Company Reaffirms Full Year 2022 Outlook
TriMas (NASDAQ: TRS) today announced financial results for the first quarter ended March 31, 2022.
TriMas Highlights
- Increased first quarter 2022 net sales by 8.5%, with record first quarter sales in TriMas' Packaging group
- Leveraged increased TriMas' Specialty Products sales to improve its first quarter operating profit by $2.7 million
- Reported diluted EPS of $0.33, while adjusted diluted EPS(1) increased to $0.50, in line with Company expectations
- Ended first quarter with a strong balance sheet and a net leverage ratio of 2.0x, even after completing three recent acquisitions, funding dividend payments and repurchasing shares
First Quarter 2022
TriMas reported first quarter 2022 net sales of $224.3 million, an increase of 8.5% compared to $206.7 million in first quarter 2021, as a result of increased demand in TriMas' Specialty Products group, and acquisition-related sales. The Company reported operating profit of $21.9 million in first quarter 2022, a slight increase compared to $21.1 million in first quarter 2021. Adjusting for Special Items(2) primarily related to realignment and acquisition-related diligence and transaction costs, first quarter 2022 adjusted operating profit was $26.2 million, a slight decline compared to $26.6 million in the prior year period, as higher energy costs, inflationary pressures, including certain commodities and freight, and continued pandemic-related labor inefficiencies more than offset the impact of increased sales levels.
The Company reported first quarter 2022 net income of $14.2 million, or $0.33 per diluted share, compared to $13.1 million, or $0.30 per diluted share. Adjusting for Special Items(2), first quarter 2022 adjusted net income(1) was $17.6 million, a slight increase compared to $17.4 million in first quarter 2021, and adjusted diluted earnings per share(1) was $0.50, a 2.0% increase compared to $0.49, in the prior year period.
"During the first quarter, we achieved sales growth of 8.5% and adjusted diluted EPS(1) of $0.50," said Thomas Amato, TriMas President and Chief Executive Officer. "We continue to be pleased with our positive results, particularly considering the continued challenges related to the pandemic and labor constraints, as well as more recent supply chain, energy cost and inflationary pressures related to the macro effects from the conflict in Eastern Europe. We attribute our continued solid performance to the dedication and commitment of our global team, who is focused on meeting the needs of our customers in our diverse set of end markets, all while navigating very dynamic, and often differing, regional environments.
"In addition, we continued to deploy and allocate capital in a balanced manner, as we invested in organic growth initiatives and strategic acquisitions, while also returning capital to shareholders through share repurchases and dividends. We believe our momentum in executing our long-term strategy will continue, and we are confident that our multiple levers for growth, commitment to innovation and continuous improvement, and dedicated global workforce will provide benefits to our shareholders," Amato concluded.
Financial Position
The Company reported net cash provided by operating activities of $5.7 million for first quarter 2022, compared to $15.7 million generated in first quarter 2021. As a result, the Company reported a Free Cash Flow(3) use of $1.9 million for first quarter 2022 compared to Free Cash Flow(3) of $10.3 million in first quarter 2021, primarily due to proactive inventory decisions in response to global supply chain challenges and the timing of capital expenditures, including investments related to localizing production in the United States and adding future capacity for new programs, primarily in TriMas' Packaging group. 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.
During first quarter 2022, the Company used $64.0 million for acquisitions, $11.9 million for capital investments, primarily for TriMas Packaging's additional capacity in the United States, and repurchased 282,003 shares of its outstanding common stock for $9.1 million. As of March 31, 2022, $133.6 million remained available under the Company's repurchase authorization. During first quarter 2022, TriMas paid a quarterly cash dividend of $0.04 per share of TriMas Corporation stock on March 11, 2022, and also declared a quarterly cash dividend of $0.04 per share payable on May 12, 2022.
TriMas ended first quarter 2022 with $53.7 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 $394.0 million and Net Debt(4) of $335.2 million as of March 31, 2022.
First Quarter Segment Results
TriMas' Packaging segment represents approximately 62% of TriMas March 31, 2022 LTM sales. Net sales for the first quarter increased 4.8% compared to the year ago period as increases in acquisition-related sales and higher demand for products sold into food & beverage and industrial & agricultural applications were partially offset by the planned abatement of pandemic-related demand, particularly as compared to the high sales levels in first quarter 2021 for these products, and the impact of unfavorable currency exchange. First quarter operating profit increased slightly and the related margin percentage decreased slightly as the impact of increased sales was mitigated predominantly by higher energy costs. During first quarter 2022, the Company completed the acquisition of Intertech, a manufacturer of prototype production molds and custom components for medical and other applications, which is reported as part of TriMas' Packaging segment.
TriMas' Aerospace segment represents approximately 21% of TriMas March 31, 2022 LTM sales. Net sales for the first quarter decreased 0.2% compared to the year ago period, as the impact of market share gains and acquisition-related sales were more than offset by the expected decline in special stocking orders, which were predominantly fulfilled in 2021. First quarter operating profit and the related margin decreased as a result of a less favorable sales mix from lower levels of stocking orders, and continued labor inefficiencies related to the pandemic.
TriMas' Specialty Products segment represents approximately 17% of TriMas March 31, 2022 LTM sales. First quarter net sales increased 37.5% compared to the year ago period, primarily due to higher demand for steel cylinders used in construction and HVAC applications, as end markets have improved from the pandemic downturn. Sales of replacement parts for stationary power generation units and compressors increased primarily as a result of higher demand levels given increased natural gas and crude pricing, and related activities in North America. First quarter operating profit and the related margin increased as a result of higher sales and the positive impact of previous factory floor improvement actions.
Outlook
The Company reaffirms its full year 2022 outlook provided on March 1, 2022. The Company expects to generate full year 2022 adjusted diluted earnings per share(1) 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 the geopolitical risks related to the recent events in Eastern Europe and potential supply disruptions related to China’s zero-COVID approach. 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.(2)
Conference Call Information
TriMas will host its first quarter 2022 earnings conference call today, Thursday, April 28, 2022, at 10 a.m. ET. The call-in number is (888) 254-3590. Participants should request to be connected to the TriMas first quarter 2022 earnings conference call (Confirmation Code 2219626). 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 2219626) beginning April 28, 2022, at 3 p.m. ET through May 5, 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(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.trimascorp.com under the “Investors” section.
| (1) | 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. |
|
| (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 3,500 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) |
||||||
|
|
March 31,
|
|
December 31,
|
||
Assets |
|
(unaudited) |
|
|
||
Current assets: |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
58,820 |
|
$ |
140,740 |
Receivables, net |
|
|
150,500 |
|
|
125,630 |
Inventories |
|
|
158,360 |
|
|
152,450 |
Prepaid expenses and other current assets |
|
|
16,290 |
|
|
12,950 |
Total current assets |
|
|
383,970 |
|
|
431,770 |
Property and equipment, net |
|
|
279,840 |
|
|
265,630 |
Operating lease right-of-use assets |
|
|
53,150 |
|
|
50,650 |
Goodwill |
|
|
345,010 |
|
|
315,490 |
Other intangibles, net |
|
|
204,260 |
|
|
196,730 |
Deferred income taxes |
|
|
7,920 |
|
|
9,740 |
Other assets |
|
|
34,900 |
|
|
33,630 |
Total assets |
|
$ |
1,309,050 |
|
$ |
1,303,640 |
Liabilities and Shareholders' Equity |
|
|
|
|
||
Current liabilities: |
|
|
|
|
||
Accounts payable |
|
$ |
94,870 |
|
$ |
87,800 |
Accrued liabilities |
|
|
51,560 |
|
|
58,980 |
Operating lease liabilities, current portion |
|
|
8,400 |
|
|
8,120 |
Total current liabilities |
|
|
154,830 |
|
|
154,900 |
Long-term debt, net |
|
|
394,040 |
|
|
393,820 |
Operating lease liabilities |
|
|
46,390 |
|
|
43,780 |
Deferred income taxes |
|
|
22,460 |
|
|
21,260 |
Other long-term liabilities |
|
|
57,500 |
|
|
59,030 |
Total liabilities |
|
|
675,220 |
|
|
672,790 |
Total shareholders' equity |
|
|
633,830 |
|
|
630,850 |
Total liabilities and shareholders' equity |
|
$ |
1,309,050 |
|
$ |
1,303,640 |
TriMas Corporation |
||||||||
Consolidated Statement of Operations |
||||||||
(Unaudited - dollars in thousands, except per share amounts) |
||||||||
|
|
Three months ended
|
||||||
|
|
2022 |
|
2021 |
||||
Net sales |
|
$ |
224,310 |
|
|
$ |
206,730 |
|
Cost of sales |
|
|
(170,600 |
) |
|
|
(155,400 |
) |
Gross profit |
|
|
53,710 |
|
|
|
51,330 |
|
Selling, general and administrative expenses |
|
|
(31,780 |
) |
|
|
(30,220 |
) |
Operating profit |
|
|
21,930 |
|
|
|
21,110 |
|
Other expense, net: |
|
|
|
|
||||
Interest expense |
|
|
(3,410 |
) |
|
|
(3,550 |
) |
Debt financing and related expenses |
|
|
— |
|
|
|
(200 |
) |
Other income (expense), net |
|
|
(280 |
) |
|
|
(930 |
) |
Other expense, net |
|
|
(3,690 |
) |
|
|
(4,680 |
) |
Income before income tax expense |
|
|
18,240 |
|
|
|
16,430 |
|
Income tax expense |
|
|
(4,070 |
) |
|
|
(3,370 |
) |
Net income |
|
$ |
14,170 |
|
|
$ |
13,060 |
|
Basic earnings per share: |
|
|
|
|
||||
Net income per share |
|
$ |
0.33 |
|
|
$ |
0.30 |
|
Weighted average common shares—basic |
|
|
42,799,206 |
|
|
|
43,185,007 |
|
Diluted earnings per share: |
|
|
|
|
||||
Net income per share |
|
$ |
0.33 |
|
|
$ |
0.30 |
|
Weighted average common shares—diluted |
|
|
43,109,693 |
|
|
|
43,634,876 |
|
TriMas Corporation |
||||||||
Consolidated Statement of Cash Flow |
||||||||
(Unaudited - dollars in thousands) |
||||||||
|
|
Three months ended
|
||||||
|
|
2022 |
|
2021 |
||||
Cash Flows from Operating Activities: |
|
|
|
|
||||
Net income |
|
$ |
14,170 |
|
|
$ |
13,060 |
|
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: |
|
|
|
|
||||
Loss on dispositions of assets |
|
|
20 |
|
|
|
20 |
|
Depreciation |
|
|
8,470 |
|
|
|
7,850 |
|
Amortization of intangible assets |
|
|
5,290 |
|
|
|
5,390 |
|
Amortization of debt issue costs |
|
|
220 |
|
|
|
300 |
|
Deferred income taxes |
|
|
3,000 |
|
|
|
2,200 |
|
Non-cash compensation expense |
|
|
2,820 |
|
|
|
2,440 |
|
Debt financing and related expenses |
|
|
— |
|
|
|
200 |
|
Increase in receivables |
|
|
(22,330 |
) |
|
|
(15,640 |
) |
Increase in inventories |
|
|
(910 |
) |
|
|
(3,110 |
) |
Increase in prepaid expenses and other assets |
|
|
(680 |
) |
|
|
(2,070 |
) |
Increase (decrease) in accounts payable and accrued liabilities |
|
|
(5,210 |
) |
|
|
1,950 |
|
Other operating activities |
|
|
810 |
|
|
|
3,150 |
|
Net cash provided by operating activities, net of acquisition impact |
|
|
5,670 |
|
|
|
15,740 |
|
Cash Flows from Investing Activities: |
|
|
|
|
||||
Capital expenditures |
|
|
(11,890 |
) |
|
|
(9,370 |
) |
Acquisition of businesses, net of cash acquired |
|
|
(63,950 |
) |
|
|
— |
|
Net proceeds from disposition of property and equipment |
|
|
20 |
|
|
|
— |
|
Net cash used for investing activities |
|
|
(75,820 |
) |
|
|
(9,370 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
||||
Proceeds from issuance of senior notes |
|
|
— |
|
|
|
400,000 |
|
Repayments of borrowings on revolving credit facilities |
|
|
— |
|
|
|
(48,620 |
) |
Debt financing fees |
|
|
— |
|
|
|
(6,150 |
) |
Payments to purchase common stock |
|
|
(9,060 |
) |
|
|
(2,640 |
) |
Shares surrendered upon exercise and vesting of equity awards to cover taxes |
|
|
(970 |
) |
|
|
(1,770 |
) |
Dividends paid |
|
|
(1,740 |
) |
|
|
— |
|
Net cash provided by (used for) financing activities |
|
|
(11,770 |
) |
|
|
340,820 |
|
Cash and Cash Equivalents: |
|
|
|
|
||||
Increase (decrease) for the period |
|
|
(81,920 |
) |
|
|
347,190 |
|
At beginning of period |
|
|
140,740 |
|
|
|
73,950 |
|
At end of period |
|
$ |
58,820 |
|
|
$ |
421,140 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
Cash paid for interest |
|
$ |
310 |
|
|
$ |
520 |
|
Cash paid for taxes |
|
$ |
620 |
|
|
$ |
1,160 |
|
Appendix I |
||||||||
TriMas Corporation |
||||||||
Additional Information Regarding Special Items Impacting |
||||||||
Reported GAAP Financial Measures |
||||||||
(Unaudited - dollars in thousands) |
||||||||
|
|
Three months ended
|
||||||
|
|
2022 |
|
2021 |
||||
Packaging |
|
|
|
|
||||
Net sales |
|
$ |
138,490 |
|
|
$ |
132,090 |
|
Operating profit |
|
$ |
21,330 |
|
|
$ |
21,300 |
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
||||
Purchase accounting costs |
|
|
480 |
|
|
|
830 |
|
Business restructuring and severance costs |
|
|
1,970 |
|
|
|
1,510 |
|
Adjusted operating profit |
|
$ |
23,780 |
|
|
$ |
23,640 |
|
|
|
|
|
|
||||
Aerospace |
|
|
|
|
||||
Net sales |
|
$ |
44,520 |
|
|
$ |
44,610 |
|
Operating profit |
|
$ |
1,840 |
|
|
$ |
4,500 |
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
||||
Purchase accounting costs |
|
|
240 |
|
|
|
— |
|
Business restructuring and severance costs |
|
|
330 |
|
|
|
450 |
|
Adjusted operating profit |
|
$ |
2,410 |
|
|
$ |
4,950 |
|
|
|
|
|
|
||||
Specialty Products |
|
|
|
|
||||
Net sales |
|
$ |
41,300 |
|
|
$ |
30,030 |
|
Operating profit |
|
$ |
7,240 |
|
|
$ |
4,520 |
|
|
|
|
|
|
||||
Corporate Expenses |
|
|
|
|
||||
Operating loss |
|
$ |
(8,480 |
) |
|
$ |
(9,210 |
) |
Special Items to consider in evaluating operating loss: |
|
|
|
|
||||
M&A diligence and transaction costs |
|
|
910 |
|
|
|
490 |
|
Business restructuring and severance costs |
|
|
370 |
|
|
|
2,250 |
|
Adjusted operating loss |
|
$ |
(7,200 |
) |
|
$ |
(6,470 |
) |
|
|
|
|
|
||||
Total Company |
|
|
|
|
||||
Net sales |
|
$ |
224,310 |
|
|
$ |
206,730 |
|
Operating profit |
|
$ |
21,930 |
|
|
$ |
21,110 |
|
Total Special Items to consider in evaluating operating profit |
|
|
4,300 |
|
|
|
5,530 |
|
Adjusted operating profit |
|
$ |
26,230 |
|
|
$ |
26,640 |
|
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
|
||||||
|
|
2022 |
|
2021 |
||||
Net income, as reported |
|
$ |
14,170 |
|
|
$ |
13,060 |
|
Special Items to consider in evaluating quality of net income: |
|
|
|
|
||||
Business restructuring and severance costs |
|
|
2,820 |
|
|
|
4,210 |
|
Purchase accounting costs |
|
|
720 |
|
|
|
830 |
|
M&A diligence and transaction costs |
|
|
910 |
|
|
|
490 |
|
Debt financing and related expenses |
|
|
— |
|
|
|
200 |
|
Income tax effect of Special Items(1) |
|
|
(1,050 |
) |
|
|
(1,390 |
) |
Adjusted net income |
|
$ |
17,570 |
|
|
$ |
17,400 |
|
|
|
|
|
|
||||
|
|
Three months ended
|
||||||
|
|
2022 |
|
2021 |
||||
Diluted earnings per share, as reported |
|
$ |
0.33 |
|
|
$ |
0.30 |
|
Special Items to consider in evaluating quality of EPS: |
|
|
|
|
||||
Business restructuring and severance costs |
|
|
0.06 |
|
|
|
0.10 |
|
Purchase accounting costs |
|
|
0.02 |
|
|
|
0.02 |
|
M&A diligence and transaction costs |
|
|
0.02 |
|
|
|
0.01 |
|
Debt financing and related expenses |
|
|
— |
|
|
|
— |
|
Income tax effect of Special Items(1) |
|
|
(0.02 |
) |
|
|
(0.03 |
) |
Pre-tax amortization of acquisition-related intangible assets |
|
|
0.12 |
|
|
|
0.12 |
|
Income tax benefit on amortization of acquisition-related intangible assets(1) |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
Adjusted diluted EPS |
|
$ |
0.50 |
|
|
$ |
0.49 |
|
Weighted-average shares outstanding |
|
|
43,109,693 |
|
|
|
43,634,876 |
|
(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 month periods ended March 31, 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 March 31, |
||||||||||||||||||||
|
|
2022 |
|
2021 |
||||||||||||||||||
|
|
As
|
|
Special
|
|
As
|
|
As
|
|
Special
|
|
As
|
||||||||||
Net cash provided by operating activities |
|
$ |
5,670 |
|
|
$ |
4,310 |
|
$ |
9,980 |
|
|
$ |
15,740 |
|
|
$ |
3,920 |
|
$ |
19,660 |
|
Less: Capital expenditures |
|
|
(11,890 |
) |
|
|
— |
|
|
(11,890 |
) |
|
|
(9,370 |
) |
|
|
— |
|
|
(9,370 |
) |
Free Cash Flow |
|
|
(6,220 |
) |
|
|
4,310 |
|
|
(1,910 |
) |
|
|
6,370 |
|
|
|
3,920 |
|
|
10,290 |
|
Net income |
|
|
14,170 |
|
|
|
3,400 |
|
|
17,570 |
|
|
|
13,060 |
|
|
|
4,340 |
|
|
17,400 |
|
Free Cash Flow as a percentage of net income |
|
|
(44 |
)% |
|
|
|
|
(11 |
)% |
|
|
49 |
% |
|
|
|
|
59 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
|||
Current portion, long-term debt |
|
$ |
— |
|
$ |
— |
|
$ |
300,000 |
Long-term debt, net |
|
|
394,040 |
|
|
393,820 |
|
|
390,190 |
Total Debt |
|
|
394,040 |
|
|
393,820 |
|
|
690,190 |
Less: Cash and cash equivalents |
|
|
58,820 |
|
|
140,740 |
|
|
421,140 |
Net Debt |
|
$ |
335,220 |
|
$ |
253,080 |
|
$ |
269,050 |
Appendix I |
||||||||
TriMas Corporation |
||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||
Forecasted Diluted Earnings Per Share Guidance |
||||||||
(Unaudited - dollars per share) |
||||||||
|
|
Twelve months
|
||||||
|
|
December 31, 2022 |
||||||
|
|
Low |
|
High |
||||
Diluted earnings per share (GAAP) |
|
$ |
1.82 |
|
|
$ |
1.92 |
|
Pre-tax amortization of acquisition-related intangible assets(1) |
|
|
0.46 |
|
|
|
0.46 |
|
Income tax benefit on amortization of acquisition-related intangible assets |
|
|
(0.11 |
) |
|
|
(0.11 |
) |
Impact of Special Items(2) |
|
|
0.08 |
|
|
|
0.08 |
|
Adjusted diluted earnings per share |
|
$ |
2.25 |
|
|
$ |
2.35 |
|
(1) |
These amounts relate to acquisitions completed prior to March 31, 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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220428005241/en/
Contacts
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherrylauderback@trimascorp.com
