- Earnings call transcript Q3 2022

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Operator

Good day and welcome to the TriMas Third Quarter 2022 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Sherry Lauderback. Please go ahead.

Sherry Lauderback

Thank you and welcome to TriMas Corporation’s third quarter 2022 earnings call. today Mell, Amato, our call CEO; President the Scott and Chief on are TriMas’ Thomas and Participating Financial Officer.

our Investors and and on at open review, we provide results PowerPoint to assist your presentation will prepared included section. results our order under on trimascorp.com We in the third questions. and In outlook website the today’s then our up will have company with we the call for remarks quarter press release

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

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

like Tom President an CEO. special basis, With turn items. the discussion between the and over Today, GAAP call non-GAAP In the will financial the appendix be used you the reconciliations Amato, this and our would refer call. the addition, excluding that, in we or to financial to regarding our TriMas’ for of impact our will to press presentation release in during measures adjusted Tom? results I on call

Thomas Amato

and weakening our submarkets third of and key This at as and move into challenges On particularly we within in as into our better our facing costs see emerge period, Thank welcome as earnings decided some call, abrupt markets in expectation TriMas begin our an our several quickly the earnings This goods the top hold balance that were our through as third inventories Sherry. the consumer uncertain some normal call. you, period, effect August certain for up energy the we spoke demand Packaging. that to to ramps season well fill about consumer quarter, morning, to quarter to improvements through late Good prior of and take of end an packaging Since pipeline into compounding it quarter period. our beginning we we as would inflationary fourth increasing spread November. of of began impact their starts confidence. holiday bring turned in and which customers had to in

growth. XXXX our strengthening, have second is well to of we uncertain While any in believe longer-term experiencing within is we translate this impact demand customers several or the believe showing the which due TriMas are positioned demand overstock navigate submarkets period. largely to half related deferring to we Moreover, packaging we’re signs that will of inventories, to TriMas through

some turn X, primary changes Slide better to to minutes are we take extra I’ll in and markets. geographic describe of Let’s where regions our few a seeing the

XX% our primary year-to-date XX% sales. sales; which served nearly consumer of TriMas’ and of defense, represent year-to-date markets year-to-date representing reminder, include general our our a As aerospace products, of XX% sales; representing and industrial

strong our which order general and America, XX% represents a into revenues. and general of industrial market consumer sales continued expectations is ahead of certain experiencing within North within the markets. aerospace and Packaging segment, Within the of captured portion sales we’re which products of onset the the intake approximately All robust into markets our overall our market, within our of recovery are of a our industrial defense our

on indeed everyone well with a a care inflationary as aware, recession continued experiencing products cycles sold in cautious most the is along decades. this mentioning also rates pending This personal creating new applications. we into are highest call within seeing effect, planning four is We which acutely are environment,

goods our of Scott For rates. normal therefore stocks approach of are faced much the a several to lines than our on are into customers their example, largest product with dispenser go further seasonal of more in specific that some consumer stock planned decided have selling sales higher conservative increasing to details off take and period. anticipation will

and as and a sales do bit favorable important for cost Operating XX.X% last remains up solid recover at with less Group that the is strong. strong each primarily than are current To performance mix, overall of TriMas further, that backlog due it slightly product quarter, profit experiencing lower higher the for and demand move levels. and conversion order products to softer we year, expect was steel XXXX. note into but our to had Specialty through where consumable, the we However, we to are this sales unpack Products

TriMas the Aerospace were by from quarter. sales Our slightly down year Group X.X% prior

compared sales stocking experiencing X.X%. However, order intake quarter. driven the robust has XXXX we TriMas orders, when a our the for prior It were note is year Aerospace, are up normalized which that also actually backlog higher organic to special important rate to as within

news, temporary the great near-term While rate high some long-term demand production challenges. creates this is

continue chain conversion for In TriMas earnings the supply North compared an of sales growth prior constraints, For which our of dispensing period for generating quarter year we team total, I reasons sanitizer successfully the and helped were previously impacted. lotion as TriMas through Within hand project, the X% offset real that to which efficiency Therefore, negatively navigate was expect products overall. issues. will noted. said, significantly sales up and cash to quarter. unleashed net example, divestiture applications continue Group, some the America fourth soap, estate With we our the for and lower is certain our dispenser Packaging labor for

off are acquisitions, the we and by prior currency for year adjusted X%. quarter when However,

North Within Europe, mixed. more are America with the up, not the So effects to even are surprisingly, fallout, geopolitical the consumers sum from results overall we on profound. experiencing the is

adjusted the of Our sales currency dispenser within X%, which and Europe Packaging vast lines. for by quarter TriMas is majority the related our within are all product our year is Group within prior which of off

Additionally, of fuel. related to energy the is issues within main and Europe, one

For $X.XX per the and year. that quarter, to Europe anticipate just year-to-date utility expenses impacted within basis, share higher on cost per the by has TriMas $X.XX which a grow full we and will about for $X.XX nearly over us share

a our manufacturing equipment. are to ways of identify such reduce consumption, steps to more actively We shift accelerating efficient taking to as number energy

manufacturing time. I part remain this subsidies to resolution to growth. occur world a as seeing uncertain their and economies of hopeful the suppress base through to the are that this generally. the term, we and conflict Additionally, certain nearer Russia begin governments will economic benefiting offering COVID in Ukraine assist careful the global well policy Within Asia, regional and will people zero European the the as China, continue more in specifically, between

in is year sales of of region important TriMas our this quarter, world approximately TriMas only total, region the for compared a the the which our all X% Packaging within Group. is to our prior of are third nearly While as up

drivers earnings energy costs. of result costs dynamic volumetric we and predominantly related per very of sales mix, unfavorable global As which The reporting main and these share are are conditions, under-absorbed of $X.XX. a market structural

continues through of are work to While not global our our pleased businesses executing our navigate uncertain still period result, this we team to long-term diligently each this strategy. with while

by fixed currency quarter, Let’s the margin year our from driven down XX% was mainly and million, X.X%, Slide than the which the $XX.X where profit offset was organic summarize of mix a which the to year the X.X%. quarter, or X.X% operating for of and X, further exchange for sales Sales costs. prior turn foreign I’ll the by to sales X.X% quarter, just period, in a due quarter sales, related lower under contributed unfavorable and quarter. results SG&A for acquisition prior in of financial energy were under absorption costs and Adjusted the lower $XXX.X demand million decrease both of

a divestiture we with as point, or to below offset longer-term operating by however, within I Aerospace, a increasing of predominantly sheet Adjusted property who will $XX.X Scott, Certainly Aerospace Additionally, I make intake us this experienced XX.X% within gains balance TriMas our our leverage and certain Scott? noted call production TriMas target, the shipments. to group, future was we and in inefficiencies also return take rate our At order higher through expect I’ll over to million turn EBITDA sales. results. largely segment earlier. the as

Scott Mell

Tom. Thanks,

short-term invest profile, business Slide X. TriMas positions and sheet navigate maintain Let’s us our successfully to market liquidity disruption which or we growth. turn while continues balance for long-term even long-term in a to strong well to believe any continuing to

of for $XXX million credit million maintained and under we dividends investing even X.Xx, facilities and $XXX after expenditures, acquisitions, net capital As had repurchases. unrestricted of XX, year-to-date cash availability September share leverage and of our cash of

the $XX.X of a to ensure to manage continued prior of we below for investment volatile year, During primarily our supply global flow customers and quarter, we due free continue generated inventories in and cash continuity critical as search million chain. supply through

most cash proceeds not of define generate cash of existing it, while as $XX exit considered our pre-tax we did from and we during cross-currency quarter addition, an flow others as swaps. additional In free million the the

to the income environment, in historical our bolster further net versus the made liquidity did The the of the strength instruments euro of EPS. strategic to exit Given macroeconomic U.S. these or our these decision impact dollar not the swaps monetize current position. we

are balance steps our we Finally, bolster further additional sheet. to actively taking

completed divestiture property Together, and yield quarter, the As real footprint during have through estate earnings. million these TriMas Tom of should an an generating the project cash proceeds the mentioned and rebalancing completed of manufacturing estate asset. in cash monetization which Aerospace after-tax the of of and Kaizen resulted another $XX divestiture team earnings previously, real transactions our approximately we and use additional recently

sheet they We to opportunities strengthen become will additional assess available. continue our balance as to

Net will was translation $XX.X decreased compared to demand in markets of million primarily contributed for a our of negatively currency sales $X.X quarter, results, $XXX.X dispensing as products, Care foreign my or as for Packaging. call. by let’s I the end year of begin of starting reduced and while sales impacted Personal result million turn segment period. with Now Acquisitions X opening of impact with in X.X%. the or our factors TriMas sales Home as unfavorable million and million during of ago & the the X.X% review decreased X% Organic Slide the $X.X to Beauty sales the products by highlighted applications our

end Care As these compared were Beauty again, down result, Personal to quarter for than ago the two XX% more & period. markets, when sales during and year a Home the

XXXX. energy $X.X less exchange inflationary EBITDA favorable sales. sales & margin and temporal hostilities sales in as XXXX and impact Nutra quarters positive have expect in these On order decreased & growth additional was as previous organic are profit a by believe the more of of note, be Beverage experience ongoing costs, $X earning million or lower to we Operating meaningfully backlog, adjusted Europe, first both to as input year, costs and our consistent the $XX.X of half continued currency intake XXXX on was during exacerbated while to the do the XX.X%, by we the well million during the experiencing two quarter was mix sometime million increasing positive the on which of a third of Food based impacted Pharma half million products are continues Operating we XX.X% to further net second rates. pressure rebalanced customers Ukraine in used and including applications. approximately for of However, the $XX.X during stocks by of patterns with

beyond, few As to to XXXX we a items. start look to forward highlight and I’d like

are for Packaging CPG First, market the aligns to global as applications, and fully weights in Packaging global recyclable This the goals, new technology and a increasing customer. believe future care, greater which for economy industry. with lighter also sustainability launching flexibility. such This jar injection personal a blow-molded care for initially for hair for TriMas is new Packaging our of circular TriMas demands process TriMas currently targeted first response PET in product strategic offering, is packaging we

recyclable we XXXX and fully in our to to we with these Next, global our sales additional late as products interest up product in expected to remain of XXXX line CPG committed expanding offering see continue customers. early our strong from ramp dispensing

and Beauty advanced customers customers of targeted we dispensers new manufacturing for market. is and to announce Finally, Albany, pleased America. well Packaging’s plant to produce of our piece latest are a Ohio, is automated of This products, New cornerstone traditional some launch in Care support capacity the of innovative to end commitment manufacturing onshore our the in to in facility Personal as all the as increase North highly in local foaming which markets TriMas our

an X, the Turning Net ago. same decreased TriMas I our compared to Acquisitions million Slide $X.X to sales will for segment. $X.X Aerospace the update period year-over-year contributed when now or million year of a provide quarter on sales. X.X%

to X.X% and Adjusted and the in $X million offset and plans the prior operating compared inefficiencies these period certain EBITDA year-over-year mentioned XX.X% prior a trending $X.X sales gain Aerospace by order approximately million were loss throughout stocking XX.X% is for for This XXXX of million quarter to the Combined, see As organic year-over-year stocking impacted of our of continuing from quarter. rising the during a strategic the related destocking $XX of TriMas primarily was the we’ve sales sales Operating to inefficiencies previously, QX XXXX, as and pressures. costs impact year. as for profit $X.X special margin of or profitable QX operating X.X% of backlog for contributed incremental intake positively the for were inflationary of XXXX. profit highly $X.X in earlier, labor as of supply a impact orders we up profit Adjusting continued price and internal one end initial as customer. which mentioned or from was orders improvement chain property to for million million increases well for specialized orders sales. in the million $X.X divestiture or attributable manufacturing of products fasteners XXXX input above quarter

sales mentioned challenges order year expect we improved exit production within TriMas I of organic earlier we as XXXX manufacturing and ease efficiencies. the growth to call, experienced see Aerospace, accelerate As in do account intake begin this to as remains on this robust

TriMas I’d the XXXX. Jet Trainer the T-XA low Finally, initial like that for components rate begin to our team Boeing of will production of Aerospace highlight quarter new during fourth

As an Boeing’s Force. U.S. system the is T-XA previously, all-new pilot we Hawk training Air for announced advanced Red

year quarter Products XX.X% was providing let’s segment. backlog on a Specialty sales third of compared quarter was million volumes sales cylinders businesses. in double-digit higher when by million region X, Now both $XX.X levels steel in of Operating high or for our material to moderately now Operating prior period. period profit more previous Adjusted to segment. the lower were year a costs. our Slide increase review Net period XX.X% $X.X million than were million, for as compared in $X.X margins XX.X% when the million increased the to the to higher the sales offset growth American primarily as Specialty for the This quarter with is or compared of EBITDA supplemental the sales. $X.X $X.X quarters X each power consecutive of remains robust North ago. for for Products Demand and same engines year

Cylinders’ order which costs remarks. and necessary. we’ll markets to appropriate believe At the discuss point, closing I’d and Tom? over changes for books take certain sell strong, Engines’ to we and and if input closely outlook into, end like call this of Arrow some in indicative order our is back recent to both monitor Norris continue Tom actions to turn recoveries which for remain While they

Thomas Amato

Scott. you, Thank

Slide Let’s X. turn to

consumer the fourth As inflationary we we are impact sentiment in the anticipating given global derivative look Europe, a the costs persistent softer to and Eastern quarter. year situation energy effects, now the from balance of and and

what convert against increasing will balancing better get much Aerospace to to quarter of a XXXX. within to respect our will a robust TriMas make well and in lines. we believe continue into strides With on demand expect demand conversion Products meaningful cautious first effect TriMas We the a position of to balancing TriMas Specialty approach against certain our Packaging, are taking is temporal infrastructure support demand product we

assess continue will gain visibility we first into more quarter to demand. necessary as regional when We XXXX actions

project expect fourth will to temporary the providing are to of and the to gain property and due some $XX earnings navigate. in benefit divestiture we both continuing help a we quarter, million from market corporate-led offset approximate Additionally, benefit which an disruptions after-tax cash

our year achieve we fourth now to Given the from for center for and of anticipate to quarter, in up point are the today range, results the estimate. $X.XX an our range we expecting what prior EPS X% $X.XX a is which about

of key in constraints as cash planned for allow than chain our result as updating pressures, free greater future maintaining also a to spending growth. XX% given CapEx investment further to income be of other well supply inventory We inflationary are outlook the as and items net our margin flow

to it million is in of important and gross flow, that as free to also proceeds $XX related to two addition we the cash to divestitures cash In expect approximately generate the settlement note swaps. currency define we it, property the

expect in a to So exit total, strong balance sheet. XXXX we with

Let’s Slide turn to XX.

recessionary do already not will our withstand model we’re enter or in ensure can know to into worked condition. period, years a do have if prior the I over we operating type that this carefully I know of While

While said, navigate what for relatively overall envision for optimistic profile a remain not currently TriMas. why just through to almost expense our cash few well prospects and prepared earnings our will positions by to interest that close period. the we earnings of balance XXXX, low low sheet our strong I trending examples capital any uncertain about With and with rate, remarks providing long-term out sales expenditure cash are TriMas we

recovery now the a and market. experience demand to First, starting aerospace we defense are within

to our gains production and continues leverage and as remain are are of Specialty strong expect growth. position Specialty Within given continued effect long-term natural given our of TriMas strengthen to demand our we within order higher gas we Cylinder TriMas to robust Products these currently Arrow our applications business, diligently Engine poised and now which for defense pricing. to also Aerospace Group, strong. working Norris advantage jet remain we Group [XX:XX][indiscernible] within well particularly delivered backlog Products our Both crude operating within experiencing businesses business TriMas the We commercial are and take

period in coming lines end product experiencing Packaging, attractive many specific solutions continue in within multiple have market our characteristics believe are and certain we there While long-term through TriMas are and to product some we this markets, to segment lower we innovative demand underway.

also We This bolt-on Packaging progress area is we acquisitions. with increased growth on through market to continue now an activity expect where to accelerating our group in make are size experiencing deals.

we reinvest to capital businesses growth, and we to our share in While our long-term anticipate for dividends shareholders continue to continuing through buybacks. also return

In And society, positively work. to the particularly live a to invest company we where to exciting to in. addition, Sherry. communities team back remains I’ll call the our TriMas turn and TriMas with Again, to committed to that, in Sherry? we an contribute continue leadership operating way responsible in is believe

Sherry Lauderback

Thanks, we open Tom. this call Session questions. At to Question-and-Answer up point, to the would your like

Operator

question Capital I’ll Instructions] Newman Please take Ken from KeyBanc our ahead. first Markets. go [Operator of

Katie Fleischer

was Fleischer He This for to join Katie everyone. is unable on Hi, Ken. today.

Thomas Amato

Hi, Katie.

Katie Fleischer

Hi.

to So I continues customer much do inventories have off you any on expecting segment. And conditions at state? wanted current you you’re do Packaging the when to the have idea the demand of the start if How these on stabilize here? visibility

Thomas Amato

better Yes. top our we’ve It had to a really campaign of get handle Great something to question. customers all on. is that

to and being is customer occurring. understand occurs do period line. region volume the now, in by That pipeline bit conservative supply out key The X-month and that’s Probably the we’re said, in expect and the by we’re QX of we right actually for varies we it a us high point not best a during that’s next into bit. it possibly the So period of stabilized tell. on probably QX, That’s and into the QX level. bleeds back can end, at inventory bleeds that the a year, through product

On the is it to part does best That’s can and we the towards tell, the of it more customer. optimistic late mid end, vary by QX.

Katie Fleischer

to that, of of demand now, you Okay. this going in are for what off that? that that some the seeing if account And to things state then, weak you’re were just adjust would continue

Thomas Amato

very now assessments product and and where question, Yes, an line. that’s and making region we’re good facility by another and area by by geographic cases, in right some

the actions be not the flexing should have we if that prolonged. taken more felt that normally with So, temporary any and period that we would would in demand we’re we falloff

we’ve and was the even only not on some this variable in minimal such actions. an that abrupt we’re So costs to variable demand any to occurred structural flexing change that extent, flexing taken side, us

Katie Fleischer

in versus it. segment? Got any What then more that? from and impact back Okay. into Do within have that me, packaging price one mix lower jump was queue. the then volumes And I’ll you visibility

Thomas Amato

Mostly volume.

Katie Fleischer

volume. Mostly

Okay.

Scott Mell

price. We had some mostly volume with degradation. But to uptick point, Tom’s slight

Katie Fleischer

it. Got

I Okay, queue there will anyone the in get back case in else.

Operator

from follow-up Newman a We of Instructions] [Operator Markets. question KeyBanc will take Ken Capital

Katie Fleischer

thanks. Okay,

pullback So we’ve both lately. a resin prices a seen of and steel bit in

how think So I the about perspective? we from margins know on last should segments the this across about a but price-cost we talked call, X the impacts to near-term

Thomas Amato

little address other me both steel. it’s let metals, mixed. bit steel define as So a generally we steel If and

You’re right.

On side, I’m seeing are where lower yet inventory that year with system and the do exited not through a how we just buying not contracts our the the to front. numbers current will we our forward and we’re bit have It’s that sure rolling but versus and steel XXXX. material it trends really started our in it market our be, That’s with on really has the steel suppliers.

stainless ranging stable front, steel, And that metal be tend there. etcetera, the so impacts other use prices between a and we different mostly On Aerospace aluminum, exotic Those number from to metals our trends business. of to increasing.

could We and an But numbers our giving a right as it’s go very benefit. been as well. side, we be pullback that year, pullback would On us say, use a stable the into next I minor certainly modest is great it’s almost, There’s flat, resin would today, to which in additional you’re news. helpful.

Katie Fleischer

thanks. Okay,

think I much everything that pretty in covers interested was there. I

any been there. talk the looks going And inventory you supply having of like can visibility? I some about segment, Aerospace forward? sense know the of you’ve terms the what In difficulties chain

Thomas Amato

us talk our about to supply your you or to inventories – when question inventories? is customer related So

Katie Fleischer

on probably guess I that you if helpful. could touch would be both,

Thomas Amato

Okay.

that So our the side, I some up, now seeing product production building were the book we’re is inventory from prior customer pandemic we cases, depleted that it were come levels order we say line, was up in inventory the when the on are, would in depending year the the XX% back rates on where quarter. have knew because last

business booking into now We’re out almost mid-XXXX.

seeing labor is demand, there challenging is great and what supply we’re XXXX, surge really for in so I like in ready So in effect, news a really on half. is, said, from during long-term the a front, because to because the and base, the expected the way, was predominantly which see pandemic not that’s it I The we second side by was snapback. wanted the to the see. stressed that, it

of So our we important thing And seeing in sort are I as we same of materials have world around. the certain are our know input sub-suppliers tight. check in the companies aerospace other

can our from constraints, supply. we’re of I we to have where tighter previously or pulled sub-sourced wanted quickly be source have as can what So stabilize vendors able mentioned, seeing we that we material In because we certain some cases, qualify. to might other we in-source what in production we

available in So constrained material and sub-supplier I a us. the that’s market for us, on would say of it’s the market not to lot there’s

Katie Fleischer

levels? year, bit, XXXX out to XXXX, guess back see opportunities off visibility any Aero like those into In Okay, thanks. a the expand do maybe to then the the And you of margins I that, segment? for going

Thomas Amato

mind book XXXX hope in we that rate. constraints and other inflation our to restructured that, as said, as some our to get Well, on convert expand next some certainly, we the that our from capacity But are above we I set XXXX in we’ll and to we I guidance operating it experiencing as today. for is through XXXX. since do that order expect was books changed our that certainly, the being some have The area to go our margins then up levels. the earnings what’s we’re is now on of think, get and of and That the hope give next has business year. back constraints. pandemic labor pre-COVID our back the leverage into that we But free supply in And that call

Katie Fleischer

And just looks me then but I talk just from Maybe here. you’re M&A. targeting wanted about you going pivot what like Makes forward? you this the deck, questions what bit more in pipeline M&A know you I Okay. in towards sense. think the your future? two a can when discussed to about

Thomas Amato

Yes.

me relation to that. our it address Let call and earnings before in last

As call, interest the few a there. sort were not pipeline just there increasing time, we if what period last into were went go was our and out that And full, earnings of to was we was significantly. companies of back rates happening

a also other number factors. sort seeing some, properties of their And rate high looks much just sit what bolt-on in in in here only of deals, are M&A not opportunities, we as size, pause. market and They’re took like family said, the planning with have So a of being to compete us, that a today, smaller number done activity succession a of And for of deals we’re reasons, aerospace. That but I mean, to packaging, see not buyers we our private right equity because strike size. quality to zone. likely get

given So that items deals deals. number certainly we’re carefully actionable. be that at today, are our to announce could of a looking sheet, balance but Nothing

of interest be We would larger imagine because because right very the though, that’s competition you for are And limited as higher still deals in rates not now. predominantly, would them market. the seeing

Katie Fleischer

sense. that Yes, makes

making M&A? share then think repurchases? about Is that, do of Is go And of you it And how going so Okay. it about just are off decision? when kind you capital prioritizing? deployment, you what that

Thomas Amato

work us cash could great I that were into that our earning Well, unlock in to value looking had And in about that not that $XX just like million assets and Scott for geez, a unleash turned and that of morning. some company, teams were through we’re book sort and that some certainly monetize did deal. our said, to we of treasury we at be and the free brought that a this cash talking and various

I term, M&A. say little focus our the a to see So likely us to nearest in of you’re shift would bit

Katie Fleischer

it Okay. you’re Aero those M&A? Packaging seeing the And three really of the segments, and is where opportunities those for

Thomas Amato

Yes. Specialty wouldn’t a deal want to I Products, comprise Look, group. and but of that at that things that a couple look we not note about the just businesses within

strong couple floor we’re to a a this our Norris been for right making we’re So of business good and and Cylinder improvement. the we’ve investments now related years and on has is factory that backlog there, order progress, pace making

if we additional pretty add can some And that our having basically, grow location product organically So expand all-inclusive. that front. to we find at we that acquisitions sell on capacity, the can continue is without to and sales

customers an without we’re So can current for unless to can of expand our are to new placing it’s natural that With business one-on-ones. the we respect look increase we our there, of gas having gas, that are line, completely makes long which on extract the in assets revenue when one nonetheless, at order our do go Engine, across we strategy, that time, too into a government and acquisition. that’s is this I but products North to for different there book are imagine, to orders and into Arrow because, some goes necessarily so to that whole can about call. into crude Engine regulation you strengthening America. that oil some natural talk attentions it the get seeing We haven’t mean, out there cylinder And current other as wanted talked a and rates we at about applications Arrow book significantly again

nice don’t give organic segments. at us effects growth, to inflationary Products we So Group our some any of assuming impact or recessionary potential those are type Specialty that looking

Katie Fleischer

Okay.

quick more one one Just from me.

around Packaging do you’re think that factor how side, Is a On do softening within more the quarter? packaging that M&A different because about in when that to see with you this thinking not lines in really segment, that maybe product opportunities or you reconcile by this segment? long-term that work you’re that seeing expanding even demand you

Thomas Amato

Beauty sentiment our are faced most is our Almost lines are Personal Personal issues with of consumer today. & for example, Personal that consumer And of of our a we’re Care is Katie, in & that’s Beauty Care you question because Personal product if Care. by business Care. submarkets impacted some and one the take, great XX% the largest sales that

to we on area, and expand area to it’s list that high an in the Beauty have is the ability So significantly priority our grow.

that addition In this is as has that’s we to Life and want period growth. earlier to during a relatively penetrated total, that, that Beverage in vast grow. we an area opportunity Sciences an we continue to and Food & area see for this year, where strong been

In Life fact, be years’ TriMas see would material to business. of Packaging more Sciences X like time our in much I to a part

and a to environment. packaging in to product of add submarkets lines we So, TriMas have number current this even

on the might a Now exciting But associated could us. depending geographic risks a look be take region see opportunities we for that and overall, we number with that. of

Katie Fleischer

all great. Okay, questions. That’s to these me. much for so taking hear. Thanks good for it That’s

Thomas Amato

Thank you.

Operator

questions further of time. no over Q&A the have End Instructions] phone at [Operator We this

Thomas Amato

quarter. Okay. you on There joining earnings questions, to next look our being thank updating We further call. you again forward for no us

Operator

participation. call. your This for Thank concludes you today’s

You disconnect. may now

TriMas (TRS) 30 Oct 222022 Q3 Earnings call transcript