TriMas Corporation (NASDAQ:TRS) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 10:00 am ET

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TriMas Corporation (NASDAQ:TRS) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, and welcome to the TriMas Second Quarter 2020 Earnings Conference Call. [Operator Instructions] At this time, I'd now like to turn the conference over to Ms. Sherry Lauderback. Please go ahead.

Executive
Sherry Lauderback

Thank you, and welcome to TriMas Corporation's Second Quarter 2020 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 results, we will open the call up for your questions. In order to assist with the review of our results, we have included the press release and PowerPoint presentation on our company website, www.trimascorp.com, 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 9768715. 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, including impacts from COVID-19.

Please refer to our Form 10-K and our second quarter 10-Q that will be filed today 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. In addition, we would like to refer you to the appendix in our press release issued this morning, or included as part of this presentation, 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. With that, I will turn the call over to Tom Amato, TriMas' President and CEO. Tom?

Executive
Thomas A. Amato

Good morning, and welcome to our Second Quarter Earnings Call. I would like to begin today's discussion by first thanking all of our employees for their commitment and dedication during these challenging and uncertain times. To put a finer point on our gratitude, TriMas operates 37 facilities in 11 countries on four continents. By adjusting to new work rules and processes, which promote social distancing and improve cleanliness and hygiene, virtually all of our facilities have operated through this unprecedented period experiencing only temporary disruptions. As a reminder, all of our production locations have been deemed essential. This is because the products we manufacture go into applications that help fight the spread of germs or are used in medical, military and defense, food and beverage or industrial applications. Although we experienced a wide range of performance outcomes due to end market disruptions, our second quarter results were better than we anticipated when the pandemic was declared.

Let's turn to slide three. As a reminder, nearly 60% of TriMas' revenues are in packaging, where we provide dispensers, closures and jars into a wide variety