Earnings call transcript Q4 2022

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Operator

Greetings, and welcome to the TriMas Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sherry Lauderback. Please go ahead.

Sherry Lauderback

to Call. Fourth welcome Year and and Earnings XXXX you, TriMas Quarter Corporation's Full Thank the today Financial on and Participating call Scott and TriMas' Mell, CEO; President our Chief Officer. are Thomas Amato,

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

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

number like today refer Please risks our we that started, statements a and Form inherently forward-looking to Before our be will factors those XX-K of for everyone could forward-looking a anticipated that to are today to cause may I filed results statements. of contain in list from any our later comments would uncertainties. that get that to remind differ subject

we publicly except obligation may your considerably found. revise information to We law. our or to also attention would more update no required by statements, website as be forward-looking where any Also, undertake direct

like adjusted our on and presentation would the be special items. regarding you we the addition, Today, discussion used call. or this will financial Appendix for our excluding results an in on today call refer In measures impact the press the to non-GAAP reconciliations to financial GAAP our release basis, between of in the

call Tom CEO. over Amato, to TriMas' that, and With Tom? will turn President the I

Thomas Amato

call. our to fourth Sherry. earnings you, Thank welcome and morning, Good quarter

additions are our will a their acquisitions and each businesses; Packaging, moments. TriMas will to These now teams. forward to to exciting with Group Weldmac leadership TriMas we which our pleased few these will further are which Aerospace welcome we in to of As working companies look of into TriMas, I two two Aarts into acquisitions Group. Manufacturing, discuss TriMas' Packaging and report report portfolio recently new announced,

Norris Cylinder growth. Additionally, to we welcome its of Manfredi Greg into business will lead next our phase TriMas, who

Greg the was appointment, future experience, TriMas move at assist level, and will JSW at President manufacturing look recently manufacturing transition of in role Manz, projects. his leadership has In service Greg's of Cylinder of with the he I corporate I for Green projects certified for and Sigma Norris Steel's prior into other contributions. high-impact office a more than to Belt U.S. connection XX Chuck like Six operation. a support Norris, years COO is special where would thank and to Greg's in Chuck years forward personally smooth will

industrial would our what call we now markets. our of related pivot consumer to prior demand products today's our call, and refreshing first certain to by earnings specifically like in on discussed challenges I end

reflect demand experiencing Therefore, As quarter of we function consumer the we anticipated side as as against progress With challenges. executing in XXXX, made investing largely strategy on and toward in a positions. softness closed largely fourth the long-term the of we inventory third some that confidence, discussed, we quarter. began year, inflationary and impacting end full demand these by we despite overstocked TriMas of quarter, was said, compounded our the which solid meaningful out we believe our pressures

reliable our in recovery a a First, growth includes to Commercial key achieving tenet plan market. the long-term Aerospace

the increasing levels. by continued to year New XX% entered our and compared as strengthen, XXXX finish to Year, nearly we As prior backlog

platform. this demand believe position driven continue to and levels, recovery important While high multiyear constraints, labor enjoy a very dynamics aerospace market supply by TriMas we Aerospace the near-term we well through for work TriMas all to

in a number our which lines, provide product for Packaging we've our our Group, closure sustainable solutions dispenser introduced TriMas of customers. Within innovations and

just single polymer enhanced to safety agricultural applications, tethered weight, lighter variety recycle personal and of within applications allow TriMas for And a dispensers design long-term examples applications. caps certain to aseptic innovations container organic are industrial the and us Some and a platform. these for our we of and include easier few deliver Packaging focused are growth examples many and on closures to for beverage function care dairy

Omega. And organically future to our in also through applications nutraceutical coupled TriMas two additional important and is Life earlier acquisitions, acquisitions. year highlight we Intertech with TriMas through pharmaceutical anchor in and Life presence Sciences existing growth, for it both that launched the Sciences businesses, position and These

On two return XXXX, through we continued the as In our treasury strategy. commitment our to we long-term actions. front, this did capital we execute

which a by we And outstanding about reducing additionally, X.X about year. million repurchased nearly we yield averaged X.X% therefore, of a shares X.X%. net First, cash dividend paid for the shares,

since an XXXX today's TriMas' thesis a coupled low of X.XX a model with important philosophy, yield in million We dividends, repurchased we would leverage note invest profile, also return expense, of call, provide low and is generation were able additional shareholders cash that our like generation balance I while to retaining cash strong of Given and beginning our X% interest our we buybacks an and as to share to have the strong all capital believe through sheet. with approximately shares. TriMas. and

in acquisition and the XXXX we able In were new TriMas performance leveraging cash cash TriMas turn, Group. addition, to our our and properties bolster fully redeploy by within to nearly first in and the two earnings noncore of fund Packaging to identify the this monetize also model, quarter business swiftly XXXX

our and did progress overall, we XXXX strategy. overall So made not results demand to allocation as for hoped our turn out had due while capital solid market macro business we financial against effects,

slide X. to turn Let's

on acquisition we off XXXX great start to a front. in announced the recently, are As

for Aarts a fit applications. existing larger the which personal Group additive premier manufacturer is Packaging is First, and end products compelling beauty, TriMas Aarts presence we packaging of Netherlands-based beauty our within acquired in given applications, a Packaging, in to markets. its food medical which presence care is our

wider Aarts revenues and will synergies. cross-selling EURXX million integrate packaging about Xx before of opportunities we and number EBITDA trailing TriMas global manufacturing into Group. we as a pursue are paid approximately any Packaging There of we our integration Aarts

the we into U.S.-based agreement space an Weldmac assets complex that fabricated applications. acquire to a we announced components and metal defense, manufacturing, aerospace, entered industrial today for manufacturer of Additionally, assemblies and of

Weldmac to Products Products and and Martinic will TriMas Engineered than RSA is Aerospace's ultimately Engineered highly complementary in more businesses revenues. million $XX add

as We of to selected Our help next the growth. address patiently been Overall, team stakeholders a estate. each and working navigate time to has selling some of thoughtfully concern. Weldmac into Weldmac TriMas Aerospace on with for to TriMas pleased sold family is work phase out they specific being important had were we its it

XXXX our one completed one announced, acquisitions acquisition our as growth. are with teams we to will while augment active development continue and and operating that long-term for So we search corporate starting remain

Let's turn X. to slide

slide to benefit commitment sustainability of against our This we providing to addition ESG. as our are and the made TriMas' the where In long-term on many noted strides strategy, society. against have customers, facets and stakeholders our progress business sustainable earlier, solutions made we to excellent depicts also focused we

acquisitions, Our internal sustainability both core. processes our growth, resourcing our through and decision-making at and contemplates in organic to commitment investments and

for were prior slide Scott and our more $XXX environment full each when Let's X, quarter sales cover million the as turn in results. financial and were quarter by Sales year acquisitions will to the for $XXX reviews to the the also offset of he for million year. summarize quarter results demand as reduced compared I'll discussed where segments' currency from sales detail more previously. than dynamic as and our now demand

and the as million prior profit the sales. acquisition $XX.X XX.X% of the versus for X.X% million For organic sales growth and $XXX compared currency was Operating $XX.X offset of or quarter prior the million were $XXX or year softer sales of year, of as million or XX.X% more than quarter up to year demand.

offset As lower on property a the less in decremental in constraints. $XX.X the call, completed million, mix cash input of other earnings in which the last discussed operating a from margin and quarter, production project gain divestiture demand quarter, favorable successfully resulting we helped

million experienced XXXX, $XXX.X XXXX, challenges input of profit helped operating sales of full which at to quarter was was range in third inflationary of where was higher the particularly production in XX.X% of demand, sales. we compared or the within second and the impacting Again, and year share, of Earnings or as For acceleration year was year, softer the updated $XXX.X share we provided while costs operating effects. mitigation the XX.X% for was million overcome for costs, profit some $X.XX, the projects per the team's $X.XX per guidance macro these end our full half, quarter.

take over to call the who and will through sheet turn Scott, Scott? will segment the I results. balance us point, this At

Scott Mell

Thanks, Tom.

with of at cash continues liquidity slide to turn strong XXXX. and than and now sheet Let's availability X. more to balance end maintain the profile $XXX million of a borrowing TriMas

reinvest as at as Xx million of through our cash than Our our in of net after year share this payments. target dividend well returns remains leverage using through below even investments capital to more and shareholders repurchases acquisitions and $XXX to long-term businesses provide X.Xx,

mitigate was inventory operating flow our from cash activities lower efforts the and result primarily Free down disruptions million, $XX.X chain for year-over-year proactive of cash on a through supply year as a ongoing management. basis, to

call. cash Finally, and from during outstanding swaps, this as of Tom proceeds settling I further of cross-currency the pretax operating and highlight flow the that year, detailed sale generated like of two activities third addition to properties we cash earnings quarter noncore generated in million to from $XX mentioned our the earlier, I'd our which

period. to and net Fourth let's I XXXX turn Acquisitions million of with X, segment $X.X of impact quarter our quarter, were Packaging. slide the currency and $XXX X%. XX.X% review the decreased the as sales $XX Now sales $XX starting while my sales reduced begin year or will TriMas results, million or to million unfavorable million during of compared ago foreign contributed by translation

QX with abrupt excluding products in care XX% home the the earnings as outlined end dispensing markets impacted products reduction rigorously positions organic the future food continue expected applications beverage to quarter demand given negatively decreased closures sales, CPG and products As end by due for inventory markets through during be environment. and an work by personal our to and consumer during for call, the customers currency, to demand weak inflationary high and demand and continue assess current our and our

While their this to we to continue packaging TriMas QX in in temporal, until normalized sales as that demand our second to through get QX environment compared customers the of expect and year. we more continue to to don't the is when within sales activity levels work expect current a inventories year-end half back to see believe we pick-up

industrial addition, in in caps which closures business. demand end to due products, activity our certain meaningfully impacted regions do manufacturing lower most and was we where generally markets In quarter serve for the

million $X stabilizing, input this Operating conversion profit serve less EBITDA margin demand TriMas are expect to $XX.X well $XX.X rates As output favorable as primarily of with XX.X% to second sales. recover, was of more the impact show continuing to of inflation pressure and in begins current while profit quarter lower we decreased sales well-positioned in We rates adjusted on we to return by capacity. the sales, EBITDA margin and we expect capacity. mix on of was XXXX of XX.X%, inflationary industrial operating to of revert, to due our but do levels to million begin net as the as Operating normalized execute half interest historical signs costs. or within open Packaging and manufacturing million, account on and also to demand at

announced profit to in account the Organic second Pivoting to XX% improve acquisition continue our is and Packaging. of grow of including to XX%, rate half segment; we operating GDP-plus, of now for XX%, margin a to X% expect of the between recently to on improved the while expected historical sales Packaging to primarily at year. volumes growth are of impact of sales this expected Aarts XXXX the outlook

future. the While for costs, we other stabilization continue for inflationary expect our key including foreseeable pressures XXXX outlook assumes do of to resin, material the

$X same Turning X, segment. on compared year will period an our I a now TriMas or to provide the Net ago. quarter update to increased the sales for million Aerospace slide by when X%

highly see to XXXX, XXXX end million of of for sales in expectations. one to ahead were as strong and and customer. general of impacted XXXX, continue orders by for for profit backlog specialized sales aerospace for nearly Adjusting market throughout many volumes QX mentioned impact from fasteners profitable were of in stocking I organic aerospace year-over-year continue order products up QX recover $XX positively Aerospace TriMas the operating of destocking As our orders intake XX.X% initial as we XXXX

was the Pivoting the Aerospace; for a prior in for or intake XX% EBITDA the mentioned outlook as continuing on Adjusted in loss was pressures, inflationary XXXX for million margin or to see of and within costs. $X.X of material order profit X.X% including as improving and impact supply to Aerospace, quarter total inefficiencies strong rising in prior well to labor XX% year-over-year decline basis. is the period related TriMas chain call, compared sales. sales year. as Operating $X.X growth $X.X $X.X expect XX.X% related the of to orders to This million special our primarily million now we million quarter this stocking of TriMas and remains with Tom robust sales XXXX, or earlier as between organic sales and year-over-year the

announced This Company. includes our the Manufacturing acquisition of recently Weldmac impact of

XXXX X% in year profit as to for expect improved manufacturing operating of we is to actively manage through challenges begin account Aerospace to experienced to to continue the during XXXX, for environment expected improve operating on dynamic and While between the to have efficiencies. a production X% ease margin TriMas

on still which below reflect margins low rates they aircraft, expected remains these XX% basis, production While year-over-year are wide-body more pre-COVID than rates. a historically for higher

million Now Specialty Products now year than fourth review let's XX.X% compared power quarter to when Demand million slide the $X robust the units parts, previous consecutive as more the for quarters on was the related each of $X.X Operating a segment. increase for profit growth sales compared is to million period segment. North cylinders high for Specialty of American and the remains a generation XX, in to region year seven sales our This million, for XX.X% Products in by levels businesses. same both $XX with steel quarter spare our period. ago. double-digit backlog Net moderately increased or $X.X in of and

cost actions Operating more pricing or EBITDA margins offset improved increases. than as XX.X% quarter inflationary million for higher sales. and of the was Adjusted sales $XX.X

remain to is closely certain Engines strong, for Norris in monitor books of we continuing order they end and changes continue necessary. we believe indicative While actions costs Cylinders markets sell into, both which order and appropriate take and Arrow input resilience which will if

for of our segment Finally, power generation industrial and our construction, our innovations products as high the well our compressor key Products as new Specialty for demand for including product HVAC outlook assumes continuing end markets, general and products. within impact

operating products to XX% new between to continue operating and margin bring of growth to we sales benefit as previous investments expect increase and XX% our capacity, and XX% We of to XX% improve profit efficiencies from innovative market.

to would like call and At back over our for this turn discuss remarks. point, Tom XXXX some outlook I the to Tom? to closing

Thomas Amato

you, Thank Scott.

Let's turn to slide XX.

a As demand markets. we model XXXX, uncertainty end we continue to certain of period experience in

prior lines. with effect believe our and cautious on product and with call, are Scott a our demand discussed TriMas support balancing as As of a infrastructure approach what to to goods is our continuing temporal industrial take to earnings we against consumer respect noted, certain we Packaging,

applications While the second we quarter in end of and of we up second market in forecasting have activity, then industrial and in of beginning our personal flex many experiencing care ramping half lower a recovery significantly certain operations our XXXX. and production beverage, beauty are food and also the

customers ramp time our consumer markets if also cannot predict assumption, will in half. the goods the this up of support second many we While significantly this at

we do see indicators the However, planning better to second early some expect in quarter.

TriMas aggressive of second if quarter, take TriMas we Specialty strong year. Aerospace course, positive we remain are Products modeling we to not will and the Within we And continue as actions. will containment demand our do the that enter cost indicators throughout see businesses,

margin converting within are in to strides second will in TriMas at continue XXXX, better in continue expecting TriMas through also make demand meaningful Aerospace. Specialty on half performing we we believe Products, the While progressively particularly to high higher levels we

sales up are XX% net of to we be even will essentially range and adjusted that, the full in the center XX% anticipate and with be in With with the $X.XX, to to forecasting EPS XXXX. range $X our point year of

last considers in year. outlook we executed given hurdle overcome to we monetizing embedded Our the that successfully an projects of have XXXX, some

free XXX% our to net income. also greater cash We be forecasting flow are outlook of than

first activity XXXX first in from range quarter materially quarter EPS we forecasting and are Packaging $X.XX, levels forecast to not any order $X.XX other yet the as fourth the improve to our to has for Additionally, in quarter well XXXX. begun from TriMas quarter of in XXXX experienced below

Let's uncertain our we again a like support would I turn this prospects to the for for navigate demand out to why TriMas. examples period. as remain providing long-term thank about XX. I our their optimistic of that by slide prepared remarks We through said, investors few we With just will close

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

progress to through growth expect also make group packaging our to on acquisitions. We continue additional accelerating in

confident increasingly also are commercial the aerospace more market. the end We recovery about within

We Specialty expect of constraints operating defense order long-term backlog to we our ultimately gains to commercial leverage our jet Products Norris strong. Group, demand Cylinder TriMas our in and work remain applications to Within strengthen given supply as through demand expect and continues within labor strong robust production business. and take remain advantage

And highest are for in overall long-term to as to the will done, TriMas' our create to portfolio we value businesses our have our assess always best ensure continue resources shareholders. we position focusing we of

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

leadership TriMas TriMas work. in. we is believe contribute to where committed continue responsible our particularly a and to team exciting in positively an communities invest operating the to to addition, society, In live remains to in company way we Again,

with the to call turn I'll back that, Sherry? And Sherry.

Sherry Lauderback

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

Operator

Instructions]. [Operator

comes with from Newman Your KeyBanc. first Ken question

Kenneth Newman

specific gives are packaging in bit you a question, I'm patterns confidence that Tom, it customers? selling it could little seasonality conversations specific color take put note there within Is on -- is going like quarter? that? anything just or give -- anything the that something having normal about more your my revert first what we first that are beyond to back to the with you kind For contracts together of the how you're Is should curious

Thomas Amato

an of question, the and you. into closed the the was of and we Great We've a in obviously area that supply felt of ahead. and into early in challenges We had maybe time this started talked the and COVID a of Ken, last getting the quarter -- year as in that went biggest a that driver, overstocked and supply customers occurred the care spent into position. and personal And Yeah. believe, XXXX at the in But some after buy we to on we related issues, they year about end thank sort of to quite customers, bit year we particularly quarter. constraints. our earlier lot fact learned import into first number this what out around

customers reducing, as to but at last sentiment that the position And year. some of even books also shipments many end slow cases, market their they we area, ordered in with know down and the started the our or goods the on We end just to consumer inventories with the confidence of precisely of -- our consumer were went they into customers had in slow purchasing didn't going year. took were and the that where drop our

hand. of through inventory on they're today, customers many, think that don't many know is this quarters our burning that We to talking are we So inventory. we like

communications revert. to few part, some coming orders that in. the could orders SKUs. be There's most But customers where the starting case to see on be get a that we're starting will We're certain for

QX will this, in with and half. subside, a picks mentioned us, put caveat to confident modeled happen in. So benefit we could confidence what that but rates. want with will consumer haven't we're and there, And I to that feeling second just predict pretty nice in the reordering be that I The up half, can't for to take we is out only pickup occur in second if that the a inflation think consumer start starts if I

Kenneth Newman

any be Obviously, it leverage year, puts well in helpful. stocking can would margin weaker Understood. you is can due to but Aero out is above way seems quantify you why act levels takes you Maybe you special operating stocking last core guessing I'm that despite and over that relatively step-up walk that's the you through the year. seems Switching special order expect took orders and what last have very pre-COVID revenue? Aero. that big like been sales the That's the from And incrementals to if this limited. just to the incremental there year?

Thomas Amato

let say our And that there do just margins second that that of work some question. -- sequentially through What we constraints as to yeah, improve within issue I'll Well, the big part I a mix is is as we we -- Aerospace. still for the XXXX, address we Scott expect go would of work TriMas occurring through very is still production we're experiencing. as

Even for special if us, the some favorable that us turned production hasn't related yet. stocking even on for lines very product business to you exclude XXX order,

that's think have and XXXX constraints that have even half. like the we we issues in then today, half or So But do some working first that event. XXXX and we're through we occurring are and mix production still some a XXXX more

and sequentially on our margins even exit we in XXXX, better front. position the a the improve So in year to expect Aerospace TriMas

Scott Mell

look have mean this the was But year. you year, up. some the if Tom's what We're for sequentially around X%, you we're for to margin stepping the last growing, at of items. while that profile do I is we point, mix giving onetime issues. outlook at it X.X% if top exclude be Yeah. going margin look line to I

kind haven't of being be ramped back. added new businesses, the a has in. big integrated wide-body seen that's We coming in to RSA up. program are and come the going of And process we've some volume which

improve margin profile to going that quickly. So is

we and be. us the get place takes where these to integrate the some them acquisition businesses Obviously, need time margin those to Weldmac to profiles

the we Aerospace to clear, to bit a creep for business, So mean, mean, to closer expect those just our this we running But margins a a high kind of key some of demand see today different capabilities transitionary we for operating year I and the to next few meet of functional where for expect is that back our start fact historically. really aerospace bit the in demand, years be a are inflation high what feels me, to of the level be I team like here. with investing and to it's environment

So that's all for ingrained outlook the XXXX. in

Kenneth Newman

Understood. I from the queue. squeeze one you expected and help the back I'll quarter the sales sequentially just the then for Specifically, how us first jump packaging I the Maybe expectations to down would sales more on into could -- think if could as guide if XQ just bit. from margin we then levels? across want I'm segments? clarify Maybe hoping if those fourth great segments quarter well. And should to sequentially little are that frame be you a trend any all curious are the help

Scott Mell

Yeah.

be for a for a to some have there packaging flat. to that as other would little flat businesses the expect QX the ramp Year. into relatively pickup QX we do up of then and up. be we having And those seasonality And sequentially nicer some yeah, So would historically, New would bit businesses, to aerospace, we

Operator

Instructions]. [Operator

Newman from with KeyBanc. have You a follow-up Ken

Kenneth Newman

take Weldmac sector opportunities to -- like the Curious that Obviously, maybe still that I you a your the do signal better should incremental we want instead? to in Weldmac pipeline. ask are if decent M&A -- here. seems some on prioritizing deal packaging deals color there's about or

Thomas Amato

packaging could resources, of the priority. share Life great higher The that I add I dev company think only expanding area and of a look If for a in also Aarts a opportunistic, we're have opportunity And spending Sciences our focused platform. but on larger is Weldmac we investigating Definitely, and not our was which we're deals. great us. be where a in beauty, time to in No. going of we example our internal it's at corp particularly,

a will I base had an There's a of that lot stability part do. the trust out think the passed was years to what fit, purchase. ago. compelling think add would as of my and it call Aerospace but and that. we in a with and the I Like of owner mentioned only there's number it, opportunities the we script, great And of not of TriMas more acquired also work great But customer very really a a of appreciate opportunistic was Group,

to QX orders we just earlier expect versus QX -- the in your the be be where indicator packaging up to to of question. in and will And do year. exited, We Ken, back an we also I QX rest see which is come into wanted slightly come as indicator to an start

Kenneth Newman

Okay. That's very helpful.

guiding For year business what margins that Specialty, the been in obviously, bit you're for little margins a last record think lower have than I quarter.

margins how cycle margins bit business? lower Just about takes talk why little puts the through conservatism? going for little a rate the a levels? you think on and about And there run are do forward what bit versus XQ that Is just that

Scott Mell

to. it there if sequential still Products, at higher growth mid-range the a look Specialty think as if look But Well, fourth to I than quarter, our little the to bit operating what we're full margin guiding margins yeah, the you year, outlook. relates for forecasting were of the you [indiscernible] we're

you back you item year-over-year for achieved with We've a think you to annualized if Group, XX% is think And we to a they're what is XX% bit I So can if through there the steel up few look come creep costs. over at this see the the 'XX. again, And there. on increase seen in sequentially nothing years, basis, the I additional sequentially. an look went Products so down, they've material margin Specialty just here starting up, continuing managing unique slightly costs. They some in to key and volatility

Kenneth Newman

me. for one this weaker cash Obviously, last the demand quarter. Maybe impacted by free

how this You're through quarter? conversion decline a use in first working be little Would through talk for still free despite trend Maybe still consolidated a expect you year Inventory expecting expect seems cash 'XX. to to plus elevated quarter. sales the full year? the the cap XXX% just the you

Thomas Amato

the exit the with specifically. I'll do capital business. let year Scott our in working We address normally well, than But first would we did quarter we -- yes, have higher

Some and related to throughout But also it is that demand. the abrupt supply. was of change was protecting which were what mix of our us of the doing doing some customers to in related some year,

our certain we we had activities components where we materials poor -- XXXX balancing have certain we in And that didn't were needed run in to and because situations did production have lines. we

as we the certain in went too year, So overstocked we through areas.

improve capital. to to net working still think the place. in start And is through And a I our we us plan go we better So position. exit year sequentially you'll that year, in have adjusted as see the in seasonality for

Scott Mell

typically as is Yeah. seasonality given know, flow business. investment quarter the cash mean us, just and the the I a for lower you QX in

I of fact think, to expect business guidance our sequential improvement a that largest we've and strong given really see second given the we half quarter-over-quarter that obviously, the year.

I flow cash our the that to more year. heavily weighted of be think half is towards you can then going back the ascertain

Operator

There are like no remarks. to for floor further questions. to I closing over would Tom the turn

Thomas Amato

earnings I'd much. for on again Thank our we call, next quarter. look forward us like joining once Well, to and thank you again, you updating very to you

Operator

today's concludes teleconference. This

for you your participation. disconnect You and your thank lines this may at time

Sherry Lauderback	VP, IR & Communications
Thomas Amato	President, CEO & Director
Scott Mell	CFO
Kenneth Newman	KeyBanc Capital Markets

TriMas (TRS) 23 Feb 232022 Q4 Earnings call transcript