Triumph Group, Inc. reported financial results for its first quarter of fiscal year 2015, which ended June 30, 2014.
Highlights:
-Net sales for first quarter fiscal year 2015 were $896.9 million
-Operating income for first quarter fiscal year 2015 was $240.5 million and included a settlement gain, net of legal fees, of $134.7 million related to the Eaton litigation and $8.7 million of costs related to the Jefferson Street/Red Oak facility transition. Excluding these items, operating income was $114.6 million, reflecting an operating margin of 13%
-Net income for first quarter fiscal year 2015 was $128.2 million, or $2.46 per diluted share, which included non-recurring items totaling $103.3 million pre-tax ($66.1 million after tax or $1.27 per diluted share). Excluding these items, earnings per share were $1.19 per diluted share
-Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for first quarter fiscal year 2015 were $134.4 million, reflecting an Adjusted EBITDA margin of 15%
-Cash flow utilization from operations for first quarter fiscal 2015 was $6.8 million prior to pension contributions of $45.2 million
“Triumph’s fiscal year is off to a solid start with adjusted first quarter results coming in slightly above the upper end of our guidance,” said Jeffry D. Frisby, Triumph’s President and Chief Executive Officer.
“We had a productive quarter, having successfully completed the acquisition of GE Aviation’s hydraulic actuation business and transitioning into the Red Oak facility. In addition, same store backlog grew both sequentially and year over year, demonstrating the strong demand for our products and services from our global customers. The 747-8 program remains on schedule with performance in line with our expectations. We remain focused on execution relative to customer commitments while increasing profitability, expanding margins and generating strong cash flow in order to maximize returns to our shareholders.”
Net sales for the fiscal first quarter of 2015 were $896.9 million, a five percent decrease compared to fiscal first quarter 2014 net sales of $943.7 million. Organic sales for the quarter decreased six percent primarily due to production rate cuts on the 747-8 and V-22 programs, lower revenues on the 767 program and the shifting of several C-17 shipments into the second quarter of fiscal year 2015.
Net income for the first quarter of fiscal year 2015 was $128.2 million, or $2.46 per diluted share, compared to $79.0 million, or $1.50 per diluted share, for the first quarter of the prior fiscal year. Results in the first quarter of fiscal year 2015 included $8.7 million pre-tax ($5.6 million after tax or $0.11 per diluted share) of costs related to the Jefferson Street/Red Oak facility transition and $22.6 million pre-tax ($14.5 million after tax or $0.28 per diluted share) of costs related to the refinancing of the Senior Notes due 2018.
Source:
http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=166436
