TriMas (NASDAQ: TRS) today announced financial results for the
second quarter ended June 30, 2023.
TriMas Highlights
- Increased second quarter net sales in TriMas Specialty Products
and TriMas Aerospace groups by 33.7% and 26.2%, respectively, while
maintaining strong order backlogs in both groups
- Achieved three sequential months of strengthening order
backlogs during second quarter within TriMas Packaging group,
although overall market demand recovery not yet at previously
anticipated levels
- Reduced net outstanding shares through six months by 0.7%, as a
result of repurchasing more than 450,000 shares of common
stock
- Published updated Sustainability Report highlighting progress
achieved in 2022
Second Quarter 2023
TriMas reported second quarter 2023 net sales of $233.2 million,
a decrease of 1.9% compared to $237.7 million in second quarter
2022, as organic growth in the TriMas Specialty Products and TriMas
Aerospace groups, and acquisition-related sales, were more than
offset by lower market demand for TriMas Packaging dispenser and
closure products used in personal care, food and industrial
applications. The Company reported operating profit of $20.1
million in second quarter 2023, compared to $29.9 million in second
quarter 2022. Adjusting for Special Items(1), second quarter 2023
adjusted operating profit was $27.3 million, compared to $32.1
million in the prior year period, primarily as a result of the
impact of lower volumes within TriMas Packaging.
The Company reported second quarter 2023 net income of $11.0
million, or $0.26 per diluted share, compared to $19.9 million, or
$0.47 per diluted share, in second quarter 2022, and $4.9 million,
or $0.12 per diluted share, in first quarter 2023. Adjusting for
Special Items(1), second quarter 2023 adjusted net income(2) was
$17.5 million, compared to $21.8 million in second quarter 2022,
primarily as a result of lower operating profit in second quarter
2023. Second quarter 2023 adjusted diluted earnings per share(2)
was $0.50, compared to $0.60 in the prior year period, and $0.30 in
first quarter 2023.
"We delivered strong performance within our TriMas Specialty
Products group, as we continued to leverage our previous
manufacturing improvements, coupled with a robust U.S. industrial
market and a renewed focus on locally manufactured sourcing," said
Thomas Amato, TriMas President and Chief Executive Officer. "While
we still have meaningful opportunities to improve within our TriMas
Aerospace group, we are beginning to experience the positive
effects of bringing supply, labor and production into better
synchronization with the demand recovery within the aerospace end
market. Given the actions taken by our dedicated TriMas Aerospace
team members, we anticipate our performance will continue to
improve, positioning us well for 2024."
"Within our TriMas Packaging group, we have experienced three
sequential months of backlog improvement, which is typically a
positive indicator of the beginning of a market recovery. While we
are encouraged, order rates have not increased to the level assumed
in our planning models earlier this year. We continue to believe
the packaging market softness primarily relates to certain
customers’ overstock positions, cautious purchasing behaviors and
lingering consumer inflationary concerns. In response to these
challenges, we have taken actions to streamline our manufacturing
footprint, and accelerated purchasing and other cost savings
initiatives to better position the TriMas Packaging group for
2024," Amato concluded.
Financial Position
During the first six months of 2023, the Company paid cash of
$71.8 million for acquisitions and repurchased 451,882 shares of
its outstanding common stock for $13.1 million. TriMas also paid a
quarterly cash dividend of $0.04 per share of TriMas Corporation
stock on March 9, 2023, and May 11, 2023, as well as declared a
$0.04 per share dividend to be payable on August 10, 2023.
TriMas ended second quarter 2023 with $41.9 million of cash on
hand, $253.4 million of cash and available borrowing capacity under
its revolving credit facility, and a net leverage ratio of 2.6x as
defined in the Company's credit agreement. The Company continues to
maintain a strong balance sheet and remains committed to utilizing
cash generated to invest in its businesses, manage debt levels,
return capital to shareholders through both share buybacks and
dividends, and make programmatic bolt-on acquisitions. TriMas
reported total debt of $417.0 million and Net Debt(3) of $375.1
million as of June 30, 2023.
The Company reported net cash provided by operating activities
of $16.5 million for second quarter 2023, compared to $22.0 million
in second quarter 2022. As a result, the Company reported Free Cash
Flow(4) of $11.0 million for second quarter 2023, compared to $15.5
million in second quarter 2022. Please see Appendix I for further
details.
Second Quarter Segment
Results
TriMas Packaging group's net sales for the second quarter were
$117.3 million, a decrease of 20.9% compared to the year ago
period, as sales from the recent acquisition were more than offset
by lower market demand, as anticipated, primarily for dispensers
and closures used in personal care, food and industrial
applications. Second quarter operating profit and the related
margin percentage declined, primarily as a result of lower sales
levels and the related under-absorption of fixed costs. The Company
continues to actively engage with its customers to better evaluate
longer-term demand requirements and take appropriate actions to
implement cost savings initiatives.
TriMas Aerospace group's net sales for the second quarter were
$59.8 million, an increase of 26.2% compared to the year ago
period, primarily driven by increased aerospace production demand
and acquisition-related sales. Second quarter operating profit
increased, while the related margin decreased slightly. Although
showing sequential improvement compared to first quarter 2023,
margins continue to be impacted by a temporary imbalance between
supply and production due to the accelerated rate of demand
recovery in the aerospace and defense end markets. In addition, the
Company completed the acquisition of Weldmac Manufacturing Company,
a leading designer and manufacturer of high-performance, complex
metal fabricated components and assemblies for the aerospace,
defense and industrial end markets, during the second quarter.
TriMas Specialty Products group's net sales were $56.1 million,
an increase of 33.7% compared to the year ago period, primarily due
to higher demand for packaged gas 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 has increased in certain U.S. industrial
markets. Second quarter operating profit increased, and the related
margin was at a record quarterly level of 21.6%, as a result of
prior operational excellence actions, combined with a robust demand
environment.
Outlook
As a result of what appears to be a more gradual demand recovery
than originally modeled within the packaging end markets where
TriMas participates, the Company is revising its full year 2023
outlook provided on February 23, 2023. The Company is now expecting
to generate full year 2023 adjusted diluted earnings per share(2)
in the range of $1.80 to $1.95, based on revised consolidated sales
growth of 5% to 10% compared to 2022. In addition, the Company
continues to target its full year 2023 Free Cash Flow(4) to be
greater than 100% of net income.
"While our second quarter adjusted EPS results were in line with
expectations, the rate of demand recovery and orders in TriMas
Packaging have not materialized to the levels our planning models
were originally based upon. While we believe certain customers have
progressed in working through overstocked positions, some are
taking advantage of shorter lead times and maintaining reduced
inventory levels, rather than opting for a larger pipeline fill. We
will continue to take the appropriate steps within TriMas Packaging
to optimize our cost structure, positioning us well to capitalize
on operating leverage gains in 2024 and beyond," commented
Amato.
The above outlook includes the impact of all announced
acquisitions. 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 second quarter 2023 earnings conference
call today, Thursday, July 27, 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 second quarter 2023 earnings conference
call. The conference call will also be simultaneously webcast via
the TriMas website at www.trimascorp.com, under the "Investors"
section, with an accompanying slide presentation. A replay of the
conference call will be available on the TriMas website or by
dialing (877) 660-6853 (U.S. and Canada) or +1 (201) 612-7415
(outside the U.S. and Canada) with a meeting ID of 13739841,
beginning July 27, 2023 at 3:00 p.m. ET through August 8, 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.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
TriMas Packaging, TriMas Aerospace and Specialty Products groups.
Our approximately 3,500 dedicated employees in 13 countries provide
customers with a wide range of innovative and quality product
solutions through our market-leading businesses. Our TriMas family
of businesses has strong brand names in the markets served, and
operates under a common set of values and strategic priorities
under the TriMas Business Model. TriMas is publicly traded on the
NASDAQ under the ticker symbol “TRS,” and is headquartered in
Bloomfield Hills, Michigan. For more information, please visit
www.trimascorp.com.
TriMas Corporation
Condensed Consolidated Balance
Sheet
(Dollars in thousands)
June 30, 2023
December 31,
2022
Assets
(unaudited)
Current assets:
Cash and cash equivalents
$
41,900
$
112,090
Receivables, net
164,800
132,370
Inventories
182,520
163,360
Prepaid expenses and other current
assets
20,720
14,840
Total current assets
409,940
422,660
Property and equipment, net
318,630
277,750
Operating lease right-of-use assets
44,620
47,280
Goodwill
362,800
339,810
Other intangibles, net
190,680
188,110
Deferred income taxes
8,800
9,400
Other assets
20,890
19,990
Total assets
$
1,356,360
$
1,305,000
Liabilities and Shareholders'
Equity
Current liabilities:
Accounts payable
$
83,780
$
85,210
Accrued liabilities
58,930
46,660
Lease liabilities, current portion
8,910
8,280
Total current liabilities
151,620
140,150
Long-term debt, net
417,020
394,730
Lease liabilities
39,850
41,010
Deferred income taxes
26,880
20,940
Other long-term liabilities
58,630
56,340
Total liabilities
694,000
653,170
Total shareholders' equity
662,360
651,830
Total liabilities and shareholders'
equity
$
1,356,360
$
1,305,000
TriMas Corporation
Consolidated Statement of
Income
(Unaudited - dollars in
thousands, except per share amounts)
Three months ended June
30,
Six months ended June
30,
2023
2022
2023
2022
Net sales
$
233,190
$
237,680
$
448,650
$
461,990
Cost of sales
(178,660
)
(177,000
)
(346,430
)
(347,600
)
Gross profit
54,530
60,680
102,220
114,390
Selling, general and administrative
expenses
(34,470
)
(30,810
)
(72,170
)
(62,590
)
Operating profit
20,060
29,870
30,050
51,800
Other expense, net:
Interest expense
(3,970
)
(3,500
)
(7,670
)
(6,910
)
Other income (expense), net
160
270
90
(10
)
Other expense, net
(3,810
)
(3,230
)
(7,580
)
(6,920
)
Income before income tax expense
16,250
26,640
22,470
44,880
Income tax expense
(5,230
)
(6,780
)
(6,540
)
(10,850
)
Net income
$
11,020
$
19,860
$
15,930
$
34,030
Basic earnings per share:
Net income per share
$
0.27
$
0.47
$
0.38
$
0.80
Weighted average common shares—basic
41,462,452
42,297,525
41,503,039
42,548,366
Diluted earnings per share:
Net income per share
$
0.26
$
0.47
$
0.38
$
0.80
Weighted average common shares—diluted
41,645,184
42,481,199
41,723,611
42,795,446
TriMas Corporation
Consolidated Statement of Cash
Flow
(Unaudited - dollars in
thousands)
Six months ended June
30,
2023
2022
Cash Flows from Operating
Activities:
Net income
$
15,930
$
34,030
Adjustments to reconcile net income to net
cash provided by operating activities, net of acquisition
impact:
Loss on dispositions of assets
50
210
Depreciation
20,540
17,150
Amortization of intangible assets
9,200
10,040
Amortization of debt issue costs
460
450
Deferred income taxes
3,420
3,320
Non-cash compensation expense
6,180
5,300
Increase in receivables
(20,050
)
(29,430
)
Decrease (increase) in inventories
2,500
(7,940
)
Decrease in prepaid expenses and other
assets
1,210
790
Decrease in accounts payable and accrued
liabilities
(14,060
)
(8,870
)
Other operating activities
810
2,640
Net cash provided by operating activities,
net of acquisition impact
26,190
27,690
Cash Flows from Investing
Activities:
Capital expenditures
(24,930
)
(21,720
)
Acquisition of businesses, net of cash
acquired
(71,840
)
(64,100
)
Net proceeds from disposition of property
and equipment
250
110
Net cash used for investing activities
(96,520
)
(85,710
)
Cash Flows from Financing
Activities:
Proceeds from borrowings on revolving
credit facilities
59,410
12,000
Repayments of borrowings on revolving
credit facilities
(37,180
)
(12,000
)
Payments to purchase common stock
(13,090
)
(27,890
)
Shares surrendered upon exercise and
vesting of equity awards to cover taxes
(2,590
)
(2,280
)
Dividends paid
(3,340
)
(3,460
)
Other financing activities
(3,070
)
—
Net cash provided by (used for) financing
activities
140
(33,630
)
Cash and Cash Equivalents:
Decrease for the period
(70,190
)
(91,650
)
At beginning of period
112,090
140,740
At end of period
$
41,900
$
49,090
Supplemental disclosure of cash flow
information:
Cash paid for interest
$
7,050
$
6,330
Cash paid for taxes
$
8,120
$
1,120
Appendix I
TriMas Corporation
Additional Information
Regarding Special Items Impacting
Reported GAAP Financial
Measures
(Unaudited - dollars in
thousands)
Three months ended June
30,
Six months ended June
30,
2023
2022
2023
2022
Packaging
Net sales
$
117,320
$
148,350
$
233,540
$
286,840
Operating profit
$
17,280
$
27,800
$
31,670
$
49,130
Special Items to consider in evaluating
operating profit:
Purchase accounting costs
400
280
800
760
Business restructuring and severance
costs
4,260
1,150
4,710
3,120
Adjusted operating profit
$
21,940
$
29,230
$
37,180
$
53,010
Aerospace
Net sales
$
59,800
$
47,390
$
109,790
$
91,910
Operating profit
$
2,630
$
2,750
$
4,060
$
4,590
Special Items to consider in evaluating
operating profit:
Purchase accounting costs
800
160
800
400
Business restructuring and severance
costs
290
360
290
690
Adjusted operating profit
$
3,720
$
3,270
$
5,150
$
5,680
Specialty Products
Net sales
$
56,070
$
41,940
$
105,320
$
83,240
Operating profit
$
12,100
$
6,770
$
21,850
$
14,010
Corporate Expenses
Operating loss
$
(11,950
)
$
(7,450
)
$
(27,530
)
$
(15,930
)
Special Items to consider in evaluating
operating loss:
M&A diligence and transaction
costs
1,210
240
2,410
1,150
Business restructuring and severance
costs
280
80
3,760
450
Adjusted operating loss
$
(10,460
)
$
(7,130
)
$
(21,360
)
$
(14,330
)
Total Company
Net sales
$
233,190
$
237,680
$
448,650
$
461,990
Operating profit
$
20,060
$
29,870
$
30,050
$
51,800
Total Special Items to consider in
evaluating operating profit
7,240
2,270
12,770
6,570
Adjusted operating profit
$
27,300
$
32,140
$
42,820
$
58,370
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 June
30,
Six months ended June
30,
Three months ended March
31,
2023
2022
2023
2022
2023
Net income, as reported
$
11,020
$
19,860
$
15,930
$
34,030
$
4,910
Special Items to consider in evaluating
quality of net income:
Business restructuring and severance
costs
4,830
1,590
8,760
4,410
3,930
Purchase accounting costs
1,200
440
1,600
1,160
400
M&A diligence and transaction
costs
1,210
240
2,410
1,150
1,200
Defined benefit pension plan settlement
charge
640
—
640
—
—
Income tax effect of Special Items(1)
(1,360
)
(330
)
(2,800
)
(1,380
)
(1,440
)
Adjusted net income
$
17,540
$
21,800
$
26,540
$
39,370
$
9,000
Three months ended June
30,
Six months ended June
30,
Three months ended March
31,
2023
2022
2023
2022
2023
Diluted earnings per share, as
reported
$
0.26
$
0.47
$
0.38
$
0.80
$
0.12
Special Items to consider in evaluating
quality of EPS:
Business restructuring and severance
costs
0.11
0.04
0.21
0.10
0.09
Purchase accounting costs
0.03
0.01
0.04
0.03
0.01
M&A diligence and transaction
costs
0.03
0.01
0.06
0.03
0.03
Defined benefit pension plan settlement
charge
0.02
—
0.02
—
—
Income tax effect of Special Items(1)
(0.03
)
(0.01
)
(0.07
)
(0.03
)
(0.03
)
Pre-tax amortization of
acquisition-related intangible assets
0.11
0.11
0.22
0.23
0.11
Income tax benefit on amortization of
acquisition-related intangible assets(1)
(0.03
)
(0.03
)
(0.06
)
(0.06
)
(0.03
)
Adjusted diluted EPS
$
0.50
$
0.60
$
0.80
$
1.10
$
0.30
Weighted-average shares
outstanding
41,645,184
42,481,199
41,723,611
42,795,446
41,802,037
(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 six month periods ended June 30, 2023
and 2022, and the three months ended March 31, 2023, 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 June
30,
2023
2022
As reported
Special Items
As adjusted
As reported
Special Items
As adjusted
Net cash provided by operating
activities
$
16,500
$
4,610
$
21,110
$
22,020
$
3,260
$
25,280
Less: Capital expenditures
(10,140
)
—
(10,140
)
(9,830
)
—
(9,830
)
Free Cash Flow
6,360
4,610
10,970
12,190
3,260
15,450
Net income
11,020
6,520
17,540
19,860
1,940
21,800
Free Cash Flow as a percentage of net
income
58
%
63
%
61
%
71
%
Six months ended June
30,
2023
2022
As reported
Special Items
As adjusted
As reported
Special Items
As adjusted
Net cash provided by operating
activities
$
26,190
$
6,640
$
32,830
$
27,690
$
7,570
$
35,260
Less: Capital expenditures
(24,930
)
—
(24,930
)
(21,720
)
—
(21,720
)
Free Cash Flow
1,260
6,640
7,900
5,970
7,570
13,540
Net income
15,930
10,610
26,540
34,030
5,340
39,370
Free Cash Flow as a percentage of net
income
8
%
30
%
18
%
34
%
June 30, 2023
December 31,
2022
June 30, 2022
Long-term debt, net
$
417,020
$
394,730
$
394,270
Less: Cash and cash equivalents
41,900
112,090
49,090
Net Debt
$
375,120
$
282,640
$
345,180
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)
$
1.21
$
1.36
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)
0.26
0.26
Adjusted diluted earnings per share
$
1.80
$
1.95
(1)
These amounts relate to acquisitions
completed as of July 27, 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/20230727107932/en/
Sherry Lauderback VP, Investor Relations & Communications
(248) 631-5506 sherry.lauderback@trimas.com
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