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

Stocks in this article: TGI

During the nine months ended December 31, 2013, the company generated $334.4 million of cash flow from operations before Triumph Aerostructures’ pension contributions of $103.8 million; after these contributions, cash flow from operations was $230.6 million.

Segments

Aerostructures

The Aerostructures segment reported net sales for the quarter of $676.8 million compared to $626.0 million in the prior year period, an increase of eight percent, all of which was organic. Operating income for the third quarter of fiscal year 2013 was $117.5 million compared to $103.9 million for the prior year period, an increase of thirteen percent and included a net unfavorable cumulative catch-up adjustment on long-term contracts of $5.5 million. As a result of improved execution and synergy realization, the segment’s operating margin for the quarter was seventeen percent.

Aerospace Systems

The Aerospace Systems segment reported net sales for the quarter of $141.1 million compared to $133.3 million in the prior year period, an increase of six percent, substantially all of which was organic. Operating income for the third quarter of fiscal year 2013 was $20.6 million compared to $18.6 million for the prior year period, an increase of ten percent. Operating margin for the quarter was fifteen percent. The segment’s operating results included $0.7 million of costs associated with Hurricane Sandy and $0.9 million of legal expenses associated with the previously reported trade secret litigation.

Aftermarket Services

The Aftermarket Services segment reported net sales for the quarter of $74.6 million compared to $68.6 million in the prior year period, an increase of nine percent, substantially all of which was organic. Operating income for the third quarter of fiscal year 2013 was $9.9 million compared to $6.9 million for the prior year period, an increase of forty-two percent. Operating margin for the quarter was thirteen percent, a 310 basis points improvement over the prior year.

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