Triumph Group reports 3% hike in Q3 FY'14 sales

Organic sales for the quarter decreased 6 percent primarily due to production rate cuts on the 747-8 and 767 programs, a decrease in military sales and customer deferrals.

Highlights:

- Net sales for third quarter fiscal year 2014 increased 3% to $915.8 million

- Operating income for third quarter fiscal year 2014 was $84.8 million, reflecting an operating margin of 9%

- Net income for third quarter fiscal year 2014 was $35.4 million, or $0.67 per diluted share, which included $13.3 million pre-tax ($0.16 per diluted share) of costs related to the Jefferson Street facility move, $11.1 million pre-tax ($0.14 per diluted share) of refinancing fees and pension settlement charge of $1.6 million pre-tax ($0.02 per diluted share). Excluding these costs, earnings per share was $0.99 per diluted share

-Year to date cash flow from operations before pension contribution of $45.8 million was $79.1 million

- Net income for the third quarter of fiscal year 2014 was $35.4 million, or $0.67 per diluted share, versus $75.2 million, or $1.43 per diluted share, for the third quarter of the prior year. The quarter’s results, included $26.0 million pre-tax ($16.8 million after tax or $0.32 per diluted share) of non-recurring costs.

The prior fiscal year’s quarter included approximately $0.3 million pre-tax ($0.2 million after tax) of integration costs associated with the acquisition of Vought Aircraft Industries (now Triumph Aerostructures-Vought Aircraft Division) and a charge of $2.0 million pre-tax ($1.3 million after tax) for early retirement incentives.

Excluding the non-recurring costs, net income for the quarter was $52.2 million, or $0.99 per diluted share. The number of shares used in computing diluted earnings per share for the quarter was 52.8 million shares.

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Triumph Group