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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 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.
Triumph Group has adopted a new tax benefits preservation plan to safeguard its net operating loss carryforwards and other tax attributes, approximating $326.4 million as of March 31, 2022. The new plan replaces the expiring rights plan and aims to prevent ownership changes that could limit the use of these Tax Benefits. Triumph will seek stockholder approval at the upcoming annual meeting. Administrative actions will delist rights under the previous plan from the NYSE, which will not affect the company's common stock listing.
Triumph Group reported its third quarter fiscal year 2022 results, revealing net sales of $319.2 million with an operating income of $28.2 million and net income of $7.2 million ($0.11 per diluted share). Adjusted earnings were $13.8 million ($0.21 per diluted share). The company secured over $2 billion in new contracts, with a backlog of $1.95 billion, reflecting a 4% year-to-date increase. Guidance for fiscal year 2022 includes net sales of approximately $1.5 billion and adjusted EPS of $0.80 to $0.90.
Triumph Group announced a new contract with Airbus to design and manufacture thermal acoustic insulation for the Airbus Canada A220 aircraft. Triumph Interiors, a leading provider of insulation systems, will support the project's lifecycle from its Mexicali, Mexico facility. This contract highlights Triumph's innovative and cost-effective approach, positioning them for further opportunities with Airbus on other platforms. The A220, a single aisle aircraft, shows promise for future sales growth, enhancing Triumph's market position as a supplier for major aerospace OEMs.
Triumph Group (NYSE:TGI) announced the sale of its Stuart, Florida Aerostructures business to Daher Aerospace, signaling its exit from the structures sector. The transaction includes the transfer of approximately 400 employees and is aimed at enhancing shareholder value by focusing on systems and aftermarket services. Since 2016, Triumph has divested 16 non-core businesses as part of its transformation strategy. The deal, expected to close in the first half of the calendar year, reflects Triumph's ongoing efforts to streamline operations and strengthen its market position.
Aerotrax Technologies, based in Dallas, has signed a Memorandum of Understanding (MOU) with Triumph Group (NYSE: TGI) to pilot its blockchain-based Maintenance, Repair and Overhaul (MRO) Service Management System. This partnership will enhance real-time data sharing, aiming to improve operational efficiency and customer experience. The technology is expected to reduce turnaround time and improve document quality for MRO service providers and airlines. Both companies emphasize the potential of combining innovation with existing systems to streamline operations and better serve MRO customers.
Triumph Group, Inc. (NYSE: TGI) is set to release its third quarter fiscal year 2022 earnings on February 9, 2022, followed by a conference call at 8:30 a.m. ET. The event will include a slide presentation alongside the audio broadcast. Triumph Group specializes in designing, engineering, manufacturing, and overhauling a diverse range of aerospace and defense systems. The company caters to both military and commercial aviation sectors, focusing on original equipment manufacturers and aircraft operators.
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