TriMas Reports Fourth Quarter and Full Year 2021 Results
Achieves Strong Sales, Earnings and Cash Flow in 2021
Company Provides 2022 Outlook
TriMas Highlights
-
Increased fourth quarter and full year 2021 sales by 11.1% and 11.3%, respectively, with record annual sales in
TriMas' Packaging group -
Reported record annual cash flows from operating activities of
$134.2 million -
Leveraged increased TriMas' Specialty Products sales to improve full year 2021 operating profit to
$22.6 million , compared with 2020 operating profit of$4.4 million and 2020 adjusted operating profit of$14.1 million -
Reported full year 2021 diluted EPS of
$1.32 , while adjusted diluted EPS(1) increased by 16.7% to$2.24 per diluted share, in line with outlook provided in October - Added quarterly dividend program to the Company's balanced, long-term capital allocation strategy
-
Successfully completed two acquisitions,
Omega Plastics and TFI Aerospace - Ended 2021 with a strong balance sheet and a net leverage ratio of 1.6x under our credit agreement, even after acquisitions, dividend payments and share repurchases
-
Earlier today, announced the acquisition of Intertech, a
Colorado -based provider of injection molded and assembled products into the medical and industrial end markets
Fourth Quarter 2021
TriMas reported fourth quarter net sales of
The Company reported fourth quarter 2021 net income of
Full Year 2021
For the full year 2021, TriMas reported net sales of
The Company reported full year 2021 net income of
"Overall, we delivered a strong finish to the year in line with our previously provided outlook," said
"During the fourth quarter, we achieved sales growth of 11.1% and adjusted diluted EPS(1) of
"Looking to 2022, we believe our momentum in executing our long-term strategy will continue. We are confident that our position in diverse end markets, multiple levers for growth, commitment to innovation and dedicated global workforce will provide benefits to our shareholders. As a result of our proactive actions during the past year, we believe we are a stronger and leaner organization, and are poised to capitalize on new products and bolt-on acquisition opportunities," Amato concluded
Financial Position
The Company reported net cash provided by operating activities of
During 2021, the Company used
TriMas ended 2021 with
Fourth Quarter Results
Packaging (Approximately 62% of TriMas 2021 net sales)
Aerospace (Approximately 22% of TriMas 2021 net sales)
Specialty Products (Approximately 16% of TriMas 2021 net sales)
TriMas' Specialty Products segment, which includes the Norris Cylinder™ and Arrow® Engine brands, designs, manufactures and distributes highly-engineered steel cylinders, as well as wellhead products, for use within the welding and HVAC, military, industrial, and oil and gas end markets. Norris Cylinder, which has been designated a "Made in the
Outlook
"In 2022, our objective remains to execute against our long-term strategy, driving organic growth through product and process innovation, as well as through acquisitions, all while maintaining a strong balance sheet. We remain excited about our prospects for the future and believe our strategy to leverage the performance of our businesses under our TriMas Business Model and deploy our strong cash flow to augment TriMas' core growth with bolt-on acquisitions, will continue to drive long-term value for our shareholders," commented Amato.
The Company expects TriMas' 2022 consolidated sales to increase 8% to 11% compared to 2021. The Company expects full year 2022 adjusted diluted earnings per share(1) to be between
"We expect full year sales and earnings per share growth in 2022, more than offsetting the impact of the aerospace special customers' stocking orders in 2021 and a higher tax rate in 2022." Amato concluded.
The above outlook includes the impact of all announced acquisitions, but excludes any direct or indirect impacts that may result from the geopolitical risks related to the recent events in
Conference Call Information
TriMas will host its fourth quarter and full year 2021 earnings conference call today,
Notice Regarding Forward-Looking Statements
Any "forward-looking" statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, contained herein, including those relating to TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; general economic and currency conditions; inflationary pressures on our supply chain, including raw material and energy costs, and customers; interest rate volatility; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; competitive factors; future trends; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; information technology and other cyber-related risks; the performance of our subcontractors and suppliers; supply constraints, including the availability and cost of raw materials; market demand; intellectual property factors; litigation; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; the disruption of operations from catastrophic or extraordinary events, including natural disasters and public health crises; the amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended
Non-GAAP Financial Measures
In this release, certain non-GAAP financial measures are used. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure may be found in Appendix I at the end of this release. Management believes that presenting these non-GAAP financial measures provides useful information to investors by helping them identify underlying trends in the Company’s businesses and facilitating comparisons of performance with prior and future periods and to the Company’s peers. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies.
Reconciliations of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are provided only for the expected impact of amortization of acquisition-related intangible assets for completed acquisitions, as the Company is unable to provide estimates of future Special Items(2) 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) |
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. |
| (2) |
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. |
| (3) |
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. |
| (4) |
The Company defines Net Debt as Total Debt less Cash and Cash Equivalents. 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 |
|
|
|
|
||
|
Current assets: |
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
140,740 |
|
$ |
73,950 |
|
Receivables, net |
|
|
125,630 |
|
|
113,410 |
|
Inventories |
|
|
152,450 |
|
|
149,380 |
|
Prepaid expenses and other current assets |
|
|
12,950 |
|
|
15,090 |
|
Total current assets |
|
|
431,770 |
|
|
351,830 |
|
Property and equipment, net |
|
|
265,630 |
|
|
253,060 |
|
Operating lease right-of-use assets |
|
|
50,650 |
|
|
37,820 |
|
|
|
|
315,490 |
|
|
303,970 |
|
Other intangibles, net |
|
|
196,730 |
|
|
206,200 |
|
Deferred income taxes |
|
|
9,740 |
|
|
19,580 |
|
Other assets |
|
|
33,630 |
|
|
21,420 |
|
Total assets |
|
$ |
1,303,640 |
|
$ |
1,193,880 |
|
Liabilities and Shareholders' Equity |
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
||
|
Accounts payable |
|
$ |
87,800 |
|
$ |
69,910 |
|
Accrued liabilities |
|
|
58,980 |
|
|
60,540 |
|
Operating lease liabilities, current portion |
|
|
8,120 |
|
|
6,740 |
|
Total current liabilities |
|
|
154,900 |
|
|
137,190 |
|
Long-term debt, net |
|
|
393,820 |
|
|
346,290 |
|
Operating lease liabilities |
|
|
43,780 |
|
|
31,610 |
|
Deferred income taxes |
|
|
21,260 |
|
|
24,850 |
|
Other long-term liabilities |
|
|
59,030 |
|
|
69,690 |
|
Total liabilities |
|
|
672,790 |
|
|
609,630 |
|
Total shareholders' equity |
|
|
630,850 |
|
|
584,250 |
|
Total liabilities and shareholders' equity |
|
$ |
1,303,640 |
|
$ |
1,193,880 |
|
|
||||||||||||||||
|
Consolidated Statement of Operations |
||||||||||||||||
|
(Dollars in thousands, except share and per share amounts) |
||||||||||||||||
|
|
|
Three months ended
|
|
Twelve months ended
|
||||||||||||
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
|
|
(unaudited) |
|
|
|
|
||||||||||
|
Net sales |
|
$ |
208,970 |
|
|
$ |
188,170 |
|
|
$ |
857,110 |
|
|
$ |
769,970 |
|
|
Cost of sales |
|
|
(159,580 |
) |
|
|
(141,620 |
) |
|
|
(639,920 |
) |
|
|
(587,890 |
) |
|
Gross profit |
|
|
49,390 |
|
|
|
46,550 |
|
|
|
217,190 |
|
|
|
182,080 |
|
|
Selling, general and administrative expenses |
|
|
(31,800 |
) |
|
|
(27,990 |
) |
|
|
(121,970 |
) |
|
|
(134,480 |
) |
|
Net loss on dispositions of assets |
|
|
— |
|
|
|
(210 |
) |
|
|
(130 |
) |
|
|
(1,290 |
) |
|
Impairment of goodwill and indefinite-lived intangible assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(134,600 |
) |
|
Operating profit (loss) |
|
|
17,590 |
|
|
|
18,350 |
|
|
|
95,090 |
|
|
|
(88,290 |
) |
|
Other expense, net: |
|
|
|
|
|
|
|
|
||||||||
|
Interest expense |
|
|
(3,400 |
) |
|
|
(3,400 |
) |
|
|
(14,510 |
) |
|
|
(14,660 |
) |
|
Debt financing and related expenses |
|
|
— |
|
|
|
— |
|
|
|
(10,520 |
) |
|
|
— |
|
|
Other income (expense), net |
|
|
(150 |
) |
|
|
390 |
|
|
|
(950 |
) |
|
|
240 |
|
|
Other expense, net |
|
|
(3,550 |
) |
|
|
(3,010 |
) |
|
|
(25,980 |
) |
|
|
(14,420 |
) |
|
Income (loss) before income tax expense |
|
|
14,040 |
|
|
|
15,340 |
|
|
|
69,110 |
|
|
|
(102,710 |
) |
|
Income tax benefit (expense) |
|
|
(1,220 |
) |
|
|
8,350 |
|
|
|
(11,800 |
) |
|
|
22,950 |
|
|
Net income (loss) |
|
$ |
12,820 |
|
|
$ |
23,690 |
|
|
$ |
57,310 |
|
|
$ |
(79,760 |
) |
|
Basic earnings (loss) per share: |
|
|
|
|
|
|
|
|
||||||||
|
Net income (loss) per share |
|
$ |
0.30 |
|
|
$ |
0.55 |
|
|
$ |
1.33 |
|
|
$ |
(1.83 |
) |
|
Weighted average common shares - basic |
|
|
42,842,566 |
|
|
|
43,202,937 |
|
|
|
43,006,922 |
|
|
|
43,581,232 |
|
|
Diluted earnings (loss) per share: |
|
|
|
|
|
|
|
|
||||||||
|
Net income (loss) per share |
|
$ |
0.30 |
|
|
$ |
0.54 |
|
|
$ |
1.32 |
|
|
$ |
(1.83 |
) |
|
Weighted average common shares - diluted |
|
|
43,086,974 |
|
|
|
43,493,781 |
|
|
|
43,281,076 |
|
|
|
43,581,232 |
|
|
|
||||||||
|
Consolidated Statement of Cash Flows |
||||||||
|
(Dollars in thousands) |
||||||||
|
|
|
Twelve months ended
|
||||||
|
|
|
2021 |
|
2020 |
||||
|
Cash Flows from Operating Activities: |
|
|
|
|
||||
|
Net income (loss) |
|
$ |
57,310 |
|
|
$ |
(79,760 |
) |
|
Adjustments to reconcile income (loss) to net cash provided by operating activities, net of acquisition impact: |
|
|
|
|
||||
|
Impairment of goodwill and indefinite-lived intangible assets |
|
|
— |
|
|
|
134,600 |
|
|
Loss on dispositions of assets |
|
|
130 |
|
|
|
1,290 |
|
|
Depreciation |
|
|
31,890 |
|
|
|
29,020 |
|
|
Amortization of intangible assets |
|
|
21,560 |
|
|
|
20,750 |
|
|
Amortization of debt issue costs |
|
|
960 |
|
|
|
1,150 |
|
|
Deferred income taxes |
|
|
1,680 |
|
|
|
(33,710 |
) |
|
Non-cash compensation expense |
|
|
9,500 |
|
|
|
8,170 |
|
|
Change in legacy liability estimate |
|
|
1,450 |
|
|
|
23,400 |
|
|
Debt financing and related expenses |
|
|
10,520 |
|
|
|
— |
|
|
(Increase) decrease in receivables |
|
|
(11,180 |
) |
|
|
9,580 |
|
|
(Increase) decrease in inventories |
|
|
(960 |
) |
|
|
3,980 |
|
|
Decrease in prepaid expenses and other assets |
|
|
5,030 |
|
|
|
4,400 |
|
|
Increase in accounts payable and accrued liabilities |
|
|
2,120 |
|
|
|
4,490 |
|
|
Other operating activities |
|
|
4,210 |
|
|
|
50 |
|
|
Net cash provided by operating activities |
|
|
134,220 |
|
|
|
127,410 |
|
|
Cash Flows from Investing Activities: |
|
|
|
|
||||
|
Capital expenditures |
|
|
(45,060 |
) |
|
|
(40,480 |
) |
|
Acquisition of businesses, net of cash acquired |
|
|
(34,340 |
) |
|
|
(193,540 |
) |
|
Net proceeds from dispositions of businesses, property and equipment |
|
|
220 |
|
|
|
1,950 |
|
|
Net cash used for investing activities |
|
|
(79,180 |
) |
|
|
(232,070 |
) |
|
Cash Flows from Financing Activities: |
|
|
|
|
||||
|
Retirement of senior notes |
|
|
(300,000 |
) |
|
|
— |
|
|
Proceeds from issuance of senior notes |
|
|
400,000 |
|
|
|
— |
|
|
Proceeds from borrowings on revolving credit facilities |
|
|
— |
|
|
|
367,280 |
|
|
Repayments of borrowings on revolving credit facilities |
|
|
(48,620 |
) |
|
|
(319,120 |
) |
|
Debt financing fees and senior notes redemption premium |
|
|
(13,570 |
) |
|
|
— |
|
|
Payments to purchase common stock |
|
|
(19,090 |
) |
|
|
(39,420 |
) |
|
Shares surrendered upon exercise and vesting of equity awards to cover taxes |
|
|
(5,230 |
) |
|
|
(2,600 |
) |
|
Dividends paid |
|
|
(1,740 |
) |
|
|
— |
|
|
Net cash provided by financing activities |
|
|
11,750 |
|
|
|
6,140 |
|
|
Cash and Cash Equivalents: |
|
|
|
|
||||
|
Increase (decrease) for the year |
|
|
66,790 |
|
|
|
(98,520 |
) |
|
At beginning of year |
|
|
73,950 |
|
|
|
172,470 |
|
|
At end of year |
|
$ |
140,740 |
|
|
$ |
73,950 |
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
|
Cash paid for interest |
|
$ |
13,280 |
|
|
$ |
13,210 |
|
|
Cash paid for income taxes |
|
$ |
10,520 |
|
|
$ |
9,060 |
|
|
Appendix I |
||||||||||||||||
|
|
||||||||||||||||
|
Additional Information Regarding Special Items Impacting |
||||||||||||||||
|
Reported GAAP Financial Measures |
||||||||||||||||
|
(Unaudited - dollars in thousands) |
||||||||||||||||
|
|
|
Three months ended
|
|
Twelve months ended
|
||||||||||||
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
Packaging |
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
123,530 |
|
|
$ |
124,340 |
|
|
$ |
533,260 |
|
|
$ |
488,340 |
|
|
Operating profit |
|
$ |
20,000 |
|
|
$ |
23,650 |
|
|
$ |
96,490 |
|
|
$ |
93,990 |
|
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
|
Purchase accounting costs |
|
|
— |
|
|
|
— |
|
|
|
830 |
|
|
|
750 |
|
|
Business restructuring and severance costs |
|
|
2,140 |
|
|
|
500 |
|
|
|
4,040 |
|
|
|
3,230 |
|
|
Adjusted operating profit |
|
$ |
22,140 |
|
|
$ |
24,150 |
|
|
$ |
101,360 |
|
|
$ |
97,970 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Aerospace |
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
47,660 |
|
|
$ |
37,080 |
|
|
$ |
183,340 |
|
|
$ |
167,740 |
|
|
Operating profit (loss) |
|
$ |
2,670 |
|
|
$ |
(810 |
) |
|
$ |
13,270 |
|
|
$ |
(133,440 |
) |
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
|
Impairment of goodwill and indefinite-lived intangible assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
134,600 |
|
|
Pre-acquisition contingent liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,000 |
|
|
Business restructuring and severance costs |
|
|
840 |
|
|
|
1,300 |
|
|
|
2,490 |
|
|
|
9,410 |
|
|
Purchase accounting costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,030 |
|
|
Adjusted operating profit |
|
$ |
3,510 |
|
|
$ |
490 |
|
|
$ |
15,760 |
|
|
$ |
14,600 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Specialty Products |
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
37,780 |
|
|
$ |
26,750 |
|
|
$ |
140,510 |
|
|
$ |
113,890 |
|
|
Operating profit |
|
$ |
5,360 |
|
|
$ |
3,480 |
|
|
$ |
22,550 |
|
|
$ |
4,350 |
|
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
|
Business restructuring and severance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,700 |
|
|
Adjusted operating profit |
|
$ |
5,360 |
|
|
$ |
3,480 |
|
|
$ |
22,550 |
|
|
$ |
14,050 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Corporate Expenses |
|
|
|
|
|
|
|
|
||||||||
|
Operating loss |
|
$ |
(10,440 |
) |
|
$ |
(7,970 |
) |
|
$ |
(37,220 |
) |
|
$ |
(53,190 |
) |
|
Special Items to consider in evaluating operating loss: |
|
|
|
|
|
|
|
|
||||||||
|
Change in legacy liability estimate for asbestos-related costs |
|
|
1,450 |
|
|
|
— |
|
|
|
1,450 |
|
|
|
23,400 |
|
|
M&A diligence and transaction costs |
|
|
2,070 |
|
|
|
920 |
|
|
|
2,900 |
|
|
|
2,700 |
|
|
Business restructuring and severance costs |
|
|
430 |
|
|
|
— |
|
|
|
5,950 |
|
|
|
640 |
|
|
Adjusted operating loss |
|
$ |
(6,490 |
) |
|
$ |
(7,050 |
) |
|
$ |
(26,920 |
) |
|
$ |
(26,450 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
208,970 |
|
|
$ |
188,170 |
|
|
$ |
857,110 |
|
|
$ |
769,970 |
|
|
Operating profit (loss) |
|
$ |
17,590 |
|
|
$ |
18,350 |
|
|
$ |
95,090 |
|
|
$ |
(88,290 |
) |
|
Total Special Items to consider in evaluating operating profit |
|
|
6,930 |
|
|
|
2,720 |
|
|
|
17,660 |
|
|
|
188,460 |
|
|
Adjusted operating profit |
|
$ |
24,520 |
|
|
$ |
21,070 |
|
|
$ |
112,750 |
|
|
$ |
100,170 |
|
| Appendix I | ||||||||||||||||
|
|
||||||||||||||||
|
Additional Information Regarding Special Items Impacting |
||||||||||||||||
|
Reported GAAP Financial Measures |
||||||||||||||||
|
(Unaudited - dollars in thousands, except share and per share amounts) |
||||||||||||||||
|
|
|
Three months ended
|
|
Twelve months ended
|
||||||||||||
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
Net income (loss), as reported |
|
$ |
12,820 |
|
|
$ |
23,690 |
|
|
$ |
57,310 |
|
|
$ |
(79,760 |
) |
|
Special Items to consider in evaluating quality of net income (loss): |
|
|
|
|
|
|
|
|
||||||||
|
Impairment of goodwill and indefinite-lived intangible assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
134,600 |
|
|
Change in legacy liability estimate for asbestos-related costs |
|
|
1,450 |
|
|
|
— |
|
|
|
1,450 |
|
|
|
23,400 |
|
|
Business restructuring and severance costs |
|
|
3,410 |
|
|
|
1,800 |
|
|
|
13,090 |
|
|
|
22,980 |
|
|
M&A diligence and transaction costs |
|
|
2,070 |
|
|
|
920 |
|
|
|
2,900 |
|
|
|
3,000 |
|
|
Purchase accounting costs |
|
|
— |
|
|
|
— |
|
|
|
830 |
|
|
|
2,780 |
|
|
Pre-acquisition contingent liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,000 |
|
|
Debt financing and related expenses |
|
|
— |
|
|
|
— |
|
|
|
10,520 |
|
|
|
— |
|
|
Change in recognized tax benefits |
|
|
— |
|
|
|
(9,040 |
) |
|
|
— |
|
|
|
(9,040 |
) |
|
Income tax effect of Special Items (1) |
|
|
350 |
|
|
|
(880 |
) |
|
|
(5,480 |
) |
|
|
(31,070 |
) |
|
Adjusted net income |
|
$ |
20,100 |
|
|
$ |
16,490 |
|
|
$ |
80,620 |
|
|
$ |
68,890 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three months ended
|
|
Twelve months ended
|
||||||||||||
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
Diluted earnings (loss) per share, as reported |
|
$ |
0.30 |
|
|
$ |
0.54 |
|
|
$ |
1.32 |
|
|
$ |
(1.83 |
) |
|
Dilutive impact (2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
Special Items to consider in evaluating quality of EPS: |
|
|
|
|
|
|
|
|
||||||||
|
Impairment of goodwill and indefinite-lived intangible assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.07 |
|
|
Change in legacy liability estimate for asbestos-related costs |
|
|
0.03 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
0.53 |
|
|
Business restructuring and severance costs |
|
|
0.08 |
|
|
|
0.04 |
|
|
|
0.30 |
|
|
|
0.52 |
|
|
M&A diligence and transaction costs |
|
|
0.05 |
|
|
|
0.02 |
|
|
|
0.07 |
|
|
|
0.07 |
|
|
Purchase accounting costs |
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
|
|
0.06 |
|
|
Pre-acquisition contingent liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.05 |
|
|
Debt financing and related expenses |
|
|
— |
|
|
|
— |
|
|
|
0.24 |
|
|
|
— |
|
|
Change in recognized tax benefits |
|
|
— |
|
|
|
(0.20 |
) |
|
|
— |
|
|
|
(0.20 |
) |
|
Income tax effect of Special Items (1) |
|
|
0.01 |
|
|
|
(0.02 |
) |
|
|
(0.12 |
) |
|
|
(0.71 |
) |
|
Pre-tax amortization of acquisition-related intangible assets |
|
|
0.12 |
|
|
|
0.12 |
|
|
|
0.50 |
|
|
|
0.47 |
|
|
Income tax benefit on amortization of acquisition-related intangible assets (1) |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
(0.12 |
) |
|
|
(0.12 |
) |
|
Adjusted diluted EPS |
|
$ |
0.56 |
|
|
$ |
0.47 |
|
|
$ |
2.24 |
|
|
$ |
1.92 |
|
|
Weighted-average shares outstanding (2) |
|
|
43,086,974 |
|
|
|
43,493,781 |
|
|
|
43,281,076 |
|
|
|
43,821,123 |
|
| (1) |
Income tax effect of Special Items and amortization of acquisition-related intangible assets is calculated on an item-by-item basis, utilizing the tax rate in the jurisdiction where the Special Item or amortization occurred. For the three and twelve month periods ended |
| (2) |
239,891 shares for the twelve months ended |
| Appendix I | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
|
Additional Information Regarding Special Items Impacting |
|||||||||||||||||||||||
|
Reported GAAP Financial Measures |
|||||||||||||||||||||||
|
(Unaudited - dollars in thousands) |
|||||||||||||||||||||||
|
|
|
Three months ended |
|||||||||||||||||||||
|
|
|
2021 |
|
2020 |
|||||||||||||||||||
|
|
|
As
|
|
Special
|
|
As
|
|
As
|
|
Special
|
|
As
|
|||||||||||
|
Net cash provided by operating activities |
|
$ |
56,480 |
|
|
$ |
2,630 |
|
$ |
59,110 |
|
|
$ |
48,300 |
|
|
$ |
1,350 |
|
|
$ |
49,650 |
|
|
Less: Capital expenditures |
|
|
(15,210 |
) |
|
|
— |
|
|
(15,210 |
) |
|
|
(22,810 |
) |
|
|
— |
|
|
|
(22,810 |
) |
|
Free Cash Flow |
|
|
41,270 |
|
|
|
2,630 |
|
|
43,900 |
|
|
|
25,490 |
|
|
|
1,350 |
|
|
|
26,840 |
|
|
Net income |
|
|
12,820 |
|
|
|
7,280 |
|
|
20,100 |
|
|
|
23,690 |
|
|
|
(7,200 |
) |
|
|
16,490 |
|
|
Free Cash Flow as a percentage of net income |
|
|
322 |
% |
|
|
|
|
218 |
% |
|
|
108 |
% |
|
|
|
|
163 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
Twelve months ended |
|||||||||||||||||||||
|
|
|
2021 |
|
2020 |
|||||||||||||||||||
|
|
|
As
|
|
Special
|
|
As
|
|
As
|
|
Special
|
|
As
|
|||||||||||
|
Net cash provided by operating activities |
|
$ |
134,220 |
|
|
$ |
10,400 |
|
$ |
144,620 |
|
|
|
127,410 |
|
|
$ |
8,450 |
|
|
$ |
135,860 |
|
|
Less: Capital expenditures |
|
|
(45,060 |
) |
|
|
— |
|
|
(45,060 |
) |
|
|
(40,480 |
) |
|
|
— |
|
|
|
(40,480 |
) |
|
Free Cash Flow |
|
|
89,160 |
|
|
|
10,400 |
|
|
99,560 |
|
|
|
86,930 |
|
|
|
8,450 |
|
|
|
95,380 |
|
|
Net income (loss) |
|
|
57,310 |
|
|
|
23,310 |
|
|
80,620 |
|
|
|
(79,760 |
) |
|
|
148,650 |
|
|
|
68,890 |
|
|
Free Cash Flow as a percentage of net income |
|
|
156 |
% |
|
|
|
|
123 |
% |
|
|
NM |
|
|
|
|
|
138 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
||
|
Long-term debt, net |
|
$ |
393,820 |
|
$ |
346,290 |
|
Less: Cash and cash equivalents |
|
|
140,740 |
|
|
73,950 |
|
Net Debt |
|
$ |
253,080 |
|
$ |
272,340 |
| 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) |
|
$ |
1.89 |
|
|
$ |
1.99 |
|
|
Pre-tax amortization of acquisition-related intangible assets (1) |
|
|
0.47 |
|
|
|
0.47 |
|
|
Income tax benefit on amortization of acquisition-related intangible assets |
|
|
(0.11 |
) |
|
|
(0.11 |
) |
|
Impact of Special Items (2) |
|
|
— |
|
|
|
— |
|
|
Adjusted diluted earnings per share |
|
$ |
2.25 |
|
|
$ |
2.35 |
|
| (1) |
These amounts relate to acquisitions completed prior to |
| (2) |
The Company is unable to provide forward-looking estimates of Special Items without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220301005394/en/
VP, Investor Relations
(248) 631-5506
sherrylauderback@trimascorp.com
Source: TriMas
