TriMas Reports Fourth Quarter and Full Year 2022 Results
Company Provides 2023 Outlook
TriMas Highlights
-
Increased net sales for the year by 3.1%, with continued strong order backlog within
TriMas' Aerospace and Specialty Products groups -
Achieved 2022 operating profit of
$99.1 million , a 4.2% increase compared to 2021 -
Expanded TriMas Packaging group's product offering for the life sciences end market with the foundational acquisitions of Intertech and Omega Plastics -
Recently announced the acquisitions of
Aarts Packaging and Weldmac Manufacturing - Provided an approximate 3% return of capital yield to shareholders via share buybacks and dividends in 2022
Fourth Quarter 2022
TriMas reported fourth quarter net sales of
The Company reported fourth quarter 2022 net income of
Full Year 2022
For the full year 2022, TriMas reported net sales of
The Company reported full year 2022 net income of
"As we closed out the year, our results came in largely as anticipated," said
"During the fourth quarter, we achieved adjusted diluted EPS(2) of
"We also continued to make substantial progress on our ESG journey, and we are committed to continuously enhancing our sustainability strategy and positively impacting society. I believe TriMas is better positioned today than ever to create long-term value for our customers, employees and shareholders, while at the same time benefiting our global community. We are confident that TriMas’ diversified end market model, commitment to innovation, low leverage, cash generation profile and dedicated global workforce will provide value creating opportunities, even in challenging periods," Amato concluded.
Financial Position
During 2022, the Company used
TriMas ended 2022 with
The Company reported net cash provided by operating activities of
Fourth Quarter Segment Results
TriMas' Specialty Products segment net sales for the fourth quarter increased 24.2% 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 engines and replacement parts for stationary power generation units, as demand has increased in natural gas and crude oil extraction activity. Fourth quarter operating profit and the related margin level increased, as a result of higher sales and the positive impact of previous factory floor improvement actions more than offset inflationary pressures.
Outlook
The Company expects TriMas' 2023 consolidated sales to increase 10% to 15% compared to 2022. The Company expects full year 2023 adjusted diluted earnings per share(2) to be between
"While we do not customarily provide quarterly guidance, we believe it prudent to provide first quarter guidance today given it is not indicative of our expectations for the remainder of 2023. We are forecasting a demand recovery within
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 fourth quarter and full year 2022 earnings conference call today,
Notice Regarding Forward-Looking Statements
Any "forward-looking" statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, contained herein, including those relating to TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: general economic and currency conditions; the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic; competitive factors; market demand; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; pressures on our supply chain, including availability of raw materials and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations, including, but not limited to, risks relating to rising tensions between
Non-GAAP Financial Measures
In this release, certain non-GAAP financial measures are used. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure may be found in Appendix I at the end of this release. Management believes that presenting these non-GAAP financial measures provides useful information to investors by helping them identify underlying trends in the Company’s businesses and facilitating comparisons of performance with prior and future periods and to the Company’s peers. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies.
Reconciliations of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are provided only for the expected impact of amortization of acquisition-related intangible assets for completed acquisitions, as the Company is unable to provide estimates of future Special Items(1) or amortization from future acquisitions without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items impacting comparability and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
Additional information is available at www.trimascorp.com under the “Investors” section.
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(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
|
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||||||
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Condensed Consolidated Balance Sheet |
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(Dollars in thousands) |
||||||
|
|
|
|
|
|
||
|
Assets |
|
|
|
|
||
|
Current assets: |
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
112,090 |
|
$ |
140,740 |
|
Receivables, net |
|
|
132,370 |
|
|
125,630 |
|
Inventories |
|
|
163,360 |
|
|
152,450 |
|
Prepaid expenses and other current assets |
|
|
14,840 |
|
|
12,950 |
|
Total current assets |
|
|
422,660 |
|
|
431,770 |
|
Property and equipment, net |
|
|
277,750 |
|
|
265,630 |
|
Operating lease right-of-use assets |
|
|
47,280 |
|
|
50,650 |
|
|
|
|
339,810 |
|
|
315,490 |
|
Other intangibles, net |
|
|
188,110 |
|
|
196,730 |
|
Deferred income taxes |
|
|
9,400 |
|
|
9,740 |
|
Other assets |
|
|
19,990 |
|
|
33,630 |
|
Total assets |
|
$ |
1,305,000 |
|
$ |
1,303,640 |
|
Liabilities and Shareholders' Equity |
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
||
|
Accounts payable |
|
$ |
85,210 |
|
$ |
87,800 |
|
Accrued liabilities |
|
|
46,660 |
|
|
58,980 |
|
Operating lease liabilities, current portion |
|
|
8,280 |
|
|
8,120 |
|
Total current liabilities |
|
|
140,150 |
|
|
154,900 |
|
Long-term debt, net |
|
|
394,730 |
|
|
393,820 |
|
Operating lease liabilities |
|
|
41,010 |
|
|
43,780 |
|
Deferred income taxes |
|
|
20,940 |
|
|
21,260 |
|
Other long-term liabilities |
|
|
56,340 |
|
|
59,030 |
|
Total liabilities |
|
|
653,170 |
|
|
672,790 |
|
Total shareholders' equity |
|
|
651,830 |
|
|
630,850 |
|
Total liabilities and shareholders' equity |
|
$ |
1,305,000 |
|
$ |
1,303,640 |
|
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||||||||||||||||
|
Consolidated Statement of Income |
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(Dollars in thousands, except share and per share amounts) |
||||||||||||||||
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Three months ended
|
|
Twelve months ended
|
||||||||||||
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
(unaudited) |
|
|
|
|
||||||||||
|
Net sales |
|
$ |
203,310 |
|
|
$ |
208,970 |
|
|
$ |
883,830 |
|
|
$ |
857,110 |
|
|
Cost of sales |
|
|
(157,730 |
) |
|
|
(159,580 |
) |
|
|
(675,530 |
) |
|
|
(639,920 |
) |
|
Gross profit |
|
|
45,580 |
|
|
|
49,390 |
|
|
|
208,300 |
|
|
|
217,190 |
|
|
Selling, general and administrative expenses |
|
|
(36,710 |
) |
|
|
(31,800 |
) |
|
|
(131,190 |
) |
|
|
(121,970 |
) |
|
Net gain (loss) on dispositions of assets |
|
|
17,410 |
|
|
|
— |
|
|
|
21,950 |
|
|
|
(130 |
) |
|
Operating profit |
|
|
26,280 |
|
|
|
17,590 |
|
|
|
99,060 |
|
|
|
95,090 |
|
|
Other expense, net: |
|
|
|
|
|
|
|
|
||||||||
|
Interest expense |
|
|
(3,600 |
) |
|
|
(3,400 |
) |
|
|
(14,110 |
) |
|
|
(14,510 |
) |
|
Debt financing and related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,520 |
) |
|
Other income (expense), net |
|
|
1,870 |
|
|
|
(150 |
) |
|
|
2,720 |
|
|
|
(950 |
) |
|
Other expense, net |
|
|
(1,730 |
) |
|
|
(3,550 |
) |
|
|
(11,390 |
) |
|
|
(25,980 |
) |
|
Income before income tax expense |
|
|
24,550 |
|
|
|
14,040 |
|
|
|
87,670 |
|
|
|
69,110 |
|
|
Income tax expense |
|
|
(5,710 |
) |
|
|
(1,220 |
) |
|
|
(21,500 |
) |
|
|
(11,800 |
) |
|
Net income |
|
$ |
18,840 |
|
|
$ |
12,820 |
|
|
$ |
66,170 |
|
|
$ |
57,310 |
|
|
Basic earnings per share: |
|
|
|
|
|
|
|
|
||||||||
|
Net income per share |
|
$ |
0.45 |
|
|
$ |
0.30 |
|
|
$ |
1.57 |
|
|
$ |
1.33 |
|
|
Weighted average common shares - basic |
|
|
41,905,216 |
|
|
|
42,842,566 |
|
|
|
42,249,244 |
|
|
|
43,006,922 |
|
|
Diluted earnings per share: |
|
|
|
|
|
|
|
|
||||||||
|
Net income per share |
|
$ |
0.45 |
|
|
$ |
0.30 |
|
|
$ |
1.56 |
|
|
$ |
1.32 |
|
|
Weighted average common shares - diluted |
|
|
42,139,729 |
|
|
|
43,086,974 |
|
|
|
42,478,015 |
|
|
|
43,281,076 |
|
|
|
||||||||
|
Consolidated Statement of Cash Flows |
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|
(Dollars in thousands) |
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|
|
|
Twelve months ended
|
||||||
|
|
|
|
2022 |
|
|
|
2021 |
|
|
Cash Flows from Operating Activities: |
|
|
|
|
||||
|
Net income |
|
$ |
66,170 |
|
|
$ |
57,310 |
|
|
Adjustments to reconcile income to net cash provided by operating activities, net of acquisition impact: |
|
|
|
|
||||
|
(Gain) loss on dispositions of assets |
|
|
(21,950 |
) |
|
|
130 |
|
|
Depreciation |
|
|
34,120 |
|
|
|
31,890 |
|
|
Amortization of intangible assets |
|
|
19,100 |
|
|
|
21,560 |
|
|
Amortization of debt issue costs |
|
|
910 |
|
|
|
960 |
|
|
Deferred income taxes |
|
|
(1,400 |
) |
|
|
1,680 |
|
|
Non-cash compensation expense |
|
|
9,840 |
|
|
|
9,500 |
|
|
Debt financing and related expenses |
|
|
— |
|
|
|
10,520 |
|
|
Change in legacy liability estimate |
|
|
5,590 |
|
|
|
1,450 |
|
|
Increase in receivables |
|
|
(6,650 |
) |
|
|
(11,180 |
) |
|
Increase in inventories |
|
|
(6,970 |
) |
|
|
(960 |
) |
|
Decrease in prepaid expenses and other assets |
|
|
6,120 |
|
|
|
5,030 |
|
|
Increase (decrease) in accounts payable and accrued liabilities |
|
|
(29,130 |
) |
|
|
2,120 |
|
|
Other operating activities |
|
|
(3,180 |
) |
|
|
4,210 |
|
|
Net cash provided by operating activities |
|
|
72,570 |
|
|
|
134,220 |
|
|
Cash Flows from Investing Activities: |
|
|
|
|
||||
|
Capital expenditures |
|
|
(45,960 |
) |
|
|
(45,060 |
) |
|
Acquisition of businesses, net of cash acquired |
|
|
(64,100 |
) |
|
|
(34,340 |
) |
|
Cross-currency swap terminations |
|
|
26,230 |
|
|
|
— |
|
|
Net proceeds from dispositions of property and equipment |
|
|
28,790 |
|
|
|
220 |
|
|
Net cash used for investing activities |
|
|
(55,040 |
) |
|
|
(79,180 |
) |
|
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 |
|
|
12,000 |
|
|
|
— |
|
|
Repayments of borrowings on revolving credit facilities |
|
|
(12,000 |
) |
|
|
(48,620 |
) |
|
Debt financing fees and senior notes redemption premium |
|
|
— |
|
|
|
(13,570 |
) |
|
Payments to purchase common stock |
|
|
(36,920 |
) |
|
|
(19,090 |
) |
|
Shares surrendered upon exercise and vesting of equity awards to cover taxes |
|
|
(2,380 |
) |
|
|
(5,230 |
) |
|
Dividends paid |
|
|
(6,880 |
) |
|
|
(1,740 |
) |
|
Net cash provided by (used for) financing activities |
|
|
(46,180 |
) |
|
|
11,750 |
|
|
Cash and Cash Equivalents: |
|
|
|
|
||||
|
Increase (decrease) for the year |
|
|
(28,650 |
) |
|
|
66,790 |
|
|
At beginning of year |
|
|
140,740 |
|
|
|
73,950 |
|
|
At end of year |
|
$ |
112,090 |
|
|
$ |
140,740 |
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
|
Cash paid for interest |
|
$ |
12,960 |
|
|
$ |
13,280 |
|
|
Cash paid for income taxes |
|
$ |
20,060 |
|
|
$ |
10,520 |
|
Appendix I
|
|
||||||||||||||||
|
Additional Information Regarding Special Items Impacting |
||||||||||||||||
|
Reported GAAP Financial Measures |
||||||||||||||||
|
(Unaudited - dollars in thousands) |
||||||||||||||||
|
|
|
Three months ended
|
|
Twelve months ended
|
||||||||||||
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Packaging |
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
105,640 |
|
|
$ |
123,530 |
|
|
$ |
522,180 |
|
|
$ |
533,260 |
|
|
Operating profit |
|
$ |
14,280 |
|
|
$ |
20,000 |
|
|
$ |
81,000 |
|
|
$ |
96,490 |
|
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
|
Purchase accounting costs |
|
|
— |
|
|
|
— |
|
|
|
760 |
|
|
|
830 |
|
|
Business restructuring and severance costs |
|
|
840 |
|
|
|
2,140 |
|
|
|
4,440 |
|
|
|
4,040 |
|
|
Adjusted operating profit |
|
$ |
15,120 |
|
|
$ |
22,140 |
|
|
$ |
86,200 |
|
|
$ |
101,360 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Aerospace |
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
50,760 |
|
|
$ |
47,660 |
|
|
$ |
188,090 |
|
|
$ |
183,340 |
|
|
Operating profit (loss) |
|
$ |
(1,240 |
) |
|
$ |
2,670 |
|
|
$ |
8,060 |
|
|
$ |
13,270 |
|
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
|
Business restructuring and severance costs |
|
|
2,660 |
|
|
|
840 |
|
|
|
3,420 |
|
|
|
2,490 |
|
|
Purchase accounting costs |
|
|
— |
|
|
|
— |
|
|
|
400 |
|
|
|
— |
|
|
Adjusted operating profit |
|
$ |
1,420 |
|
|
$ |
3,510 |
|
|
$ |
11,880 |
|
|
$ |
15,760 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Specialty Products |
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
46,910 |
|
|
$ |
37,780 |
|
|
$ |
173,560 |
|
|
$ |
140,510 |
|
|
Operating profit |
|
$ |
9,480 |
|
|
$ |
5,360 |
|
|
$ |
30,250 |
|
|
$ |
22,550 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Corporate Expenses |
|
|
|
|
|
|
|
|
||||||||
|
Operating profit (loss) |
|
$ |
3,760 |
|
|
$ |
(10,440 |
) |
|
$ |
(20,250 |
) |
|
$ |
(37,220 |
) |
|
Special Items to consider in evaluating operating profit (loss): |
|
|
|
|
|
|
|
|
||||||||
|
Change in legacy liability estimate for asbestos-related costs |
|
|
5,590 |
|
|
|
1,450 |
|
|
|
5,590 |
|
|
|
1,450 |
|
|
M&A diligence and transaction costs |
|
|
900 |
|
|
|
2,070 |
|
|
|
2,050 |
|
|
|
2,900 |
|
|
Business restructuring and severance costs |
|
|
— |
|
|
|
430 |
|
|
|
510 |
|
|
|
5,950 |
|
|
Adjusted operating profit (loss) |
|
$ |
10,250 |
|
|
$ |
(6,490 |
) |
|
$ |
(12,100 |
) |
|
$ |
(26,920 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
203,310 |
|
|
$ |
208,970 |
|
|
$ |
883,830 |
|
|
$ |
857,110 |
|
|
Operating profit |
|
$ |
26,280 |
|
|
$ |
17,590 |
|
|
$ |
99,060 |
|
|
$ |
95,090 |
|
|
Total Special Items to consider in evaluating operating profit |
|
|
9,990 |
|
|
|
6,930 |
|
|
|
17,170 |
|
|
|
17,660 |
|
|
Adjusted operating profit |
|
$ |
36,270 |
|
|
$ |
24,520 |
|
|
$ |
116,230 |
|
|
$ |
112,750 |
|
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
|
||||||||||||
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Net income, as reported |
|
$ |
18,840 |
|
|
$ |
12,820 |
|
|
$ |
66,170 |
|
|
$ |
57,310 |
|
|
Special Items to consider in evaluating quality of net income: |
|
|
|
|
|
|
|
|
||||||||
|
Change in legacy liability estimate for asbestos-related costs |
|
|
5,590 |
|
|
|
1,450 |
|
|
|
5,590 |
|
|
|
1,450 |
|
|
Business restructuring and severance costs |
|
|
3,500 |
|
|
|
3,410 |
|
|
|
8,520 |
|
|
|
13,090 |
|
|
M&A diligence and transaction costs |
|
|
900 |
|
|
|
2,070 |
|
|
|
2,050 |
|
|
|
2,900 |
|
|
Purchase accounting costs |
|
|
— |
|
|
|
— |
|
|
|
1,160 |
|
|
|
830 |
|
|
Reversal of a contingent deferred purchase price liability |
|
|
(3,560 |
) |
|
|
— |
|
|
|
(3,560 |
) |
|
|
— |
|
|
Debt financing and related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,520 |
|
|
Income tax effect of Special Items (1) |
|
|
(2,350 |
) |
|
|
350 |
|
|
|
(4,060 |
) |
|
|
(5,480 |
) |
|
Adjusted net income |
|
$ |
22,920 |
|
|
$ |
20,100 |
|
|
$ |
75,870 |
|
|
$ |
80,620 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three months ended
|
|
Twelve months ended
|
||||||||||||
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Diluted earnings per share, as reported |
|
$ |
0.45 |
|
|
$ |
0.30 |
|
|
$ |
1.56 |
|
|
$ |
1.32 |
|
|
Special Items to consider in evaluating quality of EPS: |
|
|
|
|
|
|
|
|
||||||||
|
Change in legacy liability estimate for asbestos-related costs |
|
|
0.13 |
|
|
|
0.03 |
|
|
|
0.13 |
|
|
|
0.03 |
|
|
Business restructuring and severance costs |
|
|
0.08 |
|
|
|
0.08 |
|
|
|
0.20 |
|
|
|
0.30 |
|
|
M&A diligence and transaction costs |
|
|
0.02 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.07 |
|
|
Purchase accounting costs |
|
|
— |
|
|
|
— |
|
|
|
0.03 |
|
|
|
0.02 |
|
|
Reversal of a contingent deferred purchase price liability |
|
|
(0.08 |
) |
|
|
— |
|
|
|
(0.08 |
) |
|
|
— |
|
|
Debt financing and related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.24 |
|
|
Income tax effect of Special Items (1) |
|
|
(0.06 |
) |
|
|
0.01 |
|
|
|
(0.10 |
) |
|
|
(0.12 |
) |
|
Pre-tax amortization of acquisition-related intangible assets |
|
|
0.11 |
|
|
|
0.12 |
|
|
|
0.45 |
|
|
|
0.50 |
|
|
Income tax benefit on amortization of acquisition-related intangible assets (1) |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
(0.12 |
) |
|
|
(0.12 |
) |
|
Adjusted diluted EPS |
|
$ |
0.62 |
|
|
$ |
0.56 |
|
|
$ |
2.12 |
|
|
$ |
2.24 |
|
|
Weighted-average shares outstanding (2) |
|
|
42,139,729 |
|
|
|
43,086,974 |
|
|
|
42,478,015 |
|
|
|
43,281,076 |
|
|
(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 |
Appendix I
|
|
||||||||||||||||||||||
|
Additional Information Regarding Special Items Impacting |
||||||||||||||||||||||
|
Reported GAAP Financial Measures |
||||||||||||||||||||||
|
(Unaudited - dollars in thousands) |
||||||||||||||||||||||
|
|
|
Three months ended |
||||||||||||||||||||
|
|
|
2022 |
|
|
2021 |
|
||||||||||||||||
|
|
|
As reported |
|
Special Items |
|
As adjusted |
|
As reported |
|
Special Items |
|
As adjusted |
||||||||||
|
Net cash provided by operating activities |
|
$ |
25,930 |
|
|
$ |
2,390 |
|
$ |
28,320 |
|
|
$ |
56,480 |
|
|
$ |
2,630 |
|
$ |
59,110 |
|
|
Less: Capital expenditures |
|
|
(14,120 |
) |
|
|
— |
|
|
(14,120 |
) |
|
|
(15,210 |
) |
|
|
— |
|
|
(15,210 |
) |
|
Free Cash Flow |
|
|
11,810 |
|
|
|
2,390 |
|
|
14,200 |
|
|
|
41,270 |
|
|
|
2,630 |
|
|
43,900 |
|
|
Net income |
|
|
18,840 |
|
|
|
4,080 |
|
|
22,920 |
|
|
|
12,820 |
|
|
|
7,280 |
|
|
20,100 |
|
|
Free Cash Flow as a percentage of net income |
|
|
63 |
% |
|
|
|
|
62 |
% |
|
|
322 |
% |
|
|
|
|
218 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Twelve months ended |
||||||||||||||||||||
|
|
|
2022 |
|
|
2021 |
|
||||||||||||||||
|
|
|
As reported |
|
Special Items |
|
As adjusted |
|
As reported |
|
Special Items |
|
As adjusted |
||||||||||
|
Net cash provided by operating activities |
|
$ |
72,570 |
|
|
$ |
16,480 |
|
$ |
89,050 |
|
|
|
134,220 |
|
|
$ |
10,400 |
|
$ |
144,620 |
|
|
Less: Capital expenditures |
|
|
(45,960 |
) |
|
|
— |
|
|
(45,960 |
) |
|
|
(45,060 |
) |
|
|
— |
|
|
(45,060 |
) |
|
Free Cash Flow |
|
|
26,610 |
|
|
|
16,480 |
|
|
43,090 |
|
|
|
89,160 |
|
|
|
10,400 |
|
|
99,560 |
|
|
Net income |
|
|
66,170 |
|
|
|
9,700 |
|
|
75,870 |
|
|
|
57,310 |
|
|
|
23,310 |
|
|
80,620 |
|
|
Free Cash Flow as a percentage of net income |
|
|
40 |
% |
|
|
|
|
57 |
% |
|
|
156 |
% |
|
|
|
|
123 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||
|
Long-term debt, net |
|
$ |
394,730 |
|
$ |
393,820 |
|
Less: Cash and cash equivalents |
|
|
112,090 |
|
|
140,740 |
|
Net Debt |
|
$ |
282,640 |
|
$ |
253,080 |
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) |
|
$ |
1.67 |
|
|
$ |
1.87 |
|
|
Pre-tax amortization of acquisition-related intangible assets (1) |
|
|
0.45 |
|
|
|
0.45 |
|
|
Income tax benefit on amortization of acquisition-related intangible assets |
|
|
(0.12 |
) |
|
|
(0.12 |
) |
|
Impact of Special Items (2) |
|
|
— |
|
|
|
— |
|
|
Adjusted diluted earnings per share |
|
$ |
2.00 |
|
|
$ |
2.20 |
|
|
(1) |
These amounts relate to acquisitions announced as of |
|
|
(2) |
The Company is unable to provide forward-looking estimates of Special Items without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230223005286/en/
VP, Investor Relations
(248) 631-5506
sherrylauderback@trimascorp.com
Source: TriMas
