Triumph Group Q1 FY'14 sales rise 6%

Organic sales for the quarter decreased two percent primarily due to a decline in non-recurring revenue.

Highlights:

- Net sales for first quarter fiscal year 2014 increased 6% to $943.7 million

- Operating income for first quarter fiscal year 2014 was $141.3 million, reflecting an operating margin of 15%

- Net income for first quarter fiscal year 2014 was $79.0 million, or $1.50 per diluted share, which included $3.6 million pre-tax ($0.04 per diluted share) of costs related to the Jefferson Street facility move. Excluding these costs, earnings per share was $1.54 per diluted share

- Cash flow from operations for first quarter fiscal 2014 was $37.6 million prior to pension contributions of $25.8 million

Net income for the first quarter of fiscal year 2014 was $79.0 million, or $1.50 per diluted share, versus $76.3 million, or $1.46 per diluted share, for the first quarter of the prior fiscal year, an increase of four percent. The quarter’s results included approximately $3.6 million pre-tax ($2.3 million after tax or $0.04 per diluted share) of costs related to the Jefferson Street facility move.

The prior fiscal year’s quarter included approximately $0.5 million ($0.3 million after tax) of integration costs associated with the acquisition of Vought Aircraft Industries (now Triumph Aerostructures-Vought Aircraft Division) and a charge of $1.2 million pre-tax ($0.7 million after tax) for early retirement incentives.

Excluding the Jefferson Street move related costs, net income for the quarter was $81.4 million, or $1.54 per diluted share. Also included in the quarter’s results was approximately $1.3 million pre-tax ($0.8 million after tax or $0.02 per diluted share) of acquisition related costs primarily attributable to the Primus Composite acquisition. The number of shares used in computing diluted earnings per share for the quarter was 52.8 million shares.

During the quarter, the company generated $37.6 million of cash flow from operations before Triumph Aerostructures’ pension contribution of $25.8 million; after this contribution, cash flow from operations was $11.8 million. This amount reflects our planned investment in growth programs and the establishment of the Red Oak facility, which will enhance the company’s future profitability.

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Triumph Group