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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 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.
Triumph Group has signed a long-term repair and overhaul services agreement with Boeing to support engine driven pumps for the AH-64 Apache, enhancing the Vertical Lift Sustainment Depot Program for the U.S. Army. This partnership aims to improve operational readiness while reducing total ownership costs for the Apache fleet. The agreement extends through 2024, ensuring Triumph continues to leverage its engineering expertise and in-house maintenance capabilities to provide reliable aftermarket support. The deal reflects Triumph's commitment to lifecycle support for critical aerospace components.
Triumph Group reported its fourth quarter and full fiscal year 2021 results on May 20, 2021. For the fourth quarter, the company recorded net sales of $466.8 million and a net loss of $73.5 million or ($1.27) per share. Despite the losses, Triumph achieved positive free cash flow in the second half of the year and continued its portfolio transformation, exiting several programs. The backlog stands at $1.9 billion. Due to COVID-19 uncertainties, no financial guidance was provided for fiscal year 2022.
Triumph Group (NYSE: TGI) announced contract extensions with Boeing Commercial Airplanes, securing its position as a top-tier supplier for hydraulic components across multiple Boeing programs. The agreements encompass Triumph's Actuation Products & Services, which will manufacture components at U.S. sites, including hydraulic actuation for landing gear and thrust reverser doors for single aisle platforms. The Valencia site achieved a Silver Delivery Rating from Boeing, reflecting a positive outlook for commercial aviation recovery. Triumph aims to enhance revenue and profitability through its proprietary solutions.
Triumph Group (NYSE:TGI) announced a seven-year agreement with Collins Aerospace for repair services on environmental control system components. Triumph Product Support in Wellington, Kansas will handle repairs for parts such as air cycle machines and refrigeration packages across various platforms. President Jim Berberet emphasized Triumph's capability in providing seamless maintenance, repair, and overhaul (MRO) services to original equipment manufacturers and airline carriers. This positions Triumph as a significant player in the global aerospace MRO market.
Triumph Group [NYSE:TGI] announced the completion of the sale of three Aerostructures sites to Arlington Capital Partners, effective May 7, 2021. The sale includes Triumph Composites operations in Milledgeville, Georgia; Rayong, Thailand; and Red Oak, Texas, totaling approximately 1.8 million square feet and 900 employees. The Triump Composites provide composite fabrications across various aviation platforms. Arlington plans to continue operations under the name Qarbon Aerospace, retaining existing leadership and staff.
Triumph Group, Inc. (NYSE: TGI) will announce its fourth quarter fiscal year 2021 earnings on May 20, 2021, followed by a conference call at 8:30 a.m. ET. Investors can access a slide presentation and audio webcast during the call. For those unable to attend, a replay will be available two hours post-broadcast for 90 days. Triumph Group specializes in designing, engineering, and manufacturing a wide range of aerospace and defense systems, catering to both military and commercial sectors.
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