Triumph Group, Inc. announced its results for the fourth quarter and full fiscal year ended March 31, 2014.

 

Highlights:

-Net sales for fourth quarter fiscal year 2014 were $936.4 million

-Net income for fourth quarter fiscal year 2014 was $42.3 million, or $0.80 per diluted share, which included non-recurring costs totaling approximately $48.1 million pre-tax ($0.59 per diluted share) related to the Jefferson Street facility closure and start-up of the Red Oak facility, early retirement incentives offered to certain Triumph Aerostructures employees and a net curtailment gain related to the Triumph Aerostructures pension plans. Excluding these items, earnings per share were $1.39 per diluted share

-Full year revenues and earnings per share were $3.763 billion and $3.91 per diluted share.

-Excluding non-recurring costs totaling approximately $72.4 million pre-tax ($0.89 per diluted share), earnings per share were $4.80 per diluted share

-Cash flow from operations for fiscal year 2014 before pension contribution of $46.3 million was $181.5 million

-Completed closure of the Jefferson Street facility ahead of schedule

-Increased share repurchase authority to approximately 5.5 million shares and executed 300,000 share buyback for approximately $19.1 million

 

Fourth Quarter Fiscal 2014 Highlights

For the fourth quarter ended March 31, 2014, net sales were $936.4 million, a five percent decrease from last year’s fourth quarter net sales of $986.3 million. Organic sales for the quarter decreased 11 percent primarily due to production rate cuts on the 747-8 program, lower revenues on the 767 program and a decrease in military sales.

 

Net income for the fourth quarter of fiscal year 2014 was $42.3 million, or $0.80 per diluted share, versus $65.6 million, or $1.24 per diluted share, for the fourth quarter of the prior fiscal year. The quarter’s results included approximately $48.1 million pre-tax ($31.2 million after tax or $0.59 per diluted share) of non-recurring costs related to the Jefferson Street facility closure and start-up of the Red Oak facility, early retirement incentives offered to certain Triumph Aerostructures employees and a net curtailment gain related to the Triumph Aerostructures pension plan.

 

Excluding these items, earnings per share for the fourth quarter of fiscal 2014 were $1.39 per diluted share. The prior fiscal year’s quarter included $36.0 million pre-tax ($23.2 million after tax or $0.44 per diluted share) of non-recurring costs. Excluding these items, earnings per share for the prior fiscal year’s fourth quarter were $1.68 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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