TriMas Corp (TRS) 2025 Q3 法說會逐字稿

Greetings, and welcome to the TriMas third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sherry Lauderback, Vice President, Investor Relations and Communications. Thank you. You may begin.

各位來賓，歡迎參加TriMas 2025年第三季財報電話會議。 （操作說明）提醒各位，本次會議正在錄音。現在，我榮幸地向大家介紹主持人，投資人關係與傳播副總裁Sherry Lauderback女士。謝謝。會議可以開始了。

Thank you, and welcome to TriMas Corporation's third quarter 2025 earnings call. Participating on the call today are Thomas Snyder, TriMas' President and CEO; and Teresa Finley, our Chief Financial Officer. We will provide our prepared remarks on our third quarter results and full year outlook, and then we will open up the call for questions. 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 a 877 660-6853, meeting ID of 13756458.

感謝您參加TriMas公司2025年第三季財報電話會議。今天出席會議的有TriMas總裁兼執行長Thomas Snyder先生和財務長Teresa Finley女士。我們將首先就第三季業績和全年展望發表準備好的講話，之後將開放問答環節。為了方便您了解我們的業績，我們已將今天的新聞稿和簡報發佈在公司網站trimas.com的「投資者關係」欄位下。此外，您也可以撥打877-660-6853，會議ID為13756458，稍後收聽本次電話會議的錄音。

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.

在正式開始之前，我想提醒大家，我們今天的發言可能包含前瞻性陳述，這些陳述本身存在許多風險和不確定性。請參閱我們今天稍後提交的最新10-K表和10-Q表，其中列出了可能導致我們的實際業績與前瞻性陳述中預期業績存在差異的因素。

Also, we undertake no obligation to publicly update or revise any forward-looking statements, except as required by law. We would also direct your attention to our website where considerably more information may be found. In addition, we would like to refer you to the appendix in our press release or presentation for the reconciliations between GAAP and non-GAAP financial measures used today during the call. The discussion today on the call regarding our financial results will be on an adjusted basis, excluding the impact of special items.

此外，除法律要求外，我們不承擔公開更新或修訂任何前瞻性聲明的義務。請您造訪我們的網站，以了解更多資訊。另外，請參閱我們新聞稿或簡報中的附錄，其中列出了本次電話會議中使用的GAAP和非GAAP財務指標的調節表。本次電話會議中關於我們財務表現的討論將基於調整後的數據，剔除特殊項目的影響。

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

現在，我把電話轉給湯姆。湯姆？

Thank you, Sherry. Good morning, everyone, and thank you for joining us today. As I conclude my fourth month as CEO, I remain energized by the opportunity to lead this great organization. Over these four months, I've had the privilege of engaging with our teams around the world, visiting 16 facilities, listening to our employees and gaining a deeper understanding of operations and the opportunities that lie ahead. What I've seen is a company with solid capabilities powered by talented people and deeply committed to delivering value for our customers and our shareholders.

謝謝雪莉。大家早安，感謝各位今天蒞臨。我擔任執行長已滿四個月，能夠領導這家卓越的公司，我依然充滿熱情。在這四個月裡，我有幸與全球各地的團隊交流，走訪了16家工廠，傾聽員工的心聲，並對公司的營運和未來的發展機會有了更深入的了解。我看到的是一家擁有雄厚實力、人才濟濟、並致力於為客戶和股東創造價值的公司。

At the same time, we have identified opportunities for continuous improvement, areas where I believe we can evolve, innovate and enhance our foundation for the future. Let's turn to slide 3. This quarter, we've continued to take meaningful steps to strengthen our company and position TriMas for long-term success. I'd like to take a moment to highlight a few initiatives on this call. First, we're launching a comprehensive global operational excellence program to drive continuous improvement, enhance efficiency and share best practices across our footprint.

同時，我們也發現了持續改善的機會，我相信在這些領域我們可以不斷發展、創新，並為未來奠定堅實的基礎。請看第三張投影片。本季度，我們持續採取實際有效的措施來增強公司實力，並為TriMas的長期成功做好準備。我想藉此機會重點介紹一下本次電話會議上的幾項舉措。首先，我們正在啟動一項全面的全球卓越營運計劃，旨在推動持續改進、提高效率，並在我們的業務範圍內分享最佳實踐。

This will be our company-wide operating system rooted in Lean Six Sigma principles and designed to improve safety, quality, delivery and cost while increasing speed and standardization.

這將是我們公司範圍內的營運系統，它以精益六西格瑪原則為基礎，旨在提高安全性、品質、交付效率和降低成本，同時提高速度和標準化程度。

In the next two weeks, we'll begin implementation within our packaging business at two larger locations in Indiana and Mexico as initial model lines for this rollout. We expect to use these pilots to prove benefits, refine the playbook and then scale across the network, supported by visible daily management and leadership accountability. Over the next month, we are beginning a comprehensive strategic planning process. While strategic assessments are a regular part of our annual cycle, this year's approach goes much deeper. We will rigorously assess where we win, where untapped potential exists and where to focus going forward.

未來兩週，我們將在印第安納州和墨西哥的兩家規模較大的工廠啟動包裝業務的試點項目，作為此次推廣的首批示範生產線。我們希望透過這些試點計畫驗證其優勢，完善作業流程，然後在日常管理和領導責任制的監督下，逐步推廣至整個網路。下個月，我們將啟動一項全面的策略規劃流程。雖然策略評估是我們年度例行工作的一部分，但今年的評估將更加深入。我們將嚴格評估我們目前的優勢所在、尚未開發的潛力以及未來的發展重點。

Using internal and external data structured strategy tools and fresh voice of the customer input, we will develop a Hoshin Kanri road map often called True North Alignment that cascades from the enterprise value to each division and site.

我們將利用內部和外部資料結構化策略工具以及來自客戶的最新意見，制定一個 Hoshin Kanri 路線圖，通常稱為 True North Alignment，該路線圖從企業價值層傳遞到每個部門和站點。

This work will set clear direction on our most important objectives, define actionable initiatives and assign ownership and time lines for accountability. Our goal is simple: align the entire One TriMas team on the few priorities that matter most and ensure consistent execution across the company. In our Packaging group, we've also launched the One TriMas branding initiative, a strategic effort to unify and elevate our brand identity and organizational culture across all regions and business units.

這項工作將明確我們最重要的目標，制定可執行的舉措，並明確責任歸屬和時間表。我們的目標很簡單：讓整個 One TriMas 團隊圍繞著最重要的幾個優先事項達成共識，並確保公司內部執行一致。在包裝部門，我們也啟動了 One TriMas 品牌推廣計劃，這是一項旨在統一和提升我們所有地區和業務部門的品牌形象和組織文化的策略性舉措。

Our goal is to consolidate the six-plus legacy brands into one consistent brand across TriMas Packaging, creating a more cohesive and compelling experience for our customers and our employees, enhancing cross-selling opportunities and simplifying and fine-tuning our message. As part of this effort, we are conducting internal and customer-facing interviews to gain deep insights as to how our brand is perceived, where we can improve and how we can more effectively communicate the value we deliver.

我們的目標是將TriMas Packaging旗下六個以上的傳統品牌整合為一個統一的品牌，從而為我們的客戶和員工創造更具凝聚力和吸引力的體驗，增強交叉銷售機會，並簡化和優化我們的品牌訊息。為此，我們正在進行內部訪談和客戶訪談，以深入了解消費者對我們品牌的認知，找出需要改進的地方，以及如何更有效地傳達我們所創造的價值。

Additionally, we have successfully rolled out our new ERP system to a second location, significantly streamlining our operations and enhancing data visibility. We will 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. And finally, as part of our global manufacturing optimization strategy, we are starting to actively evaluate our capacity and footprint to better support growth, enhance operational efficiency and respond to evolving market dynamics.

此外，我們已成功將新的ERP系統部署到第二個地點，顯著簡化了營運流程並提升了資料視覺性。我們將繼續投資自動化和相關工具，以提高生產力、提供關鍵業務數據並加快回應速度。這些投資將有助於我們降低成本、提高一致性，並使我們的團隊能夠專注於更高價值的活動。最後，作為全球製造優化策略的一部分，我們正積極評估產能和佈局，以更好地支援成長、提高營運效率並應對不斷變化的市場動態。

In light of evolving trade policies, including tariffs and the increasing customer demand for manufacturing flexibility, cost effectiveness and localized production, it is more important than ever that we have the right capabilities in the right locations. This effort involves a thorough assessment of our global operations to ensure we can deliver high-quality products efficiently while remaining agile and responsive to customer needs. We are analyzing production volumes, logistic flows, cost structures and regional demand patterns to determine where we can scale, consolidate or invest to optimize performance.

鑑於貿易政策的不斷變化，包括關稅政策的調整，以及客戶對生產靈活性、成本效益和本地化生產日益增長的需求，在合適的地點擁有合適的生產能力比以往任何時候都更加重要。為此，我們將對全球營運進行全面評估，以確保我們能夠有效率地交付高品質產品，同時保持敏捷性，快速回應客戶需求。我們正在分析生產規模、物流流程、成本結構和區域需求模式，以確定哪些方面可以擴大規模、整合資源或進行投資，從而優化績效。

Together, these initiatives reflect our commitment to build a more agile, efficient and growth-focused enterprise. By strengthening our operational foundation, aligning strategic priorities and investing in our people and infrastructure, we are positioning TriMas to deliver sustainable value for our customers, employees and shareholders. I'm confident the actions we are taking will serve as a strong catalyst for long-term success. Before I shift gears to talk about our third quarter financial performance, I wanted to touch base on the Board-level strategic portfolio review we announced earlier this year. We are well into that process of evaluating our options and actively working on bringing this review to conclusion.

這些措施共同體現了我們致力於打造更敏捷、更有效率、更注重成長的企業的決心。透過強化營運基礎、調整策略重點並投資於人才和基礎設施，我們正努力使TriMas能夠為客戶、員工和股東創造可持續的價值。我相信，我們正在採取的行動將成為長期成功的強大催化劑。在談到第三季財務表現之前，我想先簡單介紹一下我們今年稍早宣布的董事會層級的策略組合評估。我們目前正積極評估各種方案，並努力完成這項評估。

However, as we have said in the past, we're not able to specifically announce any updates at this time, but we'll let you know as soon as we can. The team remains committed to making decisions that serve the best interest of our company and our shareholders.

然而，正如我們之前所說，目前我們無法公佈任何具體進展，但一旦有最新消息，我們會立即通知大家。團隊始終致力於做出最符合公司和股東利益的決策。

Turning to slide 4. I'm pleased to report a strong third quarter performance with year-over-year sales growth across all three segments. TriMas delivered over 16% organic sales growth, along with improved cash flow and earnings per share, driven by solid execution and disciplined operational management. TriMas Aerospace led the way, posting record quarterly sales with over 37% organic growth, expanded margins and a strong backlog that supports continued momentum. TriMas Packaging remains on track for GDP plus growth, supported by ongoing improvement initiatives that position the business for enhanced performance as we look into 2026.

請看第四張投影片。我很高興地報告，該公司第三季業績強勁，三大業務部門的銷售額均實現同比增長。 TriMas 實現了超過 16% 的有機銷售額成長，同時現金流和每股盈餘也得到改善，這得益於穩健的執行和嚴謹的營運管理。 TriMas Aerospace 表現尤為突出，季度銷售額創歷史新高，有機成長率超過 37%，利潤率提升，且擁有強勁的訂單儲備，這些都為公司持續成長提供了有力支撐。 TriMas Packaging 也保持著 GDP 成長的良好勢頭，這得益於公司持續推進的各項改進舉措，這些舉措將助力公司在展望 2026 年時取得更佳業績。

These results are a testament to the dedication and focus of our global teams. I want to sincerely thank all our employees for their hard work and continued commitment to delivering value.

這些成果充分體現了我們全球團隊的奉獻精神和專注態度。我衷心感謝所有員工的辛勤付出和持續努力，感謝他們為公司創造價值。

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

接下來，我將把發言權交給特蕾莎，讓她來介紹本季的財務數據和各業務板塊的業績。特蕾莎？

Thank you, Tom. Let's turn to slide 5, highlighting our third quarter 2025 financial performance. We delivered another strong quarter with consolidated net sales reaching $269 million, up more than 17% year-over-year. Organic growth exceeded 16% for the quarter, excluding the effects of currency fluctuations and acquisitions and dispositions. Sales from our February acquisition of GMT Aerospace in Germany contributed $6.2 million, more than offsetting the $5.2 million reduction from the divestiture of Arrow Engine in our Specialty Products segment.

謝謝湯姆。我們來看第五張投影片，重點介紹我們2025年第三季的財務表現。本季我們再次取得強勁業績，合併淨銷售額達2.69億美元，較去年同期成長超過17%。剔除匯率波動以及收購和處置的影響，本季有機成長率超過16%。 2月收購德國GMT Aerospace公司帶來的銷售額為620萬美元，足以抵銷特種產品部門剝離Arrow Engine公司造成的520萬美元損失。

Favorable currency exchange contributed an additional $2.1 million to net sales, further increasing our overall growth for the quarter. Consolidated operating profit increased by 34% year-over-year to $30.3 million, reflecting strong revenue growth and a 140 basis point expansion in our operating margin, led primarily by improvements in aerospace. This performance translated to a meaningful increase in consolidated adjusted EBITDA, which grew more than 25% to $48 million with margin improvement of 110 basis points to 17.8%. Our adjusted earnings per share increased to $0.61, representing a 42% increase compared to third quarter 2024.

有利的匯率變動為淨銷售額貢獻了210萬美元，進一步提升了本季的整體成長。合併營業利潤年增34%至3,030萬美元，主要得益於強勁的營收成長和營業利潤率提升140個基點，其中航空航太業務的改善尤為顯著。此業績轉化為合併調整後EBITDA的顯著成長，增幅超過25%至4,800萬美元，利潤率提升110個基點至17.8%。調整後每股收益增至0.61美元，較2024年第三季成長42%。

Turning our year-to-date performance on slide 6. I won't spend too much time here as the trends closely align with our strong third quarter results. Year-to-date, sales are up 12.7%, driven almost entirely by organic growth of 12.6%. We've expanded our operating profit margin by 240 basis points to 11% and delivered diluted EPS of $1.68, a 38% increase year-over-year. These results reflect the sustained momentum across our businesses and the disciplined execution of our initiatives.

請參閱第6頁投影片，了解我們年初至今的業績表現。由於這些趨勢與我們強勁的第三季業績高度吻合，因此我不會在此贅述。年初至今，銷售額成長12.7%，幾乎完全由12.6%的內生成長推動。我們的營業利潤率提升了240個基點，達到11%，稀釋後每股收益為1.68美元，年增38%。這些業績反映了我們各項業務的持續成長動能以及我們各項舉措的嚴格執行。

Turning to the balance sheet and capital position on slide 7. We continue to maintain a solid and flexible balance sheet, supported by low interest rates and long-term debt with no maturities until 2029. Net debt declined from both prior periods as we continue to pay down the increase associated with the GMT Aerospace acquisition. As a result of higher earnings and ongoing debt reduction, our net leverage improved to 2.2x as of September 30, 2025, down from 2.6 times at the end of 2024. Free cash flow for the third quarter improved to $26.4 million, bringing year-to-date free cash flow to $43.9 million, more than triple the $12.6 million generated during the same period last year.

接下來請看第7頁的資產負債表和資本狀況。我們繼續保持穩健靈活的資產負債表，這得益於低利率和2029年之前無到期債務的長期債務。由於我們持續償還與收購GMT Aerospace相關的債務，淨債務較前兩個時期下降。由於獲利成長和持續的債務削減，截至2025年9月30日，我們的淨槓桿率降至2.2倍，低於2024年底的2.6倍。第三季自由現金流增至2,640萬美元，使年初至今的自由現金流達到4,390萬美元，是去年同期1,260萬美元的三倍多。

This improvement reflects our enhanced operating performance and working capital management.

這項改進反映了我們營運績效和營運資金管理水準的提升。

Overall, we believe our capital structure is well positioned to support both near-term operations and future strategic investments. Let's shift gears and take a closer look at our Q3 segment performance, beginning with packaging on slide 8. In the Packaging segment, organic sales grew 2.6% after adjusting for currency, reflecting continued strength in demand for dispensers in the beauty and personal care market. This was partially offset by softer demand for closures and flexibles, primarily used in food and beverage applications. Operating profit for the quarter was $18.2 million, a 4.3% decline primarily due to a tough year-over-year comparison as third quarter 2024 included a $1.1 million in gains from the sale of noncore properties.

整體而言，我們認為目前的資本結構能夠很好地支持近期營運和未來的策略投資。接下來，讓我們轉換思路，更詳細地了解第三季各業務板塊的業績，首先來看第8頁的包裝板塊。在包裝板塊，經匯率調整後，有機銷售額成長了2.6%，反映出美容和個人護理市場對分配器的需求持續強勁。但食品和飲料行業常用的瓶蓋和軟包裝的需求疲軟部分抵消了這一增長。本季營業利潤為1,820萬美元，年減4.3%，主要原因是2024年第三季包含出售非核心資產所得的110萬美元收益，導致年比基數較高。

As a result, operating margin contracted by 120 basis points to 13.4%, while adjusted EBITDA margin came in at 20.1%. Once again, our teams continued to navigate direct tariff impacts effectively through proactive commercial strategies, including pricing adjustments and supplier negotiations.

因此，營業利益率下降120個基點至13.4%，調整後EBITDA利潤率為20.1%。我們的團隊再次透過積極的商業策略，包括價格調整和與供應商談判，有效應對了關稅帶來的直接影響。

Looking ahead to full year 2025, we continue to expect GDP plus sales growth and relatively stable margins compared to 2024 as we continue to drive commercial discipline and continuous improvement initiatives that Tom mentioned earlier. With one quarter remaining, we're closely monitoring the evolving global tariff environment, which does remain one of the most significant external factors affecting the packaging industry. Longer term, we remain focused on positioning our package business for sustainable, profitable growth.

展望2025年全年，我們預期GDP和銷售額將實現成長，利潤率將與2024年相比保持相對穩定，這得益於我們繼續推進湯姆之前提到的商業紀律和持續改進舉措。目前距離年底還有一個季度，我們正在密切關注不斷變化的全球關稅環境，這仍然是影響包裝產業的最重要外部因素之一。從長遠來看，我們將繼續專注於使我們的包裝業務實現可持續的獲利成長。

Turning to slide 9. I'll review our Aerospace segment. Our Aerospace Group delivered another record-setting quarter, once again surpassing $100 million in revenue with a year-over-year sales increase of more than 45%. This outstanding performance was driven by continued strength in the aerospace and defense market, improved throughput against a robust order book, disciplined contract execution and $6.2 million in acquisition-related sales from GMT, now operating as TriMas Aerospace Germany or as we call TAG.

接下來請看第9張投影片。我將回顧我們的航空航天業務板塊。我們的航空航太集團又創下了一個季度的新紀錄，營收再次突破1億美元大關，年增超過45%。這項卓越業績得益於航空航太和國防市場的持續強勁成長、在強勁訂單基礎上提高的生產效率、嚴格的合約執行以及從GMT（現更名為TriMas Aerospace Germany，簡稱TAG）收購而來的620萬美元銷售額。

The year-over-year comparison also benefited from the absence of a work stoppage that impacted Q3 2024 results. Operating profit more than doubled compared to the prior year with margins expanding by 860 basis points. Our trailing 12-month adjusted EBITDA margin now stands at 23% reflecting the aerospace team's strong execution across the board from accelerated factory floor and operational excellence initiatives to strategic procurement actions and delivering innovative solutions that meets evolving customer needs. Given our strong year-to-date performance, we remain confident in achieving full year 2025 organic sales growth of 20% plus, along with margin improvement of over 500 basis points versus 2024.

年比數據也得益於未受2024年第三季停工事件的影響。營業利潤較前一年翻了一番以上，利潤率提升了860個基點。過去12個月的調整後EBITDA利潤率目前為23%，這反映了航空航太團隊在各方面都表現出色，包括加快工廠生產和卓越營運舉措、採取策略採購行動以及提供滿足不斷變化的客戶需求的創新解決方案。鑑於我們年初至今的強勁業績，我們仍有信心實現2025年全年有機銷售額成長20%以上，同時利潤率較2024年提升超過500個基點。

We're highly encouraged by the long-term growth outlook, supported by a healthy backlog and our continued focus on customer-driven innovation. To sustain this momentum, we are prioritizing targeted capital investments to expand capacity and drive further operational improvements across TriMas Aerospace.

我們對長期成長前景充滿信心，這得益於健康的訂單儲備以及我們持續專注於以客戶為中心的創新。為了維持這一成長勢頭，我們將優先進行有針對性的資本投資，以擴大產能並進一步提升TriMas Aerospace的營運效率。

If we turn to slide 10, I will now cover our Specialty Products segment. Norris Cylinder delivered improved performance in the third quarter with sales up 31% year-over-year as they continue to recapture market share. This growth more than offset the $5.2 million reduction in sales resulting from the divestiture of Arrow Engine. As a result, the segment posted overall sales growth of 7.2% compared to Q3 2024. Operating profit for this segment was relatively flat year-over-year as the higher profit contribution related to Norris Cylinder was offset by the loss of profit related to the divestiture.

接下來請看第10張投影片，我將介紹我們的特種產品板塊。諾里斯汽缸公司第三季業績提升，銷售額年增31%，市佔率持續成長。這一成長足以抵消因剝離Arrow Engine公司而導致的520萬美元銷售額減少。因此，該板塊整體銷售額較2024年第三季成長7.2%。由於諾里斯氣缸公司帶來的利潤增長被剝離Arrow Engine公司造成的利潤損失所抵消，該板塊的營業利潤與去年同期基本持平。

However, it's worth noting that Norris Cylinder grew operating profit year-over-year nearly 40%, while expanding margins another 50 basis points.

不過值得注意的是，諾里斯圓柱公司的營業利潤年增近 40%，利潤率也提高了 50 個基點。

For full year 2025, we expect Norris Cylinder to deliver mid- to high single-digit sales growth with operating margins trending slightly higher year-over-year. We remain focused on driving operational efficiency and leveraging demand tailwinds to support continued profitable growth within the segment.

我們預計，2025年全年，諾里斯汽缸公司（Norris Cylinder）的銷售額將實現中高個位數成長，營業利潤率也將略微同比成長。我們將繼續專注於提升營運效率，並充分利用市場需求成長的有利因素，以支持該業務板塊的持續獲利成長。

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

現在我將把電話轉回給湯姆，讓他提供更多關於我們前景的細節。

Thank you, Teresa. Let's now look -- turn to slide 11. As highlighted in our press release this morning, we are raising our full year 2025 outlook following three strong quarters. We're increasing both our sales and earnings per share guidance supported by continued strength in our Aerospace business. We now expect full year sales growth of approximately 10% compared to 2024 and adjusted earnings per share in the range of $2.02 to $2.12 as compared to the previous guidance of $1.95 to $2.10 per share.

謝謝特蕾莎。現在我們來看——請翻到第11頁。正如我們今天早上的新聞稿中所強調的，在經歷了三個強勁的季度之後，我們上調了2025年全年業績預期。由於航空航太業務的持續強勁成長，我們提高了銷售額和每股盈餘預期。我們現在預計全年銷售額將比2024年成長約10%，調整後每股盈餘將在2.02美元至2.12美元之間，高於先前1.95美元至2.10美元的預期。

At this new midpoint, this represents a 25% increase over last year's earnings per share of $1.65, an encouraging step forward in our growth trajectory. While we expect much of this positive momentum to continue, it's important to note that Q4 typically reflects seasonal softness driven by fewer production days and customer holiday shutdowns.

以此新的中點計算，每股盈餘較去年同期的1.65美元成長了25%，這是我們成長軌跡中令人鼓舞的一步。雖然我們預計這種積極勢頭將持續，但需要注意的是，第四季度通常會受到季節性淡季的影響，例如生產天數減少和客戶假日停工。

Additionally, the evolving tariff environment continues to introduce uncertainty in customer ordering patterns and consumer demand, which we are actively monitoring. That said, we remain focused on mitigating these impacts through proactive planning and ongoing performance improvement initiatives.

此外，不斷變化的關稅環境持續為客戶訂購模式和消費者需求帶來不確定性，我們正在密切關注這些變化。儘管如此，我們仍將致力於透過積極的規劃和持續的績效改善措施來減輕這些影響。

Before turning to Q&A, I want to reiterate how pleased I am to be part of TriMas and how excited I am about our future. While each of our businesses, TriMas Packaging, TriMas Aerospace and Specialty Products is at a different stage in its cycle, all are well positioned to deliver long-term growth and value. I'm excited about what we can accomplish together, and I look forward to working with our teams, customers and investors to build an even stronger TriMas. Thank you. And with that, I'll turn the call back to Sherry.

在進入問答環節之前，我想再次重申，我非常榮幸能成為TriMas的一員，並對我們的未來充滿信心。儘管我們旗下的各個業務部門——TriMas包裝、TriMas航空航天和特種產品——目前處於不同的發展階段，但它們都已做好充分準備，實現長期成長和價值創造。我對我們共同取得的成就充滿期待，並期待與我們的團隊、客戶和投資者攜手合作，打造一個更強大的TriMas。謝謝大家。接下來，我將把電話轉回給Sherry。

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

謝謝，湯姆。現在，我們想開放電話會議，接受分析師們的提問。

(Operator Instructions) Ken Newman, KeyBanc Capital Markets.

（操作員說明）Ken Newman，KeyBanc Capital Markets。

Hey, good morning, Teresa, I just wanted to clarify -- sorry, this is Katie on for Ken. I should have said that. Teresa, I wanted to clarify one of the comments you said when you were talking about expectations for packaging margins. Did I hear you say that there's -- you expect those to be relatively stable in full year '25 versus 2024?

嗨，早上好，特蕾莎。我只是想澄清一下——抱歉，我是凱蒂，代替肯恩。我應該早點說明的。特蕾莎，我想澄清一下你剛才談到包裝利潤率預期時的一個觀點。我沒聽錯吧，你預計2025年全年的包裝利潤率會比2024年相對穩定？

Yes, that's correct, Katie. We expect about flat margins year-over-year.

是的，凱蒂，你說得對。我們預期利潤率與去年基本持平。

Got you. Okay. And then can you help us think about how much cost out benefited margins within Packaging this quarter? And then how much dry powder you think is left for improvement within that segment?

明白了。好的。那麼，您能否幫我們分析一下本季包裝業務的成本效益比是多少？您認為該業務領域還有多少提升空間？

Well, I'll start, but I'll turn it to Tom. I think we see some definite upside on the activities that we're putting in place across the Packaging business. The continuous improvement initiatives that Tom referenced should certainly help us manage our costs going forward no matter what environment is presented to us in 2026. So we certainly see opportunities ahead.

好的，我先說，然後把麥克風交給湯姆。我認為我們在包裝業務中所推行的各項舉措確實會帶來一些正面的效果。湯姆提到的持續改善計劃，無論2026年面臨怎樣的市場環境，都肯定有助於我們更好地控製成本。所以，我們確實看到了未來的機會。

Yes. We're early in that process. We're identifying opportunities. I anticipate a lot of activity, especially as we look towards next year and the opportunity to -- everything I said earlier really about optimizing our footprint, figuring out where we should be making what and then putting the tools of lean in place and driving standardization across these facilities. As we've talked before, these were really separate companies run independently in a lot of regards, not running to any best practices or any particular standards.

是的，我們目前還處於早期階段，正在尋找機會。我預計會有很多活動，尤其是在展望明年的時候，我們有機會——就像我之前提到的，優化我們的佈局，確定在哪裡生產什麼，然後應用精益工具，推動這些工廠的標準化。正如我們之前討論過的，這些公司在許多方面都是獨立運營的，沒有遵循任何最佳實踐或特定標準。

And so there's definitely a lot of opportunity to improve that. But again, we're early in that. We're kicking it off right now, and I look forward to continuing to report on that as we go forward.

所以，這方面一定還有很多進步的空間。但話說回來，我們現在還處於起步階段。我們剛啟動這項工作，我期待在接下來的工作中繼續向大家報告進展。

Katie, I would add that in the quarter, as previous quarter and likely in Q4, we continue to manage our tariff pressures across the Packaging business. We're doing pretty well and managing that through pricing actions and procurement actions, but there is a bit of a headwind, obviously, on our business and FX that we need to continue to try and overcome, maybe somewhere around 30 to 40 basis points in a given quarter. But we're doing well managing that, but that is a headwind we don't think is going to -- it doesn't look like it's going to disappear anytime soon.

凱蒂，我想補充一點，本季和上個季度一樣，預計第四季我們將繼續應對包裝業務的關稅壓力。我們目前做得還不錯，透過價格和採購方面的措施來控制局面。但顯然，我們的業務和外匯市場仍面臨一些不利因素，我們需要繼續努力克服，每季可能受到30到40個基點的影響。我們目前在應對這些不利因素方面做得很好，但我們認為這股不利因素不會很快消失。

Got it. And then if I could just squeeze one more in here. I think Howmet had mentioned that they put it up 30% EBITDA margins in their fastener business recently. Any thoughts on how high the TriMas business could get and if that's a reasonable long-term goal?

明白了。如果可以的話，我再補充一點。我記得豪邁最近提到過，他們緊固件業務的 EBITDA 利潤率提高了 30%。您認為 TriMas 業務的利潤率能達到多高？這是否是一個合理的長期目標？

We get that question a lot, Katie. We've had such great performance out of the Aerospace. But I would just say we like where our margins are today. We're looking at certainly balancing growth and balancing continuous increase in margin. We think there's always opportunities.

凱蒂，我們常被問到這個問題。航空航太業務的業績確實非常出色。但我只想說，我們對目前的利潤率很滿意。我們正在努力平衡成長和利潤率的持續提升。我們認為機會總是存在的。

We're constantly looking at robotics and other things to take out costs and to create more throughput. So I don't want to say we're done, but I would say we like where we are today.

我們一直在研究機器人技術和其他方法來降低成本、提高產量。所以我不想說我們已經完成了所有工作，但我們對目前的狀況很滿意。

I would just say, too, let me add to that and say that in the visits that I've been to in these facilities, there's a lot of activity about increasing throughput, value stream mapping their operations, identifying areas where they can reduce waste. They're energized about that. We're pretty excited to see kind of the work that they're doing in that area. And so I think between the throughput improvements that they're making in the plants and then the additional -- and we've talked about this before, the capacity that we had largely through adding human resources, skilled trades into these operations. That is one of the bottlenecks to continuing to improve throughput, and we do that in a very measured approach.

我還要補充一點，在我走訪這些工廠的過程中，我發現他們非常注重提高產能，繪製營運價值流圖，並找出可以減少浪費的環節。他們對此充滿熱情。我們很高興看到他們在這方面所做的工作。我認為，他們工廠產能的提升，再加上——我們之前也討論過——我們主要透過增加人力資源和熟練技工來提高產能，是持續提升產能的瓶頸之一，而我們採取的是非常穩健的方式。

And so we did that this year. We have opportunities to continue to do that next year. So we'll see both, I think, throughput increase as well as productivity, overall volume and productivity, both in those aerospace facilities. Hopefully, that gives you a little bit of additional color.

所以今年我們這麼做了。明年我們也有機會繼續這樣做。因此，我認為我們會看到航空航天設施的吞吐量和生產率，包括整體產量和生產效率，都有所提高。希望這些資訊能讓您更清楚地了解情況。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

I just want to start off with on the packaging side. You've talked about different strategic events there and trying to manage the business. Why is it every quarter, there's a lot of moving parts associated with it. And do you feel like you're ahead of the curve or right at where the market is?

我想先從包裝方面談起。您之前提到過一些策略舉措以及如何管理業務。為什麼是每季一次呢？這其中涉及很多環節。您覺得你們的策略是領先市場還是與市場現況一致？

Can you explain a little bit when you say a lot of moving parts, what you're looking at, what you're thinking about?

您能稍微解釋一下，您說的「有很多活動部件」是什麼意思嗎？您在觀察什麼，您在思考什麼？

Sure. Like last quarter and two quarters prior, you were talking about the beauty market moving higher. This quarter, you're talking about how you're trying to manage the business with growth strengths. So I'm just trying to understand like do you actually have -- you're on the pulse of this business or you just plan...

當然。就像上個季度和再上個季度一樣，您一直在談論美容市場的成長趨勢。這個季度，您又在談論如何利用成長優勢來管理業務。所以我只是想了解，您究竟是真正掌握住了這個行業的脈搏，還是只是在做計劃…

Yes. Let me -- I can give you a little bit of insight from my perspective here. We continue to see strong growth in the dispensing side of the business. Especially in certain markets, we see a lot of growth in Latin America. We continue to see that.

是的。讓我從我的角度給您一些建議。我們看到，藥品分銷業務持續保持強勁成長。尤其是在某些市場，例如拉丁美洲，我們看到了顯著的成長。這種增長勢頭一直持續下去。

And I think we've been consistent, I think. I mean I haven't been here that long, but I think that's what we've been saying. The -- on the closure side of the business, it's been -- I think we've been consistent there as well. It's been softer than we'd like to see. And both in the U.S.

我認為我們一直堅持原則。我來這裡時間不長，但我認為我們一直以來都是這麼說的。至於關店方面，我認為我們也一直堅持原則。情況比我們預期的要緩和一些。在美國也是如此。

and in Europe for different reasons, perhaps. We've seen some softness. We're more beverage oriented in Europe, and we're more food-oriented, let's say, on the here.

在歐洲，情況可能有所不同。我們已經看到市場有所疲軟。歐洲更注重飲品，而在這裡，我們則更注重食品。

So we've seen some, like I said, softness in that closures market. I think it's consistent with what we've been addressing all year. And the Industrial business, that continues to be a very stable business. This year, in fact, slightly growing for a very mature business. And so that's the -- if you want to talk about the moving parts, I mean, those are the parts that are moving.

正如我剛才所說，我們看到門窗市場出現了一些疲軟。我認為這與我們今年一直在討論的情況一致。而工業業務則持續保持非常穩定的態勢。事實上，對於一個如此成熟的行業來說，今年甚至略有成長。所以，如果你想談論那些正在改變的因素，我的意思是，這些就是正在改變的因素。

Hi, Hamed, I would just add that we've been consistent all year that we're going to turn out GDP plus growth, and we are on track to do that this year. So in terms of consistency there, I don't know if that helps with your question. That's helpful.

嗨，哈米德，我只想補充一點，我們全年都堅持要實現GDP成長，而且今年我們正朝著這個目標穩步前進。至於這方面的穩定性，我不知道這是否對你的問題有幫助。這很有幫助。

And as you look out into 2026, is there anything that bothers you as far as clarity goes in the packaging business.

展望 2026 年，在包裝產業的透明度方面，有沒有什麼令您感到困擾的事情？

Well, overall, the situation we're talking about, the tariff situation, the lack of global, let's say, demand and economy, all those kind of macro factors that are going to impact any business, those always worry me a bit. But I tend to be a lot more optimistic than pessimistic when I think about next year because, again, I just think there's a lot of things that this business should have been doing that they weren't doing over the past. And I've addressed those in the plan that we laid out here a few minutes ago as far as looking into the future. So I know consolidating our businesses into like one brand, bringing broader awareness to our customers. I mean a lot of customers don't even know TriMas, let's say, when I say not necessarily our customers, but broadly into the packaging space.

總的來說，我們現在討論的這種情況，例如關稅問題、全球需求疲軟以及經濟低迷等等，所有這些宏觀因素都會影響任何企業，這些總是讓我有些擔憂。但展望明年，我往往更樂觀一些，而不是悲觀，因為我認為這家公司過去有很多事情本來應該要做，但卻沒有做。幾分鐘前，我們制定了展望未來的計劃，其中就包括這些問題。例如，將我們的業務整合到一個品牌中，提高客戶對品牌的認知。我的意思是，很多客戶甚至不知道TriMas這個品牌，我說的不是特別指我們的客戶，而是整個包裝產業。

When you talk about TriMas, they might know some of the brands. They're closer to some of those individual historic brands, but they don't know the breadth or the depth of kind of what we can provide. And we've seen some firsthand situations here recently where there's been some real surprise, like, Oh, you do that, that's great. So I think we're going to. That's a really important thing. And then getting our plants operationally aligned and driving best practices, that's something that should have been done from the time these plants were acquired.

提到TriMas，他們可能聽過一些品牌，對某些歷史悠久的品牌比較熟悉，但他們並不了解我們所能提供的產品和服務的廣度和深度。最近我們親眼目睹了一些情況，人們對此感到非常驚喜，例如：「哦，你們也做這個，太棒了！」所以我覺得我們肯定會這麼做。這非常重要。此外，我們工廠的運作也需要進行協調，並推行最佳實踐，而這本應從收購這些工廠之初就著手進行。

And so we're going to see improvements on the operating side. We're going to see improvements on the commercial side. And I'm very comfortable with an optimistic view as we look forward.

因此，我們將在營運方面看到改進，在商業方面也會看到改進。展望未來，我非常樂觀。

Great. And just lastly, on the aerospace side, how does your order book look for '26. And Do you have the capacity to grow compared to 2025 levels on a unit volume basis?

好的。最後，關於航空航太業務，你們2026年的訂單狀況如何？與2025年的產量水準相比，你們是否有能力實現成長？

Yes. Our order book is order booked for the most part, right, for 2026. It's a very, very strong backlog. And then we did add some -- spend some capacity -- some CapEx this year to meet the demands of some of our contracts moving forward. And as I mentioned earlier, we're constrained primarily around our skilled resources that we have in our facilities.

是的。我們的訂單基本上都排到了2026年，對吧？積壓訂單非常多。而且，為了滿足一些即將到期的合約需求，我們今年也增加了一些產能，投入了一些資本支出。正如我之前提到的，我們主要受限於工廠現有的熟練工人。

They're very high skilled tradesmen that are operating in these facilities. We grow capacity roughly 10% a year, somewhere in that area based on the amount of people that we feel is responsible to add and train and bring up to speed in this highly quality-oriented business.

這些工廠裡操作的都是技術非常精湛的技工。我們每年大約成長10%的產能，具體成長幅度取決於我們認為應該增加、培訓並提升員工能力以適應這個高度注重品質的行業所需的人員數量。

We have reached the end of our question-and-answer session. I would like to now turn the floor back over to management for closing comments.

我們的問答環節到此結束。現在我想把發言權交還給管理階層，請他們做總結陳詞。

Once again, thank you for joining us today and for your continued interest in TriMas. We appreciate your ongoing support, and we look forward to updating you on our progress next quarter. Thank you.

再次感謝您今天蒞臨，也感謝您一直以來對TriMas的關注。我們非常感謝您的持續支持，並期待在下個季度向您報告我們的進展。謝謝。

Thank you, everyone.

謝謝大家。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您可以斷開線路了。感謝您的參與。