For the fiscal 2020 fourth quarter ended March 31, Triumph posted adjusted earnings per share of 69 cents a share, topping the Zacks consensus forecast of 56 cents. Revenue totaled $693.1 million in the latest quarter, beating the Zacks consensus by 5.5%.
"Triumph improved profitability and cash flow year-over-year and entered the commercial downturn with momentum as a more predictable business as a result of the actions we've taken to derisk our portfolio and backlog and stabilize our cash flows,” Triumph Chief Executive Daniel Crowley said in a statement.
It has secured purchase orders from Boeing Commercial Airplanes (BA) - Get Boeing Company Report across multiple programs to maintain economical production levels and provide support to its lower-tier supply chain.
Triumph and Boeing also resolved open claims and deferred a majority of its advance repayments out of fiscal 2021.
The company also reached agreement with Israel Aerospace Industries to accelerate transfer of the G280 wing program to IAI and Korea Aerospace Industries by July 2020.
“Only two completed wings remain to be delivered from Triumph's Tulsa, Okla., plant after which it will be closed. All design support and scheduled warranty obligations will be transferred to IAI,” the company said.
Triumph shares soared 39% to $11.33 in recent trading. They've traded on Thursday up as much as 45% to $11.85. The stock had set a 52-week high above $29 in late November.