Q2 2024 TriMas Corp Earnings Call Transcript
Key Points
- TriMas Packaging and Aerospace segments showed strong growth, with sales increasing by 12.5% and 30%, respectively.
- TriMas Aerospace is expected to exit 2024 at a conversion rate nearing pre-COVID levels, with approximately 50% higher sales.
- The company repurchased approximately 672,000 shares, reducing shares outstanding by 1.3%, which is higher than last year.
- TriMas Packaging experienced 3.9% organic growth compared to Q1 2024, indicating a return in demand.
- The company generated $11.4 million of free cash flow in the quarter, in line with last year despite lower EBITDA.
- Specialty Products segment experienced a significant reduction in sales, down approximately 45% due to prior year overstocking and other factors.
- Adjusted operating profit of $20.8 million was lower than the prior year quarter due to demand challenges within Specialty Products.
- Adjusted EPS was $0.43, lower than anticipated and compared to the prior year quarter.
- Adjusted EBITDA was $36.6 million or 15.2% of sales, lower than the prior year quarter, mainly due to demand changes in Specialty Products.
- The company revised its full-year sales and EPS outlook downward due to lower-than-expected demand recovery in Specialty Products.
Greetings, and welcome to the TriMas second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sherry Lauderback, Vice President of Investor Relations. Thank you. You may begin.
Thank you, and welcome to TriMas Corporation's second-quarter 2024 earnings call. Participating on the call today are Thomas Amato, Trimas' President and CEO; and Scott Mell, our Chief Financial Officer. We will provide our prepared remarks on our second quarter results and outlook, and then we'll open up the call for questions. In order to assist with the review of our results, we have included today's press release and presentation on our company website at trimas.com under the Investors section.
In addition, a replay of this call will be available later today by calling 877 660-6853 with a meeting of 13747794. Before we get started, I would like to remind everyone that our comments today may contain
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