Welcome to our dedicated page for Triumph Group news (Ticker: TGI), a resource for investors and traders seeking the latest updates and insights on Triumph Group stock.
Triumph Group (TGI) delivers essential aerospace solutions through advanced engineering and maintenance services. This news hub provides investors and industry professionals with authoritative updates on TGI's operational milestones, strategic partnerships, and market developments.
Access timely press releases covering earnings disclosures, defense contract awards, product innovations, and maintenance service expansions. Our curated collection ensures you stay informed about critical aerostructures projects, aerospace system advancements, and global supply chain initiatives.
Key updates include manufacturing achievements for commercial/military aircraft, OEM collaboration announcements, and aftermarket service enhancements. Content is rigorously verified to support informed analysis of TGI's position in defense and aviation markets.
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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.
Triumph Group (NYSE:TGI) announced that its subsidiary, Triumph Aviation Services-Asia Ltd. (TASA), secured a contract with a Turkish airline for wheel maintenance and repair services for 25 Boeing aircraft. TASA will implement a fixed price or 'Power-by-Event' model for these services. Jim Berberet, President of Triumph Product Support, emphasized TASA's competitive pricing, quick turnaround, and comprehensive logistics from Thailand, catering to clients in Europe and the Middle East. Triumph has established a sales office in Dubai to tap into the growing MRO market in these regions.
Triumph Group (TGI) has extended its contract with Airbus Industries for Triumph Aviation Services Asia (TASA) to provide repair station services for over 40,000 proprietary parts. This partnership allows TASA to continue offering essential services for aircraft components while enhancing its operational capabilities. The agreement includes continuous improvement workstreams and leverages recent upgrades at TASA's facility in Thailand. TASA's services include repairs, machining, and overhauls, supporting the aviation industry's recovery amidst the ongoing pandemic.
Triumph Group has secured a contract from Diehl Aviation for mechanical controls on the Airbus A321XLR. This indefinite delivery/indefinite quantity award includes components for the waste-water tank. Triumph has a history of successful deliveries to Diehl Aviation, reflecting its competitive capabilities in the civil aviation sector. The partnership highlights Triumph's strong technical expertise and collaborative approach. Production is set to begin in 2023 at Triumph's German facilities, which are strategically located near Diehl Aviation in Dresden.
Triumph Group (NYSE: TGI) announced on August 17, 2020, the successful completion of a refinancing strategy involving $700 million in senior secured notes due 2024. The company raised $688.5 million net, using $335.6 million to retire existing loans and related amounts. Additionally, the receivables securitization facility was amended, reducing its size from $75 million to $50 million and eliminating certain financial ratio covenants. While this restructuring aims to enhance flexibility, market risks, including the impact of COVID-19, remain a concern for future performance.
Triumph Group, Inc. (NYSE: TGI) announced the pricing of its $700 million senior secured first lien notes due 2024 at a rate of 8.875%. The offering, expected to close on August 17, 2020, aims to repay existing loans, enhance available cash, and cover associated fees. The notes are guaranteed by its subsidiaries and secured by the company's assets. This move follows Triumph's efforts to strengthen its balance sheet amid ongoing economic uncertainties, including impacts from COVID-19.
