This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Triumph Group Reports Strong First Quarter Fiscal 2013 Earnings; Raises Fiscal Year 2013 Guidance

Stocks in this article: TGI

Triumph Group, Inc. (NYSE: TGI ) today reported that net sales for the first quarter of fiscal year ending March 31, 2013 totaled $887.7 million, a five percent increase from last year’s first quarter net sales of $845.1 million. Organic sales growth for the quarter was five percent.

Income from continuing operations for the first quarter of fiscal year 2013 was $76.3 million, or $1.46 per diluted share, versus $50.9 million, or $0.99 per diluted share, for the first quarter of the prior fiscal year. The quarter’s results included approximately $0.5 million pre-tax ($0.3 million after tax or $0.01 per diluted share) of integration costs related to the acquisition of Vought Aircraft Industries (now Triumph Aerostructures- Vought Aircraft Division). In addition, the first quarter results included a charge of $1.2 million pre-tax ($0.7 million after tax or $0.01 per diluted share) for early retirement incentives offered to certain Triumph Aerostructures employees. The prior fiscal year’s quarter included $0.5 million pre-tax ($0.3 million after tax) of integration costs associated with the Vought acquisition. Excluding integration costs and the early retirement incentives, income from continuing operations for the quarter was $77.4 million, or $1.48 per diluted share.

Income tax expense for the quarter included approximately $2.2 million of additional tax, or $0.04 per diluted share, due to the recapture of domestic production deductions taken in earlier years associated with a refund claim expected to be filed in the second quarter. The number of shares used in computing earnings per share for the first quarter of fiscal year 2013 was 52.3 million shares. During the quarter, the company generated $127.6 million of cash flow from operations before Triumph Aerostructures’ pension contribution of $25.1 million; after this contribution, cash flow from operations was $102.5 million.

Segment Results

Aerostructures

The Aerostructures segment reported net sales for the quarter of $669.9 million, compared to $643.3 million in the prior year period, an increase of four percent, all of which was organic. Operating income for the first quarter of fiscal year 2013 was $120.1 million compared to $88.0 million for the prior year period, an increase of thirty-seven percent, and included a net unfavorable cumulative catch-up adjustment on long-term contracts of $1.3 million offset by a favorable $7.0 million settlement of a termination claim. As a result of improved execution, synergy realization, lower pension expense and the favorable termination claim, the segment’s operating margin for the quarter was eighteen percent.

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs