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Mar 31, 2022
TriMas Q1 2022 Earnings Report
TriMas reported an increase in first quarter net sales and operating profit, driven by demand in the Specialty Products group and acquisition-related sales.
Key Takeaways
TriMas reported a net sales increase of 8.5% to $224.3 million in Q1 2022. The company's operating profit increased slightly to $21.9 million. Diluted EPS was reported at $0.33, with adjusted diluted EPS increasing to $0.50.
Increased first quarter 2022 net sales by 8.5%, with record first quarter sales in TriMas' Packaging group
Leveraged increased TriMas' Specialty Products sales to improve its first quarter operating profit by $2.7 million
Reported diluted EPS of $0.33, while adjusted diluted EPS increased to $0.50, in line with Company expectations
Ended first quarter with a strong balance sheet and a net leverage ratio of 2.0x, even after completing three recent acquisitions, funding dividend payments and repurchasing shares
Revenue by Segment
Forward Guidance
The Company reaffirms its full year 2022 outlook provided on March 1, 2022. The Company expects to generate full year 2022 adjusted diluted earnings per share in the range of $2.25 to $2.35, based on consolidated sales growth of 8% to 11% compared to 2021. In addition, the Company is targeting 2022 Free Cash Flow to be greater than 100% of net income.
Challenges Ahead
- the impact of all announced acquisitions, but excludes any additional future direct or indirect impacts that may result from the geopolitical risks related to the recent events in Eastern Europe
- potential supply disruptions related to China’s zero-COVID approach.
- All of the above amounts considered as 2022 guidance are after adjusting for any current or future amounts that may be considered Special Items
- 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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