TriMas Corporation Reports 3.5% Increase in Net Sales for Fiscal Year 2024

TriMas Corporation reported a net sales increase of 3.5% for the fiscal year ending December 31, 2024, reaching $925.0 million, compared to $893.6 million in 2023. The company’s operating profit, however, decreased to $47.2 million from $65.4 million in the previous year, reflecting a decline in profitability. The decrease in operating profit was attributed to several factors, including lower sales in the Specialty Products segment, increased input costs, and expenses related to a labor union strike at one of its Aerospace facilities. The effective tax rate for 2024 was 19.3%, down from 20.2% in 2023, contributing to a net income of $24.3 million, a decrease from $40.4 million in the prior year.

TriMas experienced significant changes across its business segments. The Packaging segment saw a 10.5% increase in net sales, driven by strong demand for dispensing products, while the Aerospace segment reported a 21.9% increase, largely due to improved aircraft build rates. In contrast, the Specialty Products segment faced a 37.2% decline in sales, primarily due to cyclical demand fluctuations and customer destocking. The company also made strategic acquisitions, including Weldmac Manufacturing Company and Aarts Packaging, which contributed $12.9 million and $2.8 million in sales growth, respectively.

Operationally, TriMas maintained a workforce of approximately 3,900 employees, with 44% located outside the United States. The company’s manufacturing footprint spans 37 locations across 13 countries, allowing for flexibility in production based on customer needs. The company reported a cash flow from operating activities of $63.8 million, down from $88.2 million in 2023, influenced by increased accounts receivable and inventory levels. Additionally, TriMas has been proactive in managing its supply chain and input costs, particularly in response to inflationary pressures and labor availability challenges.

Looking ahead, TriMas anticipates continued strength in its Aerospace segment and modest organic growth in Packaging, while expecting a gradual recovery in demand within the Specialty Products segment. The company plans to focus on optimizing its operations and managing costs effectively to navigate ongoing market uncertainties, including potential impacts from tariffs and inflation. TriMas remains committed to its capital allocation strategy, which includes returning capital to shareholders through dividends and share repurchases, while also exploring strategic acquisitions to enhance growth.