Triumph Group Posts Adj. Profit In Q4; Sales Down 2% Organically

(RTTNews) - Triumph Group, Inc. (TGI) reported adjusted operating income of $43.0 million with adjusted operating margin of 11%, for its fourth quarter ended March 31, 2022. Excluding divestitures and sunsetting programs, sales were down 2% organically from the prior year period due to declines in commercial widebody production and timing of military OEM deliveries, partially offset by increases in commercial narrow body production.

Fourth quarter adjusted net income was $25.6 million, or $0.39 per share. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.42, for the quarter. Analysts' estimates typically exclude special items.

GAAP net loss for the fourth quarter was $10.6 million, or $0.16 per share and included $32.0 million non-cash pension settlement charge on the partial annuitization of pension benefits.

Fourth quarter net sales were $386.7 million compared to $466.8 million, last year. Analysts on average had estimated $405.19 million in revenue.

The company expects net sales for fiscal 2023 will be approximately $1.2 billion to $1.3 billion. GAAP earnings per share is projected in a range of $0.40 to $0.60.

Shares of Triumph Group were up 2% in pre-market trade on Wednesday.