
Income
(in millions)
Earnings Per Share (3)
+110 bps
14.2%
13.1%
$9.0
+50.8%
$5.9
$0.15
$0.24 +60.0%
+19.8%
$23.9
$20.0
Q1 2025
Q1 2026
Q1 2025
Q1 2026
Q1 2025
Q1 2026
Solid Q1 execution; building momentum for the balance of the year
Note: All items are from continuing operations and adjusted for Special Items. Please see the Appendix for a detailed reconciliation to GAAP results. Unaudited, dollars in millions, except per share amounts.
Net Cash Position Provides Future Financial Flexibility
March 31, December 31, March 31,
Key Credit Statistics 2026 2025 2025
Total Debt* $396.6 $469.2 $434.2
Less: Cash $1,309.6 $30.0 $32.7
Net Debt
($913.0)
$439.2
$401.5
Net Leverage(1)
n/m
2.6x
2.7x
Quarterly Free Cash Flow(2)
($16.1)
$26.9
$0.9
Strong balance sheet following the TriMas Aerospace divestiture, with a net cash position of $913 million
Cash currently invested in interest-bearing accounts, generating attractive interest income until redeployed
Completed $156 million of share repurchases between the divestiture announcement and the end of Q1
Long-term, low-interest senior notes with no maturities until 2029 provide additional balance sheet stability
Q1 Free Cash Flow(2) declined year-over-year, primarily due to higher levels of investment to support future growth
Financial flexibility supports disciplined capital allocation, including organic investment, targeted acquisitions and shareholder returns
Adjusted for Special Items
Q1 2026
Q1 2025
Change
Q4 2025
Net Sales
$139.2
$127.6
9.1%
$129.3
Operating Profit
$17.7
$17.8
-0.8%
$15.0
Operating Margin
12.7%
14.0%
-130 bps
11.6%
Adjusted EBITDA(1)
$25.5
$26.2
-2.7%
$21.5
Adjusted EBITDA Margin
18.3%
20.5%
-220 bps
16.6%
Takeaways
Sales increased 9.1% year-over-year, evenly split between organic growth and favorable foreign currency translation
Growth was led by increased sales across beauty and personal care, and life sciences end markets, partially offset by lower sales of industrial closure applications
Q1 margins improved sequentially relative to Q4 2025, as expected, driven by higher sales levels and operational improvement actions, yet declined year-over-year due to a less favorable product sales mix
Forward Perspective
Expecting 3% to 6% full-year sales growth in 2026, with operating profit margins expanding to the 14% to 15% range
Sequential margin expansion expected in Q2 and again in Q3, reflecting cost-streamlining initiatives, operational and commercial excellence programs, prior acquisition integration and facility optimization
Actively monitoring conditions and working with our customers, suppliers and operating teams to mitigate potential impacts arising from global conflicts
Adjusted for Special Items
Q1 2026
Q1 2025
Change
Q4 2025
Net Sales
$29.1
$24.9
17.0%
$26.2
Operating Profit
$2.9
$0.1
n/m
$1.7
Operating Margin
9.8%
0.4%
940 bps
6.5%
Adjusted EBITDA(1)
$3.6
$0.9
291.3%
$2.4
Adjusted EBITDA Margin
12.4%
3.7%
870 bps
9.1%
Takeaways
Q1 year-over-year sales growth of 24% for Norris Cylinder more than offset the loss of sales related to the divestiture of Arrow Engine in January 2025
Q1 operating profit margin improved by 940 basis points, as Norris Cylinder's higher sales levels and improved fixed cost absorption more than offset the lost profit related to the divestiture
Forward Perspective
Expect 3% to 6% YoY sales growth in 2026, with operating profit margins ranging from 8% to 10%
Stronger order intake, supported by the "Made in the USA" designation and prior cost-restructuring actions, expected to contribute to continued recovery and performance at Norris Cylinder
As of April 30, 2026
Full Year 2026 Outlook
SALES GROWTH
3% to 6%
(2025: $645.7M)
ADJUSTED OPERATING PROFIT MARGIN IMPROVEMENT 300+ BPS
(2025: 5.3%)
ADJUSTED EPS(1)
$1.50 to $1.70
(2025: $0.55)
Full Year 2026 Assumptions
Margin expansion driven primarily by improved operating performance across both segments, plus the impact of cost-out initiatives
Expect YoY quarterly improvement in sales, earnings and EPS in each quarter of 2026 compared to 2025
Adjusted EPS(1) outlook assumes approximately $9 million of interest income for each of the remaining three quarters of 2026, assuming no significant change in interest rates or redeployment of the cash proceeds
Interest expense expected to be in the range of $20 million to $22 million
Corporate cash expenses expected to decline by ~$10 million year-over-year reflecting cost-out savings
Non-cash stock compensation expected to be ~$10 million
Effective tax rate expected to be approximately 27% to 29%
Outlook assumes no material impact from global conflicts or geopolitical actions on costs, supply or end-market demand
All of the figures on this slide are adjusted for any current and future Special Items.
Continuous Improvement
Innovation
Capital Allocation
Portfolio Shaping
Embed Operational Excellence through Lean, Six Sigma and continuous improvement discipline across all plants
Examples
Standardize operating systems to deliver best-in-class safety, quality, cost and delivery
Optimize manufacturing footprint and cost structure to drive sustained margin improvement
Accelerate customer-driven product innovation to address evolving needs
Expand sustainable solutions aligned with customer needs
Leverage portfolio-selling to deepen customer and market penetration
Expand technology and engineering capabilities to improve speed-to-market and strengthen competitive positioning
Pursue strategic, high-quality acquisitions to complement, enhance or expand our platform in packaging and life sciences
Prioritize investment in organic growth to support innovation, productivity and customer initiatives
Return capital to shareholders through share repurchases and dividends, while maintaining balance sheet strength
Focus on highest-value products and platforms with differentiation and above-market growth potential
Add acquisitions that enhance value propositions, capabilities and end market exposure
Fine-tune portfolio to reduce exposure to non-core, lower margin offerings to improve mix and returns
Elevate the existing business through innovation, commercial excellence and operational improvements
Full Year 2025 Basis ($ in millions, except per share amount)
Packaging
$ % of Sales
Net Sales
$535.5
Adjusted Operating Profit
$71.4
13.3%
Adjusted EBITDA(1)
$105.0
19.6%
Specialty Products
Net Sales
$110.2
Adjusted Operating Profit
$5.4
4.9%
Adjusted EBITDA(1)
$8.5
7.7%
Corporate Expenses
Adjusted Operating Profit
($42.5)
-6.6%
Cash Expenses(2)
($34.1)
-5.3%
Non-cash Stock Comp
($8.4)
-1.3%
Total Company
Net Sales
$645.7
Adjusted Operating Profit
$34.4
5.3%
Adjusted EBITDA(1)
$79.1
12.3%
Adjusted EPS(3)
$0.55
Packaging 2026 Focus Areas
Streamline commercial and operational functions to reduce complexity and cost, unify brands, and further integrate prior acquisitions and ERP platforms
Optimize the manufacturing footprint and drive operational excellence
Enhance scalability and customer experience with aligned systems/processes
Specialty Products 2026 Focus Areas
Drive operational excellence and continuous improvement across production and supply chain
Leverage prior cost-out and restructuring to expand margins and improve efficiency
Corporate 2026 Focus Areas
Consolidate corporate functionality with business units; costs decline over time post Aerospace sale
Eliminate duplicate costs given the more focused company
Longer-term corporate cash expense expected to be 2.5% - 3% of sales
TriMas Longer-term Thoughts
Multi-year plan to improve commercial and operational performance
GDP+ growth prospects with significant organic margin expansion opportunities
Executing plan focused on increasing current business Adjusted EBITDA(1) margins to 18% - 20%
Note: 2025 figures include Arrow Engine as part of Specialty Products until its sale on January 31, 2025.
Note: All items are adjusted for Special Items. Please see the Appendix for a detailed reconciliation to GAAP results.
(1) 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.
March 31,
2026
December 31,
2025
Assets
Current assets:
Cash and cash equivalents
$ 1,309,610
$ 30,020
Receivables, net
128,610
111,270
Inventories
117,270
108,720
Prepaid expenses and other current assets
34,450
36,380
Current assets, discontinued operations
-
176,280
Total current assets
1,589,940
462,670
Property and equipment, net
243,540
247,510
Operating lease right-of-use assets
38,580
31,800
Goodwill
297,890
300,280
Other intangibles, net
74,520
76,550
Deferred income taxes
7,350
53,670
Other assets
45,310
45,430
Non-current assets, discontinued operations
-
267,170
Total assets
$ 2,297,130
$ 1,485,080
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable
$ 267,170
$ 72,280
Accrued liabilities
53,160
59,640
Lease liabilities, current portion
7,190
4,100
Current liabilities, discontinued operations
-
47,650
Total current liabilities
327,520
183,670
Long-term debt, net
396,620
469,170
Lease liabilities
35,470
31,810
Deferred income taxes
26,220
17,710
Other long-term liabilities
61,490
65,840
Non-current liabilities, discontinued operations
-
11,290
Total liabilities
847,320
779,490
Total shareholders' equity
1,449,810
705,590
Total liabilities and shareholders' equity
$ 2,297,130
$ 1,485,080
Three months ended
March 31,
2026
2025
Net sales
$ 168,280
$ 152,460
Cost of sales
(131,410)
(119,630)
Gross profit
36,870
32,830
Selling, general and administrative expenses
(29,990)
(30,970)
Net gain on dispositions of assets
10
5,290
Operating profit
6,890
7,150
Other expense, net:
Interest expense
(5,240)
(4,520)
Other income (expense), net
890
(40)
Other expense, net
(4,350)
(4,560)
Income before income tax expense
2,540
2,590
Income tax expense
(54,300)
(650)
Income (loss) from continuing operations
(51,760)
1,940
Income from discontinued operations, net of tax
852,590
10,480
Net income
$ 800,830
$ 12,420
Earnings (loss) per share - basic:
Continuing operations
$ (1.38)
$ 0.05
Discontinued operations
22.78
0.26
Net income per share
$ 21.40
$ 0.31
Weighted average common shares - basic
37,426,123
40,605,288
Earnings (loss) per share - diluted:
Continuing operations
$ (1.38)
$ 0.05
Discontinued operations
22.78
0.25
Net income per share
$ 21.40
$ 0.30
Weighted average common shares - diluted
37,426,123
40,969,299
Three months ended March 31,
2026 2025
Cash Flows from Operating Activities:
Income from discontinued operations 852,590 10,480
Income (loss) from continuing operations (51,760) 1,940
Net income 800,830 12,420
Adjustments to reconcile net income to net cash provided by (used for) operating activities, net of acquisition impact:
Depreciation 10,390 9,640
Net gain on dispositions of assets (1,040,010) (5,290)
Amortization of intangible assets 4,130 4,190
Amortization of debt issue costs 240 240
Deferred income taxes 53,770 1,970
Non-cash compensation expense 3,070 2,990
Provision for losses on accounts receivable (70) (780)
Increase in receivables (23,020) (14,670)
Increase in inventories (16,560) (4,610)
Decrease in prepaid expenses and other assets 4,590 3,890
Increase in accounts payable and accrued liabilities 182,800 1,060
Other operating activities 460 (1,860)
Net cash provided by (used for) operating activities, net of acquisition impact (19,380) 9,190
Cash Flows from Investing Activities:
Capital expenditures (5,220) (12,940)
Acquisition of business, net of cash acquired - (37,160)
Net proceeds from disposition of business, property and equipment 1,436,530 20,490
Net cash provided by (used for) investing activities 1,431,310 (29,610)
Cash Flows from Financing Activities:
Proceeds from borrowings on revolving credit facilities 233,000 98,200
Repayments of borrowings on revolving credit facilities (305,730) (62,930)
Debt financing fees - (1,260)
Payments to purchase common stock (54,530) (460)
Shares surrendered upon exercise and vesting of equity awards to cover taxes (3,460) (1,760)
Dividends paid (1,490) (1,610)
Other financing activities (130) (120)
Net cash provided by (used for) financing activities (132,340) 30,060
Cash and Cash Equivalents:
Increase for the period 1,279,590 9,640
At beginning of period 30,020 23,070
At end of period $ 1,309,610 $ 32,710
Supplemental disclosure of cash flow information:
Cash paid for interest
$ 1,500
$ 760
Cash paid for taxes
$ 230
$ 2,990
Non-cash property additions
$ 3,280
$ -
Consolidated TriMas
7.3%
0.0%
-0.9%
4.0%
10.4%
Packaging
4.4%
0.0%
0.0%
4.7%
9.1%
Continuing Operations
Three months ended
March 31,
Three months ended
March 31,
2026
2025
2026
2025
Packaging
Adjusted operating profit, continuing operations
$ 12,700
$ 9,610
Net sales
$ 139,170
$ 127,570
Operating profit
$ 14,550
$ 17,240
Non-cash stock compensation (adjusted)
2,630
1,050
Special Items to consider in evaluating operating profit:
Legacy expenses
80
130
Business restructuring and severance costs
3,120
580
Corporate expenses
7,830
8,300
Adjusted operating profit $ 17,670
$ 17,820
Adjusted segment operating profit, continuing operations
$ 20,530
$ 17,910
Adjusted segment operating profit margin, continuing operations
12.2%
11.7%
Specialty Products
Net sales
$ 29,110
$ 24,890
Operating profit (loss)
$ 2,860
$ (1,150)
Special Items to consider in evaluating operating profit:
Business restructuring and severance costs
-
1,240
YOY Growth %
Adjusted operating profit
$ 2,860
$ 90
Organic
Acquisitions
Divestitures
Fx
Total
Corporate Expenses Q1 2026 vs. Q1 2025
Special Items to consider in evaluating operating loss:
Operating loss
$ (10,520) $
(8,940)
M&A diligence and transaction costs
-
300
Specialty Products 22.6% 0.0% -5.6% 0.0% 17.0%
System implementation costs
1,220
920
Business restructuring and severance costs
1,470
4,720
Gain on sale of Arrow Engine
-
(5,300)
Adjusted operating loss
$ (7,830)
$ (8,300)
TriMas Continuing Operations
Net sales
$ 168,280
$ 152,460
Operating profit
$ 6,890
$ 7,150
Total Special Items to consider in evaluating operating profit
5,810
2,460
Adjusted operating profit
$ 12,700
$ 9,610
Three months ended March 31,
2026
2025
Income (loss) from continuing operations, as reported
$ (51,760)
$ 1,940
Special Items to consider in evaluating quality of net income from continuing operations:
Business restructuring and severance costs
4,590
6,540
M&A diligence and transaction costs
-
300
System implementation costs
1,220
920
Gain on sale of Arrow Engine
-
(5,300)
Non-cash deferred tax impact related to Aerospace divestiture
53,900
-
Write-off of deferred financing fees
-
100
Amortization of acquisition-related intangible assets
1,440
1,590
Non-cash compensation expense
2,630
1,050
Income tax effect of net income adjustments(1)
(3,060)
(1,200)
Continuing Operations
Adjusted income from continuing operations $ 8,960 $ 5,940
Three months ended March 31,
2026
2025
Diluted earnings (loss) per share from continuing operations, as reported
$ (1.38)
$ 0.05
Dilutive impact(2)
0.02
-
Special Items to consider in evaluating quality of diluted EPS from continuing operations:
Business restructuring and severance costs
0.12
0.16
M&A diligence and transaction costs
-
0.01
System implementation costs
0.03
0.02
Gain on sale of Arrow Engine
-
(0.13)
Non-cash deferred tax impact related to Aerospace divestiture
1.42
-
Write-off of deferred financing fees
-
0.00
Amortization of acquisition-related intangible assets
0.04
0.04
Non-cash compensation expense
0.07
0.03
Income tax effect of net income adjustments(1)
(0.08)
(0.03)
Adjusted diluted EPS from continuing operations
$ 0.24
$ 0.15
Weighted-average shares outstanding
37,939,783
40,969,299
Income tax effect of net income adjustments is calculated on an item-by-item basis, utilizing the statutory income tax rate in the jurisdiction where the adjustments occurred. For the three month periods ended March 31, 2026, and 2025, the income tax effect on the cumulative net income adjustments 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.
513,660 shares would have been dilutive to the computation of earnings per share in an income position for the three months ended March 31, 2026.
Unaudited, dollars in thousands, except for share and per share amounts.
Continuing Operations
Three months ended March 31,
2026 2025
As reported Special Items As adjusted As reported Special Items As adjusted
Net cash provided by (used for) operating activities
$ (19,050)
$ 5,340
$ (13,710)
$ 6,990
$ 4,390
$ 11,380
Less: Capital expenditures
(2,400)
-
(2,400)
(10,450)
-
(10,450)
Free Cash Flow
$ (21,450)
$ 5,340
$ (16,110)
$ (3,460)
$ 4,390
$ 930
March 31,
2026
December 31,
2025
March 31,
2025
Long-term debt, net(1)
$ 396,620
$ 469,170
$ 434,190
Less: Cash and cash equivalents
1,309,610
30,020
32,710
Net Debt
$ (912,990)
$ 439,150
$ 401,480
Continuing Operations
Three months ended March 31,
From Continuing Operations 2026 2025
Twelve months ended
March 31,
2026 2025
Income (loss) from continuing operations, as reported
$ (51,760)
$ 1,940
$ 18,610
$ -
Depreciation expense
8,190
7,640
32,080
39,880
Amortization expense
1,440
1,590
6,530
6,470
Interest expense
5,240
4,520
18,750
19,150
Interest income on invested cash from sale of Aerospace
(1,950)
-
(1,950)
-
Income tax (benefit) expense
54,300
650
5,600
(1,950)
Non-cash compensation expense
3,160
2,550
10,520
3,950
Adjusted EBITDA, before Special Items
$ 18,620
$ 18,890
$ 90,140
$ 67,500
Adjusted EBITDA impact of Special Items
5,280
1,060
(7,080)
20,470
Adjusted EBITDA(1)
$ 23,900
$ 19,950
$ 83,060
$ 87,970
Adjusted EBITDA as a percentage of net sales
14.2%
13.1%
12.6%
14.1%
Packaging
$ 25,500
$ 26,200
$ 104,270
$ 105,550
Specialty Products
3,600
920
11,130
7,710
Segment Adjusted EBITDA(1)
$ 29,100
$ 27,120
$ 115,400
$ 113,260
Segment Adjusted EBITDA as a percentage of net sales
17.3%
17.8%
17.4%
18.2%
Other Corporate expenses
(5,200)
(7,170)
(32,340)
(25,290)
Adjusted EBITDA(1)
$ 23,900
$ 19,950
$ 83,060
$ 87,970
As of April 30, 2026
Full Year 2026 GAAP to Non-GAAP EPS Outlook Reconciliation
Continuing Operations
Twelve months ended
December 31, 2026
Low High
Diluted earnings per share (GAAP) $ (0.34) $ (0.14)
Pre-tax amortization of acquisition-related intangible assets(1)
0.15
0.15
Income tax benefit on amortization of acquisition-related intangible assets
(0.04)
(0.04)
Pre-tax non-cash compensation expense
0.27
0.27
Income tax benefit on non-cash compensation expense
(0.07)
(0.07)
Impact of Special Items(2)
1.53
1.53
Adjusted diluted earnings per share $ 1.50 $ 1.70
(1) These amounts relate to acquisitions completed as of April 30, 2026. The Company is unable to provide forward-looking estimates of future acquisitions, if any, that have not yet been consummated.
Disclaimer
TriMas Corporation published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 13:20 UTC.