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Triumph Group, Inc. (NYSE: TGI) today reported that net sales for the third quarter of fiscal year ending March 31, 2013 totaled $890.6 million, an eight percent increase from last year’s third quarter net sales of $826.0 million. Substantially all of the sales growth for the quarter was organic.
Income from continuing operations for the third quarter of fiscal year 2013 was $75.2 million, or $1.43 per diluted share, versus $65.9 million, or $1.27 per diluted share, for the third quarter of the prior year. The quarter’s results included approximately $0.3 million pre-tax ($0.2 million after tax) of integration costs related to the acquisition of Vought Aircraft Industries (now Triumph Aerostructures-Vought Aircraft Division). In addition, the third quarter results included a charge of $2.0 million pre-tax ($1.3 million after tax or $0.02 per diluted share) for early retirement incentives offered to certain Triumph Aerostructures employees. The prior fiscal year’s quarter included $2.1 million pre-tax ($1.4 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 $76.7 million, or $1.46 per diluted share. The number of shares used in computing diluted earnings per share for the third quarter of fiscal year 2013 was 52.5 million shares.
Net sales for the first nine months of fiscal year 2013 were $2.716 billion, a ten percent increase from net sales of $2.462 billion last fiscal year. Income from continuing operations for the first nine months of fiscal year 2013 increased thirty-two percent to $231.7 million, or $4.43 per diluted share, versus $175.4 million, or $3.39 per diluted share, in the prior year period. The year-to-date results included $2.2 million pre-tax ($1.4 million after tax or $0.03 per diluted share) of integration expenses related to the Vought acquisition and charges of $5.1 million pre-tax ($3.3 million after tax or $0.06 per diluted share) for early retirement incentives. The prior fiscal year’s period included $3.7 million pre-tax ($2.4 million after tax) of integration expenses associated with the Vought acquisition. Excluding these costs, income from continuing operations for the nine months of fiscal year 2013 was $236.4 million, or $4.52 per diluted share.