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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.
On November 8, 2021, Triumph Group [NYSE:TGI] announced a significant 10-year contract extension with Rolls-Royce. This contract will enable Triumph to manufacture, assemble, and test complex gearboxes and gears for various Rolls-Royce engine programs, serving both commercial and military sectors. Triumph's facilities in Park City, Utah, and Macomb, Michigan will support these operations, continuing a partnership that has lasted over 25 years. This extension reflects Triumph's strong relationship with Rolls-Royce and its role as a leading independent aerospace gear provider.
Triumph Group, NYSE:TGI, has secured a long-term contract with Boeing for manufacturing air distribution systems and composite cockpit assemblies for the 777X, alongside thermal-acoustic insulation for the 737 MAX, 767 Freighter, KC-46, and P-8 Poseidon. This contract significantly boosts Triumph's backlog and represents a major portion of its Interiors business sales. The partnership reflects Triumph's commitment to quality and innovation, enhancing its ability to pursue future business opportunities.
Triumph Group and Air France Industries KLM Engineering & Maintenance have launched a joint venture named xCelle Americas, aimed at providing maintenance, repair, and overhaul services for new generation aircraft nacelles. Located at Triumph's Hot Springs facility, the JV will service Boeing 787, Boeing 737MAX, Airbus A320neo, and Airbus A350 aircraft across North and South America. This partnership enhances AFI KLM E&M's capabilities in the region and positions Triumph strategically in the nacelle business, ultimately supporting key airline customers.
Triumph Group (NYSE: TGI) is set to release its second quarter fiscal year 2022 earnings on November 9, 2021, at 8:30 a.m. ET. A conference call will accompany the earnings report, which will include a slide presentation available via webcast. Triumph Group, based in Berwyn, Pennsylvania, specializes in the design, engineering, and manufacturing of aerospace and defense systems, catering to both military and commercial aircraft operators.
Triumph Group (NYSE: TGI) has secured a contract with Sine Draco Aviation Technology to design and manufacture the main deck cargo door lift actuator and hydraulic power pack for the A321-200 SDF passenger-to-freighter conversion. This collaboration marks Triumph's first project with Sine Draco, highlighting its expertise in cargo door actuation. The North Carolina facility plays a key role in developing hydraulic systems for the aerospace sector, enhancing Triumph's position in the growing demand for freight services.
Triumph Group has announced the extension of its repair management agreement with MTU Maintenance at its Grand Prairie, Texas facility. This agreement will allow Triumph to continue providing a range of engine accessory repair services for various engine platforms, including V2500 and CFM56. Since 2007, Triumph has supported MTU Maintenance across multiple locations globally. Triumph's President expressed excitement about continuing this partnership and the potential for future growth. Triumph Group designs and services a broad portfolio for the aerospace sector, enhancing its market position.
Triumph Group has appointed Jennifer H. Allen as Chief Administrative Officer, a new role overseeing human resources and IT, in addition to her legal duties. Allen joined the company in 2018 and has led efforts in debt management and ESG initiatives. Daniel J. Crowley, the CEO, emphasized her leadership in fostering diversity and talent retention. The company also announced Stacey Clapp's promotion to Chief Commercial Officer. This leadership change aims to enhance operational and financial turnaround efforts.
Triumph Group, Inc. (TGI) reported its first quarter fiscal year 2022 results, showing net sales of $396.7 million and a net loss of $30.4 million, or ($0.47) per share. Adjusted net income was $5.9 million, or $0.09 per diluted share. The company anticipates fiscal 2022 net sales between $1.5 billion and $1.6 billion. Operating income reached $20.8 million, with an operating margin of 5%. Triumph is focused on cash conservation and expects to be cash flow positive for the remainder of the year.
Triumph Group will release its first quarter fiscal year 2022 earnings on August 4, 2021, and host a conference call at 8:30 a.m. ET. Investors can access a slide presentation during the call through their website. The company, based in Berwyn, Pennsylvania, provides a diverse range of aerospace and defense systems as well as components. The live broadcast will be archived for those unable to listen live, with a replay available for 90 days.
Triumph Group [NYSE:TGI] has secured a five-year contract with Lockheed Martin to supply hydraulic utility actuation valves (HUAVs) for F-35 fleet readiness at MCAS Cherry Point. Triumph's Clemmons, North Carolina facility will provide engineering and material support, reinforcing the company's position in defense contracts. Triumph has supplied HUAV parts since 2014 and started supplying aftermarket parts last year. This expansion demonstrates Triumph's capabilities in high-demand depot settings, aimed at enhancing fleet readiness for the U.S. military.
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