TriMas Q1 2025 Earnings Report

TriMas EPS Results

• Actual EPS: $0.46
• Consensus EPS: $0.43
• Beat/Miss: Beat by +$0.03
• One Year Ago EPS: $0.37

TriMas Revenue Results

• Actual Revenue: $241.67 million
• Expected Revenue: $235.41 million
• Beat/Miss: Beat by +$6.26 million
• YoY Revenue Growth: +6.40%

TriMas Announcement Details

• Quarter: Q1 2025
• Date: 4/29/2025
• Time: Before Market Opens
• Conference Call Date: Tuesday, April 29, 2025
• Conference Call Time: 10:00AM ET

TriMas (NASDAQ:TRS) engages in the design, development, manufacture, and sale of products for consumer products, aerospace, and industrial markets worldwide. The company operates through Packaging, Aerospace, and Specialty Products segments. The Packaging segment offers dispensing products, such as foaming and sanitizer pumps, lotion and hand soap pumps, beverage dispensers, perfume sprayers, and nasal and trigger sprayers; polymeric and steel caps and closures comprising food lids, flip-top and beverage closures, child resistance caps, drum and pail closures, and flexible spouts; polymeric jar products; integrated dispensers; bag-in-box products; and consumable vascular delivery and diagnostic test components under the Rieke, Taplast, Affaba & Ferrari, Intertech, Omega, and Rapak brands. The Aerospace segment provides fasteners, collars, blind bolts, rivets, ducting, and connectors for air management systems, and other highly-machined parts and components to original equipment manufacturers, supply chain distributors, and tier one suppliers, as well as maintenance, repair and overhaul (MRO)/aftermarket providers; and military and defense aerospace applications and platforms under the Monogram Aerospace Fasteners, Allfast Fastening Systems, Mac Fasteners, TFI Aerospace, RSA Engineered Products, and Martinic Engineering brands. The Specialty Products segment offers steel cylinders for use in the transportation, storage, and dispensing of compressed gases under the Norris Cylinder brand; natural gas powered wellhead engines, compressors, and replacement parts for oil and natural gas production, and other industrial and commercial markets under the Arrow brand; and spare parts for various industrial engines. It sells its products through a direct sales force, third-party agents, and distributors. TriMas Corporation was incorporated in 1986 and is headquartered in Bloomfield Hills, Michigan.

TriMas Q1 2025 Earnings Call Transcript

Presentation

[Operator]

Ladies and gentlemen, greetings, and welcome to the TriMas Corporation First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sherry Lauderback, TriMas Investor Relations.

[Operator]

Please go ahead.

[Sherry Lauderback, VP, Investor Relations & Communications at TriMas]

Thank you, and welcome to TriMas Corporation's First Quarter twenty twenty five Earnings Call. Participating on the call today are Thomas Amato, TriMas' President and CEO and Theresa Finley, our Chief Financial Officer. We will provide our prepared remarks on our first quarter results and full year outlook, and then we will open the call up for questions. In order to assist with the review of our results, we have included today's press release and presentation on our company website at trimouse.com under the Investors section. In addition, a replay of this call will be available later today by calling (877) 660-6853 with a meeting ID of 1300000753075.

[Sherry Lauderback, VP, Investor Relations & Communications at TriMas]

Before we get started, I would like to remind everyone that our comments today may contain forward looking statements that are inherently subject to a number of risks and uncertainties. Please refer to our most recent Form 10 ks and 10 Q to be filed later today for a list of factors that could cause our results to differ from those anticipated in any forward looking statements. Also, we undertake no obligation to publicly update or revise any forward looking statements except as required by law. We would also direct your attention to our website where considerably more information may be found. In addition, we would like to refer you to the appendix in our press release or presentation for the reconciliations between GAAP and non GAAP financial measures used during this call.

[Sherry Lauderback, VP, Investor Relations & Communications at TriMas]

Today, the discussion on the call regarding our financial results will be on an adjusted basis, excluding the impact of special items. With that, I will turn the call over to Tom Amato. Tom?

[Thomas Amato, President & Chief Executive Officer at TriMas]

Thank you, Sherry. Good morning, and welcome to TriMas' first quarter earnings call. Let's begin on Slide three. We are pleased to announce that we are off to a great start to the year and have delivered strong results for the first quarter. Reflecting on our two largest segments, Packaging and Aerospace, which together represent nearly 90% of TriMas' revenues, we have experienced organic growth of 3.327.8%, respectively.

[Thomas Amato, President & Chief Executive Officer at TriMas]

Our Aerospace business achieved another record sales quarter and continued momentum in driving conversion to just over 22% EBITDA with LTM EBITDA now at 20%. This is commendable performance by the Aerospace team and represents our steadfast commitment to continuous improvement underpinned by a robust aerospace and defense market. Within our Packaging group, sales grew at an anticipated level when adjusted for currency, and our conversion rate was just slightly below the prior year quarter as we chose to secure certain materials ahead of changing tariff rates. Taking this proactive step resulted in incremental costs in the quarter, which otherwise would have resulted in an increased overall conversion rate as compared to the prior period. Importantly, as we begin Q2, while we navigate the global packaging market, we are continuing to see good demand for our dispensing product lines.

[Thomas Amato, President & Chief Executive Officer at TriMas]

We will continue to closely monitor this trend given emerging tariff related dynamics. When considering the performance of our two largest segments, it is important to recognize TriMas' positive shift to a higher quality of segment level earnings mix, which we believe underscores the value potential of TriMas. With respect to our Specialty Products segment, after we normalize for the sale of AeroEngine, this segment now represents approximately 10% of TriMas' annual sales. In the first quarter of twenty twenty five and similar to what we experienced at the end of twenty twenty four, we continue to believe that North Cylinder is at the bottom of a destocking demand trough. Encouragingly, we are now beginning to see the rate of cylinder order intake steadily increase for the first time in many months.

[Thomas Amato, President & Chief Executive Officer at TriMas]

We believe this is providing the long awaited green shoots, which we expect to build upon throughout the year as we have already taken significant cost restructuring actions to facilitate improved performance at a lower annualized sales base. I'll provide more detail a more detailed overview of our segment results later on in the call. Again, despite navigating recent challenges in some of our end markets due to geopolitical actions, we are very pleased to report a strong start to 2025. At this point, I will turn the call over to Theresa Finley, TriMas' Interim Chief Financial Officer and Board member, to discuss TriMas' consolidated results. Theresa?

[Teresa Finley, CFO at TriMas]

Thank you, Tom. First, I'd like to give a shout out to the TriMas team who have supported me during this transition and especially those of you in the Detroit offices here have spent some extra hours helping me deepen my knowledge of our businesses. We indeed have a talented team here at TriMas. It's a pleasure to participate in my first earnings call with such encouraging results. On that note, let's turn on to slide four.

[Teresa Finley, CFO at TriMas]

We have delivered solid results this quarter with consolidated net sales increasing 6.4% year over year to $241,700,000 Excluding the impact of currency and acquisitions and dispositions, organic revenue growth was more than 8%. Acquisition related sales growth in the quarter was $3,300,000 related to the February 2025 acquisition of GMT Aerospace, nearly making up for the loss of $3,600,000 in sales related to the divestiture of AeroEngine completed in January. Sales growth was also partially offset by 3,800,000 related to currency. Consolidated operating profit increased by more than 50% compared to Q1 twenty twenty four or $8,200,000 reflecting the strong revenue growth expanded operating margin of two ninety basis points, driven primarily by our aerospace business. This resulted in a meaningful increase in adjusted EBITDA, which was up 13.5% to $39,700,000 and a margin improvement of 100 basis points to 16.4%.

[Teresa Finley, CFO at TriMas]

Our adjusted earnings per share rose to $0.46 representing a 24.3% growth year over year. Turning to the balance sheet and our capital position, which is on Slide five. We continue to manage a strong and flexible balance sheet supported by low interest long term debt with no maturities due until 2029. During the quarter, we successfully refinanced our senior secured revolving credit facility, extending its maturity to 02/1930. Net debt increased from the prior quarter due to our strategic acquisition of GMT Aerospace, increasing our net leverage to 2.7 times.

[Teresa Finley, CFO at TriMas]

Lastly, first quarter free cash flow improved by $14,800,000 compared to Q1 of twenty twenty four, thanks to both strong operational performance and disciplined working capital management. Overall, we believe our capital structure is well positioned to support both near term operations and future strategic investments. I'll now turn the call back to Tom to provide further details on segment performance and our outlook.

[Thomas Amato, President & Chief Executive Officer at TriMas]

Thank you, Teresa. Let's turn to Slide six, and I'll cover our segment results for the quarter. As noted previously, Packaging's organic growth was 3.3% after adjusting for a negative currency effect. As we discussed on the prior earnings call, we anticipated a more modulated rate of growth in 2025 as compared to 2024 given the snapback in demand that occurred from the very low rate of demand in 2023. Within our Packaging group's main product lines, we further experienced solid organic growth within our dispensing products, many of which are used in a variety of consumer goods markets.

[Thomas Amato, President & Chief Executive Officer at TriMas]

This is an important continuing trend as our Packaging Group has many innovative dispensing design and functionality solutions for our customers. Additionally, we are beginning to see our life sciences product line sales increase as compared to the prior year period as the medtech end market generally worked through inventory destocking in 2024. Our closure product line was negatively impacted by lower demand in the quarter, which we believe was driven by elevated customer inventory levels entering 2025, most of which was impacted by inflationary and supply issues related to the food and beverage end market generally. Operating profit conversion rates for the quarter were slightly lower by 20 basis points than the prior year quarter. However, the most significant impact to the quarter resulted from incurring incremental costs related to a proactive decision to secure certain materials ahead of changing tariff rates.

[Thomas Amato, President & Chief Executive Officer at TriMas]

This strategically defensive step resulted in approximately 100 basis points of extraordinary freight expense, which if normalized for this effect, would have resulted in improved margin compared to the prior year quarter. As we continue to look forward in 2025, the most significant matter we are navigating, like most packaging companies, relates to a potentially changing economic environment related to tariffs. In the near term, we are working with suppliers and customers to best reduce exposure from this geopolitical effect. In the longer term, and if necessary, we are well positioned to relocate production throughout various parts of the world given our global footprint. As mentioned on a previous earnings call, we have launched a new and larger facility in Vietnam, relocating from a smaller facility within the country.

[Thomas Amato, President & Chief Executive Officer at TriMas]

We expect this upgraded facility will serve as an important manufacturing hub to service Asia and other parts of the world. With respect to imported goods from China, I would note that given our strategy over the past three years to regionalize production, we now only import about 5% of our total packaging sales from China. If the tariff rates implemented against China by The United States remain at the rate rates effect currently, we believe we can dampen the near term direct impact

[Thomas Amato, President & Chief Executive Officer at TriMas]

with actions already underway and if necessary, accelerate our rate of relocating and insourcing other packaging products over the longer term.

[Thomas Amato, President & Chief Executive Officer at TriMas]

So

[Thomas Amato, President & Chief Executive Officer at TriMas]

overall, we remain encouraged by the progress made within our packaging group this quarter as well as the longer term outlook. At the same time, we are also working diligently to mitigate pending challenges created by geopolitical decisions. If we turn to Slide seven, I'll review our Aerospace segment. As noted, our Aerospace group had a record sales quarter of nearly $90,000,000 of revenue. This was driven by continued increasing demand in the aerospace and defense market, improved throughput against a strong order book, commercial actions and acquisition related sales.

[Thomas Amato, President & Chief Executive Officer at TriMas]

Also, our operating profit conversion rate was up significantly by six fifty basis points as compared to the prior year quarter and with EBITDA margin rates now at pre pandemic levels. This result was largely driven by our aerospace team's efforts over several quarters ranging from extensive factory floor and operational excellence improvements to fact based, data driven purchasing and commercial actions. While we are pleased with the performance to start the year, we also remain excited about the long term growth outlook given our backlog and continued commercial gains, some of which will benefit our growth trajectory in 2026 and beyond. We also successfully closed on the purchase of GMT Aerospace, which we have renamed TAG for TriMas Aerospace Germany and are currently working on the integration of that acquisition. For the one point months of ownership, TAG contributed about $3,000,000 in sales to the Aerospace group.

[Thomas Amato, President & Chief Executive Officer at TriMas]

On behalf of the entire TriMas management team, we welcome the team at TAG to the TriMas Aerospace family of businesses. If we now turn to Slide eight, I'll cover Specialty Products. Specialty Products sales were lower as compared to the prior year quarter by $7,900,000 of which approximately $3,600,000 related to sales lost due to the divestiture of Aero Engine. The balance, just over $4,000,000 related to lower demand for cylinders in Q1 twenty twenty five as compared to Q1 twenty twenty four. While those are the results, it's not the full story this quarter for Norris Cylinder.

[Thomas Amato, President & Chief Executive Officer at TriMas]

First, we are starting to see positive change in the rate of order intake, which we are monitoring closely and certainly hope it continues. Additionally, we have already restructured our cost base and anticipate that we can achieve a more normalized conversion rate on a lower sales base. Finally, in Q1 twenty twenty five, we sold through inventory at a higher cost base as compared to Q1 twenty twenty four levels, a quarter when manufacturing costs fully adjusted and aligned with lower demand. That is not the case today as our production costs are in much better balance with current market demand. In light of this dynamic and as anticipated for the first half of twenty twenty five, we are in a period where we still need to work through absorbed manufacturing overhead from the prior year period.

[Thomas Amato, President & Chief Executive Officer at TriMas]

Knowing that and given the factory floor actions we have already implemented, we are confident that operating profit conversion will begin to normalize as we move into the second half and would anticipate seeing an operating profit back in the low double digit range by the end of the year. Importantly, as Norris begins to progress in its recovery, it is poised to make meaningful contribution to TriMas' overall performance levels. Let's now turn to Slide nine. As highlighted in our press release this morning, we are reaffirming our outlook for 2025. While our primary near term challenge relates to the current trade strategy from The U.

[Thomas Amato, President & Chief Executive Officer at TriMas]

S. Government, which continues to be a fluid situation, we do not yet have enough information to be able to predict the annual impact. We also remain cautiously optimistic that as trade deals are announced with some countries, that result may provide inertia for other countries to begin to settle with The U. S. Before turning to Q and A, I would like to once again state that TriMas is comprised of great businesses with well recognized brand names in the markets they serve.

[Thomas Amato, President & Chief Executive Officer at TriMas]

While each business is at a different phase in their respective cycle, all are well positioned to deliver an outstanding future. Thank you. And with that, I'll turn the call back to Sherry.

[Sherry Lauderback, VP, Investor Relations & Communications at TriMas]

Thanks, Tom. At this point, we would like to open up the call to questions from our analysts.

[Operator]

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Session. The first question comes from the line of Ken Newman from KeyBanc Capital Markets. Please go ahead.

[Ken Newman, VP & Equity Research Analyst at KeyBanc Capital Markets]

Hey, thanks. Good morning, guys.

[Thomas Amato, President & Chief Executive Officer at TriMas]

Good morning, Ken.

[Ken Newman, VP & Equity Research Analyst at KeyBanc Capital Markets]

Good morning. Congrats on the solid quarter there. Just for clarity, Tom, I know you maintained your full year sales and earnings guidance. But just to be clear, is there any change to the segment guidance that you provided last quarter as well?

[Thomas Amato, President & Chief Executive Officer at TriMas]

At this point, no, Ken. We just are there's so much uncertainty right now that we're not adjusting that at this point.

[Ken Newman, VP & Equity Research Analyst at KeyBanc Capital Markets]

Okay. That's helpful. So just trying to keep that and I understand that this is a fluid environment and there's a lot of change here, but I'm trying to make sure that we're not missing anything. And I I know you talked about the 100 basis points of impact from higher freight expense and packaging. How are you thinking about other investments or potential headwinds relative to packaging or any of the other segments as you try to position yourself to to be a little bit more nimble through this environment?

[Thomas Amato, President & Chief Executive Officer at TriMas]

Well, I think so. First of all, when I think of our ability to, adjust to the the issues that may arrive from tariffs, in the near term, outside of the expense that we incurred in q one, I don't see much more of these abnormal type of expenses. A lot of what we're doing is on the procurement and commercial front to mitigate, exposure in the near term. If this becomes a prolonged situation with certain parts of the world, then we'll have to make some decisions on where we manufacture. That would have some certainly some cost impact, but I would expect that we're probably a couple at least two to four months away from making those decisions.

[Ken Newman, VP & Equity Research Analyst at KeyBanc Capital Markets]

Okay. And if you were to make those decisions, what's the time frame in order to kind of realize some of this movement in production?

[Thomas Amato, President & Chief Executive Officer at TriMas]

Yeah. That's a great question. And it does depend a bit. But for us, if we're moving operations predominantly in the packaging area where we have assembly, it could take a year, a little bit over a year before we can relocate production from one part of the world to another. If it's, something that is more focused on molding only, we can move that quicker.

[Thomas Amato, President & Chief Executive Officer at TriMas]

But I would say it's typically about a year.

[Ken Newman, VP & Equity Research Analyst at KeyBanc Capital Markets]

Got it. Okay. If I could just squeeze one more in here and then I'll jump back into the queue. Look, Aerospace organic growth this quarter was pretty was very solid. I think almost 28% organic.

[Ken Newman, VP & Equity Research Analyst at KeyBanc Capital Markets]

If you're keeping the Aerospace organic growth guide of low double digits for the year, it does imply a pretty sizable step down here from 1Q levels. Can you talk us through the order intake there? How to think about the cadence of growth there? And then also, how do I think about the operating leverage as we move through the year? 17% segment operating margins the right run rate to look at this business going forward?

[Thomas Amato, President & Chief Executive Officer at TriMas]

Yes. I understand the point. We are coming up. We're gonna start coming off a different quarterly base as we move through the year. You know, I do expect some modest operating leverage gains as we move through the year as well within aerospace.

[Thomas Amato, President & Chief Executive Officer at TriMas]

But at this point, Ken, we're just we just want to be conservative overall as there's just so much uncertainty out there. But I understand the point.

[Ken Newman, VP & Equity Research Analyst at KeyBanc Capital Markets]

Okay. Thanks.

[Thomas Amato, President & Chief Executive Officer at TriMas]

Thank you.

[Operator]

Thank you. The next question comes from the line of Hamid Khorsand from PWS Financial. Please go ahead.

[Hamed Khorsand, Principal at Beating Wall Street(BWS)]

Hi, good morning. Just following up here, keep the conversation on aerospace. You acquired GMT, so you have more exposure to Europe. And then US, it's very well advertised now in media about your competitor having the fire in quarter. So how is that going to play out as far as your capacity is concerned, pricing?

[Hamed Khorsand, Principal at Beating Wall Street(BWS)]

And you're talking being conservative, your customers are basically saying that there's just no supply. So can you just reconcile the commentary that's out there?

[Thomas Amato, President & Chief Executive Officer at TriMas]

Yes. Well, look, I mean, first of all, the dynamics you put forward are spot on, and that does set a basis for a better outlook for us with respect to the aerospace business. We're very excited about the opportunity. We've been delivering on a quarter over quarter basis now for the past several quarters, and we expect to continue to drive that. With respect to adding the acquisition of GMT Aerospace, that improves our positioning with Airbus, and we're pretty excited about that.

[Thomas Amato, President & Chief Executive Officer at TriMas]

I think we talked about that a little bit on the last call. And with respect to, the unfortunate event at one of our competitors' manufacturing facilities, and clearly, we don't like to see that at all anywhere. That does obviously relate to some opportunities for us in the space, particularly where we have overlap. We don't have a fantastic amount of overlap with what that particular plant manufactured, but there are certain product areas where we do. And if we can help out our customers in any way, shape or form for continuity of supply, Trust me, we are all over that.

[Hamed Khorsand, Principal at Beating Wall Street(BWS)]

Okay. So can you just reconcile like why are you being conservative, though, given the dynamics that we're seeing? And then adding to that, in Europe, you're seeing increased spending in defense right now.

[Thomas Amato, President & Chief Executive Officer at TriMas]

Yeah. Look, as I mentioned to Ken, we understand the point. We just put our guidance out a few months ago, and we're in a period where it's a little bit uncertain. So we'd like to get through the second quarter and take a look at our segment forecasting. And if we feel comfortable, we'll make some adjustments there.

[Thomas Amato, President & Chief Executive Officer at TriMas]

But overall, right now, we're we feel we're off to a great start. If it wasn't for if it wasn't for a the uncertainty in tariffs, we'd probably be guiding on an overall annual basis to the higher end of our range or beyond.

[Hamed Khorsand, Principal at Beating Wall Street(BWS)]

Got it. Okay. And then on the packaging side, are you done with the CapEx investments you made last year? And how is that going to look as far as, you know, the end market sales go and the order intake you're seeing, now?

[Thomas Amato, President & Chief Executive Officer at TriMas]

Well, I I I'm not sure we're ever done with CapEx investments because we continue to invest on our, you know, in capacity and adding to our factory floor for to drive organic growth. I do think that the CapEx rate for packaging will be more moderate than it was in prior years, and we're pretty keen on trying to sell products where we do have available capacity. That being said, there still is a demand for certain product lines where it behooves us to invest in capacity, and make capital investments. But I think the rate of spending will be lower in 2025 and beyond than it was over the past two or three years.

[Hamed Khorsand, Principal at Beating Wall Street(BWS)]

Okay. And then lastly, could you just talk about what drove these gains for you in beauty and personal care? Was it new product introductions? Was it taking share? Any color would be great.

[Thomas Amato, President & Chief Executive Officer at TriMas]

So it's a little bit of both. We are in certain parts of the world. We believe we are capturing some share, particularly in Latin America. And then we do have a product line, which is a, it's not a large, dose pump. It's a larger dose pump.

[Thomas Amato, President & Chief Executive Officer at TriMas]

It's four cc. And that that market, which, the application is is predominantly lotions. That end market is very strong right now. And remember, in 2023, it was extremely weak, and we're seeing a lot of continued demand there. We believe our dispensing pump is, has some advantages over competitors, and we're selling that pump to some pretty fantastic CPG customers, and it's growing nicely around the world.

[Hamed Khorsand, Principal at Beating Wall Street(BWS)]

Great. Thank you.

[Thomas Amato, President & Chief Executive Officer at TriMas]

Thank you.

[Operator]

Thank you. The next question comes from the line of Ken Newman from KeyBanc Capital Markets. Please go ahead.

[Ken Newman, VP & Equity Research Analyst at KeyBanc Capital Markets]

Hey, thanks for the follow-up here. Just one quick one is Tom, can you just talk a little bit about the sense that you're getting from where inventories are at your customers' distributor channels? We're getting a lot of questions, not just across all of our names that we cover, whether or not customers are showing any pre buying activity to get ahead of tariffs. And I'm curious if you're seeing anything that would suggest that type of behavior.

[Thomas Amato, President & Chief Executive Officer at TriMas]

What are you just talking generally across all product lines?

[Ken Newman, VP & Equity Research Analyst at KeyBanc Capital Markets]

Correct. Yeah. And any color across the product lines would be great.

[Thomas Amato, President & Chief Executive Officer at TriMas]

Yes. I think there may have been we're starting to see a little bit of that, I think, with respect to Norris Cylinder, believe it or not. Norris would be a positive recipient to tariffs, given that the competitors are predominantly overseas or offshore. Within aerospace, I would say not really that the strong demand that we have for our products there is a function mostly of the strength in the aerospace and defense market right now. And within packaging, I guess there might be pockets or two with some customers in some parts of the world that would take advantage of some buying opportunities.

[Thomas Amato, President & Chief Executive Officer at TriMas]

But we're there are some parts of some product lines that we have that were down compared to the prior year quarter. So they came into the year, particularly Enclosures, for example, they came into the year where they were overstocked. So I wouldn't say there's anything too abnormal that we experienced in first quarter on that front.

[Ken Newman, VP & Equity Research Analyst at KeyBanc Capital Markets]

Okay. That's helpful. And then maybe one last one for me. As it relates to the full year sales guide, and again, I understand everything is kind of fluid here, but from a pricing perspective, it doesn't sound like you pushed a lot of price to offset any kind of tariff impacts here in the first quarter, but how are you thinking about organic pricing relative to volumes within that 4% to 6% range?

[Thomas Amato, President & Chief Executive Officer at TriMas]

Yes, good. That's a good question. And certainly, if tariffs hold, much longer in Q2, you we might see some, impact to that in our year end guide on

[Thomas Amato, President & Chief Executive Officer at TriMas]

the sales

[Thomas Amato, President & Chief Executive Officer at TriMas]

front. We'll know more at the end of Q2. That's all I can say.

[Ken Newman, VP & Equity Research Analyst at KeyBanc Capital Markets]

Understood. Thanks.

[Thomas Amato, President & Chief Executive Officer at TriMas]

Okay. Thank you very much. Any more questions?

[Operator]

Ladies and gentlemen, as there are no further questions, I would now hand the conference over to the management for their closing comments.

[Thomas Amato, President & Chief Executive Officer at TriMas]

Okay. Thank you very much for joining us on our earnings call, and we look forward to updating you again next quarter. Have a great day.

[Operator]

Thank you. Ladies and gentlemen, the conference of TriMas Corporation has now concluded. Thank you for your participation. You may now disconnect your lines.

Participants

Executives

• Sherry Lauderback, VP, Investor Relations & Communications
• Thomas Amato, President & Chief Executive Officer
• Teresa Finley, CFO

Analysts

• Ken Newman, VP & Equity Research Analyst at KeyBanc Capital Markets
• Hamed Khorsand, Principal at Beating Wall Street(BWS)