Strong Start to 2025
TriMas Corporation reported a strong start to the year with significant growth in its two largest segments, Packaging and Aerospace, which represent nearly 90% of the company's revenues.
Aerospace Segment Record Sales
The aerospace business achieved another record sales quarter with 27.8% organic growth and continued momentum, driving conversion to just over 22% EBITDA.
Improved Profit Margins
Consolidated operating profit increased by more than 50% compared to Q1 2024, with a meaningful increase in adjusted EBITDA up 13.5% to $39.7 million and a margin improvement of 100 basis points to 16.4%.
Successful Acquisition and Integration
The acquisition of GMT Aerospace contributed $3.3 million in sales, and the integration is underway, positioning the company well in the aerospace market.
Balance Sheet Strength
The company successfully refinanced its senior secured revolving credit facility, extending maturity to 2030, with a strong capital structure well-positioned for future investments.
Encouraging Signs in Specialty Products
Order intake for specialty products, particularly North Cylinder, is beginning to increase, indicating a potential recovery and future contribution to overall performance.