TriMas Corp (TRS) 2024 Q3 法說會逐字稿

Greetings and welcome to the TriMas third-quarter 2024 earnings conference call.

問候並歡迎參加 TriMas 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Sherry Lauderback, Vice President of Investor Relations.

現在我很高興介紹您的主持人、投資者關係副總裁 Sherry Lauderback。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you and welcome to TriMas Corporation's third-quarter 2024 earnings call.

感謝您並歡迎參加 TriMas Corporation 2024 年第三季財報電話會議。

Participating on the call today are Thomas Amato, TriMas President and CEO; and Scott Mell, our Chief Financial Officer.

今天參加電話會議的有 TriMas 總裁兼執行長 Thomas Amato；以及我們的財務長 Scott Mell。

We will provide a prepared remarks on our third-quarter results and outlook and then we'll open up the call for questions.

我們將就第三季的業績和展望提供準備好的評論，然後我們將開始提問。

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.

為了協助審查我們的業績，我們將今天的新聞稿和簡報放在了我們公司網站 trimas.com 的投資者部分。

In addition, a replay of this call will be available later today by calling 8776606853 with a meeting ID of 13749560.

此外，今天晚些時候，您可以透過撥打 8776606853（會議 ID 為 13749560）收聽本次通話的重播。

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

在我們開始之前，我想提醒大家，我們今天的評論可能包含前瞻性陳述，這些陳述本質上受制於許多風險和不確定性。

Please refer to our Form 10-K and our Form 10-Q to be filed later today for a list of factors that could cause the results to differ from those anticipated in any forward-looking statements.

請參閱我們今天稍後提交的 10-K 表和 10-Q 表，其中列出了可能導致結果與任何前瞻性陳述中預期的結果不同的因素。

Also, we undertake no obligation to publicly update or revise any forward-looking statements except as required by law.

此外，除非法律要求，否則我們不承擔公開更新或修改任何前瞻性聲明的義務。

We would also direct your attention to our website where considerably more information may be found.

我們也請您關注我們的網站，在那裡您可以找到更多資訊。

In addition, we would like to refer you to the appendix in our press releasing or our presentation for the reconciliations between GAAP and non-GAAP financial measures used during this call.

此外，請您參閱我們新聞稿或簡報中的附錄，以了解本次電話會議中使用的 GAAP 和非 GAAP 財務指標之間的對帳。

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

今天，電話會議上討論的是我們財務表現的調整後結果，不包括特殊項目的影響。

With that, I will turn the call over to Tom Amato TriMas, President and CEO, Tom.

說完這些，我將把電話轉給湯姆公司總裁兼執行長湯姆·阿馬托·特里馬斯 (Tom Amato TriMas)。

Thank you, Sherry.

謝謝你，雪莉。

Good morning and welcome to TriMas Corporation's quarterly earnings call.

早安，歡迎參加 TriMas Corporation 的季度收益電話會議。

Let's turn to slide 3.

讓我們翻到第 3 張投影片。

To begin, I am pleased to report that over the past quarter, we continued to experience positive trends and market momentum across many of our key end markets, particularly as compared to the same period last year.

首先，我很高興地報告，在過去的一個季度中，我們在許多主要終端市場繼續經歷積極的趨勢和市場勢頭，尤其是與去年同期相比。

Our investments in operational efficiency, customer engagement and innovation have laid a strong foundation enabling us to capitalize on growth opportunities going forward.

我們在營運效率、客戶參與度和創新方面的投資奠定了堅實的基礎，使我們能夠利用未來的成長機會。

In our two largest segment -- segments, TriMas packaging and TriMas aerospace, which together comprise over 85% of our year-to-date sales we delivered core sales growth of 12.3% and 4.8% respectively as compared to the prior year quarter.

在我們最大的兩個部門——TriMas 包裝和 TriMas 航空航天部門，這兩個部門合計占我們年初至今銷售額的 85% 以上，與去年同期相比，我們的核心銷售額分別增長了 12.3% 和 4.8%。

Within TriMas packaging our largest group, our core sales gain marks the third consecutive quarter of solid sales growth as we believe we have clearly exited the demand trough experience in 2023.

在我們最大的集團 TriMas 包裝中，我們的核心銷售成長標誌著連續第三個季度實現穩健的銷售成長，因為我們相信我們已經明確擺脫了 2023 年的需求低谷。

In fact, organic sales growth in our beauty, personal care and home care product lines were up over 20% as compared to the prior year quarter.

事實上，與去年同期相比，我們的美容、個人護理和家庭護理產品系列的有機銷售額增長了 20% 以上。

While we continue to make operating leverage gains on a sequential basis with TriMas packaging adjusted EBITDA rate just over 21% and higher than the Q2 2024 rate by 100 basis points.

雖然我們繼續按季度實現營運槓桿成長，但 TriMas 包裝調整後的 EBITDA 率略高於 21%，比 2024 年第二季的利率高出 100 個基點。

We also continue to manage through specific areas of capacity constraints given high demand related to certain product lines.

鑑於某些產品線的需求量很大，我們也將繼續透過特定的產能限制領域進行管理。

With that said we have been taking proactive steps throughout the year including adding incremental production capacity, which will pave the way for improved conversion rates as we enter 2025.

話雖如此，我們全年都在採取積極措施，包括增加增量生產能力，這將為我們進入 2025 年時提高轉換率鋪平道路。

And importantly, better position TriMas packaging to reach its full potential as we move forward.

更重要的是，在我們前進的過程中，更好地定位 TriMas 包裝，以充分發揮其潛力。

Within TriMas aerospace our momentum and sales growth over the past five quarters has been hindered only by the availability of skilled labor, raw materials and certain equipment capacity as we continue to enjoy the strong demand recovery within the aerospace end market.

在 TriMas 航空航太領域，我們過去五個季度的發展勢頭和銷售成長僅受到熟練勞動力、原材料和某些設備產能不足的阻礙，因為我們繼續享受航空航天終端市場的強勁需求復甦。

I would also like to note that in the quarter, one of our largest locations experienced a 10 week work stoppage as we navigated through the process of achieving a new three-year collective bargaining agreement, which was ratified by the workforce on October 11.

我還想指出的是，本季度，我們最大的工廠之一經歷了為期 10 週的停工，因為我們正在努力達成一項新的為期三年的集體談判協議，該協議已於 10 月 11 日獲得員工批准。

We have estimated that absent this work stoppage, we would have delivered another $78 million of sales in the third quarter along with a favorable conversion impact on EPS, which we estimate to be approximately $0.04 per share.

我們估計，若沒有此次停工，我們將在第三季再實現 7,800 萬美元的銷售額，同時對每股收益產生有利的轉換影響，我們估計每股收益約為 0.04 美元。

Despite this impact in the quarter, we continue to enjoy positive momentums and bookings and favorable performance trends as we brought our production operations into better synchronization with aerospace and defense and market demand.

儘管本季受到上述影響，但由於我們的生產營運與航空航太、國防和市場需求更好地同步，我們仍然保持積極的勢頭和預訂量以及良好的業績趨勢。

Finally, within our specialty product set of businesses which are experiencing significantly lower demand in 2024 as compared to last year, we have improved conversion rates over Q2 2024 as a result of the restructuring actions we took last quarter.

最後，在我們的特色產品業務中，2024 年的需求與去年相比大幅下降，由於我們上個季度採取的重組措施，我們的轉換率比 2024 年第二季有所提高。

The third quarter does represent the last difficult comparison quarter versus the prior year as it has now been one full year since entering the cyclical demand trough for the two businesses reported in this segment.

第三季度確實是與去年同期相比最困難的最後一個季度，因為對於該部門報告的兩項業務來說，進入周期性需求低谷已經整整一年了。

Let's now shift to an update on our treasury and portfolio actions where we also continue to gain momentum.

現在讓我們來更新我們的財務和投資組合行動，我們也將繼續獲得動力。

With respect to share buybacks we acquired approximately 99,000 shares in the quarter, bringing our total buyback for the year to more than three quarter of a million shares.

至於股票回購，我們在本季回購了約 99,000 股，使我們今年的總回購量達到超過 75 萬股。

As I have stated before, with respect to our capital allocation philosophy, given our strong balance sheet and cash flow profile, we remain committed to returning capital to our shareholders through both dividends and share buybacks inclusive of dividends on a year-to-date basis we have already returned just over 2%.

正如我之前所說，關於我們的資本配置理念，鑑於我們強勁的資產負債表和現金流狀況，我們仍然致力於透過股息和股票回購（包括股息）向股東返還資本，年初至今我們的回報率已超過 2%。

Regarding our strategy to focus our portfolio of businesses, we have been making progress on the previously announced divestiture of arrow engine.

關於我們集中業務組合的策略，我們在先前宣布的剝離 Arrow Engine 的計劃上已經取得了進展。

Our decision to divest arrow engine allows TriMas to invest our resources into product areas and end markets where we believe we have higher growth potential given our scale and in turn better serve our customers drive innovation and enhance value for our shareholders.

我們決定剝離 arrow engine，這使得 TriMas 能夠將資源投入到產品領域和終端市場，我們相信，鑑於我們的規模，這些領域和終端市場具有更高的成長潛力，從而更好地服務我們的客戶，推動創新並為我們的股東提升價值。

We remain optimistic to be in a position to update investors further on the status of arrow engine in the first quarter of 2025.

我們仍然保持樂觀，能夠在 2025 年第一季向投資者進一步通報 Arrow 引擎的狀況。

And the acquisition front, we also remain committed to building out our aerospace platform through strategic bolt on acquisitions which we believe will add to the long term value of our aerospace business.

在收購方面，我們也將繼續致力於透過策略性附加收購來建立我們的航空航天平台，我們相信這將增加我們航空航太業務的長期價值。

As such today, we entered into a purchase agreement to acquire GMT Aerospace, a Germany based manufacturer of tie rods used in a range of structural aerospace applications.

因此，今天我們簽署了一項購買協議，收購 GMT Aerospace，這是一家總部位於德國的拉桿製造商，其產品用於一系列結構性航空航天應用。

Annualized sales are approximately EUR20 million with Airbus representing nearly 50% of its revenue.

年銷售額約 2,000 萬歐元，其中空中巴士佔其收入的近 50%。

Importantly, this acquisition would represent adding to TriMas aerospace, our first manufacturing location in Europe.

重要的是，此次收購將擴大我們在歐洲的第一個製造基地 TriMas 航空航太業務。

A critical strategic step to leverage and grow our full product range of fasteners and other engineered products within the aerospace market -- within the EUR aerospace market.

這是在航空航太市場（歐洲航空航太市場）內充分利用和發展我們的全系列緊固件和其他工程產品的關鍵策略步驟。

While the purchase agreement contains some important conditions to close, which I will not cover on this call.

雖然購買協議包含一些重要的成交條件，但在本電話會議中我不會涉及。

We would anticipate completing this transaction within the first quarter of 2025.

我們預計將在 2025 年第一季完成此交易。

In addition, we continue to make progress on identifying and assessing strategic M&A opportunities for bolt on acquisitions for our packaging group.

此外，我們在為包裝集團尋找和評估附加收購的策略併購機會方面繼續取得進展。

These are just a few actions highlighting our commitment to focus TriMas portfolio through corporate development initiatives.

這些只是我們透過企業發展計畫重點關注 TriMas 產品組合的一些舉措。

Turning the slide 4, we wanted to highlight more specific data on our sequential performance improvement.

翻到投影片 4，我們想要強調更多關於我們連續效能改進的具體數據。

When comparing Q3 2024 to Q2 2024 normalized for some of the events I mentioned earlier.

將 2024 年第三季與 2024 年第二季進行比較時，針對我之前提到的一些事件進行了標準化。

I won't go through these specific points again as I have already touched upon them on this call.

我不會再次討論這些具體要點，因為我在這次電話會議中已經提到過它們。

However, we provided this summary analysis to illustrate the positive momentum in our performance, which we believe is valuable for our investors to see as part of today's presentation.

然而，我們提供了這個總結分析來說明我們業績的積極勢頭，我們相信這對我們的投資者來說是今天演示的一部分，很有價值。

So let's turn to slide 5 and I will briefly go through our consolidated results for the quarter.

因此，讓我們翻到第 5 張投影片，我將簡要介紹本季的綜合業績。

For the third quarter we're reporting sales of $229 million down 2.5% as compared to the prior year quarter.

我們報告第三季的銷售額為 2.29 億美元，與去年同期相比下降 2.5%。

As the combined growth in our packaging and aerospace groups of 9.2% was more than offset by lower demand than in the same quarter last year in specialty products.

由於我們的包裝和航空航太集團 9.2% 的綜合成長被特種產品需求較去年同期的下降所抵消。

Segment EBITDA for our portfolio of businesses was $44.2 million or 19.2% of sales representing a slight decrease in our two largest segments from the prior year quarter, but a more significant decline related to the lower conversion and the sales decrease within specialty products.

我們業務組合的分部 EBITDA 為 4,420 萬美元，佔銷售額的 19.2%，與去年同期相比，我們兩個最大的分部略有下降，但更顯著的下降與轉換率下降和特色產品銷售額下降有關。

We continue to believe we have upside potential in our segment EBITDA given actions we have taken and with demand rate improvements particularly as we enter 2025.

我們仍然相信，鑑於我們已經採取的行動以及需求率的改善（特別是進入 2025 年後），我們分部的 EBITDA 具有上升潛力。

Consolidated operating profit for the quarter was $22.7 million lower than the prior year quarter also due to the demand challenges within specialty products.

由於特種產品的需求挑戰，本季綜合營業利潤比去年同期下降 2,270 萬美元。

Adjusted EPS was $0.43 which was slightly lower than we anticipated given the work stoppage within one of our aerospace locations and to a lesser extent, other factors as noted.

調整後的每股收益為 0.43 美元，略低於我們的預期，原因是我們其中一個航空航太工廠停工，以及其他已知因素（在較小程度上）。

Before turning the call over to Scott, I wanted to take a minute to highlight the quality of our adjusted EBITDA mix which is shown in the bottom section of this slide.

在將電話轉給斯科特之前，我想花一點時間來強調我們的調整後 EBITDA 組合的質量，該組合顯示在本投影片的底部。

As you can see when we review the adjusted LTM EBITDA mix of our portfolio for this quarter.

當我們回顧本季投資組合的調整後 LTM EBITDA 組合時，您可以看到。

As compared to the prior year quarter, the absolute gains in both our packaging and aerospace businesses are shown in these two pie charts.

與去年同期相比，這兩個餅圖顯示了我們的包裝和航空航太業務的絕對成長。

We believe this is important to highlight as these two platforms on a comparable basis include some of the highest value businesses within our portfolio.

我們認為強調這一點很重要，因為這兩個平台在可比較的基礎上包含了我們投資組合中一些最高價值的業務。

So as we move forward and into 2025, it is our objective to continue to build upon this momentum within our TriMas packaging and TriMas aerospace groups and invest further in turning around the performance of our specialty products businesses.

因此，隨著我們邁入 2025 年，我們的目標是繼續在 TriMas 包裝和 TriMas 航空集團內保持這一勢頭，並進一步投資以扭轉我們特種產品業務的業績。

At this point, I will turn the call over to Scott, who will take us through our balance sheet, capital structure and segment results.

現在，我將把電話轉給史考特，他將向我們介紹我們的資產負債表、資本結構和分部績效。

Scott?

史考特？

Thanks Tom.

謝謝湯姆。

Let's turn to slide 6 and I will begin with an update on our key credit statistics.

讓我們翻到第 6 張投影片，我將首先介紹我們的主要信貸統計數據的更新。

As we have noted on prior calls our balance sheet remains strong with our low interest bearing senior notes not maturing until 2029.

正如我們在先前的電話會議中指出的那樣，我們的資產負債表依然強勁，我們的低息優先票據要到 2029 年才到期。

We generated $15.4 million of free cash flow this quarter a 35% improvement when compared to Q2 of this year but lower than the same period last year on account of the lower base of absolute EBITDA.

本季我們產生了 1,540 萬美元的自由現金流，與今年第二季相比成長了 35%，但由於絕對 EBITDA 基數較低，低於去年同期。

We finished the quarter with a net leverage ratio of 2.7 times slightly higher than the second quarter of 2024.

本季結束時，我們的淨槓桿率為 2.7 倍，略高於 2024 年第二季。

Moving now to slide 7.

現在轉到投影片 7。

I will begin my review of our segment results starting with TriMas packaging.

我將從 TriMas 包裝開始回顧我們的分部表現。

Net sales in the quarter with $130 million as compared to $117 million for the prior year quarter, an increase of approximately 12%.

本季淨銷售額為 1.3 億美元，而去年同期為 1.17 億美元，成長約 12%。

This year over year improvement was primarily driven by robust organic growth within our key end markets.

今年的年成長主要得益於我們主要終端市場的強勁有機成長。

With both the beauty and personal care and industrial end markets increasing more than 20%.

美容及個人護理以及工業終端市場均成長20%以上。

In addition, we experienced positive year-over-year growth for the first time in 2024 within our food and beverage in market, which grew 2.8% year over year during the quarter.

此外，2024 年我們的食品和飲料市場首次實現年成長，本季年增 2.8%。

We remain very pleased to see the ongoing demand recoveries within these important end markets.

我們非常高興地看到這些重要終端市場的需求持續復甦。

Operating profit for the quarter was $19 million or 14.6% of sales, a 60 basis point sequential improvement when compared to Q2 of 2024 but down 210 basis points versus the prior year period.

本季營業利潤為 1,900 萬美元，佔銷售額的 14.6%，與 2024 年第二季相比較上季成長 60 個基點，但比去年同期下降 210 個基點。

This year will be a decline again, it's primarily related to specific operating costs associated with increased demand for certain dispensing products, which we believe negatively impacted operating margins by 100 basis points in the quarter and IT costs of $1.2 million or 90 basis points which were allocated from corporate in 2024.

今年將再次出現下滑，這主要與某些分配產品需求增加相關的特定營運成本有關，我們認為這對本季度的營業利潤率產生了 100 個基點的負面影響，而 IT 成本為 120 萬美元或 90 個基點，這些成本由公司在 2024 年分配。

But we're not in the segment level cost structure in 2023.

但我們還沒有進入 2023 年的細分級成本結構。

Normalizing for the impact of these items pro form or Q3 adjusted operating profit would have been flat when compared to the prior year period at approximately 16.7%.

考慮到這些項目的影響，第三季調整後營業利潤與去年同期相比持平，約為 16.7%。

Adjusted EBITDA was $27.6 million or 21.2% of net sales with nominal sequential improvement of $1 million and 100 basis points of margin improvement.

調整後 EBITDA 為 2,760 萬美元，佔淨銷售額的 21.2%，較上季改善 100 萬美元，利潤率提高 100 個基點。

We remain very pleased with the sales momentum within TriMas packaging with year-to-date organic sales up more than 10% and expect our conversion rates to improve as we move into 2025 as we work through operational pinch points created by significantly higher customer orders and related capacity constraints.

我們對 TriMas 包裝的銷售勢頭感到非常滿意，今年迄今的有機銷售額增長了 10% 以上，並且預計隨著我們努力解決由客戶訂單大幅增加和相關產能限製造成的運營瓶頸，我們的轉換率將在 2025 年有所提高。

While we are maintaining our full year guidance for 2024 of 9% to 10% sales growth and adjusted EBITDA margin of 21% to 23%.

同時，我們維持 2024 年全年銷售成長 9% 至 10% 以及調整後 EBITDA 利潤率 21% 至 23% 的預期。

We do believe there are additional margin enhancement opportunities as we get into 2025.

我們確實相信，進入 2025 年，將會有更多提高利潤的機會。

While we expect GDP plus type sales growth in 2025, we also believe the business is now well positioned to further improve conversion rates as we continue to bring capacity into better alignment with demand for some of our key dispensing products and we benefit from incremental variable contribute -- contribution margin from higher sales.

雖然我們預計 2025 年 GDP 加類型銷售額將實現成長，但我們也相信，隨著我們繼續使產能與某些關鍵分配產品的需求更好地保持一致，並且我們受益於增量變數貢獻——更高銷售額帶來的貢獻利潤率，該業務現在已準備好進一步提高轉換率。

Turning to slide 8, I will now provide an update on our TriMas aerospace segment.

前往第 8 張投影片，我現在將提供有關我們的 TriMas 航空航天部門的最新情況。

Net sales in the quarter was $71 million as compared to $68 million for the prior year quarter.

本季淨銷售額為 7,100 萬美元，去年同期為 6,800 萬美元。

An organic increase of approximately 5%.

有機成長約5%。

As Tom mentioned earlier sales during the quarter were negatively impacted by a work stoppage at one of our largest aerospace facilities.

正如湯姆先前提到的，本季的銷售受到我們最大的航空航天設施之一的停工的負面影響。

We believe this event, we do sales in the quarter by $7 million to $8 million.

我們相信這項活動將使我們本季的銷售額增加 700 萬至 800 萬美元。

And when adjusting for this item sales otherwise would have increased by more than 15% year over year as we continue to work through a historical backlog and general aerospace volumes continue their post COVID recovery.

並且，當我們調整此項後，銷售額將同比增長 15% 以上，因為我們將繼續處理歷史積壓訂單，並且一般航空航天產品的銷量將繼續在 COVID 之後復蘇。

I would also like to note that while we did experience some shifting of orders by certain customers related to the widely reported work stoppage at Boeing, it did not meaningfully impact our results in the quarter.

我還想指出的是，雖然我們確實經歷了一些由於廣泛報道的波音公司停工而導致的某些客戶的訂單轉移，但這並沒有對我們本季度的業績產生重大影響。

Operating profit for the quarter was $8.7 million or 12.3% of net sales.

本季營業利潤為 870 萬美元，佔淨銷售額的 12.3%。

A slight nominal improvement when compared to the previous year period, even when considering the impact of the work stoppage.

即使考慮到停工的影響，與去年同期相比也略有名義上的改善。

As Tom mentioned, we believe the worktop it reduced adjusted EPS by approximately $0.04 or $2.5 million of operating profit during the quarter.

正如湯姆所提到的，我們認為該工作檯面使本季的調整後每股收益減少了約 0.04 美元，即營業利潤減少了 250 萬美元。

Adjusted EBITDA for the quarter was $13.1 million or 18.5% of net sales.

本季調整後的 EBITDA 為 1,310 萬美元，佔淨銷售額的 18.5%。

LTM sales for TriMas aerospace as of the third quarter remain more than 20% higher when compared to the same period in 2023.

截至第三季度，TriMas 航空航太的 LTM 銷售額與 2023 年同期相比仍高出 20% 以上。

And while we are very pleased with this full demand recovery, we do believe there's incremental market opportunity within TriMas aerospace as we continue to invest in manufacturing capacity and see further improvements in supply chain and labor force continuity.

雖然我們對需求的全面復甦感到非常高興，但我們確實相信，隨著我們繼續投資於製造能力並看到供應鏈和勞動力連續性的進一步改善，TriMas 航空航太領域還存在增量市場機會。

Despite some of the challenges noted in the third quarter and assuming no meaningful impact from the billing matter.

儘管第三季出現了一些挑戰，但我們認為帳單問題不會產生任何重大影響。

We are maintaining our full year guidance for 2024 of 18% to 22% sales growth and adjusted EBITDA margin of 18% to 19%.

我們維持 2024 年全年銷售成長 18% 至 22% 和調整後 EBITDA 利潤率 18% 至 19% 的預期。

We also believe there is more than 100 basis points of additional upside and conversion improvement to be achieved in 2020 -- pardon me 2025 from the operational improvement efforts previously mentioned and other actions implemented by our aerospace team along with continued core sales growth given in market demand.

我們也相信，透過前面提到的營運改善工作和我們的航空航太團隊實施的其他行動，以及在市場需求推動下核心銷售持續成長，2020 年（請原諒 2025 年）將實現超過 100 個基點的額外上升空間和轉換率改善。

In fact, some of our operations are already booked deep into the second half of 2025.

事實上，我們的一些業務已經預訂到了 2025 年下半年。

Now on slide 9, let's review our specialty product segment.

現在在第 9 張投影片上，讓我們回顧一下我們的特色產品部分。

Net sales were $28 million as compared to $51 million for the prior year quarter and $31 million for Q2 of 2024.

淨銷售額為 2,800 萬美元，而去年同期為 5,100 萬美元，2024 年第二季為 3,100 萬美元。

This will be the last quarter that specialty products will be comping against an abnormally elevated period of customer demand driven by global supply chain continuity concerns in 2023.

這將是特種產品與 2023 年受全球供應鏈連續性擔憂推動的客戶需求異常高漲期相抗衡的最後一個季度。

Sales in the quarter continued to be negatively impacted largely by the overstock position of industrial cylinders and to a lesser extent, lower sales of compressors serving the oil and gas industry.

本季的銷售持續受到負面影響，主要受到工業汽缸庫存過剩的影響，而石油和天然氣工業用壓縮機銷售下降的影響則較小。

In addition, sales of cylinders into defense related applications have been delayed and are now not expected to run at a normalized rate until the start of 2025.

此外，國防相關應用的汽缸銷售已被推遲，預計要到2025年初才能恢復正常。

While we continue to see some moderate improvement in quoting activity and bookings for steel cylinders, we do not expect these activities to meaningfully impact 2024 and accordingly, we are maintaining our full year guidance for 2024 of a 25% to 30% sales decline an adjusted EBITDA margin of 10% to 14%.

雖然我們繼續看到鋼製氣瓶的報價活動和預訂量有所改善，但我們預計這些活動不會對 2024 年產生重大影響，因此，我們維持 2024 年全年銷售額下降 25% 至 30% 的預期，調整後的 EBITDA 利潤率為 10% 至 14%。

Operating profit in the quarter was $2.4 million or 8.5% of net sales, a 660 basis point sequential improvement as we are starting to benefit from the broad cost reduction actions taken during Q2 of this year.

本季營業利潤為 240 萬美元，佔淨銷售額的 8.5%，比上一季提高 660 個基點，因為我們開始受益於今年第二季採取的廣泛成本削減措施。

Adjusted EBITDA for the quarter was $3.4 million or 12.1% of net sales.

本季調整後的 EBITDA 為 340 萬美元，佔淨銷售額的 12.1%。

As we look toward 2025 for specialty products.

我們展望2025年的特色產品。

We believe that the cost restructuring actions taken during 2024 along with the strategic initiative at North Cylinder to move to a pull inventory system as the business well positioned to continue to improve conversion rates within a more moderated demand environment and will allow us to react quickly and efficiently if demand recoveries are at a higher rate than anticipated in 2025.

我們相信，2024 年採取的成本重組行動以及北氣缸轉向拉動庫存系統的戰略舉措，將使該業務能夠在更為溫和的需求環境下繼續提高轉化率，並使我們能夠在 2025 年需求復甦速度高於預期時迅速有效地做出反應。

Accordingly, we are expecting more moderate organic growth for 2025 as we come off the very low sales base in 2024 with EBITDA margins reverting back into the low to mid double digit range.

因此，我們預計 2025 年的有機成長將更加溫和，因為我們將在 2024 年擺脫非常低的銷售基數，EBITDA 利潤率將回升至低至中兩位數範圍。

At this point, I would like to turn the call back over to Tom to provide some closing remarks.

現在，我想將電話轉回給湯姆，讓他做一些結束語。

Tom?

湯姆？

Thank you, Scott.

謝謝你，斯科特。

Let's turn this slide 10.

我們將這張投影片翻到第 10 頁。

Given our expectations for continuous improvement within our aerospace group.

鑑於我們對航空航太集團持續改進的期望。

Now that the work stoppage is resolved and our backlog remains strong.

現在停工問題已經解決，我們的積壓工作仍然強勁。

Specialty products as we continue to see gains from our restructuring actions progress and continuous sequential momentum within our packaging group, we are maintaining our adjusted EPS range that we provided in July which was a range of $1.70 to a $1.90.

特種產品，由於我們繼續看到重組行動取得進展，以及包裝集團持續的連續增長勢頭，我們將維持 7 月份提供的調整後每股收益範圍，即 1.70 美元至 1.90 美元。

However, I would like to qualify that while we have only seen modest impacts to date from the widely reported Boeing work stoppage.

然而，我想說明的是，儘管我們迄今為止只看到廣泛報導的波音停工事件造成的影響不大。

If it is prolonged, like most companies with the narrow space ecosystem, it will impact demand and the supply chain overall.

如果這種情況持續下去，就像大多數擁有狹窄空間生態系統的公司一樣，它將影響整個需求和供應鏈。

We remain in close dialogue with all of our customers and suppliers related to this matter and we'll adjust our production planning if necessary.

我們與所有與此事相關的客戶和供應商保持密切對話，並將在必要時調整生產計劃。

At this point however, we have no practical way to estimate any impact and we continue to deliver to our open orders for all of our aerospace customers.

然而，目前我們還沒有實際的方法來估計任何影響，我們繼續向所有航空航太客戶提供未結訂單。

Before moving to Q&A, I will conclude our prepared remarks by refreshing the near and long term value creating opportunities set for TriMas.

在進入問答環節之前，我將透過重新回顧為 TriMas 設定的近期和長期價值創造機會來結束我們的準備好的發言。

First, our two largest operating groups, TriMas packaging and TriMas aerospace are at different stages of performance recovery after a very challenged 2023.

首先，我們最大的兩個營運集團 TriMas 包裝和 TriMas 航空航太在經歷了充滿挑戰的 2023 年後正處於不同的業績恢復階段。

We anticipate that the possible momentum on these high quality business lines will carry into 2025 and well beyond.

我們預計，這些高品質業務線的潛在發展動能將持續到 2025 年及以後。

Next, we continue to take proactive steps to focus our portfolio of businesses.

接下來，我們將繼續採取積極措施，集中我們的業務組合。

We have already announced a first divestiture step which is underway.

我們已經宣布正在進行的第一步資產剝離計劃。

We also continue to place a priority on building out our TriMas packaging platform through M&A with a focus on the life sciences, beauty and food and beverage and markets and also our TriMas aerospace platform through product complements and adjacencies to enhance its long term value.

我們也將繼續優先透過併購來打造我們的 TriMas 包裝平台，專注於生命科學、美容、食品飲料和市場，並透過產品補充和鄰接來建立我們的 TriMas 航空航天平台，以提高其長期價值。

Finally, while our specialty products businesses have experienced significant challenges this year, we have already completed many actions that are only beginning to provide a financial benefit, but which we expect to build upon as we move into 2025.

最後，雖然我們的特色產品業務今年面臨著重大挑戰，但我們已經完成了許多行動，這些行動才剛開始帶來財務效益，但我們預計在進入 2025 年時將在此基礎上繼續發展。

Moreover, as we expect to experience demand reversion when it occurs, we should convert very well in our specialty products businesses.

此外，由於我們預期需求將出現逆轉，我們的特色產品業務應該能夠實現良好的轉變。

I would like to again thank our investors for their continued interest and support and we'll now turn the call back to Sherry.

我想再次感謝我們的投資者的持續關注和支持，現在我們將電話轉回給雪莉。

Sherry?

雪莉酒？

Thanks Tom.

謝謝湯姆。

At this point, we would like to open up the call to questions from our analysts.

現在，我們想開始接受分析師的提問。

Thank you.

謝謝。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員指令）

Ken Newman, KeyBanc Capital Markets.

肯‧紐曼 (Ken Newman)，KeyBanc 資本市場。

Hey, good morning guys.

嘿，大家早安。

Hi, Ken.

你好，肯。

[Hi] there, Tom.

嗨，湯姆。

Maybe for my first question just starting with aerospace.

我的第一個問題可能剛從航空航天開始。

Look, I know that it's a challenging environment out there with Boeing.

我知道波音公司面臨的環境充滿挑戰。

But I'm curious if you maybe remind us how much of your workforce is unionized in that segment and where you -- whether or not you see any risk of another labor dispute here in the near term?

但我很好奇，您是否可以提醒我們，貴公司在該領域有多少勞動力加入了工會，以及您是否認為短期內這裡是否存在再次發生勞資糾紛的風險？

Well, we only have one facility that is unionized and that was a facility that we completed a new three year deal on.

嗯，我們只有一個工廠加入了工會，我們已經與其簽訂了新的三年協議。

So we don't anticipate any more workforce issues within aerospace.

因此我們預期航空航太領域不會再出現勞動力問題。

Got it.

知道了。

That's helpful.

這很有幫助。

Just sticking with the arrow then, I was surprised to hear that you haven't really seen an impact from the Boeing strike this quarter wasn't as incremental as maybe we would have thought.

那麼，繼續堅持下去，我很驚訝地聽到你並沒有真正看到本季波音罷工的影響，它的影響並不像我們想像的那麼大。

Do you have a sense?

你有感覺嗎？

And I know visibility in the channel is always really tough, especially on the fastener side.

我知道通道內的可見性總是很差，特別是在緊固件側。

But, just how much inventory is maybe out in the channel that these guys are maybe burning through or not burning through.

但是，通路中到底有多少庫存是這些人可能消耗掉或沒有消耗掉的呢？

And how does that, impacting order rates that, you know, a go forward level?

那麼這對訂單率以及未來的水準有何影響？

Yeah, that look that's a good question.

是的，看起來這是一個好問題。

That's a difficult one for us to predict, but you're exactly right within our largest product lines.

這對我們來說很難預測，但對於我們最大的產品線而言，你說的完全正確。

It does tend -- we tend to track with a little bit of a lag factor.

它確實傾向於——我們傾向於以一點點滯後因素進行追蹤。

So, we're hopeful that a resolution, will occur hopefully today.

因此，我們希望今天能夠得到解決方案。

And that production will get turned on again.

然後生產就會再次啟動。

So it's difficult for us to predict if there is -- will be any impact, I don't expect it much if any in Q4 could be a little bit of some rebalancing in 2025.

因此，我們很難預測是否會產生任何影響，我預期第四季的影響不會很大，也可能是在 2025 年出現一些重新平衡。

But remember that for much of this year, we've been behind on shipment, so we have a lot of open orders that we still have to fill.

但請記住，今年大部分時間，我們的發貨都處於落後狀態，因此我們還有很多未完成的訂單需要完成。

So I'm not -- I don't feel like for some of our product lines, some of our major product lines that there's a heavy amount of overstocking, but we'll update you next quarter.

因此，我不覺得我們的某些產品線，某些主要產品線存在大量庫存過剩的情況，但我們會在下個季度向您通報。

Got it.

知道了。

Maybe if I could just squeeze one more in, looking at the packaging guide that was maintained, it implies a pretty big step up in margins from 3Q to 4Q at the midpoint.

也許，如果我能再擠進一個，看看維護的包裝指南，它意味著從第三季到第四季的中間點利潤率將有相當大的提升。

And I'm just curious if there's a way to help us understand how much of that's going to be driven by the better absorption on the new capacity editions or if there's a mix benefit there, anything that we should kind of be aware of?

我只是好奇，是否有辦法幫助我們了解其中有多少是由新容量版本的更好吸收所推動的，或者是否存在混合優勢，我們應該注意什麼？

And how is that maybe trending through October relative to that midpoint of the guide?

相對於指南的中點，十月份的趨勢可能如何？

Well, first of all, we have been seeing some sequential improvement within packaging throughout the year.

首先，我們看到包裝在全年中取得了一些連續的進步。

We expect that to continue.

我們預計這種情況將持續下去。

Within all of our operations outside of a very few select hot spots.

在我們所有的營運中，除了極少數選定的熱點地區之外。

TriMas packaging is performing pretty well.

TriMas 包裝表現相當出色。

So if assuming orders hold up, we do have some short cycle nature to our business in this current environment.

因此，如果假設訂單保持不變，在當前環境下，我們的業務確實具有一些短週期性質。

But assuming the orders hold up as we expect them to, I expect that we'll continue to make progress against some of the hot spots we have in the quarter and perform better than Q3.

但假設訂單如我們預期的那樣保持下去，我預計我們將繼續在本季的一些熱門議題上取得進展，並且表現優於第三季。

So just to clarify, it sounds like this is truly all just an absorption and in the capacity additions.

因此，需要澄清的是，這聽起來確實只是吸收和增加容量。

Is that fair?

這樣公平嗎？

Yeah.

是的。

Well, look, we as Scott alluded to and I mentioned as well, we do have a few hot spots where we have some operations that are not performing to their full potential and every day we get better and we reduce some of the inefficiencies we're seeing.

嗯，看，正如斯科特提到的，我也提到過，我們確實存在一些熱點，我們的一些操作沒有充分發揮其潛力，我們每天都在進步，減少我們看到的一些低效率。

And so I wouldn't quite call that absorption.

因此我不能稱之為吸收。

I just call that some, eliminating some of the off standard costs that are impacting us.

我只是稱之為消除一些對我們造成影響的非標準成本。

And the [irony] is that the driver behind those off standard costs are exceptionally high demand on a select few product lines which in 2023 orders were down for those product lines, nearly 20%.

諷刺的是，這些非標準成本背後的驅動因素是少數產品線的需求異常高，而 2023 年這些產品線的訂單下降了近 20%。

So it's sort of a snapback effect and we've seen this in aerospace and we've seen this in other businesses as well.

這是一種反彈效應，我們在航空航太業看到過這種情況，在其他產業也看到過這種情況。

Sometimes when demand snaps back, that's great at the top line, but it takes a while to bring things into balance.

有時，當需求回升時，這對營業額來說是個好消息，但需要一段時間才能恢復平衡。

Yeah.

是的。

That's helpful.

這很有幫助。

I'll get back in queue.

我會重新排隊。

Thanks.

謝謝。

Thank you.

謝謝。

Hamid Khorsand, BWS Financial.

Hamid Khorsand，BWS Financial。

Hi, good morning.

嗨，早安。

So, first off on packaging, I guess you were seeing some orders come in and some inefficiencies.

因此，首先關於包裝，我想您會看到一些訂單進來並且存在一些效率低下的情況。

Why is it taking so long to right size the business and get the bottlenecks out of the way?

為什麼要花這麼長時間才能調整業務規模並消除瓶頸？

Hi, good morning Hamed.

嗨，早上好，哈米德。

That's a good question.

這是個好問題。

In a particular case that we're referencing, It specifically has to do with installed capacity.

在我們所引用的特定案例中，它具體與安裝容量有關。

So we sometimes what we have to add capacity can take 40 plus weeks.

因此，有時我們需要增加產能，但可能需要 40 多個星期。

By the time equipment comes in, it gets qualified and approved by the customer and brought online.

當設備到達時，它會經過鑑定並獲得客戶的批准並上線。

So we actually ordered equipment late last year earlier this year and it's on our factory floors in fourth quarter.

因此，我們實際上是在去年年底今年年初訂購了設備，並且它已於第四季度投入我們的工廠。

So we're in the process of ramping it up.

因此，我們正處於加速階段。

So that's the issues we've been talking about capacity pinch points.

這就是我們一直在討論的產能瓶頸問題。

What that really means is we had to add another assembly line.

這實際上意味著我們必須增加另一條裝配線。

Got it.

知道了。

And then on packaging itself, could you just describe, the order, the quoting activity you're seeing and it's given the guidance, it seems that Q4 could actually be flat to up while seasonally Q4 is supposed to be weak for the segment.

然後關於包裝本身，您能否描述訂單、您所看到的報價活動以及指導意見，似乎第四季度實際上可能持平或上升，而從季節性來看，第四季度對於該部門來說應該是疲軟的。

Yeah, let me -- first let me say that we do have a fair amount of product lines that are shorter cycle in nature and customers are taking advantage of that short cycle dynamic.

是的，首先我要說的是，我們確實有相當數量的產品線本質上是較短的周期，客戶正在利用這種短週期動態。

So the visibility to exact orders are a little bit more difficult than they have historically been.

因此，查看確切的訂單比以往更加困難一些。

But we're starting to see the trends with those orders coming in.

但隨著這些訂單的湧入，我們開始看到趨勢。

But I will -- you said something earlier in your question about the quoting activity.

但我會的——你之前在問題中提到了有關引用活動的事情。

The quoting activity that we're seeing in our packaging group is exceptional right now.

目前，我們看到包裝組的報價活動非常活躍。

And I would expand that also to our life sciences product lines.

我也會將其擴展到我們的生命科學產品線。

And we're not -- we're pretty unique because we have the ability to offer customers in life sciences.

我們非常獨特，因為我們有能力為生命科學領域的客戶提供服務。

The prototype runs and then sort of going up to mid-scale before they might go to a larger CDMO supplier.

原型運作後，會逐漸擴大到中等規模，然後才可能去找更大的 CDMO 供應商。

But we're seeing a lot of quoting activity globally for particularly the beauty area, which is an area where we have several product lines and in life sciences at the moment.

但我們發現全球範圍內特別是在美容領域有很多的報價活動，目前我們在該領域擁有多條產品線，並且還涉足生命科學領域。

So we're pretty optimistic about our activity that we're seeing today translating into core growth as we move into 2025 and beyond.

因此，我們對於今天的活動將在 2025 年及以後轉化為核心成長感到非常樂觀。

Okay.

好的。

And then could you comment about this GMT acquisition?

那麼您能對 GMT 收購案發表評論嗎？

What the price point is on this?

這個的價格是多少？

Yeah, I can't at this time because we just signed the agreement and it's subject to a number of conditions before we close.

是的，我現在不能，因為我們剛剛簽署了協議，在完成之前還需要滿足一些條件。

But assuming everything is cleared appropriately.

但假設一切都已妥善處理。

Then we will provide that later or early into next year.

我們將在明年晚些時候或明年年初提供該服務。

But as I mentioned, it's $20 million in Bureau in revenue.

但正如我所提到的，該局的收入為 2000 萬美元。

So you can sort of handicap from that point in terms of overall size relative to TriMas.

因此，您可以從該角度根據總體規模相對於 TriMas 進行排序。

And given the decision to divest the -- your engine business, is there any decision or opinion as to what you want to do with the rest of the business or it's just basically whatever, interest you receive inbound.

並且考慮到剝離引擎業務的決定，您是否對剩餘業務有何決定或意見，或者基本上只是您收到的利息。

I'm not quite sure.

我不太確定。

I follow the question.

我關注了這個問題。

Well, you've decided to divest engines.

好吧，你已經決定放棄引擎。

Is there any interest to divest anything else or are you depending on, what any inbound call you get?

您是否有興趣剝離其他任何東西，或者您是否依賴您接到的任何來電？

(multiple speakers)

（多位發言者）

Yeah, I think it's a good question.

是的，我認為這是個好問題。

We're always looking at our portfolio of businesses.

我們一直在關注我們的業務組合。

We do have some businesses that are quite different from others in terms of the broad set of characteristics.

從整體特徵來看，我們的一些業務確實與其他業務有很大不同。

So come out, it's a good question.

所以說出來吧，這是個好問題。

We're always looking at the businesses we own and assessing what businesses have the longest term strategic potential for us in terms of creating value for our shareholders.

我們始終關注我們所擁有的業務，並評估哪些業務在為股東創造價值方面對我們來說具有最長期的策略潛力。

All right, thank you.

好的，謝謝。

Thank you.

謝謝。

Ken Newman, KeyBanc Capital Markets.

肯‧紐曼 (Ken Newman)，KeyBanc 資本市場。

Hey, thanks for taking the follow up.

嘿，感謝您的跟進。

Maybe just to touch on that last question in terms of how you view the portfolio.

也許只是想談談您如何看待投資組合的最後一個問題。

Obviously you've got a new shareholder here and I'm curious if there's been any talk about the Board or just how you view his intention, whether he's got a view on the fourth portfolio or that you could talk to?

顯然，你們這裡有一位新股東，我很好奇是否有關於董事會的討論，或者你如何看待他的意圖，他對第四個投資組合有何看法，或者你可以與他談談嗎？

Well, yeah, we've certainly read the public filing.

嗯，是的，我們當然已經閱讀了公開文件。

I think as a normal course, irrespective of that particular shareholder or other large shareholders that we have as a company.

我認為這是一個正常現象，無論我們公司有哪個特定股東或其他大股東。

And certainly with our Board, we're always reviewing each of our portfolio set of our -- set of portfolio businesses and assessing which have the best long term value for us and for our shareholders.

當然，我們的董事會總是在審查我們投資組合中的每一項業務，並評估哪些業務對我們和我們的股東具有最佳的長期價值。

So I don't think anything has really changed.

因此我認為什麼都沒有改變。

It's something that we do as a normal course as a Board all the time.

這是我們董事會一貫採取的正常做法。

Got it.

知道了。

Okay.

好的。

And then maybe one more on free cash and capital deployment.

然後也許還有一個關於自由現金和資本部署的問題。

Obviously, you're maintaining the view on maybe going after M&A as well as being a little bit more active on share purchases here through the year, maybe first on the M&A pipeline.

顯然，您仍然堅持認為可能會進行併購，並且在今年內會更積極地購買股票，也許會首先進行併購。

Obviously, you've got the GMT acquisition here.

顯然，您已獲得 GMT 收購。

How do you characterize the pipeline of deals here relative to both the aerospace and the packaging segments?

您如何描述航空航太和包裝領域的交易管道？

And I guess, as a follow up to that the GMT deal is that one that we should we expect that to be margin accretive or relatively in line with the segment margins when that closes?

我想，作為 GMT 交易的後續行動，我們是否應該預期該交易在完成時將會增加利潤或與分部利潤率相對一致？

Yeah, it's Scott.

是的，我是史考特。

Let me try to address the GMT deal.

讓我嘗試談談 GMT 協議。

We're not going get into specifics there, but, obviously we do expect it to be a creative as it relates to EPS -- adjusted EPS coming out of the gate.

我們不會深入討論具體細節，但顯然我們確實預期它會是一個與 EPS（調整後的 EPS）相關的創意。

With regards to your other question on the pipeline and how, how it relates to cash flow.

關於您關於管道及其與現金流關係的另一個問題。

Could you just ask that one more time?

你能再問一次嗎？

So I make sure I'm clear on what you're asking?

那我可以確定我清楚你在問什麼嗎？

Yeah.

是的。

Yeah, I'm just curious if you have just get some color on what the pipeline is looking like between packaging and aerospace deals, because the leverage is up a little bit, but mostly I think just on maybe some more depressed EBITDA in the cycle and just, where are -- where our deals kind of trading out from a multiple perspective and just your opportunity to go after incremental bolt ons from here.

是的，我只是好奇您是否了解包裝和航空航太交易之間的通路情況，因為槓桿率略有上升，但我認為主要是因為週期中的 EBITDA 可能更加低迷，從多個角度來看，我們的交易在哪裡進行，以及您從現在開始追求增量附加價值的機會。

Yeah, let me jump in here.

是的，讓我跳進去。

Ken, certainly we're very active on the packaging front.

肯，當然我們在包裝方面非常活躍。

And we're looking at deals that are -- what I would call nicely in the bolt on size range.

我們正在尋找—我稱之為螺栓尺寸範圍內的交易。

So [for USSEL] are great deals to absorb and integrate.

因此，對於 USSEL 來說，有許多交易值得吸收和整合。

Assuming we make progress with arrow engine, which we expect that'll help us sort of fund some of the repositioning of our portfolio as we move into next year, focusing further into packaging and deemphasizing specialty products.

假設我們在 Arrow 引擎方面取得進展，我們預計這將有助於我們在明年為產品組合的重新定位提供資金，進一步專注於包裝並減少對特色產品的強調。

So, yeah, so I think I don't know if that addressed it, but we're seeing high activity still in our packaging set of businesses.

是的，我認為我不知道這是否解決了這個問題，但我們看到我們的包裝業務仍然很活躍。

And I would say a little bit more select -- set of opportunities within aerospace.

我想說的是，航空航太領域的機會更加精選一些。

This acqui -- acquisition that we identified and developed and sort of brought into -- brought under contract is a uniquely great fit with us and it provides, provides us the long needed presence in Europe and to increase our concentration with Airbus.

我們所確定、發展並且簽訂合約的這項收購對我們來說非常合適，它為我們提供了我們長期以來所需的歐洲業務，並提高了我們對空中巴士的關注。

So we felt it was a huge ad for our business, albeit it's a smaller acquisition.

因此，我們覺得雖然這只是一個規模較小的收購，但對我們的業務而言，這是一筆巨大的廣告。

(multiple speakers) is that that address your question?

（多位發言者）這回答了你的問題嗎？

Yeah, that was very helpful.

是的，這非常有幫助。

It did.

確實如此。

Thanks.

謝謝。

Thank you.

謝謝。

We have reached the end of our question-and-answer session.

我們的問答環節已經結束。

I would now like to turn the floor back over to Thomas Amato for closing comments.

現在我想把發言權交還給托馬斯·阿馬托，請他發表最後評論。

Thank you and thank you for joining us on our earnings call.

謝謝您，謝謝您參加我們的收益電話會議。

We look forward to updating you again next quarter.

我們期待下個季度再次為您更新。

Have a great day.

祝你有美好的一天。

This includes today's teleconference.

其中包括今天的電話會議。

You may disconnect your lines at this time.

現在您可以斷開您的線路。

Thank you for your participation.

感謝您的參與。