Achieves 7.7% Net Sales Growth in the
Quarter
TriMas (NASDAQ: TRS) today announced financial results for the
third quarter ended September 30, 2023.
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 $235.3 million,
an increase of 7.7% compared to $218.5 million in third quarter
2022, as organic growth in the TriMas Specialty Products and TriMas
Aerospace groups, and acquisition-related sales, more than offset
lower market demand for TriMas Packaging's dispensing and closure
products, primarily used in personal care, food and industrial
applications. The Company reported operating profit of $23.8
million in third quarter 2023, an increase of $2.8 million, or
13.3%, compared to $21.0 million in third quarter 2022. Adjusting
for Special Items(1), third quarter 2023 adjusted operating profit
was $27.9 million, an increase of $6.3 million, or 29.0%, compared
to $21.6 million in the prior year period, primarily as a result of
higher sales volumes, the impact of recent acquisitions and
improvements in operational efficiency in TriMas Aerospace.
The Company reported third quarter 2023 net income of $16.5
million, or $0.40 per diluted share, compared to $13.3 million, or
$0.32 per diluted share, in third quarter 2022, an increase of $3.2
million, or 24.0%. Adjusting for Special Items(1), third quarter
2023 adjusted net income(2) was $20.2 million, an increase of $6.7
million, or 49.0%, compared to $13.6 million in third quarter 2022,
primarily as a result of higher operating profit in third quarter
2023 and the successful completion of a tax planning project. Third
quarter 2023 adjusted diluted earnings per share(2) was $0.57, an
increase of 42.5% compared to $0.40 in the prior year period.
"Our third quarter results were catalyzed by proactive cost
savings initiatives within our TriMas Packaging group and intensive
operational improvements within our TriMas Aerospace group, which
aided our ability to achieve adjusted diluted EPS(2) growth of
42.5% and top-line growth of 7.7%, compared to third quarter 2022,"
said Thomas Amato, TriMas President and Chief Executive Officer.
"We delivered significantly improved performance within our TriMas
Aerospace group, as we made progress bringing our critical
sub-supply and skilled labor constraints into better alignment with
higher demand, which begins to position us well for 2024.
Additionally, our TriMas Specialty Products group continued to
capitalize on our earlier manufacturing investments to improve
conversion."
“With respect to our TriMas Packaging group, we remain
encouraged about our future due to the introduction of several
innovative, new products, as well as the increased commercial
activity underway. While we have successfully secured multiple
meaningful programs, and are diligently working to close others,
the benefits from these endeavors will not materialize until 2024,
considering the current time of year. Although the market recovery
has proven to be longer than we anticipated at the start of the
year, our cost savings initiatives have significantly bolstered our
operating margins compared to the previous year, although we are
still operating below the group's full potential, especially in a
higher-demand environment.”
"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
$77.3 million for acquisitions and repurchased 462,388 shares of
its outstanding common stock for $13.4 million, further reducing
net shares outstanding by approximately 0.7%. TriMas also paid a
quarterly cash dividend of $0.04 per share of TriMas Corporation
stock during each of the first three quarters of 2023, as well as
declared a $0.04 per share dividend to be payable on November 9,
2023.
TriMas ended third quarter 2023 with $34.7 million of cash on
hand, $312.3 million of cash and available borrowing capacity under
its revolving credit facility, and a net leverage ratio of 2.3x as
defined in the Company's credit agreement. As of September 30,
2023, TriMas reported total debt of $395.4 million and Net Debt(3)
of $360.8 million. The Company continues to maintain a strong
balance sheet and remains committed to its cash allocation strategy
of investing in its businesses, managing debt levels, returning
capital to shareholders through both share buybacks and dividends,
and augmenting organic growth through programmatic bolt-on
acquisitions.
The Company reported net cash provided by operating activities
of $31.4 million for third quarter 2023, compared to $19.0 million
in third quarter 2022. As a result, the Company reported Free Cash
Flow(4) of $25.2 million for third quarter 2023, compared to $15.4
million in third quarter 2022. Please see Appendix I for further
details.
Third Quarter Segment
Results
TriMas Packaging group's net sales for the third quarter were
$116.5 million, a decrease of 10.2% compared to the year ago
period, as organic growth within its Life Sciences business and
sales from the recent acquisition were more than offset by lower
market demand, as anticipated, for dispensers used in personal care
applications and closures used in food and industrial applications.
Third quarter operating profit margin percentage improved, as the
group's cost savings initiatives more than offset the impacts of
lower sales levels and the decision to retain certain skilled labor
and other positions in anticipation of a market recovery. During
the quarter, the Company completed all production activities and
relocated certain key assets from its Rohnert Park, California, and
Hangzhou, China, plants. The Company continues to actively engage
with its customers to evaluate longer-term demand requirements and
is prepared to take appropriate incremental manufacturing and other
cost savings actions, as necessary.
TriMas Aerospace group's net sales for the third quarter were
$67.6 million, an increase of 48.8% compared to the year ago
period, primarily driven by increased aerospace production demand,
reduced production constraints and acquisition-related sales. Third
quarter operating profit and the related margin percentage
increased, primarily due to operational excellence initiatives,
higher sales levels and a favorable product sales mix.
TriMas Specialty Products group's net sales were $51.3 million,
an increase of 18.1% compared to the year ago period, primarily due
to higher demand for steel cylinders used in construction and HVAC
applications, as well as increased sales of stationary power
generation and compressor units, as demand for locally-provided
products increased in certain U.S. industrial markets. Third
quarter operating profit and the related margin percentage
increased, as a result of prior operational excellence actions,
combined with a robust demand environment through the third
quarter.
Outlook
“While we will continue to increase capacity within our TriMas
Aerospace group to support market demand, we now expect a longer
and more gradual recovery within our TriMas Packaging group,
extending into 2024. With that said, we still expect to be within
the full year 2023 adjusted diluted EPS(2) guidance range we
provided last quarter of $1.80 to $1.95,” said Amato.
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 Middle East. All of the above amounts
considered as 2023 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.(1)
Conference Call
Information
TriMas will host its third quarter 2023 earnings conference call
today, Thursday, October 26, 2023, at 10 a.m. ET. To participate
via phone, please dial (877) 407-0890 (U.S. and Canada) or +1 (201)
389-0918 (outside the U.S. and Canada), and ask to be connected to
the TriMas Corporation third quarter 2023 earnings conference call.
The conference call will also be simultaneously webcast via the
TriMas website at www.trimas.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 (877)
660-6853 (U.S. and Canada) or +1 (201) 612-7415 (outside the U.S.
and Canada) with a meeting ID of 13741938, beginning October 26,
2023, at 3:00 p.m. ET through November 2, 2023, at 3:00 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: 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 the United States and China; government and regulatory
actions, including, without limitation, climate change legislation
and other environmental regulations, as well as the impact of
tariffs, quotas and surcharges; changes to fiscal and tax policies;
intellectual property factors; uncertainties associated with our
ability to meet customers’ and suppliers’ sustainability and
environmental, social and governance (“ESG”) goals and achieve our
sustainability and ESG goals in alignment with our own announced
targets; litigation; contingent liabilities relating to acquisition
activities; interest rate volatility; our leverage; liabilities
imposed by our debt instruments; labor disputes and shortages; the
disruption of operations from catastrophic or extraordinary events,
including, but not limited to, natural disasters, geopolitical
conflicts and public health crises, such as the ongoing coronavirus
pandemic; 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, 2022. 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(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
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.trimas.com.
TriMas Corporation
Condensed Consolidated Balance
Sheet
(Dollars in thousands)
September 30,
2023
December 31,
2022
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
Goodwill
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
TriMas Corporation
Consolidated Statement of
Income
(Unaudited - dollars in
thousands, except per share amounts)
Three months ended
September 30,
Nine months ended
September 30,
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
TriMas Corporation
Consolidated Statement of Cash
Flow
(Unaudited - dollars in
thousands)
Nine months ended
September 30,
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
TriMas Corporation
Additional Information
Regarding Special Items Impacting
Reported GAAP Financial
Measures
(Unaudited - dollars in
thousands)
Three months ended
September 30,
Nine months ended
September 30,
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
)
Total Company
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
TriMas Corporation
Additional Information
Regarding Special Items Impacting
Reported GAAP Financial
Measures
(Unaudited - dollars in
thousands, except per share amounts)
Three months ended
September 30,
Nine months ended
September 30,
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
September 30,
Nine months ended
September 30,
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 September 30,
2023 and 2022, the income tax effect on the cumulative 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 September
30,
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 September
30,
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
%
September 30,
2023
December 31,
2022
September 30,
2022
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
TriMas Corporation
Reconciliation of GAAP to
Non-GAAP Financial Measures
Forecasted Diluted Earnings
Per Share Guidance
(Unaudited - dollars per
share)
Twelve months ended
December 31, 2023
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 October 26, 2023. 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/20231026037288/en/
Sherry Lauderback VP, Investor Relations & Communications
(248) 631-5506 sherry.lauderback@trimas.com
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