TriMas Corporation (NASDAQ:TRS) Q1 2019 Earnings Conference Call Transcript

Apr 30, 2019 • 10:00 am ET


TriMas Corporation (NASDAQ:TRS) Q1 2019 Earnings Conference Call Transcript


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Good day and welcome to the TriMas First Quarter 2019 Earnings Conference Call. Today's conference is being recorded.

At this time, I'd like to turn the conference over to Ms. Sherry Lauderback. Please go ahead.

Sherry Lauderback

Thank you, and welcome to the TriMas Corporation's First Quarter 2019 Earnings Call. Participating on the call today are Tom Amato, TriMas' President and CEO; and Bob Zalupski, our Chief Financial Officer. After our prepared remarks on our first quarter results, we will open up the call to your questions.

In order to assist with the review of our results, we've included the press release and PowerPoint presentation on our Company website,, under the Investors section. In addition, a replay of this call will be available later today by calling 888-203-1112 with a replay code of 4982233.

Before we get started, I would like to remind everyone that our comments today, which are intended to supplement your understanding of TriMas, may contain forward-looking statements that are inherently subject to a number of risks and uncertainties.

Please refer to our Form 10-K for a list of factors that could cause our results to differ from those anticipated in any forward-looking statements. Also, we undertake no obligation to publicly update or revise any forward-looking statements, except as required by law. We would also direct your attention to our website, where considerably more information may be found.

I would also like to refer you to the appendix in our press release issued this morning or included as a part of this presentation, which is available on our website, for the reconciliations between GAAP and non-GAAP financial measures used during this conference call.

Today, the discussion on the call regarding our financial results will be on an adjusted basis, excluding the impact of special items.

At this point, I'd like to turn the call over to Tom Amato, TriMas' President and CEO. Tom?

Thomas A. Amato

Good morning, and thank you, Sherry. If we turn to Slide 3, I would like to start by taking a few minutes to remind our investors how we begun the process to unleash value through reshaping the TriMas portfolio of businesses.

Overall, TriMas had last 12 months sales of $881 million and EBITDA margin of about 19% and a market capitalization of about $1.5 billion. We operate our businesses in three reporting segments: Packaging, Aerospace and Specialty Products. A summary profile of each of these segments is shown on the right side of Slide 3, which we will go into more detail later in the call.

It's worth noting that while we leverage the TriMas Business Model to drive performance and continuous improvement in each of our facilities and operations, the reorganized approach shown here has provided a platform for TriMas leadership to prioritize investment and resources in a fast-paced data-driven way. TriMas and our shareholders have benefited from this approach in the form of meaningful financial improvement at the consolidated performance level and subsequent enterprise value appreciation.

In considering our prioritizing of investments and resources,