Trimas Corp Files 2023 Annual Report (10-K)

TL;DR

<b>Trimas Corp has submitted its annual 10-K filing for the fiscal year ending December 31, 2023, detailing its financial performance and business operations.</b>

AI Summary

TRIMAS CORP (TRS) filed a Annual Report (10-K) with the SEC on February 29, 2024. Trimas Corp filed its 10-K for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located in Bloomfield Hills, Michigan. Trimas Corp is classified under the SIC code 3460 for Metal Forging & Stampings. The report was filed on February 29, 2024.

Why It Matters

For investors and stakeholders tracking TRIMAS CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Trimas Corp's financial health and strategic direction for the past fiscal year, crucial for investors assessing its current standing and future prospects. The detailed financial data and risk factors within this report are essential for stakeholders to understand the company's operational performance, market position, and potential challenges in the metal forging and stampings industry.

Risk Assessment

Risk Level: — TRIMAS CORP shows moderate risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating a routine disclosure of financial and operational information.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Trimas Corp's performance and identify any potential investment risks or opportunities.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-29 — Filing Date (FILED AS OF DATE)
• 3460 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• DE — State of Incorporation (STATE OF INCORPORATION)

Key Players & Entities

• TRIMAS CORP (company) — COMPANY CONFORMED NAME
• BLOOMFIELD HILLS (location) — CITY
• MI (location) — STATE
• METAL FORGING & STAMPINGS (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-02-29 (date) — FILED AS OF DATE

FAQ

Industry Context

Trimas Corp operates in the Metal Forging & Stampings industry, a sector characterized by manufacturing processes that shape metal using compressive forces.

Regulatory Implications

The filing adheres to the regulations set forth by the Securities and Exchange Commission (SEC) for annual reports (10-K).

What Investors Should Do

1. Review the full 10-K document for detailed financial statements and management discussion.
2. Analyze the risk factors section to understand potential challenges and uncertainties.
3. Compare key financial metrics with previous years to identify trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis; no prior filing data is available for comparison.

Key Financial Figures

• $0.01 — nge on Which Registered: Common stock, $0.01 par value TRS The NASDAQ Stock Market L
• $893.6 m — tries. During 2023, our net sales were $893.6 million, operating profit was $65.4 milli
• $65.4 m — re $893.6 million, operating profit was $65.4 million, and net ca sh provided by operat
• $88.2 million — sh provided by operating activities was $88.2 million. Approximately 72% of our 2023 net sale
• $463.6 million — 2023 as follows: Packaging (net sales: $463.6 million; operating profit: $60.1 million), Aero
• $60.1 million — ales: $463.6 million; operating profit: $60.1 million), Aerospace (net sales: $241.4 million;
• $241.4 million — : $60.1 million), Aerospace (net sales: $241.4 million; operating profit: $15.5 million) and S
• $15.5 million — ales: $241.4 million; operating profit: $15.5 million) and Specialty Products (net sales: $18
• $188.6 million — ion) and Specialty Products (net sales: $188.6 million; operating profit: $36.4 million). For
• $36.4 million — ales: $188.6 million; operating profit: $36.4 million). For information pertaining to the net

Filing Documents

• trs-20231231.htm (10-K) — 2195KB
• trs-123123xexh211.htm (EX-21.1) — 17KB
• trs-123123xexh231.htm (EX-23.1) — 2KB
• trs-123123xexh311.htm (EX-31.1) — 10KB
• trs-123123xexh312.htm (EX-31.2) — 10KB
• trs-123123xexh321.htm (EX-32.1) — 4KB
• trs-123123xexh322.htm (EX-32.2) — 4KB
• trs-123123xexh97.htm (EX-97) — 28KB
• trs-20231231_g1.jpg (GRAPHIC) — 111KB
• 0000842633-24-000004.txt (&nbsp;) — 13785KB
• trs-20231231.xsd (EX-101.SCH) — 106KB
• trs-20231231_cal.xml (EX-101.CAL) — 115KB
• trs-20231231_def.xml (EX-101.DEF) — 638KB
• trs-20231231_lab.xml (EX-101.LAB) — 1266KB
• trs-20231231_pre.xml (EX-101.PRE) — 929KB
• trs-20231231_htm.xml (XML) — 2113KB

Forward-Looking Statements

Forward-Looking Statements 3 Trademarks and Service Marks 3 PART I. Item 1.

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 25 Item 1C. Cybersecurity 25 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 Supplementary Item. Information about our Executive Officers 28 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. [Reserved] 30 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 47 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 86 Item 9A.

Controls and Procedures

Controls and Procedures 86 Item 9B. Other Information 88 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 88 PART III. Item 10. Directors, Executive Officers and Corporate Governance 89 Item 11.

Executive Compensation

Executive Compensation 89 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 89 Item 13. Certain Relationships and Related Transactions, and Director Independence 89 Item 14. Principal Accountant Fees and Services 89 PART IV. Item 15. Exhibits and Financial Statement Schedules 90 Item 16. Form 10-K Summary 92

Signatures

Signatures 93 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This report may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 about our financial condition, results of operations and business. These forward-looking statements can be identified by the use of forward-looking words, such as "may," "could," "should," "estimate," "project," "forecast," "intend," "expect," "anticipate," "believe," "target," "plan" or other comparable words, or by discussions of strategy that may involve risks and uncertainties. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which could materially affect our business, financial condition or future results including, but not limited to: general economic and currency conditions; competitive factors; market demand; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; pressures on our supply chain, including availability of raw materials and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations, including, but not limited to, risks relating to tensions between the United States and China; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers' and suppliers' sustainability and envir

Business

Item 1. Business Overview TriMas designs, develops and manufactures a diverse set of products primarily for the consumer products, aerospace & defense, and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. We believe our businesses share important and distinguishing characteristics, including: well-recognized brand names in the markets we serve; innovative product technologies and features; customer-approved processes and qualified products; strong c ash flow generation; long-term growth opportunities; and a commitment to sustainability. Headquartered in Bloomfield Hills, Michigan, TriMas has approximately 3,400 e mployees who serve our customers from 38 manufacturing and support locations in 13 c ountries. During 2023, our net sales were $893.6 million, operating profit was $65.4 million, and net ca sh provided by operating activities was $88.2 million. Approximately 72% of our 2023 net sales were generated from sales in North America. Our Competitive Strengths TriMas reports its operating activities in three segments: Packaging, Aerospace and Specialty Products. Our management team believes TriMas is uniquely positioned because of a number of competitive strengths, including: Well-Recognized and Established Brands. Our main Packaging brands include Rieke , Affaba & Ferrari, Taplast, Rapak , and Aarts Packaging, and our main Life Sciences brands include Intertech and Omega Plastics (all of which make up the TriMas Packaging group and are collectively reported in the Packaging segment). Our Aerospace brands include Monogram Aerospace Fasteners , Allfast Fastening Systems, Mac Fasteners, RSA Engineered Products, Weldmac Manufacturing Company, Martinic Engineering and TFI Aerospace (all of which make up the TriMas Aerospace group and are collectively reported in the Aerospace segment). Norris Cylinder and Arrow Engine Company are the brands reported within the Specialty Products segment. We believe each of our go-to

View Full Filing

View this 10-K filing on SEC EDGAR