TRS - Earnings call transcript Q4 2019

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Operator

Good day and welcome to the TriMas Fourth Quarter and Full year 2019 Earnings Conference Call. [Operator Instructions]

At this time I would like to turn the conference over to Ms. Sherry Lauderback. Please go ahead ma'am.

Sherry Lauderback

to Earnings Corporation's Call. welcome Full Quarter and XXXX year you the Fourth TriMas and Thank Chief Participating Amato, CEO; our TriMas' the President Officer. on call and and today Bob are Tom Financial Zalupski, on After open will up our our call prepared XXXX and outlook the our questions. your results for we XXXX remarks

the review In PowerPoint company our presentation the results Investors included of under section. to order with the we've on website our assist press and www.trimascorp.com release

by will addition with calling a today replay available In XXXXXXX. XXX-XXX-XXXX call replay be of this code a later of

cause Please Before remind forward-looking we for XX-K your today intended like risks any inherently in get our of would to refer forward-looking understanding list started, considerably that information law. I a uncertainties. a that required those supplement statements to everyone which no forward-looking to would more to to website update by our to statements. contain comments that results statements of or subject our Form could may be from obligation attention factors we may are to of revise direct TriMas number any your undertake are as and publicly differ anticipated found. where our except also Also We

discussion Today impact be GAAP the used on and call. website the basis the to regarding the our adjusted like for I would is of the excluding items. part our or appendix of the included on between our non-GAAP a on release in reconciliations you also refer issued measures results to press as an morning financial call conference special which this this financial available will presentation during

over like Amato to At CEO. President Tom this to Tom? TriMas' point turn the and would call I

Thomas Amato

for and and Thank thank fourth call. earnings joining Sherry. quarter you, morning our Good year full you

sale year TriMas markets the of second At cyclical the Packaging the the oil than excellent a end the Aerospace completion. During and to markets all a gas process business significant to position successful have of on for our to our which which core better diligently our we strategic reduces proved markets. of made quarter and and been for be to we long-term teams progress on exposure for value executing This step much against Lamons half completed strategy the Lamons involved that creation. TriMas bringing the worked more that & and X% challenging it personally less historically in thank sale than to our

out also position the our gas drive TriMas through Aerospace executing deemphasize and markets oil in long the the TriMas that have leaning we M&A against market to shareholders. working to platforms programmatic strategy for TriMas will While been and its believe & term Packaging build the value our in we highest into

announced to our year in recently which and line agreement Packaging I'll adjacency segment cover to Rapak the completed earlier we In we two an us unique the brings a acquire few signed transaction we in in slides. acquisitions addition that product this bag-in-box

to out segment Aerospace on as well. this in target our platform acquisition focus XXXX earlier we In our building list renewed

to acquire this products well. agreement Engineered our as RSA a under fastener a supplies a to product As new RSA contracts. with business adjacency Aerospace engineered I'll Consistent an longer-term acquisition slides that group. we which announced we customer Products recently our signed few discuss in highly result adds Aerospace exciting

repositioning turning illustrated is TriMas' to X. And strategic here. Slide end market

approximate for more acquisitions and in the sales two million full sales our would XX% markets. $XXX than pending the Aerospace when run Our rate considering Packaging with of

variety of capture pro be in are applications. positions Products general markets which market the was strategic a shift this sales into North our sales though our American Specialty reported applications and cylinder for Also new extremely and cylinder and HVAC about an steel line construction forma believe including XXXX our outlook for steel will total product with long-term year from predominantly lines. of long-term industrial product aerospace increase Even better we challenging XX% importantly, segment market TriMas especially as we end activity end More industrial to TriMas' outlook trends positive defense. the into we optimistic generated general breadth customers from remain sales

financial strong steps While of we maintained markets something TriMas we as part have committed manage to Packaging have we taken that our further tenant strategic on to also are the focus and to Aerospace profile. sheet our a overarching balance

Turning to Slide X.

stated shares using increased have our previously, funds buying TriMas. of available we essentially cadence have we back As buy treasury to

outstanding more shares acquired outstanding of our XXXX this in brings total in X.X% since outstanding. of up we date started to shares another In our have amount of acquired of X.X% This under to and program buying the we fact we recently repurchases mid-XXXX. in total shares XXXX X.X%

with for In value strong light authorization repurchases and repurchase M&A priority drive to our share continue just TriMas place over availability of under million tandem our our on share balance long-term sheet both $XX of to shareholders. in will

and to turn X, announced Let's I'll discuss our further recently acquisitions. Slide

designs for and California Engineered systems. RSA metallic Products. applications air RSA and engineers Simi aerospace located company a into jet commercial engineered First ducting are for and management in-flight RSA RSA's redirect of engine such products connectors the use manufacturers long-term that air or jet and applications and contracts. products functions applications. under in from defense air as bleed is de-icing Valley sold in turbine many expansion RSA's specific supplies are for pressurization joints business

moved for for line family will it private Aerospace a it as opportunity aerospace a aerospace M&A growth diligently target part RSA sale and When RSA believe enhanced and to the by been generally. management identified being air group characteristics equity-owned We prospects We product given date our of longer-term the we bring became larger businesses. and of be has market business. TriMas the the stand-alone of RSA engineered expeditiously its as to RSA available into

of fit certain opportunities XXXX over business. Engineering just nature currently from Any benefit excess that In the machining would addition while of to $XX do is synergies transaction. XX%. our an our will million scope Martinic available RSA part and give Martinic in of it of capacity subcomponents upside not within utilizes we anticipate further manufacturing revenues the initially thesis, that of investment for RSA EBITDA margin to this RSA generated within

and aerospace multiple lower expect product a the Our $XX was and infrastructure of of procurement and mid-end imply approximately price companies. enhance approximately multiple we currently million evaluations trading forward would is synergies transaction growth believe XXx. all for engineered A in which to we which

to X. Turning Slide

assets property DS by Smith also Smith connection soda These by is in division. U.S. Liqui-Box authorities comprised acquire to in owned were North Rapak of and be bag-in-box DS Plastics agreement We smoothie previously dairy antitrust our by to their acquisition required of assets announced wine applications. intellectual bag-in-box used American Rapak. with certain divested and

Rapak bag ready-to-use and creating customers. designs for which Rapak's molded liquid into formed are bag closures manufactures injection a dispensers place holding during and process therefore manufacturing the

a manufacturers equipment and which certain engineers customers filling Rapak their Additionally filling line utilize for product processes.

$XX We and the Illinois. expect to facilities certain among Indianapolis which our conditions will Indiana; for margin lines and the of EBITDA from of separation double Pro upon Rapak ownership. million include this approximated low prepare filling in seamless in Union of improve agreed transaction transaction close under with Woodridge other line relocation would Liqui-Box will we to upon equipment specified agreement. Rapak stand-alone forma in completion which soon an as California digits annualized a sales have molding City equipment manufacturing items but assembly Rapak bag-in-box

actions employees in price million reflective performance valuation of This look purchase of is forward transaction execute Xx to forward. approximates turnaround family TriMas is under we which is The and planned the multiple XXX to to Rapak going our we them the approximately $XX which welcoming a forward has businesses. Packaging earnings. need

significant to further excited we in of strategically reposition and year-end Before attractive Packaging these the and turning the steps TriMas and about to quarter Aerospace. markets results are concentrate

but from top full per higher to million quarter EPS Slide than in market below for we $X.XX $XX.X thereby prior of profit to end allowing came acquisition revised quarter quarter million for the end $XXX.X us rate was quarter our softness by currency. the year more X. the at of driven Earnings achieve anticipated range. million. slightly which was sales last anticipated the the for as were by our were which to end year year share Operating the $X offset Turning down Sales in up

Slide to our in for sales Sales XXXX segment Specialty more organic Products Aerospace million Higher acquisitions. turning by were offset X. And driven by $XXX.X businesses. than up within were our X.X% sales lower

had sales upstream Norris product customer most at of approach their we Specifically consolidations & our the softer QX due which of occurring Arrow XXXX. which Cylinder sells to to purchases Engine to new end its market business gas the oil cautious believe in and and

certain sales throughout we addition Packaging lower In organic product the North in American did lines. year experience

issues constraints premiums restructuring applications. capacity tariff the food be In installations new with by we organizational us QX XXXX. equipment and of case curtailed Sales were behind training certain largely will in capacity constraints these enter closure also as and

Operating was revised November as guidance was share Specialty $XX.X Aerospace was noted the to which segment were of profitability Products in costs more within higher within lower and as higher Earnings down our traditionally which from $X.XX and Packaging segments range freight at million sales our of by offset profit million our than $X.X earnings for at year higher products conversion acquisitions by $X Bob will discuss. and expedited $X.XX. the of per end provided

some XXXX related Bob as mix other comparison of on the on market our call turning and year-to-year last a market call lower before in resulting had challenges directly noted to or to customer So end indirectly softness end challenges uncertainty spending. to earnings a tariffs and related over basis

continued have our to challenges into we the effects the tactical as second from have of take with now XXXX outbreak. and XXXX in While to course to the we overarching coronavirus more steps new also face we including half continue stay secondary strategy, unknown had

I over will call Bob. turn With that to Bob? the

Robert Zalupski

Tom. you, Thank

flow quarterly I million. prior sheet. flow and of million of the on comment my slightly cash strength generated today amount balance $XX.X quarter fourth free of briefly on Slide We the higher $XX.X free XX in our and the year's than will begin remarks cash

million tariffs free year due investment floor was inventory impacts and increased to the planned year higher taxes and capital to We of help higher $XX improvements. factory finished the than growth with support flow initiatives which of of in cash prior cash manage customer lower the levels

guidance net income which For of our the cash approximated year continuing income from greater of XXX% conversion operations exceeded than income. free full of XXX% XXX% flow of

ended book sale from year of million. of approximately We cash net on of with $XXX inclusive Lamons cash the of the $XXX.X proceeds the million

bit two X.X in earlier, million return as more a used shares the of year addition the XXXX as well in repurchase first than to during $XX.X of $XX as noted capital cash million stock in to million our In of we Tom invested acquisitions of half bolt-on shareholders.

and of credit balanced flexibility million ratio fund in under stated our As a the than ample record leverage flow significantly net debt of finished with capital of below cash strong than $XXX goal capacity year continue cash our which $XXX.X free leverage our revolving million we facility priorities. TriMas' aggregate less more track and of solid a Xx. balance generation bank and positions X.Xx of sheet result includes availability a us with to allocation low to overarching

with on let's results Now beginning our Slide Packaging review XX. segment

an of an year fourth sales and X.X% million of the Plastic translation. driven million of our was For $XX and fourth represented incremental currency a acquisitions. by increase quarter Taplast This $X.X of million due prior sales $X.X drag Srl net we quarter reported to net of versus increase

year and million margin of North sales dispensers sold Organic in well which closure in XX.X%. X.X% sold XXXX an operating lower $XX.X declined of Operating for as North to quarter to sales sluggish have much to America industrial certain XXXX. demand operating profit beverage as closure resulted for continued into of prior profit pump compared also which declined the compared products experienced QX America food due of applications profit we of

sales was profile by The than runs more our margin their rate currently lower segment acquisition offset favorable at impact than of which average. incremental a

to sales markets mix higher as related basis costs mix by also well are products certain of margins a acquisitions segment while sales and order by experiencing points. down an were the estimated production to meet operating EPS due accretive and XXX North less for to and beverage industrial So freight as commitments. lower margin end customer does impacted demand American high food Operating EBITDA increase and efficiency costs profitable inefficiencies absolute higher

end of address have anticipate financial be mitigated XXXX. We to the impacts actions these corrective capacity substantially issues and the quarter installed will and toward implemented first

with investment continue planned our Finally achieving our profit thesis targets. and acquisitions to sales perform our operating consistent

million for our Net Turning this capped the which quarter sales to year the to to for business. Slide would segment. increased XX. X.X% now I $XX.X like performance solid a review of Aerospace very

for the products We factory our engineered highly production intake fastener on investments. floor resulting leveraging continue capitalize from increased throughput to order our strong

XX.X% higher as XXX remain more Operating improved order and solid bookings product $X.X profit points achieved sales margins and robust operating to XX% overall backlogs we continue volumes a we million mix. And increased basis to and favorable to strong. conversion on customer order experience

Given on our in for factory our products further full making manufacturing the solid of operational fastener standard floor anticipate we performance focused efficiency demand progress range improve continuing of to remain platform. and

to business. decline as of Turning as to Overall in declined continued $XX.X industrial in or cylinder consolidation with customer XX steel versus with that segment rebalancing million period and Products impact in ongoing million of American our a asset sales Slide to Specialty Specialty industrial market Sales QX $XX.X cylinder and our year $X segment. in the declined due of almost continuing our the inventories. North XX.X% review the of well million softness volumes Products all occurring ago from

industrial $X.X also compared Sale fixed to pressures year $X.X $X.X American underlying our sizes declines volume profit mix. due prices. on were by a absorption well cylinder the and declined to lower sales the Operating higher million commodity and continued due levels cost lot prior sales activity weakness the costs and on smaller impacted to to business million market oilfield as from in million favorable gas less conversion as in North

will structures end optimize variable manage pursue process While financial and the market opportunities while markets challenges to closely our performance cost we to innovation. fixed to these and product through continuing persist, in continue

Turning to year. few updates upcoming There would we Slide a XX. to for share are the like

of will Products management Martinic First responsibility in operational connection part Martinic's into our include TriMas Engineered we RSA as segment. reportable group of with our Aerospace planned results financial and acquisition of Aerospace migrate TriMas Engineering

believe standpoint, Tom are benefit noted As will we within processes an the which operational likely there of RSA. capabilities earlier scope from manufacturing Martinic's

incentivize be will our synergy benefits by Aerospace plan will our potential such drive collaboration. under aligning enhanced and organizationally TriMas any Although businesses these upside we to together group

operations. With supplementally quarterly noted part company today we TriMas' total as segment an with respect to and without financial information segment change for discontinued X-K is show to the the reporting of provide in XXXX Lamons above which now as and filed segment result Aerospace Martinic reported

directly of factors XXXX foreseeable external assumptions to business the in our we wanted or businesses of share impact indirectly certain our future. for Next, notable planning light several which will

import First as potential related previous other like coronavirus disruption calls experienced direct noted to and risk. on and chain companies recently for tariffs to we've both given the pressures increased and supply indirect more risk due commercial

result of be North over and TriMas' domestic our in product years XXXX we Packaging will the certain in American next investment a As lines. increasing capacity for few

support as phase require planning we in will capacity While investment localize customers. still are to spending commitment the in and and additional XXXX XXXX this capital of seek we key

as this largest our growth have decision strategic Packaging Next the included TriMas currently XXXX de-risk base. supply result one our Absent their unit TriMas' change a with organic twice sales group's the L-Brands likely to customers XXXX plan rate lower would volumes of assumes outlook. rate been their in of

$X finally million MAX negatively per basis shipset based we have Aerospace million plan group $XXXXX to rates our sales aircraft. XXX year-over-year the the will And estimate based average Boeing. schedule in on our the content rate of build annual We by most impact reduced a $XXXXX for recent approximately assumed build forecast comparable on to TriMas' communicated $X on XXXX

margin on than average lower are will expectations above anticipate costs in the ramp-up in a for impact While balancing sales the reduced we also incremental segment production later year. an already taken Aerospace we projected noted the Overall, for be have the rate we the greater flexing immediate some EBITDA actions against margin.

to At like share and turn the Tom? outlook I Tom provide XXXX to this back concluding his call would point remarks. our over to

Thomas Amato

Thank you, Bob.

Let's turn XX. Slide to

business under to available model For our capitalize continue through opportunities. the XXXX and businesses on positioning drive the TriMas innovation further market to our objective momentum of in each growth while strategically is

X% expect to driven growth our We annual sales acquisitions. of by primarily XX%

is Bob discussed approximately certain growth Due market organic to challenges expected X%. be to end

We are $X.XX midpoint the $X.XX EPS XXXX year forecasting approximately with range X% increase in of the full per share to to XXXX. compared diluted an of representing

Our as to FX too from impact forecast effects. does is predict related early coronavirus include simply not any secondary it to

cases are supply in we two seeing actually in while through India and one lines working our and activity our available locations. selling example For our dispensing hand are out challenges, Vietnam based product quoting also we increase and capacity in case at both related an to soap sanitizer

and and capacity of and both to slightly shift to more planning CapEx. Packaging higher Aerospace we invest space equipment in and XXXX are Therefore add a segments planning are our We in at beyond. floor rate

free of anticipate conversion However we net than XXX% greater again cash XXXX income. flow of

remain XX. We long-term excited actions our value about we Slide in look strategic completed to the forward Turning important delivering shareholders. and XXXX creation for to

to business improvement. to will the We Kaizen drive model of a continue culture leverage and operate continuous under TriMas

new We to innovation. also process and in product invest continue

For example on this manufacturing that we this first online learned have what installation. in implement innovative based and to plant constraints last invest improvements line high further operational making our we have capacity now flow a excellence from already year. plans We brought processing to X-piece were are large-cap in experienced volume technology excited

we Aerospace with investment segments. ongoing share M&A to have use We Packaging a approach pipeline We M&A combined a also provides allocation. balanced the robust buybacks potential TriMas our capital and that of believe in to in as transactions grow businesses and

We highest and will to in product by shareholders. our continue businesses return drive for value lines long-term investing to shape our TriMas

the each businesses. about our TriMas excited we progress financial we prospects in strategically sound and the have of long-term made remain position Given our for

to I'll the over turn Sherry. back With that call

Sherry Lauderback

up At the questions. would your Thank point to like call this we Tom. open for you,

Operator

Casey question Andy our from Instructions] We'll Wells take Fargo [Operator with first Securities.

Andy Casey

the on questions Few guidance.

from acquisition further Aerospace us schedule and ramp-up? could can QX? beginning August in the of on beginning timing the more you around some on from in when expect that? it more you First the defined a then XXX color the of Is Meaning MAX? what forecast little your line benefit you're RSA from the bit is And top give that the the Rapak does beginning production see than for provide you QX RSA you include Rapak? Or using to color of start guidance and also

Thomas Amato

in reverse Let questions me those take order.

On the The in operational in acquisition is relocations Rapak frame. little weeks. time that some that of case because take relatively QX late to equipment coming there acquisitions expect more transaction are the a to we close probably the soon RSA bit changes challenging have sort place. probably That's best and

gives So hopefully those that ability in. come will range you to some transactions bound how

ramp-up it's the Boeing the give externally. the throughout published what progress Obviously don't has to I And year. slow I want external don't pretty know Boeing slow.

building we're months So want but of the couple give what I ramping build fairly to then and it's rate don't to over year. end exactly slowly next the toward modest the up

Andy Casey

on us quarters? destock? past any help inventory specific related weakness business can relative you seen in the channel if then to cylinder decline deepened industrial understand And you the And rate that to change that then within have

Thomas Amato

market, great ago a cadence. things not couple of it Yes I normal saw more of years a biggest what we I'll know to, occurred guess number over when you one fan inventory as was in for consolidation years. I'm And word And probably largest rebalancing going following was of question. destocking. then to us the But customers consolidate our and inventory the that the surprise QX. probably That rebalancing. a had got was past few a we've from not there call

many significantly haven't larger in of news. the customers rate in bad Well levels That's combined their our and quarters. down seen order QX we two was

quite in more them and would that is we we we've that positive are QX. we're more rate saw On side seen the not levels the the like now an not combine to working approximate but through levels seeing that starting certainly intake order expected

Andy Casey

us the repurchase forecast. the incremental the with that of share you kind on just share I'm just that's that can $X.XX $X.XX if then I'm anticipates indicated X. just it if given you repo the And detailed slide. Slide help EPS on in continue count a beyond included as wondering that's point wondering your listed

Thomas Amato

to? want Bob you

Robert Zalupski

anticipated We're to repurchases expect end timing it or that repurchases. include shares plus/minus circa million for XXXX. share XX million additional of some of as to XX.X Yes of the we'd on outstanding XXXX. closer does the depending of trend And XX.X remainder down

Operator

our take Barger question We'll next with KeyBanc Markets. Capital from Steve

Steve Barger

topical. Asia is I know or your rates? shutdowns any hard far been coronavirus extended it's impact in lower to Has footprint utilization obviously terms predict but manufacturing of on so there

Thomas Amato

our can the bright there's on around occurred in working interesting supply network as for any imagine have weeks as the matter. extended the mean of before I of in New about several we've is this it Chinese that well Look crisis spot We manufacturing you as locations. China do been and nature given if bit an it own What's a Year.

we the up So water stocked both and in China. many cases some stateside and on already had products

some coming So sub-suppliers really locations. in started some was as our I actually starting region. secondary our see capacity hit now we're are surprising type of me In than it effect getting little hopefully or own products individuals it thought that delay not a the occurs many to of of online. come it's this would point. now there it's work at that cases there's rebound at bit and in I mean to but be to we better back And manufactured a sort

be which XX-plus to it good. of call at reported our sub-suppliers pretty One is is percent

Our which pretty north is of plants are sort of XX% good.

the a And applications. quote I for or of lot inbound that have products mentioned us as has hand go into sanitizing we cleaning activity mean washing been, I

in we other that Taplast bought company just line just largely soap a whole makes lotion dispensers. a product in of company we which then the cleaning used And to line area. product to and You bought that could start extend a is makes called detergent the additionally area

base mean countertops here. and longer-term washing certainly our scale managing see capacity clean of be supply looking to hands period ramp and of some current where living if to that a bit more take in available our other people cleaning can see could we're we're at advantage keeping the there manufacturing the I current conscious our benefit you and operations of become up period. and up in but also So locations could little we

Steve Barger

And add expect Or Yes, North much back in America of capacity this be to how most you footprint? in this do for And a understood. the detail. rethinking is good Packaging? spend will That's year? multiyear that

Thomas Amato

a Yes. It's port it a a And this tariff some back. with onset. added will or mean be And strikes onset We've some multiyear from some states. process. in put started question. I we of then tariffs really from mean years strike the I motion. about already capacity the great was few been wheels with sort the to thinking of the has freight into company clearly,

new to to we're and than of be need lines That add a buying what take a nature of coronavirus molding I with into bumping will we're significant our call and so to spend involve as and the we'll we're we're facilities and we'll steps how have just probably will assembly given buying out probably mold machines at going manufacturers locations injection then we're square some more made. issues take assembly more existing buying crept mold business geopolitical year adding plant that equipment lines. those But presses buying manufacturing here and long to take model more opposed footage the sorry

Steve Barger

Or bit. first this XQ? have the lower will in a little is growth back half? segments a Moving positive all organic three Do growth expect to year versus you half model of

Thomas Amato

given see about. first think mean the overall half be I that a little upside. bit reporting But some a I as of Well been we're dynamics challenged talking we could positive we've

Robert Zalupski

that of add half was stronger year to half than going last first obviously. was second much I Yes. the

rates that off quarter in challenging move through we it question. run coming But quarter comp we'll trending fourth So think the the we I see in as positively year. first are we do the no make

Steve Barger

portfolio Yes. basis do the on for you to quarterly given expect And all Bob SG&A a run actions? what

Robert Zalupski

acquisitions changing on think a the But to the see I once I mean lot. that going see and cautious don't and year increasing the going with being ultimately prospects we SG&A. in very, off new SG&A really I clearly tough spend that get were and/or and coronavirus leverage might we're business this about generally coming we of we're adding of what where the do markets very XXXX to headcount. folded into

Steve Barger

Yes, right.

your What items? special have what be flow typical footnote special You will guide. contemplated guidance? items that in Or that on ex cash are conversion free

Robert Zalupski

Well special ex of than diligence it's are with the greater Typically XXX%. items deal costs items the the majority like. associated special and

Steve Barger

Yes.

Do Sorry I special what you items percentage estimate a including I misspoke. meant? is have

Robert Zalupski

No.

Steve Barger

looking to of plus me. then of kind year for to right. higher break of and and going to opportunities All one really sizable single-digit acquisitions. operating level and much terms and growth best is turning But do you Tom at income. kind more portfolio last of And this TriMas? good the range? organic of in Or years out to you it's M&A absolute Are see be where growth year some you the five this last or the minus revenue like see kick-start just over low areas with going pretty divestitures another this is to look

Thomas Amato

well a not in tuck and call them is bit adjacency our bolt-on range that And there we'll weeks maybe rethink where past resources over dislocation we or the of question. currently can manage track balance good some of and they some our bit. could in acquisitions our few little on given sheet Well what clearly and the at disrupt well corp spending date would of I valuation we've that looking the are that current we've I more been mean spent a there's and dev an manageable path to forward.

at looking make we're That said being could some now companies. some valuations that

what's put the in the reason we position We that sheet I in in. publicly private is that one traded happening our And have fact balance transaction if world. companies there to see it's we're the like why affecting

valuation So is of if also that we before going would we make close steps. and wanted there. steps the could needed looking say more TriMas we're to also I to But we're to willing some at sizable to make out I point we're sizable and or

Operator

At have point this in Instructions] the do queue. questions we not any [Operator

Thomas Amato

our Okay. forward Thank again Thank for joining look next updating quarter. you you. earnings And to we call. you

Operator

this you. teleconference. concludes and gentlemen, Thank Ladies today’s

now disconnect. may You

TriMas (TRS) 29 Feb 202019 Q4 Earnings call transcript