TriMas Corp (TRS) 2025 Q1 法說會逐字稿

Ladies and gentlemen, greetings and welcome to the TriMas Corporation. First quarter 2025 earnings conference call. (operator Instructions).

女士們、先生們，大家好，歡迎來到 TriMas 公司。2025 年第一季財報電話會議。 （操作員指示）。

It is now my pleasure to introduce your host Sherry Lauderback Investor Relations. Please go ahead.

現在我很高興向大家介紹主持人 Sherry Lauderback 投資者關係部門。請繼續。

Thank you and welcome to TriMas Corporation's first quarter 2025 earnings call. Participating on the call today are Thomas Amato, TriMas President and CEO, and Teresa Finley, our Chief Financial Officer.

感謝您並歡迎參加 TriMas Corporation 2025 年第一季財報電話會議。今天參加電話會議的有 TriMas 總裁兼執行長 Thomas Amato 和財務長 Teresa Finley。

We will provide our prepared remarks on our first quarter results and full year outlook, and then we will open the call up for questions.

我們將就第一季業績和全年展望發表準備好的評論，然後開始回答問題。

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 investor section. In addition, a replay of this call will be available later today by calling 877-660-6853 with a meeting ID of 13753075.

為了幫助審查我們的結果，我們在公司網站 trimas.com 的投資者部分中發布了今天的新聞稿和簡報。此外，今天晚些時候，您可以撥打 877-660-6853 收聽本次電話會議的重播，會議 ID 為 13753075。

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

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。請參閱我們今天稍後提交的最新 10K 和 10Q 表格，其中列出了可能導致我們的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 release or presentation for the reconciliations between GAAP and non-gap financial measures used during this 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 Thomas Amato. Tom.

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 和非差距財務指標之間的對帳。今天，電話會議上有關我們財務表現的討論將以調整後的數據為基礎，不包括特殊項目的影響。說完這些，我將把電話轉給托馬斯·阿馬托 (Thomas Amato)。湯姆。

Thank you, Sherry. Good morning and welcome to TriMas first quarter earnings call. Let's begin on slide 3.

謝謝你，雪莉。早安，歡迎參加 TriMas 第一季財報電話會議。我們從投影片 3 開始。

We are pleased to announce that we are off to a great start to the year and have delivered strong results for the 1st quarter.

我們很高興地宣布，今年我們有一個良好的開端，並在第一季取得了強勁的業績。

Reflecting on our two largest segments, packaging and aerospace, which together represent nearly 90% of TriMas revenues, we have experienced organic growth of 3.3% and 27.8% respectively.

回顧我們最大的兩個部門，包裝和航空航天，它們合計佔 TriMas 收入的近 90%，我們分別經歷了 3.3% 和 27.8% 的有機增長。

Our aerospace business achieved another record sales quarter and continued momentum in driving conversion to just over 22% EBITDA with LTM EBITDA now at 20%.

我們的航空航太業務再創季度銷售記錄，並繼續推動轉換勢頭，EBITDA 成長率略高於 22%，LTM EBITDA 目前為 20%。

This is commendable performance by the aerospace team and represents our steadfast commitment to continuous improvement underpinned by a robust aerospace and defence market.

這是航空航天團隊值得稱讚的表現，代表了我們在強勁的航空航天和國防市場的支持下堅定不移地致力於持續改進。

Within our packaging group, sales grew at an anticipated level when adjusted for currency, and our conversion rate was just slightly below the prior year quarter as we chose to secure certain materials ahead of changing tariff rates. Taking this proactive step resulted in incremental costs in the quarter, which otherwise would have resulted in an increased overall conversion rate as compared to the prior period.

在我們的包裝集團內，經過貨幣調整後，銷售額增長到了預期水平，而且我們的轉換率略低於去年同期，因為我們選擇在關稅稅率變化之前確保某些材料的安全。採取這項主動措施導致本季成本增加，否則與上一期相比，整體轉換率將會提高。

Importantly, as we begin to as we begin Q2, while we navigate the global packaging market, we are continuing to see good demand for our dispensing product lines. We will continue to closely monitor this trend given emerging tariff-related dynamics.

重要的是，隨著我們進入第二季度，在我們探索全球包裝市場的同時，我們繼續看到對我們的分配產品線的良好需求。鑑於新出現的關稅相關動態，我們將繼續密切關注這一趨勢。

When considering the performance of our two largest segments, it is important to recognize TriMas positive shift to a higher quality of segment level earnings mix, which we believe underscores the value potential of TriMas.

在考慮我們兩個最大部門的表現時，重要的是要認識到 TriMas 向更高品質的部門級盈利組合的積極轉變，我們認為這凸顯了 TriMas 的價值潛力。

With respect to our specialty product segment, after we normalize for the sale of aero engine, this segment now represents approximately 10% of TriMas annual sales.

就我們的特色產品部門而言，在我們對航空引擎的銷售進行標準化之後，該部門現在約佔 TriMas 年銷售額的 10%。

In the first quarter of 2025 and similar to what we experienced at the end of 2024, we continue to believe that no's cylinder is at the bottom of the destocking demand trough.

2025 年第一季度，與我們在 2024 年底經歷的情況類似，我們仍然認為，no 的圓柱體處於去庫存需求低谷的底部。

Encouragingly, we are now beginning to see the rate of cylinder order intake steadily increase for the first time in many months. We believe this is providing the long awaited green shoots which we expect to build upon throughout the year as we have already taken significant cost restructuring actions to facilitate improved performance at a lower annualized sales base.

令人鼓舞的是，我們現在開始看到氣瓶訂單量在數月以來首次穩定上升。我們相信，這正在提供期待已久的復甦芽苗，我們預計將在全年繼續保持這種勢頭，因為我們已經採取了重大的成本重組措施，以在較低的年化銷售基數下促進業績的提高。

I'll provide more detail, a more detailed overview of our segment results later on in the call.

我稍後會在電話會議中提供更多細節，更詳細地概述我們的分部結果。

Again, despite navigating recent challenges in some of our markets due to geopolitical actions, we are very pleased to report a strong start to 2025.

再次，儘管由於地緣政治行動，我們的一些市場近期面臨挑戰，但我們仍然很高興地報告 2025 年的強勁開局。

At this point, I will turn the call over to Teresa Finley, TriMas interim Chief Financial Officer and board member, to discuss TriMas consolidated results.

現在，我將把電話轉給 TriMas 臨時財務長兼董事會成員 Teresa Finley，討論 TriMas 合併業績。

Teresa, thank you, Tom. First, I'd like to give a shout out to the TriMas team who have supported me during this transition, and especially those of you in the Detroit offices here have spent some extra hours helping me deepen my knowledge of our businesses. We indeed have a talented team here at TriMas.

特蕾莎，謝謝你，湯姆。首先，我要感謝TriMas團隊，感謝你們在這次過渡期間給予我的支持，尤其是底特律辦公室的各位，你們加班加點地幫助我加深對公司業務的了解。TriMas 確實擁有一支才華橫溢的團隊。

It's a pleasure to participate in my first earnings call with such encouraging results. On that note, let's turn on to slide 4.

我很高興參加我的第一次收益電話會議並取得如此令人鼓舞的結果。就此而言，讓我們翻到第 4 張投影片。

We have delivered solid results this quarter with consolidated net sales increasing 6.4% year over year to $241.7 million excluding the impact of currency and acquisitions and dispositions, organic revenue growth was more than 8%.

本季我們取得了穩健的業績，綜合淨銷售額年增 6.4% 至 2.417 億美元（不包括貨幣和收購與處置的影響），有機收入增長超過 8%。

Acquisition related sales growth in the quarter was $3.3 million. Related to the February 2025 acquisition of GMT Aerospace, merely making up for the loss of $3.6 million in sales related to the divestiture of Arrow Engine completed in January.

本季收購相關的銷售額成長了 330 萬美元。與 2025 年 2 月收購 GMT Aerospace 有關，僅彌補了 1 月完成的 Arrow Engine 剝離造成的 360 萬美元銷售損失。

Sales growth was also partially offset by $3.8 million related to currency.

銷售額的成長也被與貨幣相關的 380 萬美元部分抵消。

Consolidated operating profit increased by more than 50% compared to Q1 2024, or $8.2 million reflecting the strong revenue growth and expanded operating margin of 290 basis points driven primarily by our aerospace business.

與 2024 年第一季相比，綜合營業利潤成長了 50% 以上，即 820 萬美元，這反映了強勁的收入成長和 290 個基點的營業利潤率擴大，這主要得益於我們的航空航太業務。

This resulted in a meaningful increase in adjusted IIA, which was up 13.5% to $39.7 million, and a margin improvement of 100 basis points to 16.4%. Our adjusted earnings per share rose to $0.46, representing a 24.3% growth year over year.

這使得調整後內部投資收益（IIA）顯著成長，成長13.5%至3,970萬美元，利潤率提升100個基點至16.4%。調整後每股收益增至0.46美元，較去年同期成長24.3%。

Turning to the balance sheet and our capital position, which is on slide 5.

轉到資產負債表和我們的資本狀況，即投影片 5。

We continue to manage a strong and flexible balance sheet supported by low interest long-term debt with no maturities due until 2029. During the quarter, we successfully refinanced our senior secured revolving credit facility, extending its maturity to 2030. Net debt increased from the prior quarter due to our strategic acquisition of GMT aerospace, increasing our net leverage to 2.7 times.

我們繼續管理強勁而靈活的資產負債表，並以 2029 年之前無到期日的低利率長期債務為支撐。本季度，我們成功地為優先擔保循環信貸額度進行了再融資，將其期限延長至 2030 年。由於我們對 GMT 航空航太公司的策略性收購，淨債務較上一季增加，導致我們的淨槓桿率增加至 2.7 倍。

Lastly, first quarter of free cash flow improved by $14.8 million compared to Q1 of 2024 thanks to both strong operational performance and disciplined working capital management.

最後，由於強勁的營運績效和嚴格的營運資本管理，第一季的自由現金流與 2024 年第一季相比增加了 1,480 萬美元。

Overall, we believe our capital structure is well positioned to support both near term operations and future strategic investments. I will now turn the call back to Tom to provide further details on segment performance and our outlook.

總體而言，我們相信我們的資本結構能夠很好地支持近期營運和未來策略投資。現在我將把電話轉回給湯姆，讓他提供有關分部表現和我們展望的更多詳細資訊。

Thank you, Teresa. Let's turn to slide 6 and I'll cover our segment results for the quarter.

謝謝你，特蕾莎。讓我們翻到第 6 張投影片，我將介紹本季的分部業績。

As noted previously, packaging's organic growth was 3.3% after adjusting for negative currency effect. As we discussed on the prior earnings call, we anticipated a more modulated rate of growth in 2025 as compared to 2024, given the snapback in demand that occurred from the very low rate of demand in 2023.

如前所述，在調整負面貨幣影響後，包裝業務的有機成長率為 3.3%。正如我們在先前的收益電話會議上所討論的那樣，考慮到需求從 2023 年的極低水準回升，我們預計 2025 年的成長率將比 2024 年更加平穩。

Within our packaging group's main product lines, we further experience solid organic role within our dispensing products, many of which are used in a variety of consumer goods markets. This is an important continuing trend as our packaging group has many innovative dispensing design and functionality solutions for our customers. Additionally, we are beginning to see our life sciences product line sales increase as compared to the prior year period as the med tech and market generally work through inventory destocking in 2024.

在我們包裝集團的主要產品線中，我們進一步體驗到有機物在分配產品中發揮的重要作用，其中許多產品用於各種消費品市場。這是一個重要的持續趨勢，因為我們的包裝集團為客戶提供了許多創新的分配設計和功能解決方案。此外，隨著醫療技術和市場普遍在 2024 年完成庫存去化，我們開始看到我們的生命科學產品線銷售額與去年同期相比有所增長。

Our closure product line was negatively impacted by lower demand in the quarter, which we believe was driven by elevated customer inventory levels entering 2025, most of which was impacted by inflationary supply issues related to the food and beverage and market generally.

我們的封蓋產品線受到本季需求下降的負面影響，我們認為這是由於進入 2025 年客戶庫存水準上升所致，其中大部分受到與食品、飲料和整個市場相關的通膨供應問題的影響。

Operating profit conversion rates for the quarter were slightly lower by 20 basis points than the prior year quarter. However, the most significant impact to the quarter resulted from incurring incremental costs related to a proactive decision to secure certain materials ahead of changing tariff rates.

本季營業利潤轉換率比去年同期略低 20 個基點。然而，對本季影響最大的是主動決定在關稅稅率變化之前確保某些材料的安全而產生的增量成本。

This strategically defensive step resulted in approximately 100 basis points of extraordinary freight expense, which, if normalized for this effect, would have resulted in improved margin compared to the prior year quarter.

這項戰略防禦措施導致約 100 個基點的額外運費支出，如果將此影響正常化，則與去年同期相比，利潤率將會提高。

As we continue to look forward in 2025, the most significant matter we are navigating, like most packaging companies, relates to a potentially changing economic environment related to tariffs. In the near term, we are working with suppliers and customers to best reduce exposure from this geopolitical effect. In the longer term, and if necessary, we are well positioned to relocate production throughout various parts of the world given our global footprint.

當我們繼續展望 2025 年時，與大多數包裝公司一樣，我們正在應對的最重要的問題與關稅相關的潛在經濟環境變化有關。短期內，我們正在與供應商和客戶合作，以最大程度地減少這種地緣政治影響。從長遠來看，如果有必要，考慮到我們的全球影響力，我們有能力將生產遷移到世界各地。

As mentioned on a previous earnings call, we have launched a new and larger facility in Vietnam, relocating from a smaller facility within the country. We expect this upgraded facility will serve as an important manufacturing hub to service Asia and other parts of the world.

正如先前的收益電話會議中所提到的，我們已經在越南建立了一個新的、更大的工廠，並將該國境內的一個較小的工廠搬遷到此處。我們預計，升級後的工廠將成為服務亞洲和世界其他地區的重要製造中心。

With respect to imported goods from China, I would note that given our strategy over the past 3 years to regionalize production, we now only import about 5% of our total packaging sales from China.

關於從中國進口的商品，我想指出，鑑於我們過去三年來的區域化生產策略，我們現在僅從中國進口總包裝銷售額的約 5%。

If the tariff rates implemented against China by the United States remain at the rate in effect currently, we believe we can dampen the near term, the term direct impact with actions already underway and if necessary, accelerate our rate of relocating and insourcing other packaging products over the longer term.

如果美國對中國實施的關稅稅率保持在目前水平，我們相信我們可以透過已經採取的行動來減輕短期、長期的直接影響，並在必要時加快我們長期內轉移和內部採購其他包裝產品的速度。

So overall, we remain encouraged by the progress made within our packaging group this quarter, as well as a longer term outlook. At the same time, we are also working diligently to mitigate pending challenges created by geopolitical decisions.

總體而言，我們仍然對本季包裝部門的進展以及長期前景感到鼓舞。同時，我們也在努力減輕地緣政治決策所帶來的挑戰。

If we turn to slide 7, I'll review our aerospace segment.

如果我們翻到第 7 張投影片，我將回顧我們的航空航天部門。

As noted, our aerospace group had a record sales quarter of nearly $90 million of revenue. This was driven by continued increasing demand in the aerospace and defence market, improved throughput against a strong order book, commercial actions, and acquisition-related sales.

如上所述，我們的航空航太集團本季的銷售收入創下了近 9,000 萬美元的紀錄。這是由於航空航太和國防市場需求持續成長、訂單強勁導致吞吐量提高、商業行動以及收購相關銷售所致。

Also, our operating profit conversion rate was up significantly by 650 basis points as compared to the prior year quarter.

此外，我們的營業利潤轉換率與去年同期相比大幅上升了 650 個基點。

And with EBITDA margin rates now at pre-pandemic levels. This result was largely driven by our aerospace team's efforts over several quarters ranging from extensive factory floor and operational excellence improvements to fact-based data-driven purchasing and commercial actions.

目前 EBITDA 利潤率已恢復至疫情前的水準。這一結果很大程度上得益於我們航空航天團隊幾個季度的努力，包括廣泛的工廠車間和卓越運營改進，以及基於事實的數據驅動的採購和商業行動。

While we are pleased with the performance to start the year, we also remain excited about the long-term growth outlook given our backlog and continue and continued commercial gains, some of which will benefit our growth trajectory in 2026 and beyond.

雖然我們對今年年初的業績感到滿意，但考慮到我們的積壓訂單和持續的商業收益，我們對長期成長前景仍然感到興奮，其中一些將有利於我們 2026 年及以後的成長軌跡。

We also successfully closed on the purchase of GMT Aerospace, which we have renamed [Ta] for TriMas Aerospace Germany and are currently working on the integration of that acquisition.

我們也成功完成了對 GMT Aerospace 的收購，並將其更名為 [Ta]（TriMas Aerospace Germany），目前正致力於此次收購的整合。

For the month and a half of ownership, Tad contributed about $3 million in sales to the aerospace Group.

在擁有該公司一個半月的時間裡，塔德為該航空集團貢獻了約 300 萬美元的銷售額。

On behalf of the entire TriMas management team, we welcome the team at [TA] to the Tri-Mass Aerospace family of businesses.

我謹代表整個 TriMas 管理團隊歡迎 [TA] 團隊加入 Tri-Mass Aerospace 企業大家庭。

If we now turn to slide 8, I'll cover specialty products. Specialty product sales were lower as compared to the prior year quarter by $7.9 million, of which approximately $3.6 million related to sales lost due to the divestiture of aero engine. The balance, just over $4 million, related to lower demand for cylinders in Q1 2025 as compared to Q1 2024.

現在翻到第 8 張投影片，我將介紹特色產品。特種產品銷售額與去年同期相比下降了 790 萬美元，其中約 360 萬美元與航空發動機剝離造成的銷售損失有關。餘額略高於 400 萬美元，與 2025 年第一季相比，氣瓶需求下降有關。

While those are the results, it's not the full story this quarter for Norris cylinder. First, we are starting to see positive change in the rate of order intake which we are monitoring closely and certainly hope it continues.

雖然這些是業績，但這並非諾里斯汽缸本季業績的全部。首先，我們開始看到訂單量出現正面變化，我們正在密切關注這一變化，並希望這種趨勢能夠持續下去。

Additionally, we have already restructured our cost base and anticipate that we can achieve a more normalized conversion rate on a lower sales base.

此外，我們已經重組了成本基礎，並預計我們可以在較低的銷售基礎上實現更正常的轉換率。

Finally, in Q1 2025, we sold through inventory at a higher cost base as compared to Q12024 levels, a quarter when manufacturing costs fully adjusted and aligned with lower demand. That is not the case today as our production costs are in much better balance with current market demand.

最後，在 2025 年第一季度，我們以比 2024 年第一季度更高的成本基礎售出了庫存，而這一季度的製造成本已完全調整併與較低的需求保持一致。今天的情況已經不同了，因為我們的生產成本與當前市場需求更加平衡。

In light of this dynamic and as anticipated for the first half of 2025, we are in a period where we still need to work through absorbed manufacturing overhead from the prior year period. Knowing that and given the factory floor actions we have already implemented, we are confident that operating profit conversion will begin to normalize as we move into the second half and would anticipate seeing an operating profit back in the low double digit range by the end of the year.

鑑於這種動態以及對 2025 年上半年的預期，我們仍處於需要吸收去年同期製造費用的時期。了解這一點，並考慮到我們已經實施的工廠車間行動，我們相信，隨著進入下半年，營業利潤轉換將開始正常化，並預計到今年年底營業利潤將回到兩位數的低位範圍內。

Importantly, as Norris begins to progress in its recovery, it is poised to make meaningful contribution to TriMas overall performance levels.

重要的是，隨著諾里斯開始復甦，它將為 TriMas 的整體表現水準做出有意義的貢獻。

Let's now turn to slide 9.

現在我們翻到第 9 張投影片。

As highlighted in our press release this morning, we are reaffirming our outlook for 2025. While our primary near term challenge relates to the current trade strategy from the US government, which continues to be a fluid situation, we do not yet have enough information to be able to predict the annual impact.

正如我們今天早上的新聞稿中所強調的那樣，我們重申了對 2025 年的展望。雖然我們近期面臨的主要挑戰與美國政府當前的貿易戰略有關，而且這一情況仍然不穩定，但我們還沒有足夠的資訊來預測其年度影響。

We also remain cautiously optimistic that as trade deals are announced with some countries, that result may provide inertia for other countries to begin to settle with the US.

我們也保持謹慎樂觀的態度，認為隨著與一些國家宣布達成貿易協議，這一結果可能會為其他國家開始與美國達成和解提供動力。

Before turning to Q&A, I would like to once again state that TriMas is comprised of great businesses with well recognized brand names in the markets they serve. While each business is at a different phase in their respective cycle, all are well positioned to deliver an outstanding future.

在進入問答環節之前，我想再次聲明，TriMas 由在其服務市場中擁有知名品牌的優秀企業組成。雖然每個企業都處於各自周期的不同階段，但所有企業都已做好準備，創造輝煌的未來。

Thank you, and with that, I'll turn the call back to Sherry.

謝謝，這樣，我就把電話轉回給雪莉了。

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

謝謝，湯姆。現在，我們想開始回答分析師的提問。

Ken Newman, Key Bank Capital Markets.

肯‧紐曼 (Ken Newman)，Key Bank Capital Markets。

Hey, thanks. Morning guys.

嘿，謝謝。大家早安。

Morning, Ken.

早安，肯。

Morning, congrats on the solid quarter there. Just for clarity, Tom, I know you maintained your full year sales and earnings guidance but just to be clear, is there any change to the segment guidance that you provided last quarter as well?

早上好，恭喜本季取得良好成績。只是為了清楚起見，湯姆，我知道你維持了全年銷售和盈利預測，但是為了清楚起見，你上個季度提供的分部預測是否有任何變化？

At this point, no, Ken, we just are, there's so much uncertainty right now that we're not adjusting that at this point.

目前，不，肯，我們只是，現在有太多的不確定性，我們目前無法調整。

Okay That's helpful. So, just trying to keep that and I understand that this is a fluid environment and there's a lot of change here, but I'm trying to make sure that we're not missing anything and I know you talked about the 100 basis points of impact from higher freight expense and packaging. Are there, how are you thinking about other investments or potential headwinds, relative to packaging or any of the other segments as you TRY to position yourself to be a little bit more nimble through this environment.

好的，這很有幫助。所以，我只是試著保持這一點，我明白這是一個流動的環境，這裡有很多變化，但我試圖確保我們不會遺漏任何東西，我知道你談到了更高的運費和包裝費用造成的 100 個基點的影響。當您嘗試讓自己在這種環境下變得更加靈活時，您如何考慮與包裝或任何其他領域相關的其他投資或潛在阻力？

Well, I think so first of all, when I think of our ability to adjust to the issues that may arise from tariffs in the near term outside of the expense that we incurred in Q1. I don't see much more of these abnormal type of expenses. A lot of what we're doing is on the procurement and commercial front to mitigate exposure in the near term. If this becomes a prolonged situation with certain parts of the world, then we'll have to make some decisions on where we manufacture, that would have some certainly some cost impact, but I would expect that that, we're probably a couple. At least 2 to 4 months away from making those decisions.

嗯，首先我是這麼認為的，當我想到我們除了第一季產生的費用之外，還能夠適應短期內關稅可能出現的問題。我很少看到這種不正常的開銷。我們所做的工作很多都是在採購和商業方面，以減輕短期內的風險。如果這種情況在世界某些地區持續下去，那麼我們就必須決定在哪裡生產，這肯定會對成本產生一些影響，但我預計，我們可能會採取一些措施。距離做出這些決定至少還有 2 到 4 個月的時間。

Okay, and if you were to make those decisions, what's the time frame in order to kind of realize, some of this movement and production?

好的，如果您要做出這些決定，那麼為了實現這些運動和生產，需要多長時間？

Yes, that's a great question, and it does depend a bit, but for us, if we're moving operations predominantly in the packaging area where we have assembly, it could take a year, a little bit over a year before we can relocate production from one part of the world to another. If it's something that is more focused on Mouldings only. We can move that quicker, but I would say, it's typically about a year.

是的，這是一個很好的問題，它確實有點取決於情況，但對我們來說，如果我們主要將業務轉移到我們進行組裝的包裝區域，那麼可能需要一年，一年多一點的時間才能將生產從世界的一個地方轉移到另一個地方。如果它只是更注重造型的東西。我們可以加快這一進程，但我想說，通常需要大約一年的時間。

Got it. Okay.

知道了。好的。

If I could just squeeze one more in here and then I'll jump back into the queue, look at the aerospace organic growth this quarter was pretty was very solid, right? I think almost 28% organic, if you, if you're keeping the aerospace organic growth guide of low double digits for the year, it does imply a pretty sizable step down here from 12 levels.

如果我可以在這裡再擠一點，然後我會跳回隊列，看看本季度航空航天的有機增長非常穩健，對吧？我認為幾乎 28% 的有機成長，如果你保持今年航空航太有機成長指南中低兩位數的成長，那麼這確實意味著從 12 個等級下降了相當大的一步。

Can you talk us through the order intake there, how to think about the cadence of growth there, and then also. How do I think about, the operating leverage as we move through the year is 17% segment operating margins the right run rate to look at this business going forward?

您能否向我們介紹那裡的訂單情況，如何看待那裡的成長節奏，等等。我如何看待，隨著我們全年的發展，營業槓桿率為 17%，分部營業利潤率是未來展望這項業務的正確運作率嗎？

Yes, I understand, I understand the point, we are coming up, we're going to start coming off a different quarterly base as we move through the year.

是的，我明白，我明白這一點，隨著一年的推進，我們將開始以不同的季度為基礎。

I do expect some modest operating leverage gains as we move through the year as well with the aerospace, but at this point, Ken, we're just, we just want to be conservative overall as there's just so much uncertainty out there, but I understand the point.

我確實預計，隨著我們在今年的航空航天業中取得一些適度的經營槓桿增長，但目前，肯，我們只是，我們只是想總體上保持保守，因為外面有太多的不確定性，但我明白這一點。

Okay, thanks.

好的，謝謝。

Thank you.

謝謝。

Hamid Khosson, PSWS Financial

Hamid Khosson，PSWS Financial

Hi, good morning, just following up here, keep the conversation on aerospace. You acquired GMT, so you have more, exposure to Europe and then US, it's very well advertised now in the media about your competitor having the fire and quarter. So, how is that going to play out as far as your capacity is concerned, pricing.

嗨，早上好，我只是跟進一下，繼續討論航空航天問題。您收購了 GMT，因此您在歐洲和美國有更多曝光機會，現在媒體上非常詳細地宣傳您的競爭對手正處於激烈的競爭中。那麼，就您的產能和定價而言，這將如何發揮作用？

And you know you're talking being conservative, but you know your customers are basically saying that there's just no supply, so can you just, reconcile the commentary that's out there.

你知道你的觀點是保守的，但你知道你的客戶基本上都在說沒有供應，所以你能否調和現有的評論。

Yes, well, look, I mean, first of all, the dynamics you put forward are spot on and that does set a basis for a better outlook for us with respect to the aerospace business. We're very excited about the opportunity.

是的，嗯，你看，我的意思是，首先，你提出的動態是正確的，這確實為我們在航空航天業務方面更好的前景奠定了基礎。我們對這個機會感到非常興奮。

We've been delivering on a quarter over quarter basis now for the past several quarters and you know we expect to continue to drive that with respect to. Adding the acquisition of GMT aerospace that that improves our positioning with Airbus, and we're pretty excited about that. I think we talked about that a little bit on the last call and with respect to the unfortunate event at one of our competitors' manufacturing facilities, and clearly we don't like to see that at all anywhere.

過去幾個季度，我們的交付量一直保持逐季成長，您知道，我們預計將繼續推動這一成長。加上對 GMT 航空航太公司的收購，這提高了我們與空中巴士的定位，我們對此感到非常興奮。我想我們在上次電話會議上談到了這一點，以及我們競爭對手的一家製造工廠發生的不幸事件，顯然我們不希望在任何地方看到這樣的事情。

That does obviously relate to some opportunities for us in the space, particularly, where we have overlap. We don't have a fantastic amount of overlap with what that particular plant manufactured, but there's certain product areas where we do. And if we can help out our customers in any way, shape or form for continuity of supply, trust me, we are all over that.

這顯然與我們在該領域的一些機會有關，特別是我們有重疊的地方。我們與該工廠生產的產品並沒有太多重疊，但在某些產品領域我們有重疊。如果我們能夠以任何方式、形式幫助我們的客戶保證供應的連續性，相信我，我們會盡力而為。

Okay, so can you just reconcile like why are you being conservative though given the dynamics that we're seeing and then adding to that, in Europe, you're seeing increased spending in in defence right now.

好的，那麼你能否解釋一下，鑑於我們所看到的動態，你為什麼還是持保守態度，此外，在歐洲，你還看到國防支出正在增加。

Yes, look, as I mentioned to Ken, I we understand the point. We just put our guidance out a few months ago and we're in a period where it's a little bit uncertain, so we'd like to get through the second quarter and take a look at our segment of 4. Casting and if we feel comfortable, make some adjustments there but overall right now we're, we feel we're off to a great start if it wasn't for a the uncertainty and tariffs, we'd probably be guiding on an overall annual basis to the higher end of our range or beyond.

是的，看，正如我向肯提到的，我明白這一點。幾個月前我們剛發布了我們的指導，我們正處於一個有點不確定的時期，所以我們想度過第二季度並看看我們的四個細分市場。如果我們覺得合適，我們會進行一些調整，但總體而言，現在我們覺得我們有了一個很好的開始，如果不是因為不確定性和關稅，我們可能會在年度總體基礎上引導我們達到範圍的高端或更高。

Got it. Okay. And then on the packaging side, are you done with the CapEx investments you made last year and how is that going to look as far as the end market sales go and the order intake you're seeing, now.

知道了。好的。然後在包裝方面，您是否完成了去年的資本支出投資，就終端市場銷售和您現在看到的訂單量而言，這將如何發展？

Well, I'm not sure. We're done with CapEx investments because we continue to invest on our, in in capacity and adding to our factory floor for to drive organic growth. I do think that the CapEx rate for packaging will be more moderate than it was in prior years and we're pretty keen on.

嗯，我不確定。我們已經完成了資本支出投資，因為我們會繼續投資於產能和擴大工廠，以推動有機成長。我確實認為包裝的資本支出率將比前幾年更加適中，我們對此非常熱衷。

Trying to sell products where we do have available capacity. That being said, there still is a demand for certain product lines where it [behooves ] us to invest in capacity and make capital investments. But I think the rate of spending will be lower in 2025 and beyond than it was over the past 2 years or 3 years.

嘗試在有可用產能的地方銷售產品。話雖如此，某些產品線仍有需求，我們需要對其進行產能投資和資本投資。但我認為 2025 年及以後的支出率將低於過去 2 年或 3 年。

Okay, and then lastly, could you just talk about what drove these gains for you in beauty and personal care? Was it new product introductions, was it taking share, any, anything, any color would be great.

好的，最後，您能談談是什麼推動了您在美容和個人護理方面取得這些進步嗎？是新產品的推出，還是市場佔有率的擴大，任何事物、任何顏色都很好。

So it's a little bit of both, we are in certain parts of the world, we believe we are capturing some share, particularly in Latin America, and then we do have a product line which is a, it's not a large dose pump, it's a larger dose pump. I would it's 4 cc and that market a which the application is predominantly lotions.

所以兩者都有一點，我們在世界的某些地區，我們相信我們正在佔據一些份額，特別是在拉丁美洲，然後我們確實有一條產品線，它不是一個大劑量泵，而是一個更大劑量的泵。我認為它的容量是 4 cc，而該市場主要用於乳液。

That end market is very strong right now and remember in 2023 it was extremely weak and we're seeing a lot of continued demand there we believe our dispensing pump is has some advantages over competitors and we're selling that pump to some pretty fantastic CPG customers and it's growing nicely around the world.

目前，該終端市場非常強勁，記住 2023 年它非常疲軟，我們看到那裡持續存在大量需求，我們相信我們的分配泵比競爭對手有一些優勢，我們正在將這種泵賣給一些非常出色的 CPG 客戶，而且它在世界各地都發展良好。

Great, thank you. Thank you.

太好了，謝謝。謝謝。

Thank you.

謝謝。

Ken Newman, Key Bank Capital Markets

Ken Newman，Key Bank資本市場

Hey, thanks for the follow up here. Just one quick one is Tom, can you just talk a little bit about, the sense that you're getting from where inventories are at your customers distributor channels, we're getting a lot of questions not just across all of our names that we cover whether or not customers are showing any kind of pre-buying activity to get ahead of tariffs, and I'm curious if you're seeing anything that would suggest that type of behaviour.

嘿，感謝您的關注。湯姆，您能否簡單談談，您從客戶分銷渠道的庫存情況中了解到，我們收到了很多問題，不僅僅是我們報道的所有名字，客戶是否表現出任何形式的預購活動以領先於關稅，我很好奇您是否看到任何表明這種行為的跡象。

And what are you just talking generally across all product lines?

您剛才大體上談論的是所有產品線的哪些方面？

Correct, yeah, and any color across the product lines would be great.

是的，沒錯，而且產品線上的任何顏色都很棒。

Yes, I think, there may have been, there may, we're starting to see a little bit of that, I think, with respect to Norris cylinder, believe it or not, Norris would be a positive recipient to tariffs given that the competitors are predominantly overseas. Or offshore, within aerospace I would say not really that the strong demand that we have for our products there is a function mostly of the of the strength in the aerospace and defence marker right now.

是的，我認為，可能有，可能有，我們開始看到一點這樣的情況，我認為，就諾里斯氣缸而言，不管你信不信，鑑於競爭對手主要在海外，諾里斯將是關稅的積極接受者。或者在離岸領域，我想說，我們產品的強勁需求主要取決於目前航空航太和國防市場的實力。

And within packaging, I guess there might be pockets or two with some customers in some parts of the world that, would take advantage of.

在包裝方面，我猜世界上某些地區的一些客戶可能會利用這一點。

Some buying opportunities, but we're, there's some parts of some product lines that we have that were down compared to the prior year quarter, so they came into the year, particularly in closures, for example, they came into the year where they were overstocked. So, I wouldn't say there's anything too abnormal that we experienced in the in the first quarter on that front.

有一些購買機會，但是我們的某些產品線的某些部分與去年同期相比有所下降，因此它們進入了今年，特別是在關閉的情況下，例如，它們進入了庫存過剩的年份。因此，我不會說我們在第一季在這方面經歷了什麼太不正常的事情。

Okay, that's helpful and then maybe one last one for me, as it relates to the full year sales guide, and again I understand everything is kind of fluid here, but from a pricing perspective it doesn't sound like you pushed a lot of price to offset, any kind of tariff impacts here in the first quarter, but how are you thinking about organic pricing relative to volumes, within that 4% to 6% range?

好的，這很有幫助，然後對我來說也許還有最後一個問題，因為它與全年銷售指南有關，而且我再次理解這裡的一切都是不確定的，但從定價的角度來看，聽起來你並沒有推高很多價格來抵消第一季度的任何關稅影響，但你如何看待相對於銷量的有機定價，在 4% 到 6% 的範圍內？

Yes, good, that's a good question, and certainly if tariffs hold, much longer in Q2, you, we might see some, impact to that in our year and guide in the sales front.

是的，很好，這是一個很好的問題，當然，如果關稅在第二季度持續更長時間，我們可能會看到它對我們今年的銷售情況和指導產生一些影響。

We'll know more at the end of Q2, that's all I can say.

我能說的就這些，我們會在第二季末知道更多。

Understood, thanks.

明白了，謝謝。

Okay, thank you very much. Any more questions?

好的，非常感謝。還有其他問題嗎？

Ladies and gentlemen, as there are no further questions, I will now have the conference over to the management for their closing comments.

女士們、先生們，由於沒有其他問題，我現在將會議交給管理階層，請他們發表結束語。

Okay, thank you very much for joining us on our earnings call and we look forward to updating you again next quarter. Have a great day.

好的，非常感謝您參加我們的收益電話會議，我們期待下個季度再次向您更新最新情況。祝你有美好的一天。

Thank you. Ladies and gentlemen, the conference of TriMas Corporation has now concluded.

謝謝大家。女士們、先生們，TriMas集團的會議到此結束。

Thank you for your participation. You may now disconnect your lines.

感謝您的參與。現在您可以斷開線路了。