TRS 8-K

Trimas Corp (TRS)

8-K 2025-07-29 For: 2025-07-29

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Added on April 08, 2026

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Title of each class	Trading symbol(s)	Name of exchange on which registered
Common stock, $0.01 par value	TRS	The NASDAQ Stock Market LLC


	June 30, 2025		December 31, 2024
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$	30,280	$	23,070
Receivables, net	203,770		164,820
Inventories	216,900		209,190
Prepaid expenses and other current assets	38,180		29,560

Total current assets	489,130		426,640
Property and equipment, net	337,260		318,650
Operating lease right-of-use assets	45,760		40,480
Goodwill	388,490		356,360
Other intangibles, net	163,050		161,080
Deferred income taxes	9,800		10,760
Other assets	11,910		10,210

Total assets	$	1,445,400	$	1,324,180
Liabilities and Shareholders' Equity
Current liabilities:

Accounts payable	$	102,710	$	91,050
Accrued liabilities	76,380		60,340
Lease liabilities, current portion	9,670		8,040

Total current liabilities	188,760		159,430
Long-term debt, net	424,540		398,120
Lease liabilities	40,600		36,680
Deferred income taxes	20,800		20,110
Other long-term liabilities	55,430		42,540

Total liabilities	730,130		656,880

Total shareholders' equity	715,270		667,300
Total liabilities and shareholders' equity	$	1,445,400	$	1,324,180


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Net sales	$	274,760	$	240,500	$	516,430	$	467,600
Cost of sales	(205,040)		(186,490)		(389,680)		(360,880)
Gross profit	69,720		54,010		126,750		106,720
Selling, general and administrative expenses	(42,570)		(36,100)		(83,110)		(76,430)
Net gain (loss) on dispositions of assets	(20)		(60)		5,270		—

Operating profit	27,130		17,850		48,910		30,290
Other expense, net:
Interest expense	(4,550)		(5,220)		(9,070)		(10,150)


Other income (expense), net	(230)		40		(330)		(280)
Other expense, net	(4,780)		(5,180)		(9,400)		(10,430)
Income before income tax expense	22,350		12,670		39,510		19,860
Income tax expense	(5,630)		(1,730)		(10,370)		(3,780)


Net income	$	16,720	$	10,940	$	29,140	$	16,080
Basic earnings per share:


Net income per share	$	0.41	$	0.27	$	0.72	$	0.39
Weighted average common shares—basic	40,647,361		40,699,287		40,626,325		40,858,668
Diluted earnings per share:


Net income per share	$	0.41	$	0.27	$	0.71	$	0.39
Weighted average common shares—diluted	40,929,861		40,999,038		40,939,798		41,160,526


	Six months ended June 30,
	2025		2024
Cash Flows from Operating Activities:
Net income	$	29,140	$	16,080


Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact:

Gain on dispositions of assets	(5,270)		—

Depreciation	19,650		20,000
Amortization of intangible assets	8,540		8,430
Amortization of debt issue costs	480		480
Deferred income taxes	3,250		2,840
Non-cash compensation expense	5,000		6,420
Provision for losses on accounts receivable	(1,140)		860




Increase in receivables	(29,700)		(24,650)
Decrease (increase) in inventories	1,300		(18,310)
Increase in prepaid expenses and other assets	(1,430)		(400)
Increase (decrease) in accounts payable and accrued liabilities	14,520		(1,210)
Other operating activities	(4,900)		4,130


Net cash provided by operating activities, net of acquisition impact	39,440		14,670
Cash Flows from Investing Activities:
Capital expenditures	(29,980)		(24,110)
Acquisition of business, net of cash acquired	(37,160)		—

Cross-currency swap terminations	—		(3,760)
Settlement of foreign currency exchange forward contract	—		3,760
Net proceeds from disposition of business, property and equipment	21,180		230


Net cash used for investing activities	(45,960)		(23,880)
Cash Flows from Financing Activities:




Proceeds from borrowings on revolving credit facilities	140,950		153,530
Repayments of borrowings on revolving credit facilities	(118,780)		(122,230)

Debt financing fees	(1,260)		—



Payments to purchase common stock	(2,260)		(16,850)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(1,800)		(1,560)
Dividends paid	(3,280)		(3,320)

Other financing activities	160		(240)



Net cash provided by financing activities	13,730		9,330
Cash and Cash Equivalents:
Increase for the period	7,210		120
At beginning of period	23,070		34,890
At end of period	$	30,280	$	35,010
Supplemental disclosure of cash flow information:
Cash paid for interest	$	9,490	$	8,940
Cash paid for taxes	$	9,210	$	5,470


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Packaging
Net sales	$	143,010	$	131,930	$	270,580	$	258,950
Operating profit	$	19,990	$	18,020	$	37,230	$	35,130
Special Items to consider in evaluating operating profit:


Business restructuring and severance costs	440		440		1,020		1,350
Adjusted operating profit	$	20,430	$	18,460	$	38,250	$	36,480

Aerospace
Net sales	$	103,010	$	77,720	$	192,220	$	145,060
Operating profit	$	20,140	$	10,430	$	35,210	$	17,560
Special Items to consider in evaluating operating profit:

M&A diligence and transaction costs	—		30		—		30
Purchase accounting costs	510		—		670		—

Adjusted operating profit	$	20,650	$	10,460	$	35,880	$	17,590

Specialty Products
Net sales	$	28,740	$	30,850	$	53,630	$	63,590
Operating profit	$	1,260	$	580	$	110	$	3,190
Special Items to consider in evaluating operating profit:
Business restructuring and severance costs	—		—		1,240		—
Adjusted operating profit	$	1,260	$	580	$	1,350	$	3,190

Corporate Expenses
Operating loss	$	(14,260)	$	(11,180)	$	(23,640)	$	(25,590)
Special Items to consider in evaluating operating loss:

M&A diligence and transaction costs	30		990		330		2,200
System implementation costs	1,440		780		2,360		1,790
Settlement of legacy liability	—		660		—		660
Business restructuring and severance costs	2,230		—		6,950		680
Gain on sale of Arrow Engine	—		—		(5,300)		—
Adjusted operating loss	$	(10,560)	$	(8,750)	$	(19,300)	$	(20,260)

Total Company
Net sales	$	274,760	$	240,500	$	516,430	$	467,600
Operating profit	$	27,130	$	17,850	$	48,910	$	30,290
Total Special Items to consider in evaluating operating profit	4,650		2,900		7,270		6,710
Adjusted operating profit	$	31,780	$	20,750	$	56,180	$	37,000


			UNITED STATES
			SECURITIES AND EXCHANGE COMMISSION
			Washington, D.C. 20549


	Three months ended June 30,
	2025						2024
	As reported		Special Items		As adjusted		As reported		Special Items		As adjusted
Net cash provided by operating activities	$	30,250	$	3,650	$	33,900	$	18,360	$	3,860	$	22,220
Less: Capital expenditures	(17,040)		—		(17,040)		(10,860)		—		(10,860)
Free Cash Flow	$	13,210	$	3,650	$	16,860	$	7,500	$	3,860	$	11,360



	Six months ended June 30,
	2025						2024
	As reported		Special Items		As adjusted		As reported		Special Items		As adjusted
Net cash provided by operating activities	$	39,440	$	8,040	$	47,480	$	14,670	$	6,630	$	21,300
Less: Capital expenditures	(29,980)		—		(29,980)		(24,110)		—		(24,110)
Free Cash Flow	9,460		8,040		17,500		(9,440)		6,630		(2,810)


	June 30, 2025		December 31, 2024		June 30, 2024

Long-term debt, net	424,540		398,120		427,360

Less: Cash and cash equivalents	30,280		23,070		35,010
Net Debt	$	394,260	$	375,050	$	392,350


	YOY Sales Growth %
	Organic		Acquisitions		Divestitures		Foreign Exchange		Total
Q2 2025 vs. Q2 2024
Consolidated TriMas Corporation	13.4	%	2.8	%	(2.2)	%	0.2	%	14.2	%
Packaging	7.9	%	—	%	—	%	0.5	%	8.4	%
Aerospace	23.8	%	8.7	%	—	%	—	%	32.5	%
Specialty Products	10.8	%	—	%	(17.6)	%	—	%	(6.8)	%

YTD Q2 2025 vs YTD Q2 2024
Consolidated TriMas Corporation	10.9	%	2.1	%	(1.9)	%	(0.7)	%	10.4	%
Packaging	5.7	%	—	%	—	%	(1.2)	%	4.5	%
Aerospace	25.7	%	6.9	%	—	%	(0.1)	%	32.5	%
Specialty Products	(1.5)	%	—	%	(14.2)	%	—	%	(15.7)	%


	Twelve months ended
	December 31, 2025
	Low		High
Diluted earnings per share (GAAP)	$	1.31	$	1.46
Pre-tax amortization of acquisition-related intangible assets(1)	0.42		0.42
Income tax benefit on amortization of acquisition-related intangible assets	(0.11)		(0.11)
Pre-tax non-cash compensation expense	0.25		0.25
Income tax benefit on non-cash compensation expense	(0.06)		(0.06)
Impact of Special Items(2)	0.14		0.14
Adjusted diluted earnings per share	$	1.95	$	2.10