TriMas Reports Third Quarter 2023 Results
Achieves 7.7% Net Sales Growth in the Quarter
TriMas Third Quarter Highlights
-
Achieved net sales of
$235.3 million , or growth of 7.7%, compared to the prior year quarter -
Improved margin levels within the
TriMas Packaging group through enhanced cost savings efforts -
Increased net sales within the
TriMas Aerospace and TriMas Specialty Products groups by 48.8% and 18.1%, respectively, compared to third quarter 2022 -
Increased diluted EPS by 25.0% to
$0.40 and adjusted diluted EPS(2) by 42.5% to$0.57 , compared to the prior year quarter
Third Quarter 2023
TriMas reported third quarter 2023 net sales of
The Company reported third quarter 2023 net income of
"Our third quarter results were catalyzed by proactive cost savings initiatives within our
“With respect to our
"TriMas' ability to consistently generate compelling annual cash flow empowers us to continue investing in innovation, distributing dividends, opportunistically repurchasing shares and actively pursuing acquisitions. As we look forward to 2024 and beyond, we are confident that TriMas’ diversified end market model, strong balance sheet and cash generation profile, and dedicated global workforce will continue to provide compelling value-creating opportunities," concluded Amato.
Financial Position
During the first nine months of 2023, the Company paid cash of
TriMas ended third quarter 2023 with
The Company reported net cash provided by operating activities of
Third Quarter Segment Results
TriMas Specialty Products group's net sales were
Outlook
“While we will continue to increase capacity within our
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 the escalating conflict in the
Conference Call Information
TriMas will host its third quarter 2023 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: general economic and currency conditions; the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic; 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 rising tensions between
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.trimas.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(1), 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) |
||||||
|
|
|
|
|
|
||
|
Assets |
|
(unaudited) |
|
|
||
|
Current assets: |
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
34,660 |
|
$ |
112,090 |
|
Receivables, net |
|
|
165,820 |
|
|
132,370 |
|
Inventories |
|
|
182,330 |
|
|
163,360 |
|
Prepaid expenses and other current assets |
|
|
24,610 |
|
|
14,840 |
|
Total current assets |
|
|
407,420 |
|
|
422,660 |
|
Property and equipment, net |
|
|
316,690 |
|
|
277,750 |
|
Operating lease right-of-use assets |
|
|
45,650 |
|
|
47,280 |
|
|
|
|
358,780 |
|
|
339,810 |
|
Other intangibles, net |
|
|
184,510 |
|
|
188,110 |
|
Deferred income taxes |
|
|
8,510 |
|
|
9,400 |
|
Other assets |
|
|
20,400 |
|
|
19,990 |
|
Total assets |
|
$ |
1,341,960 |
|
$ |
1,305,000 |
|
Liabilities and Shareholders' Equity |
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
||
|
Accounts payable |
|
$ |
81,530 |
|
$ |
85,210 |
|
Accrued liabilities |
|
|
67,240 |
|
|
46,660 |
|
Lease liabilities, current portion |
|
|
8,780 |
|
|
8,280 |
|
Total current liabilities |
|
|
157,550 |
|
|
140,150 |
|
Long-term debt, net |
|
|
395,420 |
|
|
394,730 |
|
Lease liabilities |
|
|
41,150 |
|
|
41,010 |
|
Deferred income taxes |
|
|
26,270 |
|
|
20,940 |
|
Other long-term liabilities |
|
|
46,580 |
|
|
56,340 |
|
Total liabilities |
|
|
666,970 |
|
|
653,170 |
|
Total shareholders' equity |
|
|
674,990 |
|
|
651,830 |
|
Total liabilities and shareholders' equity |
|
$ |
1,341,960 |
|
$ |
1,305,000 |
|
Consolidated Statement of Income (Unaudited - dollars in thousands, except per share amounts) |
||||||||||||||||
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
Net sales |
|
$ |
235,340 |
|
|
$ |
218,530 |
|
|
$ |
683,990 |
|
|
$ |
680,520 |
|
|
Cost of sales |
|
|
(179,410 |
) |
|
|
(170,200 |
) |
|
|
(525,840 |
) |
|
|
(517,800 |
) |
|
Gross profit |
|
|
55,930 |
|
|
|
48,330 |
|
|
|
158,150 |
|
|
|
162,720 |
|
|
Selling, general and administrative expenses |
|
|
(32,290 |
) |
|
|
(32,110 |
) |
|
|
(104,410 |
) |
|
|
(94,480 |
) |
|
Net gain on dispositions of assets |
|
|
120 |
|
|
|
4,760 |
|
|
|
70 |
|
|
|
4,540 |
|
|
Operating profit |
|
|
23,760 |
|
|
|
20,980 |
|
|
|
53,810 |
|
|
|
72,780 |
|
|
Other expense, net: |
|
|
|
|
|
|
|
|
||||||||
|
Interest expense |
|
|
(3,950 |
) |
|
|
(3,600 |
) |
|
|
(11,620 |
) |
|
|
(10,510 |
) |
|
Other income (expense), net |
|
|
(120 |
) |
|
|
860 |
|
|
|
(30 |
) |
|
|
850 |
|
|
Other expense, net |
|
|
(4,070 |
) |
|
|
(2,740 |
) |
|
|
(11,650 |
) |
|
|
(9,660 |
) |
|
Income before income tax expense |
|
|
19,690 |
|
|
|
18,240 |
|
|
|
42,160 |
|
|
|
63,120 |
|
|
Income tax expense |
|
|
(3,200 |
) |
|
|
(4,940 |
) |
|
|
(9,740 |
) |
|
|
(15,790 |
) |
|
Net income |
|
$ |
16,490 |
|
|
$ |
13,300 |
|
|
$ |
32,420 |
|
|
$ |
47,330 |
|
|
Basic earnings per share: |
|
|
|
|
|
|
|
|
||||||||
|
Net income per share |
|
$ |
0.40 |
|
|
$ |
0.32 |
|
|
$ |
0.78 |
|
|
$ |
1.12 |
|
|
Weighted average common shares—basic |
|
|
41,425,208 |
|
|
|
41,995,027 |
|
|
|
41,477,095 |
|
|
|
42,363,919 |
|
|
Diluted earnings per share: |
|
|
|
|
|
|
|
|
||||||||
|
Net income per share |
|
$ |
0.40 |
|
|
$ |
0.32 |
|
|
$ |
0.78 |
|
|
$ |
1.11 |
|
|
Weighted average common shares—diluted |
|
|
41,673,381 |
|
|
|
42,181,440 |
|
|
|
41,706,867 |
|
|
|
42,590,777 |
|
|
Consolidated Statement of Cash Flow (Unaudited - dollars in thousands) |
||||||||
|
|
|
Nine months ended
|
||||||
|
|
|
2023 |
|
2022 |
||||
|
Cash Flows from Operating Activities: |
|
|
|
|
||||
|
Net income |
|
$ |
32,420 |
|
|
$ |
47,330 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: |
|
|
|
|
||||
|
Gain on dispositions of assets |
|
|
(70 |
) |
|
|
(4,540 |
) |
|
Depreciation |
|
|
29,830 |
|
|
|
25,340 |
|
|
Amortization of intangible assets |
|
|
13,810 |
|
|
|
14,600 |
|
|
Amortization of debt issue costs |
|
|
700 |
|
|
|
680 |
|
|
Deferred income taxes |
|
|
2,650 |
|
|
|
(6,950 |
) |
|
Non-cash compensation expense |
|
|
9,320 |
|
|
|
7,680 |
|
|
Increase in receivables |
|
|
(22,580 |
) |
|
|
(14,830 |
) |
|
Decrease (increase) in inventories |
|
|
1,800 |
|
|
|
(18,980 |
) |
|
Increase in prepaid expenses and other assets |
|
|
(660 |
) |
|
|
(1,170 |
) |
|
Decrease in accounts payable and accrued liabilities |
|
|
(10,390 |
) |
|
|
(6,890 |
) |
|
Other operating activities |
|
|
740 |
|
|
|
4,370 |
|
|
Net cash provided by operating activities, net of acquisition impact |
|
|
57,570 |
|
|
|
46,640 |
|
|
Cash Flows from Investing Activities: |
|
|
|
|
||||
|
Capital expenditures |
|
|
(34,940 |
) |
|
|
(31,840 |
) |
|
Acquisition of businesses, net of cash acquired |
|
|
(77,340 |
) |
|
|
(64,100 |
) |
|
Cross-currency swap terminations |
|
|
— |
|
|
|
26,230 |
|
|
Net proceeds from disposition of property and equipment |
|
|
460 |
|
|
|
180 |
|
|
Net cash used for investing activities |
|
|
(111,820 |
) |
|
|
(69,530 |
) |
|
Cash Flows from Financing Activities: |
|
|
|
|
||||
|
Proceeds from borrowings on revolving credit facilities |
|
|
74,410 |
|
|
|
12,000 |
|
|
Repayments of borrowings on revolving credit facilities |
|
|
(73,350 |
) |
|
|
(12,000 |
) |
|
Payments to purchase common stock |
|
|
(13,350 |
) |
|
|
(29,960 |
) |
|
Shares surrendered upon exercise and vesting of equity awards to cover taxes |
|
|
(2,680 |
) |
|
|
(2,380 |
) |
|
Dividends paid |
|
|
(5,020 |
) |
|
|
(5,170 |
) |
|
Other financing activities |
|
|
(3,190 |
) |
|
|
— |
|
|
Net cash used for financing activities |
|
|
(23,180 |
) |
|
|
(37,510 |
) |
|
Cash and Cash Equivalents: |
|
|
|
|
||||
|
Decrease for the period |
|
|
(77,430 |
) |
|
|
(60,400 |
) |
|
At beginning of period |
|
|
112,090 |
|
|
|
140,740 |
|
|
At end of period |
|
$ |
34,660 |
|
|
$ |
80,340 |
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
|
Cash paid for interest |
|
$ |
7,560 |
|
|
$ |
5,480 |
|
|
Cash paid for taxes |
|
$ |
11,020 |
|
|
$ |
14,620 |
|
|
Appendix I |
||||||||||||||||
|
Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures (Unaudited - dollars in thousands) |
||||||||||||||||
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
Packaging |
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
116,500 |
|
|
$ |
129,700 |
|
|
$ |
350,040 |
|
|
$ |
416,540 |
|
|
Operating profit |
|
$ |
16,470 |
|
|
$ |
17,590 |
|
|
$ |
48,140 |
|
|
$ |
66,720 |
|
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
|
Purchase accounting costs |
|
|
— |
|
|
|
— |
|
|
|
800 |
|
|
|
760 |
|
|
Business restructuring and severance costs |
|
|
3,010 |
|
|
|
480 |
|
|
|
7,720 |
|
|
|
3,600 |
|
|
Adjusted operating profit |
|
$ |
19,480 |
|
|
$ |
18,070 |
|
|
$ |
56,660 |
|
|
$ |
71,080 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Aerospace |
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
67,580 |
|
|
$ |
45,420 |
|
|
$ |
177,370 |
|
|
$ |
137,330 |
|
|
Operating profit |
|
$ |
7,130 |
|
|
$ |
4,710 |
|
|
$ |
11,190 |
|
|
$ |
9,300 |
|
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
|
Purchase accounting costs |
|
|
1,190 |
|
|
|
— |
|
|
|
1,990 |
|
|
|
400 |
|
|
Business restructuring and severance costs |
|
|
— |
|
|
|
70 |
|
|
|
290 |
|
|
|
760 |
|
|
Adjusted operating profit |
|
$ |
8,320 |
|
|
$ |
4,780 |
|
|
$ |
13,470 |
|
|
$ |
10,460 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Specialty Products |
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
51,260 |
|
|
$ |
43,410 |
|
|
$ |
156,580 |
|
|
$ |
126,650 |
|
|
Operating profit |
|
$ |
10,510 |
|
|
$ |
6,760 |
|
|
$ |
32,360 |
|
|
$ |
20,770 |
|
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
|
Business restructuring and severance costs |
|
|
190 |
|
|
|
— |
|
|
|
190 |
|
|
|
— |
|
|
Adjusted operating profit |
|
$ |
10,700 |
|
|
$ |
6,760 |
|
|
$ |
32,550 |
|
|
$ |
20,770 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Corporate Expenses |
|
|
|
|
|
|
|
|
||||||||
|
Operating loss |
|
$ |
(10,350 |
) |
|
$ |
(8,080 |
) |
|
$ |
(37,880 |
) |
|
$ |
(24,010 |
) |
|
Special Items to consider in evaluating operating loss: |
|
|
|
|
|
|
|
|
||||||||
|
M&A diligence and transaction costs |
|
|
(480 |
) |
|
|
— |
|
|
|
1,930 |
|
|
|
1,150 |
|
|
Business restructuring and severance costs |
|
|
190 |
|
|
|
60 |
|
|
|
3,950 |
|
|
|
510 |
|
|
Adjusted operating loss |
|
$ |
(10,640 |
) |
|
$ |
(8,020 |
) |
|
$ |
(32,000 |
) |
|
$ |
(22,350 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
235,340 |
|
|
$ |
218,530 |
|
|
$ |
683,990 |
|
|
$ |
680,520 |
|
|
Operating profit |
|
$ |
23,760 |
|
|
$ |
20,980 |
|
|
$ |
53,810 |
|
|
$ |
72,780 |
|
|
Total Special Items to consider in evaluating operating profit |
|
|
4,100 |
|
|
|
610 |
|
|
|
16,870 |
|
|
|
7,180 |
|
|
Adjusted operating profit |
|
$ |
27,860 |
|
|
$ |
21,590 |
|
|
$ |
70,680 |
|
|
$ |
79,960 |
|
|
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
|
||||||||||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
Net income, as reported |
|
$ |
16,490 |
|
|
$ |
13,300 |
|
|
$ |
32,420 |
|
|
$ |
47,330 |
|
|
Special Items to consider in evaluating quality of net income: |
|
|
|
|
|
|
|
|
||||||||
|
Business restructuring and severance costs |
|
|
3,390 |
|
|
|
610 |
|
|
|
12,150 |
|
|
|
5,020 |
|
|
Purchase accounting costs |
|
|
1,190 |
|
|
|
— |
|
|
|
2,790 |
|
|
|
1,160 |
|
|
M&A diligence and transaction costs |
|
|
(480 |
) |
|
|
— |
|
|
|
1,930 |
|
|
|
1,150 |
|
|
Defined benefit pension plan settlement charge |
|
|
— |
|
|
|
— |
|
|
|
640 |
|
|
|
— |
|
|
Foreign exchange forward charge |
|
|
360 |
|
|
|
— |
|
|
|
360 |
|
|
|
— |
|
|
Income tax effect of Special Items(1) |
|
|
(720 |
) |
|
|
(330 |
) |
|
|
(3,520 |
) |
|
|
(1,710 |
) |
|
Adjusted net income |
|
$ |
20,230 |
|
|
$ |
13,580 |
|
|
$ |
46,770 |
|
|
$ |
52,950 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Diluted earnings per share, as reported |
|
$ |
0.40 |
|
|
$ |
0.32 |
|
|
$ |
0.78 |
|
|
$ |
1.11 |
|
|
Special Items to consider in evaluating quality of EPS: |
|
|
|
|
|
|
|
|
||||||||
|
Business restructuring and severance costs |
|
|
0.08 |
|
|
|
0.01 |
|
|
|
0.29 |
|
|
|
0.12 |
|
|
Purchase accounting costs |
|
|
0.03 |
|
|
|
— |
|
|
|
0.07 |
|
|
|
0.03 |
|
|
M&A diligence and transaction costs |
|
|
(0.01 |
) |
|
|
— |
|
|
|
0.05 |
|
|
|
0.03 |
|
|
Defined benefit pension plan settlement charge |
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
Foreign exchange forward charge |
|
|
0.01 |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
Income tax effect of Special Items(1) |
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
(0.09 |
) |
|
|
(0.04 |
) |
|
Pre-tax amortization of acquisition-related intangible assets |
|
|
0.11 |
|
|
|
0.11 |
|
|
|
0.33 |
|
|
|
0.34 |
|
|
Income tax benefit on amortization of acquisition-related intangible assets(1) |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
(0.09 |
) |
|
|
(0.09 |
) |
|
Adjusted diluted EPS |
|
$ |
0.57 |
|
|
$ |
0.40 |
|
|
$ |
1.37 |
|
|
$ |
1.50 |
|
|
Weighted-average shares outstanding |
|
|
41,673,381 |
|
|
|
42,181,440 |
|
|
|
41,706,867 |
|
|
|
42,590,777 |
|
| (1) |
Income tax effect of Special Items and amortization of acquisition-related intangible assets is calculated on an item-by-item basis, utilizing the statutory income 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 |
||||||||||||||||||||
|
|
|
2023 |
|
2022 |
||||||||||||||||||
|
|
|
As reported |
|
Special Items |
|
As adjusted |
|
As reported |
|
Special Items |
|
As adjusted |
||||||||||
|
Net cash provided by operating activities |
|
$ |
31,380 |
|
|
$ |
3,790 |
|
$ |
35,170 |
|
|
$ |
18,950 |
|
|
$ |
6,520 |
|
$ |
25,470 |
|
|
Less: Capital expenditures |
|
|
(10,010 |
) |
|
|
— |
|
|
(10,010 |
) |
|
|
(10,120 |
) |
|
|
— |
|
|
(10,120 |
) |
|
Free Cash Flow |
|
|
21,370 |
|
|
|
3,790 |
|
|
25,160 |
|
|
|
8,830 |
|
|
|
6,520 |
|
|
15,350 |
|
|
Net income |
|
|
16,490 |
|
|
|
3,740 |
|
|
20,230 |
|
|
|
13,300 |
|
|
|
280 |
|
|
13,580 |
|
|
Free Cash Flow as a percentage of net income |
|
|
130 |
% |
|
|
|
|
124 |
% |
|
|
66 |
% |
|
|
|
|
113 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Nine months ended |
||||||||||||||||||||
|
|
|
2023 |
|
2022 |
||||||||||||||||||
|
|
|
As reported |
|
Special Items |
|
As adjusted |
|
As reported |
|
Special Items |
|
As adjusted |
||||||||||
|
Net cash provided by operating activities |
|
$ |
57,570 |
|
|
$ |
10,430 |
|
$ |
68,000 |
|
|
$ |
46,640 |
|
|
$ |
14,090 |
|
$ |
60,730 |
|
|
Less: Capital expenditures |
|
|
(34,940 |
) |
|
|
— |
|
|
(34,940 |
) |
|
|
(31,840 |
) |
|
|
— |
|
|
(31,840 |
) |
|
Free Cash Flow |
|
|
22,630 |
|
|
|
10,430 |
|
|
33,060 |
|
|
|
14,800 |
|
|
|
14,090 |
|
|
28,890 |
|
|
Net income |
|
|
32,420 |
|
|
|
14,350 |
|
|
46,770 |
|
|
|
47,330 |
|
|
|
5,620 |
|
|
52,950 |
|
|
Free Cash Flow as a percentage of net income |
|
|
70 |
% |
|
|
|
|
71 |
% |
|
|
31 |
% |
|
|
|
|
55 |
% |
||
|
|
|
|
|
|
|
|
|||
|
Long-term debt, net |
|
$ |
395,420 |
|
$ |
394,730 |
|
$ |
394,500 |
|
Less: Cash and cash equivalents |
|
|
34,660 |
|
|
112,090 |
|
|
80,340 |
|
Net Debt |
|
$ |
360,760 |
|
$ |
282,640 |
|
$ |
314,160 |
| 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) |
|
$ |
1.12 |
|
|
$ |
1.27 |
|
|
Pre-tax amortization of acquisition-related intangible assets(1) |
|
|
0.44 |
|
|
|
0.44 |
|
|
Income tax benefit on amortization of acquisition-related intangible assets |
|
|
(0.11 |
) |
|
|
(0.11 |
) |
|
Impact of Special Items(2) |
|
|
0.35 |
|
|
|
0.35 |
|
|
Adjusted diluted earnings per share |
|
$ |
1.80 |
|
|
$ |
1.95 |
|
|
(1) |
These amounts relate to acquisitions completed as of |
|
(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/20231026037288/en/
VP, Investor Relations
(248) 631-5506
sherry.lauderback@trimas.com
Source: TriMas
