Triumph Group Cut FY17 Revenue Outlook

(RTTNews) - Triumph Group Inc. (TGI) said that it cut its fiscal year 2017 revenue guidance to a range of $3.5 billion to $3.6 billion from the prior range of $3.6 billion to $3.7 billion.

The company reaffirmed its full year earnings per share guidance of $3.15 to $3.45, which reflects an effective tax rate of 18%. Triumph also continues to expect free cash use of about $100.0 million to $120.0 million. This guidance includes restructuring costs and benefits but does not take into account any future divestitures.

Analysts polled by Thomson Reuters expect the company to report earnings of $3.35 per share and revenues of $3.64 billion for fiscal year 2016. Analysts' estimates typically exclude special items.

Daniel Crowley, Triumph's president and chief executive officer, said, "We have achieved $22.0 million savings year-to-date towards our total year target of $44.0 million. Additionally, we initiated all five of the planned fiscal year 2017 plant consolidations to reduce support costs and decreased our facility footprint by approximately 400,000 square feet. We are right-sizing our workforce to be in line with both the business base and our productivity gains, and are on track to our target of 1,200 headcount reductions for the fiscal year."