TriMas Reports Third Quarter 2022 Results
TriMas Highlights
- Increased third quarter net sales in TriMas' Specialty Products group by 14.5%
-
Launching a new fully-recyclable PET injection blow-molded jar with a closure system for personal care applications within
TriMas Packaging -
Continued strong order backlog within TriMas' Specialty Products group, while order backlog increased within
TriMas Aerospace -
Favorably settled cross-currency swaps for pre-tax cash proceeds of
$26 million - Repurchased more than one million shares of outstanding common stock during the first nine months of 2022, reducing net shares outstanding by approximately 2.0%
Third Quarter 2022
TriMas reported third quarter 2022 net sales of
The Company reported third quarter 2022 net income of
"During the third quarter, TriMas, like many companies, was not immune to the impacts of inflationary effects, supply chain and labor constraints, and an extremely dynamic demand environment," said
"Despite the macroeconomic uncertainty, given our strong balance sheet, we are continuing to pursue attractive bolt-on acquisitions, deploy capital to drive future growth through new innovations and add capacity in areas where demand remains robust. As we enter the final quarter of the year, I am confident in our team’s ability to navigate dynamic global economic challenges and drive long-term growth. To date, our proactive operational and treasury actions have enabled TriMas to be well-positioned for unprecedented market periods, enabling our continued focus on our long-range objectives. Despite certain deferred demand for some of our key product lines, we remain confident that TriMas’ diversified end market model, low leverage and interest expense, and cash generation profile, will provide value creating opportunities for our shareholders, even in challenging periods," Amato concluded.
Financial Position
Through the third quarter of 2022, the Company repurchased 1,004,154 shares of its outstanding common stock for
TriMas ended third quarter 2022 with
The Company reported net cash provided by operating activities of
Third Quarter Segment Results
TriMas' Specialty Products segment represents approximately 18% of TriMas'
Outlook
The Company is revising its full year 2022 outlook originally provided on
"As we entered third quarter, we expected that our
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 constraints related to the COVID pandemic or other factors, the geopolitical risks related to the ongoing conflict in
Conference Call Information
TriMas will host its third quarter 2022 earnings conference call today,
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
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 Net Debt as Total Debt less Cash and Cash Equivalents. Please see Appendix I for additional details. |
|
(4) |
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. |
About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its
|
Condensed Consolidated Balance Sheet (Dollars in thousands) |
||||||
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|
|
|
|
|
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Assets |
|
(unaudited) |
|
|
||
|
Current assets: |
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
80,340 |
|
$ |
140,740 |
|
Receivables, net |
|
|
142,610 |
|
|
125,630 |
|
Inventories |
|
|
173,740 |
|
|
152,450 |
|
Prepaid expenses and other current assets |
|
|
20,130 |
|
|
12,950 |
|
Total current assets |
|
|
416,820 |
|
|
431,770 |
|
Property and equipment, net |
|
|
271,960 |
|
|
265,630 |
|
Operating lease right-of-use assets |
|
|
49,170 |
|
|
50,650 |
|
|
|
|
332,280 |
|
|
315,490 |
|
Other intangibles, net |
|
|
189,500 |
|
|
196,730 |
|
Deferred income taxes |
|
|
13,370 |
|
|
9,740 |
|
Other assets |
|
|
28,790 |
|
|
33,630 |
|
Total assets |
|
$ |
1,301,890 |
|
$ |
1,303,640 |
|
Liabilities and Shareholders' Equity |
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
||
|
Accounts payable |
|
$ |
93,370 |
|
$ |
87,800 |
|
Accrued liabilities |
|
|
56,850 |
|
|
58,980 |
|
Operating lease liabilities, current portion |
|
|
8,320 |
|
|
8,120 |
|
Total current liabilities |
|
|
158,540 |
|
|
154,900 |
|
Long-term debt, net |
|
|
394,500 |
|
|
393,820 |
|
Operating lease liabilities |
|
|
42,740 |
|
|
43,780 |
|
Deferred income taxes |
|
|
21,260 |
|
|
21,260 |
|
Other long-term liabilities |
|
|
50,280 |
|
|
59,030 |
|
Total liabilities |
|
|
667,320 |
|
|
672,790 |
|
Total shareholders' equity |
|
|
634,570 |
|
|
630,850 |
|
Total liabilities and shareholders' equity |
|
$ |
1,301,890 |
|
$ |
1,303,640 |
|
Consolidated Statement of Income (Unaudited - dollars in thousands, except per share amounts) |
||||||||||||||||
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|
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Three months ended
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|
Nine months ended
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||||||||||||
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|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
Net sales |
|
$ |
218,530 |
|
|
$ |
222,420 |
|
|
$ |
680,520 |
|
|
$ |
648,140 |
|
|
Cost of sales |
|
|
(170,200 |
) |
|
|
(163,980 |
) |
|
|
(517,800 |
) |
|
|
(480,340 |
) |
|
Gross profit |
|
|
48,330 |
|
|
|
58,440 |
|
|
|
162,720 |
|
|
|
167,800 |
|
|
Selling, general and administrative expenses |
|
|
(32,110 |
) |
|
|
(27,620 |
) |
|
|
(94,480 |
) |
|
|
(90,170 |
) |
|
Net gain (loss) on dispositions of assets |
|
|
4,760 |
|
|
|
— |
|
|
|
4,540 |
|
|
|
(130 |
) |
|
Operating profit |
|
|
20,980 |
|
|
|
30,820 |
|
|
|
72,780 |
|
|
|
77,500 |
|
|
Other expense, net: |
|
|
|
|
|
|
|
|
||||||||
|
Interest expense |
|
|
(3,600 |
) |
|
|
(3,440 |
) |
|
|
(10,510 |
) |
|
|
(11,110 |
) |
|
Debt financing and related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,520 |
) |
|
Other income (expense), net |
|
|
860 |
|
|
|
(540 |
) |
|
|
850 |
|
|
|
(800 |
) |
|
Other expense, net |
|
|
(2,740 |
) |
|
|
(3,980 |
) |
|
|
(9,660 |
) |
|
|
(22,430 |
) |
|
Income before income tax expense |
|
|
18,240 |
|
|
|
26,840 |
|
|
|
63,120 |
|
|
|
55,070 |
|
|
Income tax expense |
|
|
(4,940 |
) |
|
|
(7,250 |
) |
|
|
(15,790 |
) |
|
|
(10,580 |
) |
|
Net income |
|
$ |
13,300 |
|
|
$ |
19,590 |
|
|
$ |
47,330 |
|
|
$ |
44,490 |
|
|
Basic earnings per share: |
|
|
|
|
|
|
|
|
||||||||
|
Net income per share |
|
$ |
0.32 |
|
|
$ |
0.46 |
|
|
$ |
1.12 |
|
|
$ |
1.03 |
|
|
Weighted average common shares—basic |
|
|
41,995,027 |
|
|
|
42,889,922 |
|
|
|
42,363,919 |
|
|
|
43,061,707 |
|
|
Diluted earnings per share: |
|
|
|
|
|
|
|
|
||||||||
|
Net income per share |
|
$ |
0.32 |
|
|
$ |
0.45 |
|
|
$ |
1.11 |
|
|
$ |
1.03 |
|
|
Weighted average common shares—diluted |
|
|
42,181,440 |
|
|
|
43,094,099 |
|
|
|
42,590,777 |
|
|
|
43,345,777 |
|
|
Consolidated Statement of Cash Flow (Unaudited - dollars in thousands) |
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|
|
Nine months ended
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||||||
|
|
|
2022 |
|
2021 |
||||
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Cash Flows from Operating Activities: |
|
|
|
|
||||
|
Net income |
|
$ |
47,330 |
|
|
$ |
44,490 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: |
|
|
|
|
||||
|
(Gain) loss on dispositions of assets |
|
|
(4,540 |
) |
|
|
130 |
|
|
Depreciation |
|
|
25,340 |
|
|
|
23,740 |
|
|
Amortization of intangible assets |
|
|
14,600 |
|
|
|
16,150 |
|
|
Amortization of debt issue costs |
|
|
680 |
|
|
|
740 |
|
|
Deferred income taxes |
|
|
(6,950 |
) |
|
|
3,480 |
|
|
Non-cash compensation expense |
|
|
7,680 |
|
|
|
7,320 |
|
|
Debt financing and related expenses |
|
|
— |
|
|
|
10,520 |
|
|
Increase in receivables |
|
|
(14,830 |
) |
|
|
(23,260 |
) |
|
Increase in inventories |
|
|
(18,980 |
) |
|
|
(5,850 |
) |
|
Increase in prepaid expenses and other assets |
|
|
(1,170 |
) |
|
|
(3,830 |
) |
|
Increase (decrease) in accounts payable and accrued liabilities |
|
|
(6,890 |
) |
|
|
450 |
|
|
Other operating activities |
|
|
4,370 |
|
|
|
3,660 |
|
|
Net cash provided by operating activities, net of acquisition impact |
|
|
46,640 |
|
|
|
77,740 |
|
|
Cash Flows from Investing Activities: |
|
|
|
|
||||
|
Capital expenditures |
|
|
(31,840 |
) |
|
|
(29,850 |
) |
|
Acquisition of businesses, net of cash acquired |
|
|
(64,100 |
) |
|
|
— |
|
|
Cross-currency swap terminations |
|
|
26,230 |
|
|
|
— |
|
|
Net proceeds from disposition of property and equipment |
|
|
180 |
|
|
|
160 |
|
|
Net cash used for investing activities |
|
|
(69,530 |
) |
|
|
(29,690 |
) |
|
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 |
|
|
(29,960 |
) |
|
|
(18,160 |
) |
|
Shares surrendered upon exercise and vesting of equity awards to cover taxes |
|
|
(2,380 |
) |
|
|
(4,690 |
) |
|
Dividends paid |
|
|
(5,170 |
) |
|
|
— |
|
|
Net cash provided by (used for) financing activities |
|
|
(37,510 |
) |
|
|
14,960 |
|
|
Cash and Cash Equivalents: |
|
|
|
|
||||
|
Increase (decrease) for the period |
|
|
(60,400 |
) |
|
|
63,010 |
|
|
At beginning of period |
|
|
140,740 |
|
|
|
73,950 |
|
|
At end of period |
|
$ |
80,340 |
|
|
$ |
136,960 |
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
|
Cash paid for interest |
|
$ |
5,480 |
|
|
$ |
6,490 |
|
|
Cash paid for taxes |
|
$ |
14,620 |
|
|
$ |
8,250 |
|
|
Appendix I
Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures (Unaudited - dollars in thousands) |
||||||||||||||||
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
Packaging |
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
129,700 |
|
|
$ |
138,010 |
|
|
$ |
416,540 |
|
|
$ |
409,730 |
|
|
Operating profit |
|
$ |
17,590 |
|
|
$ |
27,340 |
|
|
$ |
66,720 |
|
|
$ |
76,490 |
|
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
|
Purchase accounting costs |
|
|
— |
|
|
|
— |
|
|
|
760 |
|
|
|
830 |
|
|
Business restructuring and severance costs |
|
|
480 |
|
|
|
— |
|
|
|
3,600 |
|
|
|
1,900 |
|
|
Adjusted operating profit |
|
$ |
18,070 |
|
|
$ |
27,340 |
|
|
$ |
71,080 |
|
|
$ |
79,220 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Aerospace |
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
45,420 |
|
|
$ |
46,510 |
|
|
$ |
137,330 |
|
|
$ |
135,680 |
|
|
Operating profit |
|
$ |
4,710 |
|
|
$ |
3,980 |
|
|
$ |
9,300 |
|
|
$ |
10,600 |
|
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
|
Purchase accounting costs |
|
|
— |
|
|
|
— |
|
|
|
400 |
|
|
|
— |
|
|
Business restructuring and severance costs |
|
|
70 |
|
|
|
580 |
|
|
|
760 |
|
|
|
1,650 |
|
|
Adjusted operating profit |
|
$ |
4,780 |
|
|
$ |
4,560 |
|
|
$ |
10,460 |
|
|
$ |
12,250 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Specialty Products |
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
43,410 |
|
|
$ |
37,900 |
|
|
$ |
126,650 |
|
|
$ |
102,730 |
|
|
Operating profit |
|
$ |
6,760 |
|
|
$ |
6,660 |
|
|
$ |
20,770 |
|
|
$ |
17,190 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Corporate Expenses |
|
|
|
|
|
|
|
|
||||||||
|
Operating loss |
|
$ |
(8,080 |
) |
|
$ |
(7,160 |
) |
|
$ |
(24,010 |
) |
|
$ |
(26,780 |
) |
|
Special Items to consider in evaluating operating loss: |
|
|
|
|
|
|
|
|
||||||||
|
M&A diligence and transaction costs |
|
|
— |
|
|
|
170 |
|
|
|
1,150 |
|
|
|
830 |
|
|
Business restructuring and severance costs |
|
|
60 |
|
|
|
40 |
|
|
|
510 |
|
|
|
5,520 |
|
|
Adjusted operating loss |
|
$ |
(8,020 |
) |
|
$ |
(6,950 |
) |
|
$ |
(22,350 |
) |
|
$ |
(20,430 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
218,530 |
|
|
$ |
222,420 |
|
|
$ |
680,520 |
|
|
$ |
648,140 |
|
|
Operating profit |
|
$ |
20,980 |
|
|
$ |
30,820 |
|
|
$ |
72,780 |
|
|
$ |
77,500 |
|
|
Total Special Items to consider in evaluating operating profit |
|
|
610 |
|
|
|
790 |
|
|
|
7,180 |
|
|
|
10,730 |
|
|
Adjusted operating profit |
|
$ |
21,590 |
|
|
$ |
31,610 |
|
|
$ |
79,960 |
|
|
$ |
88,230 |
|
|
Appendix I
Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures (Unaudited - dollars in thousands, except per share amounts) |
||||||||||||||||
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
Net income, as reported |
|
$ |
13,300 |
|
|
$ |
19,590 |
|
|
$ |
47,330 |
|
|
$ |
44,490 |
|
|
Special Items to consider in evaluating quality of net income: |
|
|
|
|
|
|
|
|
||||||||
|
Business restructuring and severance costs |
|
|
610 |
|
|
|
620 |
|
|
|
5,020 |
|
|
|
9,680 |
|
|
Purchase accounting costs |
|
|
— |
|
|
|
— |
|
|
|
1,160 |
|
|
|
830 |
|
|
M&A diligence and transaction costs |
|
|
— |
|
|
|
170 |
|
|
|
1,150 |
|
|
|
830 |
|
|
Debt financing and related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,520 |
|
|
Income tax effect of Special Items(1) |
|
|
(330 |
) |
|
|
80 |
|
|
|
(1,710 |
) |
|
|
(5,830 |
) |
|
Adjusted net income |
|
$ |
13,580 |
|
|
$ |
20,460 |
|
|
$ |
52,950 |
|
|
$ |
60,520 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
Diluted earnings per share, as reported |
|
$ |
0.32 |
|
|
$ |
0.45 |
|
|
$ |
1.11 |
|
|
$ |
1.03 |
|
|
Special Items to consider in evaluating quality of EPS: |
|
|
|
|
|
|
|
|
||||||||
|
Business restructuring and severance costs |
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.12 |
|
|
|
0.22 |
|
|
Purchase accounting costs |
|
|
— |
|
|
|
— |
|
|
|
0.03 |
|
|
|
0.02 |
|
|
M&A diligence and transaction costs |
|
|
— |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
|
0.02 |
|
|
Debt financing and related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.24 |
|
|
Income tax effect of Special Items(1) |
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.04 |
) |
|
|
(0.13 |
) |
|
Pre-tax amortization of acquisition-related intangible assets |
|
|
0.11 |
|
|
|
0.12 |
|
|
|
0.34 |
|
|
|
0.37 |
|
|
Income tax benefit on amortization of acquisition-related intangible assets(1) |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
(0.09 |
) |
|
|
(0.09 |
) |
|
Adjusted diluted EPS |
|
$ |
0.40 |
|
|
$ |
0.57 |
|
|
$ |
1.50 |
|
|
$ |
1.68 |
|
|
Weighted-average shares outstanding |
|
|
42,181,440 |
|
|
|
43,094,099 |
|
|
|
42,590,777 |
|
|
|
43,345,777 |
|
|
(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 nine month periods ended |
||
|
Appendix I
Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures (Unaudited - dollars in thousands) |
||||||||||||||||||||||
|
|
|
Three months ended |
||||||||||||||||||||
|
|
|
2022 |
|
2021 |
||||||||||||||||||
|
|
|
As
|
|
Special
|
|
As
|
|
As
|
|
Special
|
|
As
|
||||||||||
|
Net cash provided by operating activities |
|
$ |
18,950 |
|
|
$ |
6,520 |
|
$ |
25,470 |
|
|
$ |
35,070 |
|
|
$ |
1,180 |
|
$ |
36,250 |
|
|
Less: Capital expenditures |
|
|
(10,120 |
) |
|
|
— |
|
|
(10,120 |
) |
|
|
(11,520 |
) |
|
|
— |
|
|
(11,520 |
) |
|
Free Cash Flow |
|
|
8,830 |
|
|
|
6,520 |
|
|
15,350 |
|
|
|
23,550 |
|
|
|
1,180 |
|
|
24,730 |
|
|
Net income |
|
|
13,300 |
|
|
|
280 |
|
|
13,580 |
|
|
|
19,590 |
|
|
|
870 |
|
|
20,460 |
|
|
Free Cash Flow as a percentage of net income |
|
|
66 |
% |
|
|
|
|
113 |
% |
|
|
120 |
% |
|
|
|
|
121 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Nine months ended |
||||||||||||||||||||
|
|
|
2022 |
|
2021 |
||||||||||||||||||
|
|
|
As
|
|
Special
|
|
As
|
|
As
|
|
Special
|
|
As
|
||||||||||
|
Net cash provided by operating activities |
|
$ |
46,640 |
|
|
$ |
14,090 |
|
$ |
60,730 |
|
|
$ |
77,740 |
|
|
$ |
7,770 |
|
$ |
85,510 |
|
|
Less: Capital expenditures |
|
|
(31,840 |
) |
|
|
— |
|
|
(31,840 |
) |
|
|
(29,850 |
) |
|
|
— |
|
|
(29,850 |
) |
|
Free Cash Flow |
|
|
14,800 |
|
|
|
14,090 |
|
|
28,890 |
|
|
|
47,890 |
|
|
|
7,770 |
|
|
55,660 |
|
|
Net income |
|
|
47,330 |
|
|
|
5,620 |
|
|
52,950 |
|
|
|
44,490 |
|
|
|
16,030 |
|
|
60,520 |
|
|
Free Cash Flow as a percentage of net income |
|
|
31 |
% |
|
|
|
|
55 |
% |
|
|
108 |
% |
|
|
|
|
92 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|||
|
Long-term debt, net |
|
$ |
394,500 |
|
$ |
393,820 |
|
$ |
393,600 |
|
Less: Cash and cash equivalents |
|
|
80,340 |
|
|
140,740 |
|
|
136,960 |
|
Net Debt |
|
$ |
314,160 |
|
$ |
253,080 |
|
$ |
256,640 |
|
Appendix I
Reconciliation of GAAP to Non-GAAP Financial Measures Forecasted Diluted Earnings Per Share Guidance (Unaudited - dollars per share) |
||||||||
|
|
|
Twelve months ended |
||||||
|
|
|
|
||||||
|
|
|
Low |
|
High |
||||
|
Diluted earnings per share (GAAP) |
|
$ |
1.62 |
|
|
$ |
1.70 |
|
|
Pre-tax amortization of acquisition-related intangible assets(1) |
|
|
0.45 |
|
|
|
0.45 |
|
|
Income tax benefit on amortization of acquisition-related intangible assets |
|
|
(0.11 |
) |
|
|
(0.11 |
) |
|
Impact of Special Items(2) |
|
|
0.14 |
|
|
|
0.14 |
|
|
Adjusted diluted earnings per share |
|
$ |
2.10 |
|
|
$ |
2.18 |
|
|
(1) |
These amounts relate to acquisitions completed prior to |
|
(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/20221027005352/en/
VP, Investor Relations
(248) 631-5506
sherrylauderback@trimascorp.com
Source: TriMas
