Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>TRS experienced a continuation of sales growing within its packaging and aerospace segments. TRS’s specialty products segment remains a laggard to the rest of the business with demand eroding. </li>
<li>The recovery within the packaging business should have been the main highlight of TRS’s Q2. However, the weakness within specialty products resulted in TRS missing our estimates for the quarter.</li>
<li>We are updating our full year estimates after TRS lowered its adjusted EPS and sales guidance. </li>
</ul>


TRS experienced a continuation of sales growing within its packaging and aerospace segments. TRS’s specialty products segment remains a laggard to the rest of the business with demand eroding. 
The recovery within the packaging business should have been the main highlight of TRS’s Q2. However, the weakness within specialty products resulted in TRS missing our estimates for the quarter.
We are updating our full year estimates after TRS lowered its adjusted EPS and sales guidance. 


<ul>
<li>TRS reported first quarter results confirming a turnaround in the packaging segment could be underway</li>
<li>Packaging is TRS’s largest business segment and had undergone a restructuring last year. The increase in sales has done little to impress investors</li>
<li>TRS reported first quarter sales of $227.1 million compared to our estimate of $216.2 million. The biggest driver for the outperformance was the packaging segment</li>
</ul>


TRS reported first quarter results confirming a turnaround in the packaging segment could be underway
Packaging is TRS’s largest business segment and had undergone a restructuring last year. The increase in sales has done little to impress investors
TRS reported first quarter sales of $227.1 million compared to our estimate of $216.2 million. The biggest driver for the outperformance was the packaging segment


<ul>
<li>The fourth quarter results from TRS were not up to our expectations after a recovery in packaging was subdued by an unexpected significant decline in the specialty business</li>
<li>The specialty business has been a source of sales growth for the past nearly three years without any sign of slowing down until Q4. </li>
<li>TRS reported fourth quarter sales of $209.6 million compared to our forecast of $247.4 million. The biggest delta was from specialty where sales missed our estimate by $26 million</li>
</ul>


The fourth quarter results from TRS were not up to our expectations after a recovery in packaging was subdued by an unexpected significant decline in the specialty business
The specialty business has been a source of sales growth for the past nearly three years without any sign of slowing down until Q4. 
TRS reported fourth quarter sales of $209.6 million compared to our forecast of $247.4 million. The biggest delta was from specialty where sales missed our estimate by $26 million


<ul>
<li>The industry headwinds TriMas Corp. (TRS) experienced in 2023 are showing signs of abating and should result in TRS growing earnings in 2024</li>
<li>TRS spent 2023 restructuring its packaging business after customers began to change their ordering habits in 2022.</li>
<li>Recent quarterly results from Proctor &amp; Gamble (PG) and preliminary sales from Inter Parfums (IPAR) shed positive light on unit volume growth in consumer packaging</li>
</ul>


The industry headwinds TriMas Corp. (TRS) experienced in 2023 are showing signs of abating and should result in TRS growing earnings in 2024
TRS spent 2023 restructuring its packaging business after customers began to change their ordering habits in 2022.
Recent quarterly results from Proctor &amp; Gamble (PG) and preliminary sales from Inter Parfums (IPAR) shed positive light on unit volume growth in consumer packaging


<ul>
<li>TRS reported third quarter results where the packaging business continues to stabilize from inventory destocking while the aerospace segment continues to grow as fast as possible</li>
<li>The packaging business has gone through restructuring that should lead to higher profit margin as customers begin to increase their order activity</li>
<li>Improved supply chains are aiding the sales growth in aerospace. The growth in aerospace should help push cash flow higher and offset the softness in packaging</li>
</ul>


TRS reported third quarter results where the packaging business continues to stabilize from inventory destocking while the aerospace segment continues to grow as fast as possible
The packaging business has gone through restructuring that should lead to higher profit margin as customers begin to increase their order activity
Improved supply chains are aiding the sales growth in aerospace. The growth in aerospace should help push cash flow higher and offset the softness in packaging


United States

TriMas Corporation is a diversified manufacturer of proprietary products. The Company manufactures trailer products, recreational accessories, packaging systems, energy products and industrial specialty products for the commercial, manufacturing, and consumer markets.

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