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    TriMas Reports Fourth Quarter and Full Year 2024 Results

    2/27/25 8:00:00 AM ET
    $TRS
    Industrial Specialties
    Industrials
    Get the next $TRS alert in real time by email

    TriMas (NASDAQ:TRS) today announced financial results for the fourth quarter and full year ended December 31, 2024.

    TriMas Highlights

    • Achieved quarterly sales growth of 22.3% within its Aerospace group, contributing to record annual group sales of $294.2 million
    • Reported sales growth within its Packaging group of 8.4% and 10.5% for the quarter and year, respectively
    • Successfully acquired GMT Aerospace and divested its Arrow Engine business, further advancing ongoing portfolio optimization efforts

    "We finished 2024 with robust organic sales growth within our Packaging and Aerospace groups, and remain confident about the tangible recovery across the key end markets within these two segments," said Thomas Amato, TriMas President and Chief Executive Officer. "Our Packaging group experienced high demand for specific dispenser product lines throughout the year, and we have taken actions to position us for continuous improvement in 2025. Our TriMas Aerospace group achieved record levels of bookings, improved conversion rates and enhanced margins. With respect to Specialty Products, we successfully divested our Arrow Engine business in January 2025, and have significantly reduced costs to better align with demand within our Norris Cylinder business. Given our cost restructuring actions within Norris Cylinder, we are positioned to deliver improved performance as the cylinder market recovers."

    Fourth Quarter 2024

    TriMas reported fourth quarter 2024 net sales of $228.1 million, an increase of 8.8% compared to $209.6 million in fourth quarter 2023, as sales growth in its Packaging and Aerospace segments more than offset the lower market demand for products in its Specialty Products segment. The Company reported an operating profit of $8.6 million in fourth quarter 2024 compared to operating profit of $11.6 million in fourth quarter 2023. Adjusting for Special Items(1) primarily related to business restructuring and severance costs, and other items, fourth quarter 2024 adjusted operating profit was $23.2 million, an increase of 23.5% compared to $18.8 million in the prior year period, as a result of the favorable impacts of higher sales, improved operating efficiencies and structural cost reductions.

    The Company reported fourth quarter 2024 net income of $5.6 million, or $0.14 per diluted share, compared to $7.9 million, or $0.19 per diluted share, in fourth quarter 2023. Adjusting for Special Items(1), fourth quarter 2024 adjusted net income(2) was $17.5 million, an increase of 10.8% compared to $15.8 million in the prior year period. Fourth quarter 2024 adjusted diluted earnings per share(2) was $0.43, an increase of 13.2% compared to $0.38 in the prior year period.

    Full Year 2024

    For full year 2024, TriMas reported net sales of $925.0 million, an increase of 3.5% compared to 2023, as robust sales growth in its Packaging and Aerospace segments was partially offset by a sales decline of 37.2% in the Specialty Products segment, primarily due to market inventory adjustments, compared to the prior year. The Company reported operating profit of $47.2 million in 2024, as compared to $65.4 million in 2023. Adjusting for Special Items(1), 2024 adjusted operating profit was $82.8 million compared to $89.5 million in the prior year, primarily as sales growth within the Packaging and Aerospace groups were more than offset by lower overhead absorption within Specialty Products.

    The Company reported full year 2024 net income of $24.3 million, or $0.59 per diluted share, compared to $40.4 million, or $0.97 per diluted share, in 2023. Full year 2024 adjusted net income(2) was $67.7 million compared to $79.9 million in 2023. As a result, full year 2024 adjusted diluted earnings per share(2) was $1.65, compared to $1.92 in 2023, primarily as a result of the reduced sales and resulting operating profit decline in the Specialty Products segment, as noted above.

    Financial Position

    The Company reported net cash provided by operating activities of $27.1 million for fourth quarter 2024, compared to $30.6 million in fourth quarter 2023. On a full year basis, TriMas reported net cash provided by operating activities of $63.8 million, compared to $88.2 million for 2023. As a result, the Company reported Free Cash Flow(4) of $16.8 million for fourth quarter 2024 compared to $14.7 million in fourth quarter 2023. For 2024, TriMas reported Free Cash Flow(3) of $29.3 million compared to $47.8 million in 2023. Please see Appendix I for further details.

    TriMas ended 2024 with $23.1 million of cash on hand, $239.8 million of cash and available borrowing capacity under its revolving credit facility, and a net leverage ratio of 2.6x as defined in the Company's credit agreement. As of December 31, 2024, TriMas reported total debt of $398.1 million and Net Debt(4) of $375.1 million. The Company continues to maintain a strong balance sheet and remains committed to its capital allocation approach of investing in its businesses, returning capital to shareholders through both dividends and share buybacks, and augmenting organic growth through bolt-on acquisitions.

    During 2024, the Company repurchased 771,067 shares of its outstanding common stock for $19.3 million, further reducing net shares outstanding by approximately 1.5%. As of December 31, 2024, the Company had approximately $67.6 million remaining under its repurchase authorization. TriMas also paid a quarterly cash dividend of $0.04 per share of TriMas Corporation stock. In total, the Company provided an approximate return of capital to its shareholders of 2.2% between share buybacks and quarterly dividends in 2024.

    Fourth Quarter Segment Results

    TriMas Packaging group's net sales for the fourth quarter were $123.1 million, an increase of 8.4% compared to the year ago period, primarily due to growth within the beauty and personal care, industrial and home care end markets. Fourth quarter operating profit margin and the related percentage were higher than the prior year period. Adjusting for Special Items(1), fourth quarter operating profit margin was lower than the prior year period primarily due to the allocation of information technology costs, which were not allocated in the prior year period, and the impact of unfavorable currency exchange and higher depreciation. The Company continues to invest in capacity in certain product lines, product design and innovation to accelerate organic growth and i mprove performance within its TriMas Packaging group.

    TriMas Aerospace group's net sales for the fourth quarter were $78.3 million, an increase of 22.3% compared to the year ago period, driven by the continued market recovery, commercial actions and enhanced production yield. Fourth quarter operating profit increased and the adjusted margin percentage improved 450 basis points over the prior year period, primarily due to higher sales conversion, commercial actions and operational excellence initiatives. The Company recently announced the completion of the previously announced acquisition of GMT Aerospace, a Germany-based developer and manufacturer of tie-rods and rubber-metal anti-vibration products for commercial and military aerospace applications.

    TriMas Specialty Products group's net sales for the fourth quarter were $26.6 million, a decrease of 16.8% compared to the year ago period. Fourth quarter operating profit margin and the related percentage decreased as compared to the prior year period, due to a higher than anticipated demand rate decline and resulting lower absorption of fixed costs, despite recent structural cost reduction actions taken throughout 2024. The Company closed on the previously announced planned sale of its Arrow Engine business in January 2025.

    Outlook

    The Company expects 2025 consolidated sales to increase 4% to 6% compared to 2024. The Company expects full year 2025 adjusted diluted earnings per share(2) to be between $1.70 to $1.85 per share, an approximate 7% increase compared to 2024, which included Arrow Engine.

    "In 2025, we expect continued strong sales in our Aerospace group as market demand remains robust, and we work through the current backlog and add the recently announced acquisition to our group. For our Packaging group, we expect a reversion to a more normalized market growth rate, given the market recovery and channel fill we experienced in 2024. We anticipate flat to slightly increasing sales within the Norris Cylinder business during 2025, as customers continue to work through inventories, followed by demand improvements as the year progresses. Overall, given the actions taken throughout 2024, TriMas is well positioned for improved conversion and operating leverage gains as we enter 2025," continued Amato.

    The above outlook includes the impact of all announced acquisitions and divestitures as of February 27, 2025. All of the above amounts considered as 2025 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) Please see Appendix I for further details related to the reconciliation of GAAP to non-GAAP financial measures, including the reconciliation of diluted earnings per share (GAAP) to adjusted diluted earnings per share for full year 2025 outlook.

    Conference Call Information

    TriMas will host its fourth quarter and full year 2024 earnings conference call today, Thursday, February 27, 2025, at 10:00 a.m. ET. To participate via phone, please dial (877) 407-0890 (U.S. and Canada) or +1 (201) 389-0918 (outside the U.S. and Canada) and ask to be connected to the TriMas fourth quarter and full year 2024 earnings conference call. The conference call will also be simultaneously webcast via TriMas' website at www.trimas.com, under the "Investors" section, with an accompanying slide presentation. A replay of the conference call will be available on the TriMas website or by dialing (877) 660-6853 (U.S. and Canada) or +1 (201) 612-7415 (outside the U.S. and Canada) with a meeting ID of 13751681, beginning February 27, 2025, at 3:00 p.m. ET through March 13, 2025, at 3:00 p.m. ET.

    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; 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 tensions between the United States and China; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers' and suppliers' sustainability and environmental, social and governance ("ESG") goals and achieve our sustainability and ESG goals in alignment with our own announced targets; litigation; contingent liabilities relating to acquisition activities; interest rate volatility; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; the disruption of operations from catastrophic or extraordinary events, including, but not limited to, natural disasters, geopolitical conflicts and public health crises, the amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The risks described are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements, except as required by law.

    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.trimas.com under the "Investors" section.

    (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 TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,900 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol "TRS," and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimas.com.

     

    TriMas Corporation

    Condensed Consolidated Balance Sheet

    (Unaudited - dollars in thousands)

     

     

     

    December 31,

    2024

     

    December 31,

    2023

    Assets

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    23,070

     

    $

    34,890

    Receivables, net

     

    164,820

     

     

    148,030

    Inventories

     

     

    209,190

     

     

    192,450

    Prepaid expenses and other current assets

     

     

    29,560

     

     

    22,010

    Total current assets

     

    426,640

     

     

    397,380

    Property and equipment, net

     

    318,650

     

     

    329,990

    Operating lease right-of-use assets

     

    40,480

     

     

    43,220

    Goodwill

     

    356,360

     

     

    363,770

    Other intangibles, net

     

    161,080

     

     

    181,020

    Deferred income taxes

     

    10,760

     

     

    10,230

    Other assets

     

     

    10,210

     

     

    16,050

    Total assets

     

    $

    1,324,180

     

    $

    1,341,660

    Liabilities and Shareholders' Equity

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

     

    $

    91,050

     

    $

    91,910

    Accrued liabilities

     

     

    60,340

     

     

    59,640

    Lease liabilities, current portion

     

     

    8,040

     

     

    7,900

    Total current liabilities

     

     

    159,430

     

     

    159,450

    Long-term debt, net

     

     

    398,120

     

     

    395,660

    Lease liabilities

     

     

    36,680

     

     

    39,690

    Deferred income taxes

     

     

    20,110

     

     

    23,290

    Other long-term liabilities

     

     

    42,540

     

     

    40,620

    Total liabilities

     

     

    656,880

     

     

    658,710

    Total shareholders' equity

     

     

    667,300

     

     

    682,950

    Total liabilities and shareholders' equity

     

    $

    1,324,180

     

    $

    1,341,660

    TriMas Corporation

    Consolidated Statement of Income

    (Unaudited - dollars in thousands, except share and per share amounts)

     

     

     

    Three months ended

    December 31,

     

    Twelve months ended

    December 31,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net sales

     

    $

    228,050

     

     

    $

    209,560

     

     

    $

    925,010

     

     

    $

    893,550

     

    Cost of sales

     

     

    (187,010

    )

     

     

    (166,390

    )

     

     

    (725,550

    )

     

     

    (692,230

    )

    Gross profit

     

     

    41,040

     

     

     

    43,170

     

     

     

    199,460

     

     

     

    201,320

     

    Selling, general and administrative expenses

     

     

    (32,150

    )

     

     

    (30,170

    )

     

     

    (153,040

    )

     

     

    (134,580

    )

    Net gain (loss) on dispositions of assets

     

     

    (40

    )

     

     

    (250

    )

     

     

    1,000

     

     

     

    (180

    )

    Impairment of indefinite-lived intangible assets

     

     

    (230

    )

     

     

    (1,120

    )

     

     

    (230

    )

     

     

    (1,120

    )

    Operating profit

     

     

    8,620

     

     

     

    11,630

     

     

     

    47,190

     

     

     

    65,440

     

    Other expense, net:

     

     

     

     

     

     

     

     

    Interest expense

     

     

    (4,550

    )

     

     

    (4,300

    )

     

     

    (19,560

    )

     

     

    (15,920

    )

    Other income (expense), net

     

     

    2,720

     

     

     

    1,100

     

     

     

    2,410

     

     

     

    1,070

     

    Other expense, net

     

     

    (1,830

    )

     

     

    (3,200

    )

     

     

    (17,150

    )

     

     

    (14,850

    )

    Income before income tax expense

     

     

    6,790

     

     

     

    8,430

     

     

     

    30,040

     

     

     

    50,590

     

    Income tax expense

     

     

    (1,150

    )

     

     

    (490

    )

     

     

    (5,790

    )

     

     

    (10,230

    )

    Net income

     

    $

    5,640

     

     

    $

    7,940

     

     

    $

    24,250

     

     

    $

    40,360

     

    Basic earnings per share:

     

     

     

     

     

     

     

     

    Net income per share

     

    $

    0.14

     

     

    $

    0.19

     

     

    $

    0.60

     

     

    $

    0.97

     

    Weighted average common shares - basic

     

     

    40,573,108

     

     

     

    41,324,822

     

     

     

    40,725,714

     

     

     

    41,439,027

     

    Diluted earnings per share:

     

     

     

     

     

     

     

     

    Net income per share

     

    $

    0.14

     

     

    $

    0.19

     

     

    $

    0.59

     

     

    $

    0.97

     

    Weighted average common shares - diluted

     

     

    40,956,347

     

     

     

    41,620,790

     

     

     

    41,055,993

     

     

     

    41,685,348

     

    TriMas Corporation

    Consolidated Statement of Cash Flows

    (Unaudited - dollars in thousands)

     

     

     

    Twelve months ended

    December 31,

     

     

     

    2024

     

     

     

    2023

     

    Cash Flows from Operating Activities:

     

     

     

     

    Net income

     

    $

    24,250

     

     

    $

    40,360

     

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

     

     

     

     

    Impairment of indefinite-lived intangible assets

     

     

    230

     

     

     

    1,120

     

    (Gain) loss on dispositions of assets

     

     

    (1,000

    )

     

     

    180

     

    Depreciation

     

     

    48,120

     

     

     

    39,410

     

    Amortization of intangible assets

     

     

    16,800

     

     

     

    18,180

     

    Amortization of debt issue costs

     

     

    960

     

     

     

    930

     

    Deferred income taxes

     

     

    (3,240

    )

     

     

    (1,710

    )

    Non-cash compensation expense

     

     

    6,960

     

     

     

    9,670

     

    Provision for losses on accounts receivable

     

     

    (1,000

    )

     

     

    2,450

     

    Change in asbestos liability estimate

     

     

    5,510

     

     

     

    —

     

    Change in environmental liability estimate

     

     

    3,340

     

     

     

    —

     

    Increase in receivables

     

     

    (20,520

    )

     

     

    (5,520

    )

    Increase in inventories

     

     

    (21,200

    )

     

     

    (7,070

    )

    (Increase) decrease in prepaid expenses and other assets

     

     

    (2,340

    )

     

     

    4,760

     

    Increase (decrease) in accounts payable and accrued liabilities

     

     

    560

     

     

     

    (14,520

    )

    Other operating activities

     

     

    6,350

     

     

     

    (80

    )

    Net cash provided by operating activities

     

     

    63,780

     

     

     

    88,160

     

    Cash Flows from Investing Activities:

     

     

     

     

    Capital expenditures

     

     

    (50,960

    )

     

     

    (54,190

    )

    Acquisition of businesses, net of cash acquired

     

     

    —

     

     

     

    (77,340

    )

    Cross-currency swap terminations

     

     

    (3,760

    )

     

     

    (3,370

    )

    Settlement of foreign currency exchange forward contract

     

     

    3,760

     

     

     

    —

     

    Net proceeds from dispositions of property and equipment

     

     

    4,000

     

     

     

    480

     

    Net cash used for investing activities

     

     

    (46,960

    )

     

     

    (134,420

    )

    Cash Flows from Financing Activities:

     

     

     

     

    Proceeds from borrowings on revolving credit facilities

     

     

    308,930

     

     

     

    117,990

     

    Repayments of borrowings on revolving credit facilities

     

     

    (307,580

    )

     

     

    (117,430

    )

    Payments to purchase common stock

     

     

    (19,270

    )

     

     

    (18,780

    )

    Shares surrendered upon exercise and vesting of equity awards to cover taxes

     

     

    (1,760

    )

     

     

    (2,700

    )

    Dividends paid

     

     

    (6,630

    )

     

     

    (6,700

    )

    Other financing activities

     

     

    (2,330

    )

     

     

    (3,320

    )

    Net cash used for financing activities

     

     

    (28,640

    )

     

     

    (30,940

    )

    Cash and Cash Equivalents:

     

     

     

     

    Decrease for the year

     

     

    (11,820

    )

     

     

    (77,200

    )

    At beginning of year

     

     

    34,890

     

     

     

    112,090

     

    At end of year

     

    $

    23,070

     

     

    $

    34,890

     

    Supplemental disclosure of cash flow information:

     

     

     

     

    Cash paid for interest

     

    $

    18,730

     

     

    $

    14,320

     

    Cash paid for income taxes

     

    $

    11,870

     

     

    $

    16,770

     

    Appendix I

     

    TriMas Corporation

    Additional Information Regarding Special Items Impacting

    Reported GAAP Financial Measures

    (Unaudited - dollars in thousands)

     

     

     

    Three months ended

    December 31,

     

    Twelve months ended

    December 31,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Packaging

     

     

     

     

     

     

     

     

    Net sales

     

    $

    123,130

     

     

    $

    113,560

     

     

    $

    512,320

     

     

    $

    463,600

     

    Operating profit

     

    $

    15,050

     

     

    $

    12,000

     

     

    $

    68,110

     

     

    $

    60,140

     

    Special Items to consider in evaluating operating profit:

     

     

     

     

     

     

     

     

    Impairment of and indefinite-lived intangible assets

     

     

    230

     

     

     

    —

     

     

     

    230

     

     

     

    —

     

    Purchase accounting costs

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    800

     

    Business restructuring and severance costs

     

     

    450

     

     

     

    4,190

     

     

     

    2,870

     

     

     

    11,910

     

    Adjusted operating profit

     

    $

    15,730

     

     

    $

    16,190

     

     

    $

    71,210

     

     

    $

    72,850

     

     

     

     

     

     

     

     

     

     

    Aerospace

     

     

     

     

     

     

     

     

    Net sales

     

    $

    78,320

     

     

    $

    64,030

     

     

    $

    294,210

     

     

    $

    241,400

     

    Operating profit

     

    $

    9,880

     

     

    $

    4,330

     

     

    $

    33,750

     

     

    $

    15,520

     

    Special Items to consider in evaluating operating profit:

     

     

     

     

     

     

     

     

    Third-party and other costs incurred related to strike

     

     

    1,050

     

     

     

    —

     

     

     

    3,390

     

     

     

    —

     

    M&A diligence and transaction costs

     

     

    —

     

     

     

    —

     

     

     

    60

     

     

     

    —

     

    Business restructuring and severance costs

     

     

    —

     

     

     

    210

     

     

     

    —

     

     

     

    500

     

    Impairment of indefinite-lived intangible assets

     

     

    —

     

     

     

    1,120

     

     

     

    —

     

     

     

    1,120

     

    Purchase accounting costs

     

     

    —

     

     

     

    400

     

     

     

    —

     

     

     

    2,390

     

    Adjusted operating profit

     

    $

    10,930

     

     

    $

    6,060

     

     

    $

    37,200

     

     

    $

    19,530

     

     

     

     

     

     

     

     

     

     

    Specialty Products

     

     

     

     

     

     

     

     

    Net sales

     

    $

    26,600

     

     

    $

    31,970

     

     

    $

    118,480

     

     

    $

    188,550

     

    Operating profit (loss)

     

    $

    (7,470

    )

     

    $

    4,040

     

     

    $

    (1,990

    )

     

    $

    36,400

     

    Special Items to consider in evaluating operating profit:

     

     

     

     

     

     

     

     

    Business restructuring and severance costs

     

     

    8,230

     

     

     

    —

     

     

     

    8,350

     

     

     

    190

     

    Adjusted operating profit

     

    $

    760

     

     

    $

    4,040

     

     

    $

    6,360

     

     

    $

    36,590

     

     

     

     

     

     

     

     

     

     

    Corporate Expenses

     

     

     

     

     

     

     

     

    Operating loss

     

    $

    (8,840

    )

     

    $

    (8,740

    )

     

    $

    (52,680

    )

     

    $

    (46,620

    )

    Special Items to consider in evaluating operating loss:

     

     

     

     

     

     

     

     

    Change in legacy liability estimate for asbestos-related costs

     

     

    —

     

     

     

    —

     

     

     

    5,510

     

     

     

    —

     

    Change in environmental liability estimate

     

     

    1,110

     

     

     

    —

     

     

     

    3,600

     

     

     

    —

     

    M&A diligence and transaction costs

     

     

    430

     

     

     

    300

     

     

     

    3,450

     

     

     

    2,230

     

    Business restructuring and severance costs

     

     

    1,940

     

     

     

    240

     

     

     

    3,450

     

     

     

    4,190

     

    System implementation costs

     

     

    1,120

     

     

     

    680

     

     

     

    4,740

     

     

     

    680

     

    Adjusted operating loss

     

    $

    (4,240

    )

     

    $

    (7,520

    )

     

    $

    (31,930

    )

     

    $

    (39,520

    )

     

     

     

     

     

     

     

     

     

    Total Company

     

     

     

     

     

     

     

     

    Net sales

     

    $

    228,050

     

     

    $

    209,560

     

     

    $

    925,010

     

     

    $

    893,550

     

    Operating profit

     

    $

    8,620

     

     

    $

    11,630

     

     

    $

    47,190

     

     

    $

    65,440

     

    Total Special Items to consider in evaluating operating profit

     

     

    14,560

     

     

     

    7,140

     

     

     

    35,650

     

     

     

    24,010

     

    Adjusted operating profit

     

    $

    23,180

     

     

    $

    18,770

     

     

    $

    82,840

     

     

    $

    89,450

     

    Appendix I

     

    TriMas Corporation

    Additional Information Regarding Special Items Impacting

    Reported GAAP Financial Measures

    (Unaudited - dollars in thousands, except share and per share amounts)

     

     

     

    Three months ended

    December 31,

     

    Twelve months ended

    December 31,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net income, as reported

     

    $

    5,640

     

     

    $

    7,940

     

     

    $

    24,250

     

     

    $

    40,360

     

    Special Items to consider in evaluating quality of net income:

     

     

     

     

     

     

     

     

    Impairment of indefinite-lived intangible assets

     

     

    230

     

     

     

    1,120

     

     

     

    230

     

     

     

    1,120

     

    Change in legacy liability estimate for asbestos-related costs

     

     

    —

     

     

     

    —

     

     

     

    5,510

     

     

     

    —

     

    Business restructuring and severance costs

     

     

    10,620

     

     

     

    4,640

     

     

     

    14,670

     

     

     

    16,790

     

    Purchase accounting costs

     

     

    —

     

     

     

    400

     

     

     

    —

     

     

     

    3,190

     

    M&A diligence and transaction costs

     

     

    430

     

     

     

    300

     

     

     

    3,510

     

     

     

    2,230

     

    System implementation costs

     

     

    1,120

     

     

     

    680

     

     

     

    4,740

     

     

     

    680

     

    Third-party and other costs incurred related to strike

     

     

    1,050

     

     

     

    —

     

     

     

    3,390

     

     

     

    —

     

    Defined benefit pension plan settlement charge

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    640

     

    Derivative de-designation and settlement (gain) loss

     

     

    —

     

     

     

    —

     

     

     

    10

     

     

     

    —

     

    Change in environmental liability estimate

     

     

    1,110

     

     

     

    —

     

     

     

    3,600

     

     

     

    —

     

    Reversal of a contingent deferred purchase price liability

     

     

    (2,250

    )

     

     

    —

     

     

     

    (2,250

    )

     

     

    —

     

    Foreign exchange forward charge

     

     

    —

     

     

     

    (220

    )

     

     

    —

     

     

     

    140

     

    Amortization of acquisition-related intangible assets

     

     

    4,160

     

     

     

    4,370

     

     

     

    16,800

     

     

     

    18,180

     

    Non-cash compensation expense

     

     

    (1,090

    )

     

     

    350

     

     

     

    6,960

     

     

     

    9,670

     

    Income tax effect of net income adjustments(1)

     

     

    (3,500

    )

     

     

    (3,770

    )

     

     

    (13,690

    )

     

     

    (13,120

    )

    Adjusted net income

     

    $

    17,520

     

     

    $

    15,810

     

     

    $

    67,730

     

     

    $

    79,880

     

     

     

     

     

     

     

     

     

     

     

     

    Three months ended

    December 31,

     

    Twelve months ended

    December 31,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Diluted earnings per share, as reported

     

    $

    0.14

     

     

    $

    0.19

     

     

    $

    0.59

     

     

    $

    0.97

     

    Special Items to consider in evaluating quality of EPS:

     

     

     

     

     

     

     

     

    Impairment of indefinite-lived intangible assets

     

     

    0.01

     

     

     

    0.03

     

     

     

    0.01

     

     

     

    0.03

     

    Change in legacy liability estimate for asbestos-related costs

     

     

    —

     

     

     

    —

     

     

     

    0.13

     

     

     

    —

     

    Business restructuring and severance costs

     

     

    0.26

     

     

     

    0.10

     

     

     

    0.36

     

     

     

    0.40

     

    Purchase accounting costs

     

     

    —

     

     

     

    0.01

     

     

     

    —

     

     

     

    0.07

     

    M&A diligence and transaction costs

     

     

    0.01

     

     

     

    0.01

     

     

     

    0.08

     

     

     

    0.05

     

    System implementation costs

     

     

    0.03

     

     

     

    0.02

     

     

     

    0.11

     

     

     

    0.02

     

    Third-party and other costs incurred related to strike

     

     

    0.02

     

     

     

    —

     

     

     

    0.08

     

     

     

    —

     

    Defined benefit pension plan settlement charge

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    0.02

     

    Derivative de-designation and settlement (gain) loss

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Change in environmental liability estimate

     

     

    0.03

     

     

     

    —

     

     

     

    0.09

     

     

     

    —

     

    Reversal of a contingent deferred purchase price liability

     

     

    (0.05

    )

     

     

    —

     

     

     

    (0.05

    )

     

     

    —

     

    Foreign exchange forward charge

     

     

    —

     

     

     

    (0.01

    )

     

     

    —

     

     

     

    —

     

    Amortization of acquisition-related intangible assets

     

     

    0.10

     

     

     

    0.11

     

     

     

    0.41

     

     

     

    0.44

     

    Non-cash compensation expense

     

     

    (0.03

    )

     

     

    0.01

     

     

     

    0.17

     

     

     

    0.23

     

    Income tax effect of net income adjustments(1)

     

     

    (0.09

    )

     

     

    (0.09

    )

     

     

    (0.33

    )

     

     

    (0.31

    )

    Adjusted diluted EPS

     

    $

    0.43

     

     

    $

    0.38

     

     

    $

    1.65

     

     

    $

    1.92

     

    Weighted-average shares outstanding

     

     

    40,956,347

     

     

     

    41,620,790

     

     

     

    41,055,993

     

     

     

    41,685,348

     

    (1) Income tax effect calculated on an item-by-item basis, utilizing the statutory tax rate in the jurisdiction where the adjustments occurred. For the three and twelve month periods ended December 31, 2024, and 2023, the income tax effect of Special Items varied from the tax rate inherent in the Company's reported GAAP results, primarily as a result of certain discrete items that occurred during the period for GAAP reporting purposes.

    Appendix I

     

    TriMas Corporation

    Additional Information Regarding Special Items Impacting

    Reported GAAP Financial Measures

    (Unaudited - dollars in thousands)

     

     

     

    Three months ended December 31,

     

     

    2024

     

     

    2023

     

     

     

    As

    reported

     

    Special

    Items

     

    As

    adjusted

     

    As

    reported

     

    Special

    Items

     

    As

    adjusted

    Net cash provided by operating activities

     

    $

    27,080

     

     

    $

    4,650

     

    $

    31,730

     

     

    $

    30,590

     

     

    $

    3,370

     

    $

    33,960

     

    Less: Capital expenditures

     

     

    (14,980

    )

     

     

    —

     

     

    (14,980

    )

     

     

    (19,250

    )

     

     

    —

     

    (19,250

    )

    Free Cash Flow

     

    $

    12,100

     

     

    $

    4,650

     

    $

    16,750

     

     

    $

    11,340

     

     

    $

    3,370

     

    $

    14,710

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Twelve months ended December 31,

     

     

    2024

     

     

    2023

     

     

     

    As

    reported

     

    Special

    Items

     

    As

    adjusted

     

    As

    reported

     

    Special

    Items

     

    As

    adjusted

    Net cash provided by operating activities

     

    $

    63,780

     

     

    $

    16,490

     

    $

    80,270

     

     

     

    88,160

     

    $

    13,800

     

    $

    101,960

     

    Less: Capital expenditures

     

     

    (50,960

    )

     

     

    —

     

     

    (50,960

    )

     

     

    (54,190

    )

     

    —

     

     

    (54,190

    )

    Free Cash Flow

     

    $

    12,820

     

     

    $

    16,490

     

    $

    29,310

     

     

    $

    33,970

     

    $

    13,800

    $

    47,770

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    December 31,

    2024

     

    December 31,

    2023

    Long-term debt, net

     

    $

    398,120

     

    $

    395,660

    Less: Cash and cash equivalents

     

     

    23,070

     

     

    34,890

    Net Debt

     

    $

    375,050

     

    $

    360,770

    Appendix I

     

    TriMas Corporation

    Reconciliation of GAAP to Non-GAAP Financial Measures

    Forecasted Diluted Earnings Per Share Guidance

    (Unaudited - dollars per share)

     

     

     

    Twelve months ended

     

     

    December 31, 2025

     

     

    Low

     

    High

    Diluted earnings per share (GAAP)

     

    $

    1.23

     

     

    $

    1.38

     

    Pre-tax amortization of acquisition-related intangible assets (1)

     

     

    0.44

     

     

     

    0.44

     

    Income tax benefit on amortization of acquisition-related intangible assets

     

     

    (0.11

    )

     

     

    (0.11

    )

    Pre-tax non-cash compensation expense

     

     

    0.19

     

     

     

    0.19

     

    Income tax benefit on non-cash compensation expense

     

     

    (0.05

    )

     

     

    (0.05

    )

    Impact of Special Items (2)

     

     

    —

     

     

     

    —

     

    Adjusted diluted earnings per share

     

    $

    1.70

     

     

    $

    1.85

     

    (1)

     

    These amounts relate to acquisitions announced as of February 27, 2025. The Company is unable to provide forward-looking estimates of future acquisitions, if any, that have not yet been consummated.

    (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/20250227927290/en/

    Sherry Lauderback

    VP, Investor Relations & Communications

    (248) 631-5506

    [email protected]

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      $TRS
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    • TriMas Declares Quarterly Dividend

      TriMas (NASDAQ:TRS) today declared a quarterly cash dividend of $0.04 per share of TriMas Corporation stock. The quarterly dividend is payable on May 13, 2025, to shareholders of record as of the close of business on May 6, 2025. About TriMas TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,900 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and

      4/22/25 9:00:00 AM ET
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    SEC Filings

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    • SEC Form S-8 filed by TriMas Corporation

      S-8 - TRIMAS CORP (0000842633) (Filer)

      6/24/25 4:32:12 PM ET
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    • TriMas Corporation filed SEC Form 8-K: Leadership Update

      8-K - TRIMAS CORP (0000842633) (Filer)

      6/9/25 9:07:54 AM ET
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    • SEC Form SD filed by TriMas Corporation

      SD - TRIMAS CORP (0000842633) (Filer)

      5/27/25 4:15:35 PM ET
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    • Stock Option Award and Restricted Stock Unit Award Granted as Inducement to Thomas Snyder, New President and Chief Executive Officer of TriMas

      TriMas (NASDAQ:TRS) today announced that, as previously disclosed in a Current Report on Form 8-K filed on June 9, 2025 with the Securities and Exchange Commission, the Company has made an inducement grant to Thomas Snyder, the newly-appointed President and Chief Executive Officer of TriMas. As approved by the Company's Board of Directors and Compensation Committee pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market Listing Rules, the inducement grant was made on June 24, 2025, and consists of: (1) a time-based, premium-priced and non-qualified stock option award to purchase 900,000 shares of the Company's common stock; and (2) a time-based restricted stock unit award consisting of 152,4

      6/27/25 4:30:00 PM ET
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    • TriMas Aerospace to Exhibit at the 2025 Paris Air Show

      TriMas Aerospace Booth Located at Hall 4, Stand D-194 TriMas Aerospace, a division of TriMas (NASDAQ:TRS), will be exhibiting at the 2025 International Paris Air Show, taking place June 16-22 at Le Bourget in Paris, France. As one of the world's premier aerospace exhibitions, the Paris Air Show brings together industry leaders, innovators and partners from around the globe. TriMas Aerospace returns to the Paris Air Show to unveil new products, reinforce its global position through the recent acquisition of GMT Aerospace and introduce Norris Cylinder's aerospace offering at the event. "We're excited to return to the Paris Air Show to connect with key OEMs, distribution partners and suppl

      6/10/25 11:00:00 AM ET
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    • TriMas Appoints Thomas Snyder President and Chief Executive Officer

      Experienced Packaging Industry Leader with a Track Record of Enhancing Shareholder Value TriMas (NASDAQ:TRS) today announced that Thomas J. Snyder has been appointed President and Chief Executive Officer, and to the TriMas Board of Directors, effective June 23, 2025. Mr. Snyder is succeeding Thomas Amato, the current President and Chief Executive Officer of the Company. Mr. Snyder brings nearly 35 years of experience in the packaging industry, having served in several leadership positions at Silgan Holdings Inc., a global manufacturer of packaging solutions for consumer goods products. Most recently, he served as President of Silgan Containers LLC, from October 2007, managing close to $

      6/9/25 8:00:00 AM ET
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    Insider Trading

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    • President and CEO Snyder Thomas James was granted 152,439 shares (SEC Form 4)

      4 - TRIMAS CORP (0000842633) (Issuer)

      6/25/25 6:30:36 PM ET
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    • SEC Form 3 filed by new insider Snyder Thomas James

      3 - TRIMAS CORP (0000842633) (Issuer)

      6/24/25 4:26:46 PM ET
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    • Director Shapira Adrianne bought $134,864 worth of shares (5,200 units at $25.94), increasing direct ownership by 159% to 8,476 units (SEC Form 4)

      4 - TRIMAS CORP (0000842633) (Issuer)

      6/6/25 4:21:06 PM ET
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    Insider Purchases

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    • Director Shapira Adrianne bought $134,864 worth of shares (5,200 units at $25.94), increasing direct ownership by 159% to 8,476 units (SEC Form 4)

      4 - TRIMAS CORP (0000842633) (Issuer)

      6/6/25 4:21:06 PM ET
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    • Director Sedaghat Shawn bought $12,337,986 worth of shares (483,109 units at $25.54) (SEC Form 4)

      4 - TRIMAS CORP (0000842633) (Issuer)

      5/23/25 5:59:19 PM ET
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    • Director Sedaghat Shawn bought $9,156,434 worth of shares (359,357 units at $25.48) (SEC Form 4)

      4 - TRIMAS CORP (0000842633) (Issuer)

      5/21/25 5:47:23 PM ET
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    • BWS Financial initiated coverage on Trimas with a new price target

      BWS Financial initiated coverage of Trimas with a rating of Buy and set a new price target of $40.00

      5/22/23 9:07:50 AM ET
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    • Trimas downgraded by William Blair

      William Blair downgraded Trimas from Outperform to Mkt Perform

      10/28/22 7:22:11 AM ET
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    • SEC Form SC 13D filed by TriMas Corporation

      SC 13D - TRIMAS CORP (0000842633) (Subject)

      10/15/24 9:31:01 PM ET
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    • SEC Form SC 13G filed by TriMas Corporation

      SC 13G - TRIMAS CORP (0000842633) (Subject)

      2/14/24 1:28:39 PM ET
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    • SEC Form SC 13G/A filed by TriMas Corporation (Amendment)

      SC 13G/A - TRIMAS CORP (0000842633) (Subject)

      2/13/24 5:15:59 PM ET
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