TriMas Corp (TRS) 2025 Q2 法說會逐字稿

Greetings, and welcome to the TriMas Corporation second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 TriMas Corporation 2025 年第二季財報電話會議。 （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, Investor Relations. Thank you. You may begin.

現在，我很高興介紹主持人，投資者關係副總裁雪莉·勞德貝克（Sherry Lauderback）。謝謝。您可以開始了。

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

謝謝大家，歡迎參加 TriMas Corporation 2025 年第二季財報電話會議。今天參加電話會議的嘉賓包括 TriMas 新任總裁兼執行長 Thomas Snyder 和財務長 Teresa Finley。

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

我們將就第二季業績和全年展望發表準備好的評論，然後開始回答大家的提問。

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. In addition, a replay of this call will be available later today by calling 877-660-6853 with a meeting ID of 13754-837.

為了協助您審核業績，我們已將今天的新聞稿和簡報發佈在本公司網站 trimas.com 的「投資者」版塊。此外，您也可以在今天稍後撥打 877-660-6853（會議 ID 為 13754-837）收聽本次電話會議的重播。

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. Please refer to our most recent Form 10-K and 10-Q 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. 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.

在開始之前，我想提醒大家，我們今天的評論可能包含前瞻性陳述，這些陳述本身受到許多風險和不確定性的影響。請參閱我們今天稍後提交的最新10-K和10-Q表格，其中列出了可能導致我們的業績與任何前瞻性陳述中的預期不同的因素。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。我們也希望您關注我們的網站，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-GAAP 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.

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。今天，電話會議中關於我們財務表現的討論將以調整後數據為基礎，不包括特殊項目的影響。

With that, I am pleased to introduce Thomas Snyder, our new Chief Executive Officer, who joined TriMas just over a month ago. Tom brings with him nearly 35 years of experience in the packaging industry, including a distinguished track record of leadership at Silgan. Most recently, he served as President of Silgan Containers, where he led a business generating nearly $3 billion in annual sales. Under his leadership, the company achieved significant growth in sales, earnings and cash flow. We're thrilled to welcome Tom to the TriMas team.

在此，我很高興地向大家介紹我們新任執行長托馬斯‧史奈德 (Thomas Snyder)，他一個多月前剛加入 TriMas。湯姆在包裝行業擁有近 35 年的經驗，包括在 Silgan 的傑出領導業績。最近，他擔任 Silgan Containers 的總裁，領導該公司年銷售額近 30 億美元。在他的領導下，公司在銷售額、利潤和現金流方面實現了顯著成長。我們熱烈歡迎湯姆加入 TriMas 團隊。

In just a short time, he's already been actively engaging across the organization and laying the groundwork for the next chapter of growth. I'm confident you'll appreciate his insights.

在短短的時間內，他已經積極參與整個組織的工作，為公司開啟新的發展篇章奠定了基礎。我相信您一定會欣賞他的真知灼見。

At this point, I'll turn the call over to Tom. Tom?

現在，我將把電話轉給湯姆。湯姆？

Thank you, Sherry. Good morning, everyone, and thank you for joining us today. As I join you for my first earnings call as CEO, I want to begin by expressing how truly excited and honored I am to lead this company. TriMas has a strong foundation, a proud history and a commitment to continuous improvement, and I'm energized by the opportunity to help shape its next chapter.

謝謝Sherry。大家早安，感謝大家今天加入我們。值此我作為執行長首次參加財報電話會議之際，首先我想表達的是，能夠領導這家公司，我感到無比興奮和榮幸。 TriMas 擁有堅實的基礎、輝煌的歷史和持續改進的承諾，能夠有機會幫助它開啟新的篇章，我感到非常振奮。

Since stepping into this role over a month ago, I've made it a priority to listen, learn and engage deeply with all employees at all levels across the organization. Over the past 30-plus days, I've had the opportunity to immerse myself in the business, and I'd like to take a few moments to share some of my early impressions and the key areas I've been focused on.

自從一個多月前上任以來，我一直把傾聽、學習和與公司各級員工深入溝通作為首要任務。在過去的30多天裡，我有機會深入公司業務，我想花點時間分享一些我最初的印像以及我一直以來關注的重點領域。

Let's begin on Slide 4. First, let me walk you through what I've been focused on since stepping into this role. I've made it a priority to get out into the field and see our operations up close. Over the past month, I visited 10 of our manufacturing sites across the United States and Europe, including several Packaging and Aerospace facilities here in the U.S. as well as Packaging sites in the U.K., the Netherlands and Italy.

我們從第4張投影片開始。首先，讓我先介紹一下我上任以來的工作重點。我把深入一線、近距離觀察我們的營運狀況當作首要任務。過去一個月，我走訪了我們位於美國和歐洲的10個生產基地，包括位於美國的幾家包裝和航空航太工廠，以及位於英國、荷蘭和義大利的包裝工廠。

These plants gave me an invaluable insight into our day-to-day operations, the strength of our local teams and the pride that our employees take in delivering high-quality products.

這些工廠讓我對我們的日常運作、當地團隊的實力以及員工為提供高品質產品而感到的自豪感有了寶貴的了解。

I was impressed by the flexibility and diverse capabilities of our facilities as well as the deep technical expertise embedded in our processes and with our people. I've also spent significant time with our business leadership teams, engaging in strategic discussions around what's driving our success today and what we need to do to build upon that success to accelerate our plans to stay ahead of potential market changes. These conversations have been candid, insightful and energizing, and they've helped me quickly get up to speed on the unique strengths and opportunities across each of our businesses.

我們設施的靈活性和多樣化能力，以及我們流程和員工所蘊含的深厚技術專長，都讓我留下了深刻的印象。我還花了大量時間與我們的業務領導團隊進行策略討論，探討我們當前成功的驅動力，以及我們需要採取哪些措施來鞏固這一成功，從而加速我們的計劃，保持領先於潛在的市場變化。這些對話坦誠、富有洞察力且充滿活力，幫助我快速了解了我們每個業務的獨特優勢和機會。

In parallel, I've reviewed our current business plans and financial outlook. Working closely with our senior leaders, we've begun the early discussions of identifying both near-term actions and longer-term initiatives that can enhance our performance, whether through operational improvements, cost efficiencies or growth through internal or external investments.

同時，我審查了我們目前的業務計劃和財務前景。我們與高階領導密切合作，已開始初步討論，以確定能夠提升業績的短期行動和長期計劃，無論是透過營運改善、成本效率提升，或是透過內部或外部投資實現成長。

From these early engagements, a few key observations stand out. First, we have an incredibly talented, dedicated and focused teams across the organization. Whether on the shop floor and engineering or within our commercial and support functions, I've seen a strong sense of ownership, engagement and pride in the work being done.

從這些早期合作中，我們觀察到一些關鍵點。首先，我們在整個組織內擁有一支才華洋溢、敬業專注的團隊。無論是在生產車間和工程部門，還是在商務和支援部門，我都看到了員工對所做工作的強烈歸屬感、參與感和自豪感。

Second, our products and processes are often innovative and proprietary driven by strong engineering capabilities and a culture of continuous improvement. Third, our manufacturing facilities have tremendous flexibility with capabilities well positioned for future growth. And finally, we benefit from long-standing strategic relationships with market-leading customers who value our ability to deliver quality and reliability. We listen to our customers and develop key account plans to drive high-performance results.

其次，我們的產品和工藝通常富有創新性和專有性，這得益於強大的工程能力和持續改進的企業文化。第三，我們的製造設施擁有極大的靈活性，其生產能力已為未來成長做好了充分準備。最後，我們受益於與市場領先客戶建立的長期策略合作關係，他們重視我們提供高品質和高可靠性產品的能力。我們傾聽客戶的意見，並制定關鍵客戶計劃，以推動高效績效。

Looking ahead, my focus will be on building upon these strengths while driving further alignment and execution across the enterprise. Although early in my tenure, I do see a few opportunities for improvement. Specifically, I plan to prioritize driving greater standardization across our global footprint in our processes, systems and operating practices. This will allow us to scale more efficiently, reduce complexity and ensure we're leveraging the best practices across those locations. It's about creating a more agile and integrated enterprise that can respond even faster and operate smarter.

展望未來，我的工作重點將集中在鞏固這些優勢的同時，進一步推動整個企業的協調和執行。雖然我任職初期，但我確實看到了一些改進的機會。具體來說，我計劃優先推動我們全球業務範圍內流程、系統和營運實踐的更高標準化。這將使我們能夠更有效率地擴展規模，降低複雜性，並確保我們在所有地區都運用最佳實踐。這是為了創造一個更敏捷、一體化的企業，能夠更快地回應並更聰明地運作。

Next, I believe there's an opportunity to focus on the seamless integration of some of our recent acquisitions. These businesses bring valuable capabilities and customer relationships, and we're committed to unlocking their full potential. By aligning them with our systems and priorities, I believe we can accelerate synergies, expand our market reach and drive additional profitable growth. And finally, we continue to invest in automation and tools to enhance productivity, provide critical business data and increase responsiveness. These investments will help us reduce costs, improve consistency and free up our teams to focus on higher-value activities.

接下來，我認為我們有機會專注於無縫整合近期收購的部分業務。這些業務帶來了寶貴的能力和客戶關係，我們致力於充分釋放它們的潛力。透過將它們與我們的體系和優先事項結合，我相信我們可以加速協同效應，擴大市場覆蓋範圍，並推動額外的獲利成長。最後，我們將繼續投資自動化和工具，以提高生產力，提供關鍵業務數據並提升回應速度。這些投資將幫助我們降低成本，提高一致性，並使我們的團隊能夠專注於更高價值的活動。

In short, I see tremendous opportunity ahead for growth and margin expansion. I am committed to working with the teams to identify opportunities and implement actions to drive improved performance.

簡而言之，我看到了巨大的成長和利潤提升機會。我將致力於與團隊合作，發現機會並採取行動，以提升績效。

Shifting gears, I'd like to turn your attention to Slide 5 and take a moment to highlight our strong second quarter performance. We delivered solid results across the board with year-over-year sales growth in all 3 of our groups, Packaging, Aerospace and Norris Cylinder. We also achieved notable margin improvement led by our Aerospace group. This margin expansion contributed meaningfully to our growth in operating income and earnings per share, both of which came in ahead of expectations.

接下來，我想請大家關注投影片5，並花點時間介紹我們第二季的強勁業績。我們全面取得了穩健的業績，包裝、航空航太和諾里斯汽缸三個集團的銷售額均實現年增。在航空航太集團的帶動下，我們的利潤率也顯著提升。利潤率的提升對我們營業收入和每股盈餘的成長做出了重大貢獻，這兩項數據都超出了預期。

So thank you to the TriMas team for making my first earnings call an easier one. The strong results this quarter are a direct reflection of your hard work and focus.

非常感謝 TriMas 團隊，讓我的第一次財報電話會議變得輕鬆愉快。本季的強勁業績直接體現了你們的辛勤工作和專注。

With that, I'll turn it over to Teresa to walk through our financial and segment results for the quarter. Teresa?

接下來，我將把時間交給 Teresa，讓她介紹我們本季的財務和分部表現。 Teresa？

Thank you, Tom. Let's turn to Slide 6, highlighting our second quarter 2025 financial performance. We delivered another strong quarter with consolidated net sales of $275 million, up more than 14% year-over-year. Excluding the impact of currency and acquisitions and dispositions, organic growth was more than 13% for the quarter. Quarter 2 acquisition-related sales were $6.7 million related to the acquisition of GMT Aerospace, now known as TriMas Aerospace Germany, or TAG, more than making up for the loss of $5.4 million in sales related to the divestiture of Arrow Engine in the Specialty Products segment.

謝謝，湯姆。我們來看第6張投影片，重點介紹我們2025年第二季的財務表現。我們本季業績再創佳績，合併淨銷售額達2.75億美元，年增逾14%。剔除匯率、收購及處置的影響，本季有機成長率超過13%。第二季收購相關銷售額為670萬美元，與收購GMT Aerospace（現更名為TriMas Aerospace Germany，簡稱TAG）有關，足以彌補特種產品部門剝離Arrow Engine造成的540萬美元銷售損失。

Consolidated operating profit increased by more than 50% compared to Q2 2024 or $11 million, reflecting the strong revenue growth and expanded operating margin of 300 basis points with improvements in all segments, led by Aerospace. This correlated to a meaningful increase in consolidated adjusted EBITDA, which was up 31% to nearly $48 million and a margin improvement of 220 basis points to 17.4%. Our adjusted earnings per share increased to $0.61, representing 42% growth year-over-year. All of our businesses contributed to these results with a strong focus across the organization on operational efficiency initiatives, revenue quality and providing innovative solutions for our customers. Turning to the balance sheet and our capital position on Slide 7.

合併營業利潤較2024年第二季（1,100萬美元）成長逾50%，反映出強勁的營收成長和300個基點的營業利潤率提升，所有業務部門（其中航空航天部門表現尤為突出）均有所改善。這與合併調整後EBITDA的顯著成長相關，EBITDA成長31%，達到近4,800萬美元，利潤率提升220個基點，達到17.4%。我們的調整後每股收益增至0.61美元，年增42%。我們所有業務部門都為這些業績做出了貢獻，整個組織高度重視營運效率舉措、收入品質以及為客戶提供創新解決方案。關於資產負債表和資本狀況，請參閱第7張投影片。

We continue to manage a strong and flexible balance sheet, supported by low interest rates and a long-term debt with no maturities due until 2029. Net debt declined sequentially from Q1 2025 as we continued to pay down the increase resulting from the GMT Aerospace acquisition. As a result of the higher earnings and efforts to pay down debt, our net leverage as of June 30, 2025, decreased to 2.4x as compared to 2.6x at the end of 2024.

我們持續保持強勁且靈活的資產負債表，這得益於低利率和2029年之前無到期日的長期債務。由於我們持續償還收購GMT Aerospace帶來的債務成長，淨債務自2025年第一季起季減。由於獲利成長和債務償還努力，截至2025年6月30日，我們的淨槓桿率已從2024年底的2.6倍降至2.4倍。

Q2 free cash flow improved to $16.9 million, bringing our year-to-date free cash flow to $17.5 million as compared to a use of cash of $2.8 million during the same period of 2024. This improvement reflects our enhanced operating performance and disciplined working capital management. Overall, we believe our capital structure is well positioned to support both near-term operations and future strategic investments.

第二季自由現金流改善至1,690萬美元，使我們年初至今的自由現金流達到1,750萬美元，而2024年同期的現金使用量為280萬美元。這項改善反映了我們營運績效的提升和嚴謹的營運資本管理。總體而言，我們相信我們的資本結構已做好準備，能夠支持短期營運和未來策略投資。

I will now shift gears to provide additional color on our Q2 segment performance, starting with Packaging on Slide 8. In our Packaging segment, we achieved organic sales growth after adjusting for currency effects of nearly 8%, reflecting continued demand strength for dispensers for the beauty & personal care market. This growth was partially offset by slower growth in our closures and flexibles product lines due to some weakness in the food and beverage markets.

現在，我將換個話題，進一步介紹我們第二季的部門業績，首先從第8張投影片上的包裝開始。在包裝部門，經匯率調整後，我們的有機銷售額成長了近8%，這反映出美容和個人護理市場對分配器的需求持續強勁。由於食品和飲料市場疲軟，我們的瓶蓋和軟包裝產品線的成長放緩部分抵消了這一成長。

Second quarter operating profit margin improved 30 basis points to 14.3%, while adjusted EBITDA margin improved 70 basis points to 20.9%, driven by sales leverage, operational efficiencies and continued cost management. Our teams also successfully navigated direct tariff impacts through proactive commercial actions, including strategic pricing adjustments and supplier negotiations. Looking ahead, we remain confident in the trajectory of our Packaging business. For the full year 2025, we continue to expect GDP+ sales growth supported by recent customer wins and steady demand across most end markets. We also anticipate modest margin expansion compared to 2024 as we continue to drive operational discipline and leverage efficiencies.

第二季營業利益率提升30個基點至14.3%，調整後EBITDA利潤率提升70個基點至20.9%，這得益於銷售槓桿、營運效率提升和持續的成本管理。我們的團隊也透過積極的商業行動（包括策略性價格調整和供應商談判）成功應對了直接關稅影響。展望未來，我們對包裝業務的發展方向充滿信心。在近期贏得客戶以及大多數終端市場穩定需求的支撐下，我們預計2025年全年銷售額將實現GDP+成長。我們也預計，隨著我們繼續強化營運紀律並提高效率，利潤率將較2024年略有成長。

During the second half of 2025, the most significant external factor we are monitoring like many in the Packaging industry is the evolving global tariff environment. In the near term, we are actively working with both suppliers and customers to mitigate exposure and manage cost impacts through strategic sourcing and commercial actions. Overall, we are encouraged by the progress made in the Packaging segment this quarter and remain optimistic about its long-term growth potential.

2025年下半年，與包裝產業其他公司一樣，我們關注的最重要外部因素是不斷變化的全球關稅環境。短期內，我們正積極與供應商和客戶合作，透過策略採購和商業行動來降低風險並控製成本影響。總體而言，我們對包裝業務本季的進展感到鼓舞，並對其長期成長潛力保持樂觀。

Turning to Slide 9, I'll review our Aerospace segment. During Q2, our Aerospace Group had a record sales quarter of about $100 million in revenue with a growth rate of 32% plus. This was driven by continued increasing demand in the Aerospace and Defense market, improved throughput against a strong order book, successful contract management and acquisition-related sales of $6.7 million related to the acquisition of TAG. Our operating profit nearly doubled year-over-year with margin expansion of 650 basis points, and our LTM adjusted EBITDA margin now exceeds 21%, surpassing pre-pandemic levels.

翻到第9張投影片，我將回顧我們的航空航太業務。第二季度，我們的航空航太集團創下了銷售記錄，收入約1億美元，成長率超過32%。這得益於航空航太和國防市場持續成長的需求、訂單強勁帶來的吞吐量提升、成功的合約管理以及與收購TAG相關的670萬美元的收購相關銷售額。我們的營業利潤年增近一倍，利潤率擴大了650個基點，我們的LTM調整後EBITDA利潤率現已超過21%，超過了疫情前的水準。

This outstanding performance was largely driven by the Aerospace's team's execution, including accelerated factory floor and operational excellence improvements, procurement initiatives and our ability to capitalize on market opportunities by delivering innovative solutions to our customers. As a result of the strong first half performance, we now expect organic sales growth of 20% plus for the full year 2025 with an improvement in margin of 400-plus basis points compared to 2024. We also remain excited about the longer-term growth outlook given our backlog and continued focus on customer solutions, which we expect will drive growth in 2026 and beyond. We continue to prioritize incremental capital investments to support this growth and to accelerate further operational improvements for TriMas Aerospace. If we turn to Slide 10, I will now cover our Specialty Products segment.

這項出色業績主要歸功於航空航太團隊的執行力，包括加速工廠車間和卓越營運的改進、採購計劃以及我們透過為客戶提供創新解決方案來把握市場機會的能力。鑑於上半年的強勁表現，我們預計2025年全年有機銷售額將成長20%以上，利潤率將較2024年提高400多個基點。鑑於我們擁有充足的訂單，並持續專注於客戶解決方案，我們對長期成長前景充滿信心，我們預計這將推動2026年及以後的成長。我們將繼續優先考慮增量資本投資，以支持這項成長，並加速TriMas Aerospace的進一步營運改善。請翻到第10張投影片，我將介紹我們的特種產品部門。

Norris Cylinder delivered 13% year-over-year sales growth, reflecting solid underlying demand and quarterly year-over-year sales growth for the first time since the third quarter of 2023. However, this was more than offset by the $5.4 million reduction in sales resulting from the January 2025, divestiture of Arrow Engine. As a result, the Specialty Products segment experienced overall sales down 6.8% year-over-year. Despite the impact of the divestiture, operating profit more than doubled and improved 250 basis points year-over-year, driven by higher sales and absorption of fixed costs and the benefits of previous cost reduction initiatives at Norris Cylinder, offsetting the unfavorable inventory capitalization changes in the quarter.

諾里斯汽缸業務銷售額年增13%，反映出強勁的潛在需求，並自2023年第三季以來首次實現季度銷售額年增。然而，2025年1月剝離Arrow Engine業務導致銷售額減少540萬美元，遠遠抵消了這一成長。因此，特種產品部門的整體銷售額較去年同期下降6.8%。儘管受到剝離業務的影響，但營業利潤同比增長了一倍多，提升了250個基點，這得益於銷售額的增長、固定成本的吸收以及諾里斯氣缸業務先前成本削減舉措帶來的效益，抵消了本季度庫存資本化帶來的不利變化。

We expect these unfavorable impacts to subside as we continue to work through absorb manufacturing overhead from the prior year period. With that said, we expect mid-single-digit sales growth for Norris Cylinder for the full year 2025 with margins relatively flat to slightly up year-over-year. As a result of improving order intake, combined with prior cost restructuring actions, we expect to accelerate Norris Cylinder's recovery performance as we move through the second half of the year.

我們預計，隨著我們繼續消化去年同期的製造費用，這些不利影響將會消退。即便如此，我們預計諾里斯汽缸2025年全年銷售額將達到中等個位數成長，利潤率較去年同期相對持平或略有上升。由於訂單量增加，加上先前的成本重組措施，我們預期諾里斯汽缸的業績復甦將在下半年加速。

I will now turn the call back to Tom to provide further details on our outlook.

我現在將電話轉回給湯姆，讓他提供更多有關我們前景的細節。

Thank you, Teresa. Let's now turn to Slide 11. As highlighted in our press release this morning, we are raising our 2025 outlook. Following a strong first half of the year, we are increasing both our full year sales and earnings per share guidance, supported by continued strength in our Aerospace business and positive trends within Specialty Products. We now expect full year sales growth of 8% to 10% compared to 2024 and full year adjusted earnings per share of $1.95 to $2.10.

謝謝，Teresa。現在請翻到第11張投影片。正如我們今天早上的新聞稿中所強調的，我們正在上調2025年的業績預期。繼上半年業績強勁之後，我們上調了全年銷售額和每股收益預期，這得益於我們航空航天業務的持續強勁增長以及特種產品業務的積極趨勢。我們目前預計，與2024年相比，全年銷售額將成長8%至10%，全年調整後每股盈餘將達到1.95美元至2.10美元。

At the midpoint of our new guidance, we are now driving toward a 25% increase in earnings per share compared to $1.65 for full year 2024.

在我們新指引的中點，我們現在的目標是每股收益成長 25%，而 2024 年全年的每股收益為 1.65 美元。

While we expect much of our positive momentum to continue, the changing tariff environment continues to present uncertainty in customer order patterns and consumer demand, which we continue to monitor. With that said, we continue to take proactive steps to mitigate the impact and remain focused on driving ongoing performance improvement.

雖然我們預計大部分積極動能將持續，但不斷變化的關稅環境仍為客戶訂單模式和消費者需求帶來不確定性，我們對此持續關注。儘管如此，我們仍將繼續採取積極措施，以減輕影響，並專注於持續提升績效。

Before turning to Q&A, I would like to once again state how pleased I am to be at TriMas and how excited I am about the company's future potential. While each business is at a different phase in their respective cycle, TriMas Packaging, TriMas Aerospace and Norris Cylinder are all well positioned to deliver a bright future. I'm excited about what we can accomplish together, and I look forward to working with our teams, our customers and all of our investors to deliver long-term value. Thank you.

在進入問答環節之前，我想再次表達我對加入 TriMas 的喜悅，以及對公司未來潛力的期望。雖然 TriMas Packaging、TriMas Aerospace 和 Norris Cylinder 三家公司各自處於不同的發展階段，但都已做好準備，將創造美好的未來。我期待我們攜手共創輝煌，並期待與我們的團隊、客戶以及所有投資者攜手合作，創造長期價值。謝謝！

And with that, I will turn the call back to Sherry.

說完這些，我就把電話轉回給雪莉。

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

謝謝，湯姆。現在，我們想開始接受分析師的提問。

(Operator Instructions) Ken Newman, KeyBanc Capital Markets.

（操作員指示）Ken Newman，KeyBanc 資本市場。

Tom, congrats on the new position. I appreciate all the prepared comments on your key focus areas coming into the organization. And I know you've only been there for a little over a month now, but I think the biggest question that I get from investors, particularly recently, is what does the portfolio kind of look like over the intermediate to longer term? Coming in, I'm sure you saw a lot of great things out of the Packaging segment, but I'm curious how you think about the portfolio as it is today. And if you have any comments or thoughts on what that portfolio could look like and maybe Aerospace, in particular, whether you think that is a longer-term pillar of the growth strategy in coming years?

湯姆，恭喜你出任新職位。我很感謝你對公司重點關注領域的所有準備評論。我知道你上任才一個多月，但我認為投資人（尤其是最近）提出的最大問題是，你的投資組合在中長期會是什麼樣子？我相信你上任後在包裝部門看到了許多出色的表現，但我很好奇你對目前的投資組合有何看法。你對未來的投資組合，尤其是航空航太業務，有什麼看法或想法嗎？你是否認為這是未來幾年成長策略的長期支柱？

Well, thanks for the question. I forgot to mention that I was going to ask you guys to be easy on me. But anyways, yes, so the portfolio today, what we're focused on is maximizing that portfolio. We're looking at 3 really good businesses, and we're working on operational improvements. We're working on how we can take costs out of those business and how we can expand our positions commercially with our customers.

嗯，謝謝你的提問。我忘了說了，我本來想請你們寬容一點。不過，總之，今天的投資組合，我們關注的是最大化投資組合。我們正在關註三家非常優秀的企業，並致力於營運改善。我們正在研究如何降低這些業務的成本，以及如何在商業上擴大我們與客戶的關係。

And so we have businesses that have not been, let's say, fully integrated or maximized. And so that's been kind of my focus as I've gone through these different plants, and I've seen a lot of them, as I said, over the last couple of weeks. And so I see the potential there.

因此，我們的一些業務尚未完全整合或最大化。這也是我考察這些不同工廠時的重點。正如我之前所說，過去幾週我考察了很多這樣的工廠。因此，我看到了那裡的潛力。

We're in the process of figuring out how we're going to maximize the current portfolio that we have. As you know, we've engaged in that process to study that and figure out what's best long term. And we're continuing to work on that. In the meantime, we're going to continue to focus on doing what we do and do it the best we can.

我們正在研究如何最大限度地利用現有投資組合。如你所知，我們一直在進行研究，以找出最佳的長期方案。我們將繼續為此努力。同時，我們將繼續專注於我們的工作，並盡我們所能做到最好。

Understood. That's helpful. Maybe just switching over to the guidance. First on Aerospace. Teresa, it does seem like the implied operating margins for Aero maybe step down from the first half or from 2Q levels into the back half.

明白了。這很有幫助。也許只是轉到業績指引。首先是航空航天業務。 Teresa，看起來航空航太業務的隱含營業利潤率可能會從上半年或第二季的水準下降到下半年。

One, is that kind of the right way to think about it? And if so, just any help on what's kind of driving the moderation in the operating leverage there? Is that just some pullback on the volumes? Is there a mix impact there?

第一，這樣思考是否正確？如果正確，您能否解釋一下是什麼因素推動了營運槓桿的下降？這僅僅是交易量的回落嗎？這其中是否有綜合影響？

Yes. Thanks, Ken. Yes, you've got it right. There is some pullback in Q3, Q4. Most of that is due to our seasonal trends, both for Aerospace and Packaging.

是的。謝謝，Ken。是的，你說得對。第三季和第四季有一些回落。這主要是由於季節性趨勢的影響，航空航天和包裝行業都是如此。

I would say that both businesses also had some unique onetime customer benefits and growth in Q4 that we don't plan on repeating. So it is a bit more moderated in the back end, but we're confident on our expectations on the range and what we've got going on in both those businesses.

我想說的是，這兩項業務在第四季也帶來了一些獨特的一次性客戶利益和成長，我們不打算重複這樣的情況。所以，後端業務的成長會稍微緩和一些，但我們對這兩項業務的預期以及目前的狀況充滿信心。

Yes. That's helpful. Maybe just one last one, and I'll jump back into the queue. You talked about ramping up on the capital investment for the Airbus contract starting in '26. Is there any way to help -- I know you're not ready to guide to '26 yet, but is there any way to help us size the revenue opportunity for Aero in particular, just from that contract or putting some barriers around sizing what top line could look like just from the contract as it ramps up?

是的，這很有幫助。也許我還有最後一個問題，然後我就回到隊列裡了。您提到從2026年開始加大對空中巴士合約的資本投資。有什麼辦法可以幫到您嗎？我知道您還沒準備好發布2026年的業績指引，但有什麼辦法可以幫助我們評估Aero公司的收入機會，尤其是僅從那份合約中，或者在合約增加時，對收入的評估設定一些門檻？

Yes. I think we'll defer that for 2026 guidance. But as we've previously discussed with the Airbus, we look at ramping up in 2026, the phase-in, phase-out program, then we'll have a larger step increase in 2027. So it's going to be a several year process. We're really excited about that commercial deal and margins will be strong.

是的。我想我們會延到2026年的指導價。但正如我們先前與空中巴士討論過的，我們計劃在2026年逐步增加產量，實施分階段引進和淘汰計劃，然後在2027年實現更大幅度的增產。所以這將是一個持續數年的過程。我們對這筆商業交易感到非常興奮，利潤率將會很高。

But we'll probably be able to guide you a little bit better as we get into 2026 planning.

但當我們進入 2026 年規劃時，我們可能能夠為您提供更好的指導。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

I was just going to start off with the Aerospace, if I could. The growth that you're seeing, how much of that was coming from the loss of capacity at your competitor? How much of that is coming from you picking up market share? And how are you adjusting the business for capacity so you can still continue to grow?

如果可以的話，我本來想先從航空航太開始。您現在看到的成長，有多少是來自競爭對手產能的損失？有多少是來自您搶佔市場份額？您是如何根據產能調整業務，以便持續成長的？

Thank you, Hamed, for the question. I would say the competitive issues that took place earlier in the year really insignificant in terms of our overall growth. We are looking long term at opportunities to position ourselves with customers for our unique product set. I would say more of this is really across the board market penetration, new customers that we've gained that we're really focused on new product and customer product innovations. We certainly have a strong market that we're playing in.

感謝哈米德的提問。我想說，今年稍早發生的競爭問題對我們的整體成長影響微不足道。我們正在尋找長期機會，以我們獨特的產品組合贏得客戶。我想說，這其中更重要的是全面的市場滲透，以及我們獲得的新客戶，我們真正專注於新產品和客戶產品創新。我們確實擁有一個強大的市場。

And along with that is some really healthy margin expansion. But I would credit the -- that event to be less of our growth story.

隨之而來的是利潤率的良性成長。但我認為，這事件對我們的成長影響不大。

On the capacity, we have plenty of machine capacity. That's really -- our challenge is more on the people side, ensuring that we can bring on the right skilled resources at the right pace to drive the overall production efficiencies. We could do third shifts. We're kind of -- some of that is -- would be extra cost. But frankly, we're challenged and we'll continue to be challenged to figure out how we can bring in even more opportunity because the demand is strong and the demand is looking good for the next couple of years.

就產能而言，我們的機器產能充足。實際上，我們的挑戰更多在於人員方面，確保我們能夠以適當的速度引進合適的技術資源，進而提高整體生產效率。我們可以實行三班倒。這其中有些成本會增加。但坦白說，我們面臨挑戰，並將繼續面臨挑戰，我們需要弄清楚如何創造更多機會，因為需求強勁，而且未來幾年的需求前景看好。

Great. And then on the Packaging side, are you done with bottleneck issues and trying to maximize the efficiencies in this segment?

太好了。那麼在包裝方面，你們是否已經解決了瓶頸問題，並且正在努力最大限度地提高這一環節的效率？

No. I'll defer to Tom because he spent a lot of time in Packaging, but we see a lot of opportunity to continue to work on our Packaging segment. We've got certainly a number of initiatives and things in place. We've got some new accounts coming on, but there's work to do to get us to that margin expansion that we were hoping for this year, and we look forward to more activities that will help us with that.

不。我會聽從湯姆的意見，因為他在包裝部門投入了大量時間，但我們認為包裝部門有很多機會繼續發展。我們確實已經制定了一些計劃和措施。我們有一些新客戶即將加入，但要實現我們今年期望的利潤成長，我們還有很多工作要做，我們期待更多有助於實現這一目標的活動。

Yes. I would just add going around and looking at those facilities, and I mentioned it earlier in my remarks that these businesses are at different phases, let's say, in their integration and their approach to continuous improvement. Aerospace is pretty advanced on that side. And on the Packaging side, we have some great platforms that we can continue to build on. I see great capabilities, great machinery, great resources, but they're lagging a bit on the integration side, and they're lagging on the standardization side.

是的。我想補充一下，我會去參觀這些設施。我之前在發言中提到過，這些業務在整合和持續改進方面處於不同的階段。航空航太在這方面相當先進。在包裝方面，我們有一些很棒的平台可以繼續發展。我看到他們擁有強大的能力、先進的設備和豐富的資源，但他們在整合方面略有滯後，在標準化方面也落後了。

And so I see that not from a disappointed perspective, but I see that as opportunity for us to maximize these businesses. And so I've got a lot of experience in that particular area. And so it didn't scare me at all. In fact, I was energized as I walked away from those and said we have some great opportunities to build on for the future.

所以，我對此並不感到失望，而是認為這是我們最大化這些業務的機會。而且我在這個領域經驗豐富，所以一點也不害怕。事實上，當我離開這些公司時，我感到充滿活力，並表示我們擁有一些絕佳的機會可以在未來繼續發展。

And Hamed, I would just add that on the top -- the revenue side of that equation, there are certainly some opportunities to rationalize our products going forward to ensure that we are positioning ourselves in the marketplace with the highest margin and best return type products. So you'll hear more about that as we move forward.

哈米德，我想補充一點，從收入角度來看，未來我們肯定有機會進一步優化產品，以確保我們在市場上擁有利潤率最高、回報最高的產品。隨著我們推進，你會聽到更多關於這方面的內容。

Okay. And then just last question. What is going to be the new accounts receivable run rate? Should we expect this to go down? Or is it because the sales are now going to be at a higher rate, your receivables is going to stay at this kind of number?

好的。最後一個問題。新的應收帳款週轉率會是多少？我們應該預期它會下降嗎？還是因為現在銷售額會更高，所以你們的應收帳款會維持在這個水準？

Yes. I think it's a little on the high side today. We should see some improvements over time. We've had a few -- every quarter, there seems to be a few special customer type arrangements. But underlying that, we're making good progress on those areas.

是的。我覺得現在有點偏高。隨著時間的推移，我們應該會看到一些改善。我們每季似乎都會有一些特殊的客戶類型安排。但在此基礎上，我們在這些方面取得了良好的進展。

Ken Newman, KeyBanc.

肯紐曼，KeyBanc。

Teresa or Tom, maybe give you the opportunity to see if you want to quantify at all what the opportunity is from self-help initiatives in Packaging today? And just also help us frame up the magnitude of those expected benefits. Is this something where you think EBIT margins in Packaging could get back to that, call it, low 20% range in '26? Or is that too much of a hurdle?

Teresa 或 Tom，能否請您量化一下，如今包裝產業的自助舉措究竟能帶來哪些機會？也請您幫我們估算一下這些預期收益的規模。您認為包裝產業的息稅前利潤率到 2026 年能回到 20% 左右的水平嗎？或者說，這個門檻是否太高了？

Yes. I'll answer first and I'll let Tom jump in on what he's seeing. But we've got room to improve overall margins in the Packaging business. I think some of that's going to -- it's going to tie into what our product set is going forward and the customer segments that we're going after. We're making some shifts in our approach to customers today.

是的。我先回答一下，然後讓湯姆補充一下他的看法。不過，我們包裝業務的整體利潤率還有提升空間。我認為這部分會與我們未來的產品組合以及我們瞄準的客戶群息息相關。我們目前正在對客戶服務方式進行一些調整。

So I do think that there's some upside. I'm not ready to comment on what that range will be. I think it give us a little more time -- give Tom a little more time to do some magic and work with the teams. I think we'll be able to guide more specifically, I think, in 2026, at least on the range for that year.

所以我確實認為有一些好處。我還沒準備好評論這個範圍是多少。我認為這會給我們更多時間——給湯姆更多時間去創造奇蹟並與團隊合作。我認為我們可以在2026年，至少在當年的範圍內，給予更具體的指導。

Yes. I mean I would just say I don't know what the potential is yet. Our business is different. Let's say, the mix of it is different than it was historically. But we do think that our EBITDA rate against our peer group is strong.

是的。我的意思是，我目前還不知道潛力有多大。我們的業務有所不同。可以說，業務結構與以往不同。但我們確實認為，我們的EBITDA率與同業相比仍然強勁。

And so we're not ashamed of anything on that front. But there's always opportunity for improvement, and we'll work on rightsizing our cost structure, our SG&A, our capacity footprint utilization, et cetera. And we'll improve it. I just don't know what that upper limit is. So sorry to be so vague.

所以，我們在這方面並不感到羞愧。但改進的空間總是有的，我們會努力優化成本結構、銷售、一般及行政費用 (SG&A)、產能利用率等等。我們會不斷改進。只是我不知道上限是多少。抱歉，我的回答含糊不清。

Yes. No, it makes sense. Tom, do you want to go back to just the standardization comments you made before, though. Typically, when I think about TriMas' Rieke's business in particular, I think about their ability to do a lot of highly customized designs and that kind of being a primary pillar of the outsized margin performance versus the peers. Can you just talk a little bit about where the opportunities are to standardize processes there and how that doesn't necessarily impact the competitive nature of that business?

是的。不，這很有道理。湯姆，你想回到你之前提到的標準化問題嗎？通常，當我想到TriMas的Rieke業務時，我會想到他們能夠進行大量高度客製化的設計，而這正是他們相比同行擁有超高利潤率的主要支柱。你能不能簡單談談他們有哪些機會可以實現流程標準化，以及這如何不會必然影響該業務的競爭力？

Well, first, I want to say that the historical Rieke business does a great job. They've got -- it's more of a mature business. We understand that. But we have a lot of acquisitions, as you know, that we've bolted on to this business over the past few years. And what we need to do is we need to look at best practices across all of those operating platforms, and we need to figure out how we adopt and standardize across that.

首先，我想說，歷史悠久的 Rieke 業務做得很好。他們已經——這是一個更成熟的業務。我們理解這一點。但正如你所知，過去幾年我們收購了許多公司，並將其融入這個業務中。我們需要做的是，我們需要研究所有這些營運平台上的最佳實踐，並弄清楚如何在這些平台上採用和標準化。

There's just -- they do a great job collectively with respect to the importance of meeting customer expectations and quality and service. But we all have our own way of doing things and that I've seen, and that's less efficient than it could otherwise be.

他們在滿足客戶期望、品質和服務方面做得很好。但我們都有自己的做事方式，據我所知，這種方式效率較低。

And so my experience in the past, you look at best practices, you figure out -- you don't have any pride when you acquire businesses and you look at the one you're acquiring, you look at the one you have and you say, okay, what's best? And then you standardize on that one. And so I just -- that process hasn't happened yet that I can see, maybe to some extent, but there's still room -- a lot of room to go there. And so that's good, though. That's -- we can look at those best practices, and we can figure out how to standardize it.

所以，我過去的經驗是，你會參考最佳實踐，然後弄清楚——收購企業時，你不會有任何自尊心，你會審視你正在收購的企業，審視你現有的企業，然後問自己，好吧，哪個最好？然後你根據那個進行標準化。所以，我認為這個過程還沒有開始，也許在某種程度上，但仍然有很大的發展空間。所以這很好。也就是說，我們可以藉鏡這些最佳實踐，並找出如何將其標準化的方法。

And you got to be standardized really before you can start building really good improvements on top of that. So in a nutshell, that's where we're at.

你必須先實現標準化，然後才能在此基礎上進行真正有效的改進。簡而言之，這就是我們現在的處境。

Ken, I would just also add that we have made a number of IT investments, especially this year, ERP platforms that will enable us from an IT systems perspective to -- certainly to standardize and to gain some of the synergies out of those businesses. We look forward to -- as we deploy these systems, we look forward to capitalizing on those as we move forward.

Ken，我還想補充一點，我們進行了一些IT投資，尤其是今年的ERP平台。從IT系統的角度來看，這些平台無疑能夠幫助我們實現標準化，並從這些業務中獲得一些協同效應。我們期待在部署這些系統的同時，能夠在未來的發展中充分利用這些系統。

That is a big piece of it and really looking forward to getting that under our belt.

這是其中很重要的一部分，我們真的很期待能夠實現這一點。

Yes. That makes sense. Maybe last one from me. Teresa, you mentioned the expectation for margins to continue to improve even into '26, especially with the volume outlook here in the near term. Is there a way to think about what you think is a normalized incremental margin through an up cycle for Aerospace today?

是的，很有道理。也許這是我最後一個問題。 Teresa，您提到利潤率預計會持續改善到2026年，尤其是在短期內銷售前景良好的情況下。您認為在目前航空航太業的上升週期中，正常化的增量利潤率是多少？

We like where we are. These margins, certainly that we've achieved now. Certainly, there's likely a little bit more upside. But frankly, our focus is really to drive revenue through this model now, focus on growth over maximizing margin. I think that, that will give us the better returns over time.

我們很滿意目前的狀況。這些利潤率，當然也是我們目前已經實現的。當然，未來可能會有進一步的上升空間。但坦白說，我們現在的重點是透過這種模式來推動收入成長，專注於成長而不是利潤最大化。我認為這會為我們帶來更好的回報。

So we like where we're at. Is there some upside? Yes, we'll probably guide a little bit more of a range based on what we see in 2026.

所以我們很滿意目前的狀況。還有上漲空間嗎？是的，我們可能會根據2026年的預期，稍微調整一下區間。

So just to clarify, I think the implied back half incremental on average, I think, is maybe, call it, mid-20s on EBIT. But when you say like where we're at, is that kind of more in line with what you've seen in the first half on the incremental margins through an up cycle. Again, this is more of like an up cycle average than looking for a specific quarter or anything like that.

所以要澄清一下，我認為隱含的上半年平均增量利潤率，像是息稅前利潤，大概在25%左右。但是，您說的我們現在的水平，是否更符合您在上半年上升週期中看到的增量利潤率？再說一次，這更像是一個上升週期的平均值，而不是某個特定季度的平均值。

Yes, I think that's fair, Ken. I mean there could be a little bit upside on the incremental compared to the first half because we've been obviously performing month after month has gotten better, but I think that's a fair assumption.

是的，肯，我覺得很合理。我的意思是，與上半年相比，增量可能會略有上升，因為我們的表現顯然逐月都在好轉，但我認為這是一個合理的假設。

We have no further questions at this time. I'd like to turn the floor back over to management for closing comments.

目前我們沒有其他問題。我想把發言權交還給管理階層，請他們發表最後評論。

Once again, thank you for joining us today and for your continued interest in TriMas. We appreciate your time and engagement, and we look forward to sharing our progress and updates with you on the next earnings call. Thank you.

再次感謝您今天的參與，以及您對 TriMas 的持續關注。感謝您抽出時間和參與，我們期待在下次財報電話會議上與您分享我們的進度和最新動態。謝謝！

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。您可以掛斷電話了。感謝您的參與，祝您有美好的一天。