Trimas (NASDAQ: TRS) has reported its financial results for the fourth quarter and full year ended December 31, 2024. The company achieved quarterly sales growth of 22.3% within its aerospace group, contributing to record annual group sales of $294.2 million. Trimas reported fourth quarter 2024 net sales of $228.1 million, an increase of 8.8% compared to $209.6 million in the fourth quarter of 2023. Adjusted operating profit for the fourth quarter of 2024 was $23.2 million, an increase of 23.5% compared to $18.8 million in the prior year period.
For the full year 2024, Trimas reported net sales of $925.0 million, an increase of 3.5% compared to 2023. The company reported operating profit of $47.2 million in 2024, as compared to $65.4 million in 2023. Adjusted operating profit for 2024 was $82.8 million compared to $89.5 million in the prior year. Full year 2024 adjusted diluted earnings per share was $1.65, compared to $1.92 in 2023.
The company reported net cash provided by operating activities of $27.1 million for the fourth quarter of 2024, compared to $30.6 million in the fourth quarter of 2023. On a full year basis, Trimas reported net cash provided by operating activities of $63.8 million, compared to $88.2 million for 2023. The company reported free cash flow of $16.8 million for the fourth quarter of 2024 compared to $14.7 million in the fourth quarter of 2023. For 2024, Trimas reported free cash flow of $29.3 million compared to $47.8 million in 2023.
Trimas ended 2024 with $23.1 million of cash on hand, $239.8 million of cash and available borrowing capacity under its revolving credit facility, and a net leverage ratio of 2.6x. As of December 31, 2024, Trimas reported total debt of $398.1 million and net debt of $375.1 million. The company continues to maintain a strong balance sheet and remains committed to its capital allocation approach.
In the fourth quarter of 2024, Trimas packaging group's net sales were $123.1 million, an increase of 8.4% compared to the year-ago period. Trimas aerospace group's net sales for the fourth quarter were $78.3 million, an increase of 22.3% compared to the year-ago period, while Trimas specialty products group's net sales for the fourth quarter were $26.6 million, a decrease of 16.8% compared to the year-ago period.
Looking ahead, the company expects 2025 consolidated sales to increase 4% to 6% compared to 2024. The company also expects full year 2025 adjusted diluted earnings per share to be between $1.70 to $1.85 per share, an approximate 7% increase compared to 2024.
Trimas will host its fourth quarter and full year 2024 earnings conference call today, Thursday, February 27, 2025, at 10:00 a.m. ET. The market has reacted to these announcements by moving the company's shares -6.7% to a price of $20.41. If you want to know more, read the company's complete 8-K report here.
