Executive Summary

Q4 delivered 8.8% revenue growth to $228.1M, driven by Packaging (+8.4%) and Aerospace (+22.3%) strength; adjusted EPS was $0.43, flat sequentially vs Q3 despite typical seasonal softness, highlighting improved operating execution .
Aerospace posted record bookings and backlog (> $350M) and a 450 bps YoY adjusted margin improvement; management guided to low double‑digit organic Aerospace growth in 2025, augmented by GMT Aerospace .
Specialty Products remained a headwind on destocking; Norris Cylinder cut structural costs and is positioned for margin uplift as demand normalizes in 2025; Arrow Engine divestiture was completed Jan 31, 2025 .
2025 outlook: sales up 4%–6% and adjusted EPS $1.70–$1.85; portfolio optimization continues (GMT acquisition, Arrow sale). Near‑term catalysts: continued Aerospace conversion, packaging efficiency gains, and European footprint leverage via GMT Aerospace .
Wall Street consensus for Q4 2024 (EPS/revenue) was unavailable from S&P Global at time of pull; estimate comparison omitted (see Estimates Context) [GetEstimates error].

What Went Well and What Went Wrong

What Went Well

Aerospace revenue grew 22.3% YoY to $78.3M with adjusted operating margin up 450 bps; backlog exceeded $350M, supported by manufacturing excellence and commercial actions .
Packaging revenue rose 8.4% YoY to $123.1M; organic growth near 10% with >25% YoY strength in beauty/personal care and home care; adjusted margins resilient after IT cost reallocation .
Strategic portfolio moves: completed GMT Aerospace acquisition (≈€22M revenue, first European manufacturing site) and closed Arrow Engine sale, rebalancing exposure toward higher‑quality platforms .

Management quotes:

“In 2025, we expect continued strong sales in our Aerospace group… add the recently announced acquisition to our group.” — CEO Thomas Amato .
“Adjusted operating profit for [Packaging] was $15.7M or 12.8% of sales… operating margin would have been flat year-over-year at ~14.3%” — CFO Scott Mell .
“We have gained meaningful wallet share of future fastener sales to Airbus under a new multiyear contract… ramp up in 2026.” — CEO Thomas Amato .

What Went Wrong

Specialty Products revenue fell 16.8% YoY to $26.6M; lower fixed cost absorption pressured margins despite cost reductions at Norris Cylinder .
Consolidated operating profit fell YoY to $8.6M (from $11.6M) on Specialty weakness and higher SG&A; GAAP diluted EPS was $0.14 vs $0.19 in Q4’23 .
Packaging adjusted margin was lower YoY due to allocation of enterprise IT costs, FX, and higher depreciation; tariff uncertainty remains a headwind, with mitigation plans but potential earnings impact .

Financial Results

Metric	Q2 2024	Q3 2024	Q4 2024
Net Sales ($USD Millions)	$240.5	$229.4	$228.1
GAAP Diluted EPS ($)	$0.27	$0.06	$0.14
Adjusted Diluted EPS ($)	$0.43	$0.43	$0.43
Operating Profit ($USD Millions)	$17.9	$8.3	$8.6
Gross Profit ($USD Millions)	$54.0	$51.7	$41.0
Gross Profit Margin (%)	22.4% (54.0/240.5)	22.6% (51.7/229.4)	18.0% (41.0/228.1)

Additional comparisons:

Q4 YoY revenue: +8.8% vs $209.6M in Q4’23 .
Q4 QoQ revenue: −0.6% vs $229.4M in Q3’24 .
Adjusted operating profit ($M): Q2 $20.8, Q3 $22.7, Q4 $23.2, reflecting sequential improvement .

Segment breakdown (Q4):

Segment	Q4 2023 Sales ($M)	Q4 2024 Sales ($M)	YoY %	Adjusted Operating Profit Q4 2024 ($M)
Packaging	$113.6	$123.1	+8.4%	$15.7
Aerospace	$64.0	$78.3	+22.3%	$10.9
Specialty Products	$32.0	$26.6	−16.8%	$0.8

KPIs and cash:

KPI	Q2 2024	Q3 2024	Q4 2024
Free Cash Flow (Adjusted, $M)	$(2.8)	$15.4	$16.8
Net Cash from Ops ($M)	$21.3 (adj)	$27.2 (adj)	$31.7 (adj)
Capex ($M)	$24.1	$11.9	$15.0
Net Debt ($M)	$392.4	$383.0	$375.1
Aerospace Backlog ($M)	N/A	N/A	>$350

Consensus vs results (Q4 2024):

S&P Global Wall Street consensus for Q4 2024 EPS and revenue was unavailable at time of retrieval; estimate comparison omitted (see Estimates Context) [GetEstimates error].

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted Diluted EPS	FY 2024	$1.70–$1.90 (revised Jul 30, 2024)	$1.70–$1.90 (reaffirmed Nov 4, 2024)	Maintained
Sales Growth	FY 2025	—	+4% to +6% vs 2024	Introduced
Adjusted Diluted EPS	FY 2025	—	$1.70–$1.85	Introduced
Adjusted EBITDA	FY 2025	—	~$150–$165M (management target)	Introduced
Dividend	Ongoing	$0.04/quarter paid; declared in Q3	$0.04/quarter paid in 2024	Maintained
Share Repurchases	Authorization	$67.6M remaining (Sep 30, 2024)	$67.6M remaining (Dec 31, 2024)	Maintained

Earnings Call Themes & Trends

Topic	Q2 2024	Q3 2024	Q4 2024	Trend
Packaging demand & capacity	Strong organic growth; bottlenecks in dispensers; IT cost allocation and prior-year nonrepeat items pressured margin	Continued growth; bottlenecks easing; sequential margin improvement; seasonal Q4 caution	Organic growth near 10%; >25% growth in beauty/home care; margin flat ex IT/FX/depr; 2025 GDP+ growth expected	Improving conversion as capacity ramps
Aerospace recovery & backlog	+30% sales; margin +730 bps YoY; investments in capacity	Work stoppage resolved; backlog strong; minimal Boeing impact; maintaining margin targets	+22% sales; record bookings/backlog >$350M; GMT adds Europe footprint; Airbus multi‑year contract ramps 2026	Strengthening; conversion improving
Specialty destocking (Norris)	Sharply lower sales; cost actions; guidance reduced	Destocking persists; sequential margin improvement; 2025 recovery expected	YoY −16.8% sales; largest drag on Q4; structural cost cuts; flat-to-slightly up 1H’25, improving into 2H	Bottoming; set up for recovery
Tariffs/macro	Noted exposure; mitigating actions	Boeing strike watch; minimal impact in Q3	Packaging exposed to higher U.S. China tariffs; near-term price recovery, long-term manufacturing relocation optionality	Managing risk; contingency plans
Portfolio actions	Announced Arrow sale process	GMT purchase agreement signed	Arrow sale closed Jan 31, 2025; GMT acquisition completed Feb 17, 2025	Executing optimization
Leadership	—	—	CEO transition process underway; Spencer Stuart engaged	In transition

Management Commentary

“We finished 2024 with robust organic sales growth within our Packaging and Aerospace groups… well positioned for improved conversion and operating leverage gains as we enter 2025.” — CEO Thomas Amato .
“Adjusted operating profit for [Packaging] was $15.7M or 12.8% of sales… operating margin would have been flat year-over-year at approximately 14.3%.” — CFO Scott Mell .
“Net sales for [Aerospace] increased by more than $14M or 22%… adjusted margin percentage improved 450 bps.” — CFO Scott Mell .
“Tariff changes… near-term mitigation on the commercial front; longer-term, we can relocate productive assets; that takes 12–18 months and is disruptive.” — CEO Thomas Amato .
“Norris Cylinder drag on operating income… just over $2.2M, translating to approximately $0.04 per share in the fourth quarter.” — CEO Thomas Amato .

Q&A Highlights

Margin uplift expectations: Packaging +100–150 bps; Aerospace +150–200 bps; Norris Cylinder +100–150 bps in 2025 if sales meet expectations .
Tariff impacts: Near-term pricing actions captured; ability to relocate manufacturing longer term; uncertainty remains on timing/size of changes .
Packaging execution: Capacity additions, assembly lines and tooling refurbishments implemented; bottlenecks easing; IT allocations and expedited freight were transitory headwinds .
CEO search and governance: Board engaged a top search firm (Spencer Stuart); ongoing portfolio review to unlock value; intrinsic value seen in core platforms .

Estimates Context

S&P Global consensus for Q4 2024 EPS and revenue was unavailable due to an SPGI request limit at time of retrieval; therefore, numerical comparisons to Street estimates are omitted. Consider revisiting when SPGI access is restored [GetEstimates error].

Key Takeaways for Investors

Aerospace momentum is intact: strong backlog (> $350M), conversion improving, and GMT adds European manufacturing and Airbus wallet share; supports sustained revenue and margin expansion into 2025–2026 .
Packaging demand normalization with targeted capacity investments should unlock margin enhancement in 2025 despite tariff headwinds; watch GDP+ growth trajectory and mitigation execution .
Specialty headwinds are cyclical; structural cost reductions at Norris set the stage for operating leverage as destocking abates — an inflection could be a stock catalyst as 2H’25 approaches .
2025 guide appears conservative given portfolio moves and pipeline; delivery against +4–6% sales and $1.70–$1.85 adjusted EPS will hinge on Aerospace conversion and Packaging efficiencies; upside from Airbus multi‑year contract ramp in 2026 .
Capital allocation remains shareholder‑friendly (buybacks, dividend) with net leverage at 2.6x and $239.8M of cash and revolver capacity; provides optionality for bolt‑ons in Packaging and Aerospace .
Near‑term trading: focus on margin cadence and tariff headlines; medium‑term thesis: portfolio quality mix shift (Aerospace/Packaging), European footprint, and efficiency gains drive EPS growth .

(Endnotes: All figures and statements are sourced from TriMas Q4 2024 press release and 8‑K, Q2/Q3 2024 earnings materials, and related press releases. Where margins are shown as percentages, they are computed directly from cited gross profit and sales figures.)

TRIMAS CORP (TRS)·Q4 2024 Earnings Summary