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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, Inc. (NYSE: TGI) has appointed William "Bill" Mansfield as the new Lead Independent Director, effective July 21, 2021, succeeding Gen. Ralph Eberhart. Mansfield, a board member since 2012 and current Chair of the Finance Committee, brings extensive experience from his past leadership roles. Eberhart will continue as a director, providing valuable insights. Colleen Repplier will replace him as Chair of the Finance Committee. Triumph’s leadership emphasizes a commitment to strong corporate governance and driving shareholder value amidst ongoing industry challenges.
Triumph Group [NYSE:TGI] announced that its Triumph Aviation Services Asia Ltd. has signed a memorandum of understanding with Thai Aviation Industries Co., Ltd. (TAI), a certified repair station under the Civil Aviation Authority of Thailand. This MOU aims to enhance cooperation on training, business development, and maintenance services, including aircraft maintenance for Diamond DA40 and DA62. The partnership is expected to leverage the strengths of both companies in the Asia-Pacific region, marking a significant milestone for TASA and TAI.
Triumph Group and Air France Industries KLM Engineering & Maintenance have announced a joint venture to enhance nacelle maintenance, repair, and overhaul services for next-generation aircraft at Triumph's facility in Hot Springs, Arkansas. This partnership, stemming from their collaboration in June 2019, aims to provide global MRO support to operators in North and South America. The agreement is pending regulatory approval and is expected to help both companies capitalize on the recovery of the aviation industry post-COVID-19.
Triumph Group announced a new contract with Boeing to maintain ground support equipment (GSE) for the KC-46 program at Boeing's Wichita facility. This contract, extending through October 2023, highlights Triumph's ongoing commitment to supporting military aircraft operations. The Wellington, Kansas-based team will enhance its offering, building on over 15 years of experience servicing Boeing GSE at the Port San Antonio location. This expansion signifies Triumph's strategic role in maintaining aircraft readiness and operational efficiency.
Triumph Group, Inc. (NYSE:TGI) announced an exclusive distribution agreement with VSE Aviation on February 22, 2021, to provide over 1,600 original equipment spare parts for Boeing and Airbus platforms. This partnership enables commercial operators to access Triumph's landing gear components, enhancing their aftermarket needs. VSE will manage the supply of more than 150 line-replaceable units and provide global support through distribution centers in the Americas, Europe, and Asia. This agreement strengthens their long-standing collaboration established in 2013.
Triumph Group (NYSE:TGI) has announced an agreement to sell its Red Oak, Texas operations to Arlington Capital Partners. This deal aims to reduce debt and enhance liquidity as Triumph exits large structures manufacturing. The Red Oak facility specializes in large composite and metallic structures manufacturing, covering 1.0 million square feet and employing approximately 400 staff. The transaction is subject to customary closing conditions and is expected to close in Triumph's fourth quarter of FY21.
Triumph Group (NYSE: TGI) reported its third quarter fiscal 2021 results with net sales of $426 million and a net loss of $68.1 million, translating to a loss of $1.30 per share. Adjusted net income was $4.9 million or $0.09 per diluted share. Operating loss reached $35 million with an adjusted operating income of $38.1 million.
Despite a 32% organic sales decline, driven by COVID-19's impact and planned program reductions, cash flow improved to $43.9 million. The full-year net sales guidance remains at $1.8 - $1.9 billion.
On January 28, 2021, Triumph Group (NYSE: TGI) announced it has secured a low-rate initial production (LRIP) order from Sikorsky for the CH-53K King Stallion rotorcraft. This contract includes LRIP 1 and 2 deliverables for the U.S. Marine Corps, aimed to replace the CH-53E Super Stallion. Triumph will provide systems designed for extreme environments, enhancing the helicopter's efficiency. Deliveries will continue throughout 2021, with work conducted at Triumph's facilities in Redmond, Washington, and Valencia, California.
Triumph Group, Inc. (NYSE: TGI) plans to release its third-quarter fiscal year 2021 earnings on February 3, 2021, followed by a conference call at 8:30 a.m. ET. Participants can access the call through the company’s website, where a slide presentation will accompany the audio. For those unable to attend live, a replay will be available two hours post-call and accessible for 90 days. Triumph Group is known for designing and manufacturing aerospace and defense systems for both military and commercial sectors.
Triumph Group [NYSE:TGI] announced a five-year extension of CEO Daniel J. Crowley's employment agreement, securing his leadership until November 17, 2025. He will also serve as Board Chair, succeeding General Ralph Eberhart, who remains on the Board as Lead Independent Director. The Board unanimously endorsed Crowley's capabilities in driving Triumph's transformation in the aerospace and defense sector. The employment agreement will be filed with the SEC, and the company continues to adapt amidst ongoing global challenges, including those related to COVID-19.
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