Triumph Group sales rise 9% in FY'13

Full Fiscal Year Highlights

For the fiscal year ended March 31, 2013, net sales totaled $3.703 billion, a nine percent increase from fiscal year 2012 net sales of $3.408 billion. Organic sales growth for the fiscal year was eight percent.

Income from continuing operations for fiscal year 2013 was $297.3 million, or $5.67 per diluted share, versus $281.6 million, or $5.43 per diluted share, for fiscal year 2012.

The fiscal year’s results included approximately $44.2 million pre-tax ($28.5 million after tax or $0.54 per diluted share) of non-recurring costs. Excluding the non-recurring costs, income from continuing operations for fiscal year 2013 was $325.9 million, or $6.21 per diluted share.

The prior fiscal year included a net curtailment gain of $40.4 million pre-tax ($26.1 million after tax) as well as $6.3 million pre-tax ($4.1 million after tax) of integration costs associated with the Vought acquisition. Excluding integration costs and the net curtailment gain, earnings per share from continuing operations for fiscal year 2012 was $5.01 per diluted share. The number of shares used in computing diluted earnings per share for fiscal year 2013 was 52.4 million shares.

Fourth Quarter Highlights

For the fourth quarter ended March 31, 2013, net sales were a record $986.3 million, a four percent increase from last year’s fourth quarter net sales of $946.4 million. Organic sales growth for the quarter was two percent.

Income from continuing operations for the fourth quarter of fiscal year 2013 was $65.6 million, or $1.24 per diluted share, versus $106.3 million, or $2.03 per diluted share, for the fourth quarter of the prior fiscal year.

The quarter’s results included approximately $36.0 million pre-tax ($23.2 million after tax or $0.44 per diluted share) of non-recurring costs. Excluding the non-recurring costs, earnings per share from continuing operations for the quarter were $1.68 per diluted share.

The prior fiscal year’s quarter included a $40.4 million pre-tax ($26.1 million after tax) net curtailment gain and $2.6 million pre-tax ($1.7 million after tax) of integration costs associated with the Vought acquisition Excluding integration costs and the net curtailment gain, earnings per share from continuing operations for the prior fiscal year’s fourth quarter was $1.57 per diluted share. The number of shares used in computing diluted earnings per share for the quarter was 52.7 million shares.

Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.

Triumph Group