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Triumph Group, Inc. (NYSE: TGI), headquartered in Radnor, Pennsylvania, is a global leader in manufacturing and overhauling aerospace structures, systems, and components. With operations spanning 70 locations worldwide, Triumph designs, engineers, manufactures, repairs, and overhauls a wide range of aerostructures, aircraft components, accessories, subassemblies, and systems. The company's extensive operations are organized into three primary groups: Aerostructures, Aerospace Systems, and Aftermarket Services.
Triumph serves a broad spectrum of the aviation industry, including original equipment manufacturers (OEMs) of commercial, business, and military aircraft and aircraft components, as well as commercial airlines and air cargo carriers. The company’s involvement in the aerospace supply chain ranges from single components to complex aerostructures and systems, touching virtually all major players and aviation platforms.
In recent developments, Triumph has been focusing on improving its financial condition and strategic positioning. The company successfully completed the sale of its Product Support business to AAR CORP. for $725 million, using the proceeds primarily for debt reduction. This divestiture is part of Triumph's strategy to streamline its operations and focus on its core competencies in aerospace and defense systems and components.
Triumph's Geared Solutions business recently secured a long-term agreement from MD Helicopters to manufacture and assemble main rotor gearbox transmissions for the MD500 platforms. This contract extension reflects Triumph’s enduring partnerships and its role in supporting both commercial and military aviation sectors.
The company continues to innovate and expand its product offerings, with over 60% of its products and services now based on Triumph intellectual property. This strategic shift positions Triumph for growth in the expanding markets it serves, supported by a strong backlog and a focus on capturing new business opportunities.
For the fiscal year ending March 31, 2024, Triumph reported positive financial results, achieving its strongest margins of the year and generating positive free cash flow. The company has also updated its financial guidance for fiscal 2024, reflecting the impacts of the recent divestiture and improved operational efficiencies.
TRIUMPH reported its fourth quarter and fiscal year 2022 results, noting net sales of $386.7 million in Q4 and $1.5 billion for the year. Fiscal 2022 net loss was $42.8 million or ($0.66) per share, while adjusted net income was $51.8 million. Operating income for Q4 was $38.8 million, with an operating margin of 10%. For fiscal 2023, sales are guided between $1.2 billion and $1.3 billion with earnings per share of $0.40 to $0.60. The company reported a backlog of $1.42 billion, indicating growth prospects.
Triumph Group, Inc. (NYSE: TGI) will announce its fourth quarter fiscal year 2022 earnings on May 18, 2022, during a conference call scheduled for 8:30 AM ET. The call will include a slide presentation alongside the audio. Triumph specializes in aerospace and defense systems, serving the global aviation industry. Replay of the webcast will be available for 90 days post-call, and interested participants are advised to register early via the company's website.
Triumph Group (NYSE:TGI) announced the appointment of Neal J. Keating as an independent director, expanding its board to nine members. Keating brings extensive experience from his tenure as CEO of Kaman Corporation, where he led revenue growth and portfolio transformation. His background includes leadership roles at Hughes Supply and GKN Aerospace, and he currently serves on other corporate boards. Triumph's leadership believes Keating's aerospace expertise will enhance the board's effectiveness and support the company's focus on profitable growth.
Triumph Group (NYSE:TGI) has announced a rebranding initiative, adopting the name TRIUMPH and a new logo to reflect its streamlined organization and focus on core products in the aerospace and defense sectors. The transformation aims to signify unity and progress as the company pivots toward profitable growth. Chairman and CEO Daniel J. Crowley emphasized the importance of this new identity, aligning with the company's legacy while enhancing its global presence and collaboration across sites. TGI will continue to trade under its existing stock symbol.
Triumph Group [NYSE:TGI] has announced a contract extension with a major European aerostructures provider for the supply of the Boeing 787 Cargo Door Actuation System, developed at its Clemmons, North Carolina facility. This product enhances Triumph's portfolio of cargo door and utility actuation systems used in transport aircraft. Scott Ledbetter, President, emphasized the system's reliability and integration. Triumph Actuation Products & Services specializes in complex hydraulic systems for the aerospace and defense sectors, with facilities across the U.S.
Triumph Group (TGI) announced a new streamlined organizational structure aimed at enhancing margins and improving operational efficiency. Effective April 1, 2022, the company will reorganize into four product and service operating companies, promoting a focused approach to meet customer needs. This transformation signifies Triumph's commitment to becoming a pure-play provider of systems and aftermarket services, with leadership changes in key positions. The company also plans to introduce a new corporate identity to reflect its unified operating philosophy in fiscal year 2023.
Triumph Group [NYSE:TGI] has secured a multi-year contract with Sikorsky, a Lockheed Martin Company, to supply equipment for the CH-53K helicopter. The contract covers systems including the Main Rotor Blade Folding System and Main Rotor Brake System, significantly benefiting Triumph's Seattle operations. As production ramps up to deliver 200 helicopters, Triumph will ensure ongoing equipment deliveries. This contract showcases Triumph's engineering expertise and strengthens its long-term partnership with Sikorsky.
Triumph Group [NYSE:TGI] announced a five-year contract with Naval Supply Systems Command to provide repair and upgrade services for enhanced digital electronic control units (EDECUs) used in the T700 engine for the U.S. Navy's SH-60 Seahawk helicopter. This partnership reinforces Triumph's long-standing relationship with the Navy, emphasizing quality and quick service. Triumph specializes in aerospace systems and components, operating facilities in Connecticut and Ohio, and aims to support the Navy's operational readiness.
Triumph Group [NYSE:TGI] has been selected to supply Hydraulic Power Pack Units for Mammoth Freighters' 777 Freighter Conversion Program. This partnership highlights Triumph's expertise in providing cost-effective hydraulic solutions, specifically designed at their Clemmons, North Carolina facility. With the growing demand for passenger-to-freighter modifications, Triumph aims to support Mammoth’s development of energy-efficient freight aircraft. Additionally, Triumph Actuation Products & Services offers a wide range of aerospace products and services, underscoring their role in the aviation industry.
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