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TriMas Corporation reports developments for a manufacturer and supplier serving consumer packaging, life sciences and industrial markets through TriMas Packaging and Specialty Products. Recurring updates cover operating results, earnings outlooks, quarterly dividends, share repurchases and portfolio actions, including the completed divestiture of TriMas Aerospace.
Company news also describes segment performance in closure and dispensing systems, specialty products such as cylinders, cost actions, restructuring benefits and conference-call communications tied to periodic earnings releases.
TriMas (NASDAQ: TRS) has announced the departure of Joshua Sherbin, Senior Vice President, General Counsel, and Chief Compliance Officer, after a 16-year tenure. Sherbin played a crucial role in guiding the company through acquisitions, divestitures, and governance matters, especially during the pandemic. His official duties will end on March 5, 2021, though he will remain with TriMas until May 11, 2021, for transitional support. Jodi Robin will act as interim General Counsel during the restructuring of the legal department.
TriMas reported a 10.1% increase in Q4 sales to $188.2 million and a 6.4% rise in full-year sales to $770 million, driven by its Packaging segment. Q4 diluted EPS rose 80% to $0.54, while adjusted EPS was $0.38, an 18.3% increase. Despite operational challenges, TriMas generated $127.4 million in operating cash flow for the year. The company ended 2020 with $312.3 million in cash and a leverage ratio of 1.8x. TriMas experienced a significant operating loss of $88.3 million due to impairment charges in Aerospace. For Q1 2021, sales growth is projected between 4% to 9% with adjusted EPS expected at $0.34 to $0.39.
TriMas (NASDAQ: TRS) will host its fourth quarter and full year 2020 earnings conference call on February 25, 2021, starting at 10 a.m. ET, following the earnings release at 8 a.m. The call can be accessed via phone at (800) 353-6461 or through a live webcast on the company’s website. A replay will be available from February 25 at 3 p.m. ET until March 4 at 3 p.m. ET. TriMas is a global manufacturer focused on consumer products, aerospace, and industrial markets, operating in 11 countries with approximately 3,500 employees.
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TriMas has successfully completed the acquisition of Affaba & Ferrari, enhancing its Rieke business and packaging group. This strategic move expands TriMas' food & beverage and industrial product offerings, adding innovative caps and closures aimed at consumer goods and industrial clients. Affaba & Ferrari, based in Italy, is projected to generate approximately €32 million in revenue for fiscal year 2020. The acquisition will be primarily funded through existing cash and lines of credit, maintaining a net debt to EBITDA ratio below 2.0x, sustaining TriMas' strong financial health.
TriMas (NASDAQ: TRS) reported a 5.9% increase in third quarter net sales, reaching $199.5 million, attributed to strong performance in its Packaging group. The company generated $48.3 million in cash from operations, a 73.4% rise year-over-year. However, it faced challenges, including a $134.6 million impairment charge in its Aerospace segment, leading to an operating loss of $108.3 million. Adjusted operating profit improved by 20.1% to $29.6 million. TriMas anticipates a full-year sales increase of 4% to 6% and adjusted earnings per share of $1.45 to $1.50.
TriMas (NASDAQ: TRS) has announced its agreement to acquire Affaba & Ferrari Srl, a leading designer and manufacturer of precision caps and closures, enhancing its packaging segment. Expected to close by year-end, this acquisition will bolster TriMas' offerings in the food & beverage and industrial sectors, adding proprietary designs and advanced production capabilities. Affaba & Ferrari, founded in 1949, is projected to generate around €32 million in revenue for 2020, bringing valuable certifications and blue-chip customers to TriMas.
TriMas (NASDAQ: TRS) will host its third quarter 2020 earnings conference call on October 29, 2020, at 10 a.m. Eastern Time, following the release of earnings results at 8 a.m. The call can be accessed by dialing (800) 353-6461 with the confirmation code 3061032. A simultaneous webcast will be available on the company's website. A replay of the call will be accessible from October 29 at 3 p.m. until November 5 at 3 p.m.
TriMas operates in consumer products, aerospace, and industrial markets, employing around 3,500 staff across 11 countries.