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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) 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.
Triumph Group, Inc. (TGI) reported its Q2 fiscal 2021 results with net sales of $481.8 million, down 33% year-over-year. Operating income was $7.4 million, while the company incurred a net loss of $33.5 million, or ($0.64) per share. Adjusted net loss was $4.3 million, or ($0.08) per share. Cash flow used in operations totaled $(42.2) million. Full-year sales guidance is set between $1.8 and $1.9 billion. The company anticipates positive cash flow in Q4, while restructuring costs of $13.2 million impacted the results.
Triumph Group will report its second quarter fiscal year 2021 earnings on November 5, 2020. A conference call is scheduled for 8:30 a.m. ET on the same day, including a slide presentation alongside the audio webcast. The company, based in Berwyn, Pennsylvania, specializes in designing and manufacturing a wide array of aerospace and defense systems, serving both military and commercial aviation sectors. A replay of the call will be available for 90 days after the live broadcast.
Triumph Group (NYSE: TGI) announced a two-year contract extension with Boeing for ground support equipment (GSE) operations in San Antonio, Texas. This contract ensures maintenance and support services for military and commercial aircraft, enhancing their operational readiness. Triumph has been maintaining Boeing's GSE since 2004 and oversees over 5,600 equipment inspections annually, boasting an industry-leading in-commission rate. This extension builds upon a prior agreement from 2017 and supports Triumph's commitment to deliver essential services through June 2022.
Triumph Group [NYSE: TGI] has secured a five-year contract with Linmarr Associates to supply 30 spare high-speed gearboxes for the Lockheed C-5 Galaxy. This agreement focuses on the landing gear door actuation system, emphasizing Triumph's commitment to military support and lifecycle management of aerospace products. Triumph's President highlighted the significance of this partnership in enhancing the performance of Air Force transport aircraft, reinforcing their dedication to supporting U.S. warfighters.
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