TRIUMPH REPORTS FIRST QUARTER FISCAL 2025 RESULTS
Triumph Group (NYSE: TGI) reported its Q1 fiscal 2025 results, showing 7% sales growth to $281.0 million. The company achieved its ninth consecutive quarter of year-over-year sales growth, driven by a 42% increase in commercial aftermarket sales. However, Triumph faced challenges, including a net loss of $18.8 million ($0.24 per share) and free cash use of $112.7 million.
Despite these challenges, Triumph maintained its fiscal 2025 guidance, projecting net sales of approximately $1.2 billion and adjusted EBITDAP of $182.0 million. The company also retired $120.0 million of debt, strengthening its balance sheet and earning credit upgrades from rating agencies.
Triumph Group (NYSE: TGI) ha riportato i risultati del primo trimestre fiscale 2025, evidenziando una crescita delle vendite del 7% a 281,0 milioni di dollari. L'azienda ha raggiunto il nono trimestre consecutivo di crescita delle vendite anno su anno, grazie a un aumento del 42% delle vendite nel mercato post-vendita commerciale. Tuttavia, Triumph ha affrontato delle sfide, tra cui una perdita netta di 18,8 milioni di dollari (0,24 dollari per azione) e un uso di cassa libero di 112,7 milioni di dollari.
Nonostante queste difficoltà, Triumph ha mantenuto le previsioni fiscali per il 2025, prevedendo vendite nette di circa 1,2 miliardi di dollari e un EBITDAP rettificato di 182,0 milioni di dollari. L'azienda ha anche estinto 120,0 milioni di dollari di debito, rafforzando il suo bilancio e ottenendo miglioramenti di credito da parte delle agenzie di rating.
Triumph Group (NYSE: TGI) reportó sus resultados del primer trimestre fiscal 2025, mostrando un crecimiento del 7% en ventas hasta alcanzar los 281,0 millones de dólares. La compañía logró su noveno trimestre consecutivo de crecimiento interanual en ventas, impulsada por un aumento del 42% en las ventas de posventa comercial. Sin embargo, Triumph enfrentó desafíos, incluyendo una pérdida neta de 18,8 millones de dólares (0,24 dólares por acción) y un uso de efectivo libre de 112,7 millones de dólares.
A pesar de estos desafíos, Triumph mantuvo su guía fiscal para 2025, proyectando ventas netas de aproximadamente 1,2 mil millones de dólares y un EBITDAP ajustado de 182,0 millones de dólares. La compañía también eliminó 120,0 millones de dólares de deuda, fortaleciendo su balance y obteniendo mejoras de crédito de las agencias calificadoras.
트라이엄프 그룹 (NYSE: TGI)는 2025 회계연도 1분기 실적을 발표하며 매출 7% 증가를 기록하여 2억 8100만 달러에 도달했다고 밝혔습니다. 이 회사는 전년 대비 9분기 연속 매출 성장을 달성했으며, 상업용 애프터마켓 매출 42% 증가에 힘입었습니다. 그러나 트라이엄프는 1880만 달러의 순손실 (주당 0.24달러) 및 자유 현금 사용 1억 1270만 달러와 같은 어려움에 직면했습니다.
이러한 어려움에도 불구하고, 트라이엄프는 2025 회계연도 가이던스를 유지하며 약 12억 달러의 순매출과 1820만 달러의 조정 EBITDAP를 예측했습니다. 또한 이 회사는 1억 2000만 달러의 부채를 상환하여 재무 상태를 강화하고 신용 기관으로부터 신용 등급 상승을 받았습니다.
Triumph Group (NYSE: TGI) a publié ses résultats du premier trimestre de l'exercice fiscal 2025, montrant une croissance des ventes de 7% pour atteindre 281,0 millions de dollars. L'entreprise a réalisé son neuvième trimestre consécutif de croissance des ventes d'une année sur l'autre, soutenue par une augmentation de 42% des ventes du marché secondaire commercial. Cependant, Triumph a rencontré des difficultés, notamment une perte nette de 18,8 millions de dollars (0,24 dollar par action) et une utilisation de 112,7 millions de dollars de liquidités disponibles.
Malgré ces défis, Triumph a maintenu ses prévisions pour l'exercice fiscal 2025, projetant des ventes nettes d'environ 1,2 milliard de dollars et un EBITDAP ajusté de 182,0 millions de dollars. L'entreprise a également remboursé 120,0 millions de dollars de dettes, renforçant ainsi son bilan et obtenant des améliorations de notation de la part des agences de notation.
Triumph Group (NYSE: TGI) hat die Ergebnisse für das erste Quartal des Geschäftsjahres 2025 veröffentlicht, das ein Umsatzwachstum von 7% auf 281,0 Millionen Dollar zeigt. Das Unternehmen erreichte sein neuntes aufeinanderfolgendes Quartal mit Umsatzwachstum im Jahresvergleich, angetrieben durch einen Zuwachs von 42% bei den Verkaufszahlen im kommerziellen Aftermarket. Allerdings sah sich Triumph Herausforderungen gegenüber, darunter ein Nettoverlust von 18,8 Millionen Dollar (0,24 Dollar pro Aktie) und eine Verwendung von 112,7 Millionen Dollar an freiem Cashflow.
Trotz dieser Herausforderungen hielt Triumph an seinen Prognosen für das Geschäftsjahr 2025 fest und erwartet Nettoverkäufe von etwa 1,2 Milliarden Dollar und ein bereinigtes EBITDAP von 182,0 Millionen Dollar. Das Unternehmen hat außerdem 120,0 Millionen Dollar an Schulden zurückgezahlt, wodurch die Bilanz gestärkt und Kreditaufrüstungen von Ratingagenturen erhalten wurden.
- Achieved 7% sales growth to $281.0 million in Q1 fiscal 2025
- Commercial aftermarket sales grew by 42%, reaching $50.2 million
- Maintained fiscal 2025 guidance with projected net sales of $1.2 billion
- Retired $120.0 million of debt, strengthening the balance sheet
- Earned credit upgrades from rating agencies
- Backlog remains strong at $1.87 billion
- Reported net loss of $18.8 million ($0.24 per share) in Q1 fiscal 2025
- Free cash use of $112.7 million in Q1
- Decreased sales in Interiors business due to reduced 737MAX shipments
- Military OEM sales decreased by 6% to $61.8 million
- Incurred $7.5 million in legal contingencies loss
- Experienced $5.4 million in debt extinguishment loss
Insights
TRIUMPH's Q1 FY2025 results show mixed performance. Net sales grew 7% to
The commercial aftermarket segment was a bright spot, with sales increasing
TRIUMPH's balance sheet improved with the retirement of
The company maintained its FY2025 guidance, expecting recovery in the second half. Investors should monitor the Interiors business recovery and OEM production rates closely in the coming quarters.
TRIUMPH's Q1 results reflect the current state of the aerospace industry. The strong growth in commercial aftermarket (
The decrease in 737MAX shipments impacting the Interiors business is a concern, but not unexpected given Boeing's ongoing challenges. The anticipated recovery in Q4 will depend on Boeing's ability to ramp up production.
The military segment shows mixed results, with OEM sales down
TRIUMPH's backlog decrease of
First Quarter Fiscal 2025
- Net sales of
; sales growth of$281.0 million 7% - Operating income of
with operating margin of$8.1 million 3% ; adjusted operating income of with adjusted operating margin of$17.2 million 6% - Net loss from continuing operations of
( , or$18.8) million per share; adjusted net loss from continuing operations of$(0.24) ( , or$4.3) million per share$(0.06) - Adjusted EBITDAP of
with Adjusted EBITDAP margin of$25.4 million 9% - Cash used in operations of
and free cash use of$(104.5) million $(112.7) million
Fiscal 2025 Guidance
- Net sales of approximately
$1.2 billion - Operating income of approximately
, reflecting operating margin of$132.5 million 11% , updated from prior guidance due to in legal contingencies loss$7.5 million - Adjusted EBITDAP of approximately
, reflecting Adjusted EBITDAP margin$182.0 million 15% - Earnings per diluted share of approximately
and adjusted earnings per diluted share of approximately$0.33 $0.52 - Cash flow from operations of
to$30.0 million , free cash flow of$50.0 million to$10.0 million $25.0 million
First quarter operating income of
"TRIUMPH achieved its ninth consecutive quarter of year-over-year sales growth as commercial aftermarket sales from our IP-based business grew by more than
"Our Interiors business saw decreased sales in the first quarter due to reduced 737MAX shipments, which further impacted its profit and cash flow. We expect Interiors sales to recover in our fourth quarter as narrowbody aircraft rates ramp."
Mr. Crowley continued, "TRIUMPH is maintaining its fiscal 2025 guidance for sales, EBITDAP and cash flow on strong aftermarket demand and forecasted OEM production rates. We anticipate continued commercial OEM softness in the second quarter, which is expected to recover in the second half. We continue to expect to deliver top and bottom-line growth rates at or above the market as we benefit from our focus on OEM and related aftermarket product lines."
First Quarter Fiscal 2025 Overview
Three Months Ended June 30, | ||||||||
($ in millions) | 2024 | 2023 | ||||||
Commercial OEM | $ | 118.7 | $ | 117.1 | ||||
Military OEM | 61.8 | 65.8 | ||||||
Total OEM Revenue | 180.5 | 182.9 | ||||||
Commercial Aftermarket | 50.2 | 35.2 | ||||||
Military Aftermarket | 41.1 | 36.9 | ||||||
Total Aftermarket Revenue | 91.3 | 72.1 | ||||||
Non-Aviation Revenue | 8.6 | 8.2 | ||||||
Amortization of acquired contract liabilities | 0.6 | 0.6 | ||||||
Total Net Sales* | $ | 281.0 | $ | 263.8 | ||||
* Differences due to rounding | ||||||||
Note> Aftermarket sales include both repair & overhaul services and spare parts sales. |
Commercial OEM sales increased
Commercial Aftermarket sales increased
Military OEM sales decreased
Military aftermarket sales increased
Non-aviation sales were stable on steady demand.
TRIUMPH's results included the following:
($ millions except EPS) | Pre-tax | After-tax | Diluted EPS | |||||||||
Loss from Continuing Operations - GAAP | $ | (17.3) | $ | (18.8) | $ | (0.24) | ||||||
Adjustments | ||||||||||||
Legal contingencies loss | 7.5 | 7.5 | 0.10 | |||||||||
Restructuring costs | 1.6 | 1.6 | 0.02 | |||||||||
Debt extinguishment loss | 5.4 | 5.4 | 0.07 | |||||||||
Adjusted loss from continuing operations - non-GAAP* | $ | (2.8) | $ | (4.4) | $ | (0.06) | ||||||
*Difference due to rounding. |
The number of shares used in computing loss per share for the first quarter of 2025 was 77.2 million.
Backlog, which represents the next 24 months of actual purchase orders with firm delivery dates or contract requirements, was
For the first quarter of fiscal 2025, cash flow used in operations was
Conference Call
TRIUMPH will hold a conference call today, August 7th, at 8:30 a.m. (ET) to discuss the first quarter of fiscal 2025 results. The conference call will be available live and archived on the Company's website at http://www.triumphgroup.com. A slide presentation will be included with the audio portion of the webcast, and the presentation has been posted on the Company's website at https://www.triumphgroup.com/filings-financial/quarterly-results. An audio replay will be available from August 7th to August 14th by calling (844) 344-7529 (Domestic) or (412) 317-0088 (International), passcode #3237267.
About TRIUMPH
More information about
Forward Looking Statements
Statements in this release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995, including statements of expectations of or assumptions about guidance, financial and operational performance, revenues, earnings per share, cash flow or use, cost savings, operational efficiencies and organizational restructurings and our evaluation of potential adjustments to reported amounts, as described above. All forward-looking statements involve risks and uncertainties which could affect the Company's actual results and could cause its actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. Further information regarding the important factors that could cause actual results to differ from projected results can be found in Triumph Group's reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2024.
FINANCIAL DATA (UNAUDITED) ON FOLLOWING PAGES
FINANCIAL DATA (UNAUDITED) | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
CONDENSED STATEMENTS OF OPERATIONS | 2024 | 2023 | ||||||
Net sales | $ | 281,016 | $ | 263,823 | ||||
Cost of sales (excluding depreciation shown below) | 207,077 | 193,905 | ||||||
Selling, general & administrative | 49,378 | 50,494 | ||||||
Depreciation & amortization | 7,367 | 7,365 | ||||||
Legal contingencies loss | 7,464 | — | ||||||
Restructuring costs | 1,616 | — | ||||||
Loss on sale of assets and businesses, net | — | 12,617 | ||||||
Operating income (loss) | 8,114 | (558) | ||||||
Interest expense and other, net | 18,984 | 32,102 | ||||||
Debt modification and extinguishment loss (gain) | 5,369 | (3,391) | ||||||
Warrant remeasurement gain | — | (8,001) | ||||||
Non-service defined benefit expense (income) | 1,033 | (820) | ||||||
Income tax expense | 1,499 | 1,260 | ||||||
Loss from continuing operations | (18,771) | (21,708) | ||||||
Income from discontinued operations, net of tax | 4,680 | 3,545 | ||||||
Net loss | $ | (14,091) | $ | (18,163) | ||||
Loss per share - basic: | ||||||||
Loss per share - continuing operations | $ | (0.24) | $ | (0.33) | ||||
Earnings per share - discontinued operations | 0.06 | 0.06 | ||||||
Loss per share - basic | $ | (0.18) | $ | (0.27) | ||||
Weighted average common shares outstanding - basic | 77,158 | 66,347 | ||||||
Loss per share - diluted: | ||||||||
Loss per share - continuing operations | $ | (0.24) | $ | (0.33) | ||||
Earnings per share - discontinued operations | 0.06 | 0.06 | ||||||
Loss per share - diluted | $ | (0.18) | $ | (0.27) | ||||
Weighted average common shares outstanding - diluted | 77,158 | 66,347 |
(Continued)
FINANCIAL DATA (UNAUDITED) | ||||||||
BALANCE SHEETS | Unaudited | March 31, | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 152,604 | $ | 392,511 | ||||
Accounts receivable, net | 136,927 | 138,272 | ||||||
Contract assets | 82,238 | 74,289 | ||||||
Inventory, net | 358,681 | 317,671 | ||||||
Prepaid and other current assets | 19,314 | 16,626 | ||||||
Current assets | 749,764 | 939,369 | ||||||
Property and equipment, net | 143,389 | 144,287 | ||||||
Goodwill | 510,723 | 510,687 | ||||||
Intangible assets, net | 62,843 | 65,063 | ||||||
Other, net | 26,045 | 26,864 | ||||||
Total assets | $ | 1,492,764 | $ | 1,686,270 | ||||
Liabilities & Stockholders' Deficit | ||||||||
Current portion of long-term debt | $ | 2,979 | $ | 3,200 | ||||
Accounts payable | 128,167 | 167,349 | ||||||
Contract liabilities | 46,236 | 55,858 | ||||||
Accrued expenses | 125,803 | 129,855 | ||||||
Current liabilities | 303,185 | 356,262 | ||||||
Long-term debt, less current portion | 957,203 | 1,074,999 | ||||||
Accrued pension and post-retirement benefits, noncurrent | 278,626 | 283,634 | ||||||
Deferred income taxes, noncurrent | 7,269 | 7,268 | ||||||
Other noncurrent liabilities | 66,042 | 68,521 | ||||||
Stockholders' Deficit: | ||||||||
Common stock, | 77 | 77 | ||||||
Capital in excess of par value | 1,108,761 | 1,107,750 | ||||||
Accumulated other comprehensive loss | (519,136) | (517,069) | ||||||
Accumulated deficit | (709,263) | (695,172) | ||||||
Total stockholders' deficit | (119,561) | (104,414) | ||||||
Total liabilities and stockholders' deficit | $ | 1,492,764 | $ | 1,686,270 |
(Continued)
FINANCIAL DATA (UNAUDITED) | ||||||||
Three Months Ended June 30, | ||||||||
2024 | 2023 | |||||||
Operating Activities | ||||||||
Net loss | $ | (14,091) | $ | (18,163) | ||||
Adjustments to reconcile net loss to net cash used in | ||||||||
Depreciation and amortization | 7,367 | 8,118 | ||||||
Amortization of acquired contract liability | (591) | (575) | ||||||
(Gain) loss on sale of assets and businesses | (5,018) | 12,617 | ||||||
Loss (gain) on modification and extinguishment of debt | 5,369 | (3,391) | ||||||
Other amortization included in interest expense | 1,059 | 1,506 | ||||||
Provision for credit losses | 263 | 534 | ||||||
Warrants remeasurement gain | — | (8,001) | ||||||
Share-based compensation | 3,015 | 3,622 | ||||||
Changes in other assets and liabilities, excluding the effects of | ||||||||
Trade and other receivables | 610 | 32,532 | ||||||
Contract assets | (7,939) | (10,180) | ||||||
Inventories | (40,989) | (39,818) | ||||||
Prepaid expenses and other current assets | (2,603) | (1,830) | ||||||
Accounts payable, accrued expenses, and contract liabilities | (46,272) | (42,588) | ||||||
Accrued pension and other postretirement benefits | 892 | (1,262) | ||||||
Other, net | (5,599) | 3,155 | ||||||
Net cash used in operating activities | (104,527) | (63,724) | ||||||
Investing Activities | ||||||||
Capital expenditures | (8,172) | (6,401) | ||||||
Proceeds from (payments on) sale of assets and businesses | 572 | (6,848) | ||||||
Investment in joint venture | — | (1,515) | ||||||
Net cash used in investing activities | (7,600) | (14,764) | ||||||
Financing Activities | ||||||||
Proceeds from issuance of long-term debt | — | 2,000 | ||||||
Retirement of debt and finance lease obligations | (120,789) | (763) | ||||||
Payment of deferred financing costs | — | (1,438) | ||||||
Payment of issuance of common stock, net of issuance costs | — | (803) | ||||||
Premium on redemption of long-term debt | (3,600) | — | ||||||
Repurchase of shares for share-based compensation | (2,132) | (1,235) | ||||||
Net cash used in financing activities | (126,521) | (2,239) | ||||||
Effect of exchange rate changes on cash | (1,259) | (358) | ||||||
Net change in cash and cash equivalents | (239,907) | (81,085) | ||||||
Cash and cash equivalents at beginning of period | 392,511 | 227,403 | ||||||
Cash and cash equivalents at end of period | $ | 152,604 | $ | 146,318 |
(Continued)
FINANCIAL DATA (UNAUDITED) | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
2024 | 2023 | |||||||
Systems & Support | ||||||||
Net sales to external customer | $ | 251,981 | $ | 227,253 | ||||
Inter-segment sales (eliminated in consolidation) | 8 | — | ||||||
Segment EBITDAP | 47,397 | 40,814 | ||||||
Segment EBITDAP Margin | 18.9 | % | 18.0 | % | ||||
Depreciation & amortization | 6,379 | 6,187 | ||||||
Interiors | ||||||||
Net sales to external customer | $ | 29,035 | $ | 36,570 | ||||
Inter-segment sales (eliminated in consolidation) | 8 | 13 | ||||||
Segment EBITDAP | (7,277) | (1,893) | ||||||
Segment EBITDAP Margin | -25.1 | % | -5.2 | % | ||||
Depreciation & amortization | 576 | 683 | ||||||
(Continued)
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC, AND SUBSIDIARES
(dollars in thousands)
Non-GAAP Financial Measure Disclosures
We prepare and publicly release annual audited and quarterly unaudited financial statements prepared in accordance with
We view Adjusted EBITDA and Adjusted EBITDAP as operating performance measures and, as such, we believe that the
Adjusted EBITDA and Adjusted EBITDAP are used by management to internally measure our operating and management performance and by investors as a supplemental financial measure to evaluate the performance of our business that, when viewed with our
(Continued)
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES
(dollars in thousands)
Set forth below are descriptions of the financial items that have been excluded from our income (loss) from continuing operations) to calculate Adjusted EBITDA and Adjusted EBITDAP and the material limitations associated with using these non-GAAP financial measures as compared with income (loss) from continuing operations:
- Gains or losses from sale of assets and businesses may be useful for investors to consider because they reflect gains or losses from sale of operating units or other assets. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations.
- Warrants remeasurement gains or losses and Warrant-related transaction costs may be useful for investors to consider because they reflect the mark-to-market changes in the fair value of our Warrants and the costs associated with Warrants issuance. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations.
- Consideration payable to a customer related to a divestiture may be useful for investors to consider because it reflects consideration paid to facilitate the ultimate sale of operating units. We do not believe these charges necessarily reflect the current and ongoing cash earnings related to our operations.
- Shareholder cooperation expenses may be useful for investors to consider because they represent certain costs of corporate governance that may be incurred periodically when reaching cooperative agreements with shareholders. We do not believe these charges necessarily reflect the current and ongoing cash earnings related to our operations.
- Legal contingencies loss, when applicable, may be useful for investors to consider because it reflects gains or losses from legal disputes with third parties. We do not believe these gains or losses reflect the current and ongoing earnings related to our operations.
- Non-service defined benefit income or expense from our pension and other postretirement benefit plans (inclusive of certain pension related transactions such as curtailments, settlements, withdrawal, and early retirement or other incentives) may be useful for investors to consider because they represent the cost of postretirement benefits to plan participants, net of the assumption of returns on the plan's assets and are not indicative of the cash paid for such benefits. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations.
- Amortization of acquired contract liabilities may be useful for investors to consider because it represents the noncash earnings on the fair value of off-market contracts acquired through acquisitions. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations.
- Amortization expense and nonrecurring asset impairments (including goodwill and intangible asset impairments) may be useful for investors to consider because it represents the estimated attrition of our acquired customer base and the diminishing value of trade names, product rights, licenses, or, in the case of goodwill, other assets that are not individually identified and separately recognized under
U.S. GAAP, or, in the case of nonrecurring asset impairments, the impact of unusual and nonrecurring events affecting the estimated recoverability of existing assets. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure. - Depreciation may be useful for investors to consider because it generally represents the wear and tear on our property and equipment used in our operations. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure.
- Share-based compensation may be useful for investors to consider because it represents a portion of the total compensation to management and the board of directors. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure.
(Continued)
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES
(dollars in thousands)
- The amount of interest expense and other, as well as debt extinguishment gains or losses, we incur may be useful for investors to consider and may result in current cash inflows or outflows. However, we do not consider the amount of interest expense and other and debt extinguishment gains or losses to be a representative component of the day-to-day operating performance of our business.
- Income tax expense may be useful for investors to consider because it generally represents the taxes which may be payable for the period and the change in deferred income taxes during the period and may reduce the amount of funds otherwise available for use in our business. However, we do not consider the amount of income tax expense to be a representative component of the day-to-day operating performance of our business.
Management compensates for the above-described limitations of using non-GAAP measures by using a non-GAAP measure only to supplement our GAAP results and to provide additional information that is useful to gain an understanding of the factors and trends affecting our business.
The following table shows our Adjusted EBITDA and Adjusted EBITDAP reconciled to our income (loss) from continuing operations for the indicated periods (in thousands):
Three Months Ended | ||||||||
June 30, | ||||||||
Adjusted Earnings before Interest, Taxes, Depreciation, | 2024 | 2023 | ||||||
Loss from continuing operations | $ | (18,771) | $ | (21,708) | ||||
Add-back: | ||||||||
Income tax expense | 1,499 | 1,260 | ||||||
Interest expense and other, net | 18,984 | 32,102 | ||||||
Debt modification and extinguishment loss (gain) | 5,369 | (3,391) | ||||||
Warrant remeasurement gain | — | (8,001) | ||||||
Legal contingencies loss | 7,464 | — | ||||||
Shareholder cooperation expenses | — | 1,905 | ||||||
Loss on sales of assets and businesses, net | — | 12,617 | ||||||
Share-based compensation | 3,015 | 3,622 | ||||||
Amortization of acquired contract liabilities | (591) | (575) | ||||||
Depreciation and amortization | 7,367 | 7,365 | ||||||
Adjusted Earnings before Interest, Taxes, Depreciation | $ | 24,336 | $ | 25,196 | ||||
Non-service defined benefit expense (income) (excluding settlements) | 1,033 | (820) | ||||||
Adjusted Earnings before Interest, Taxes, Depreciation | $ | 25,369 | $ | 24,376 | ||||
Net sales | $ | 281,016 | $ | 263,823 | ||||
Loss from continuing operations margin | (6.7) | % | (8.2) | % | ||||
Adjusted EBITDAP margin | 9.0 | % | 9.3 | % | ||||
(Continued)
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES
(dollars in thousands)
Non-GAAP Financial Measure Disclosures (continued)
Adjusted income from continuing operations, before income taxes, adjusted income from continuing operations and adjusted income from continuing operations per diluted share, before non-recurring costs have been provided for consistency and comparability. These measures should not be considered in isolation or as alternatives to income from continuing operations before income taxes, income from continuing operations and income from continuing operations per diluted share presented in accordance with GAAP. The following tables reconcile income from continuing operations before income taxes, income from continuing operations, and income from continuing operations per diluted share, before non-recurring costs.
Three Months Ended | Fiscal Year 2025 | |||||||||||||
Pre-Tax | After-Tax | Diluted EPS | ||||||||||||
Loss from continuing operations - GAAP | $ | (17,272) | $ | (18,771) | $ | (0.24) | ||||||||
Adjustments: | ||||||||||||||
Legal contingencies loss | 7,464 | 7,464 | 0.10 | 0.10 | ||||||||||
Restructuring costs | 1,616 | 1,616 | 0.02 | 0.02 | ||||||||||
Debt extinguishment loss | 5,369 | 5,369 | 0.07 | 0.07 | ||||||||||
Adjusted loss from continuing operations - non-GAAP* | $ | (2,823) | $ | (4,322) | $ | (0.06) | ||||||||
*Difference due to rounding. |
(Continued)
FINANCIAL DATA (UNAUDITED) | ||||||||||||
Three Months Ended | ||||||||||||
Pre-Tax | After-Tax | Diluted EPS | ||||||||||
Loss from continuing operations - GAAP | $ | (20,448) | $ | (21,708) | $ | (0.33) | ||||||
Adjustments: | ||||||||||||
Shareholder cooperation expenses | 1,905 | 1,905 | 0.03 | |||||||||
Loss on sale of assets and businesses, net | 12,617 | 12,617 | 0.19 | |||||||||
Debt modification and extinguishment gain | (3,391) | (3,391) | (0.05) | |||||||||
Adjusted income from continuing operations - non-GAAP* | $ | (9,317) | $ | (10,577) | $ | (0.16) | ||||||
*Difference due to rounding. |
Non-GAAP Financial Measure Disclosures (continued)
Adjusted Operating Income is defined as GAAP Operating Income, less expenses/gains associated with the Company's transformation, such as restructuring expenses, gains/losses on divestitures, impairments of goodwill and other assets. Management believes that this is useful in evaluating operating performance, but this measure should not be used in isolation. The following table reconciles our Operating income to Adjusted Operating income as noted above.
Three Months Ended | ||||||||
2024 | 2023 | |||||||
Operating income (loss) - GAAP | $ | 8,114 | $ | (558) | ||||
Adjustments: | ||||||||
Loss on sale of assets and businesses, net | — | 12,617 | ||||||
Legal contingencies loss | 7,464 | — | ||||||
Restructuring costs (cash based) | 1,616 | — | ||||||
Shareholder cooperation expenses | — | 1,905 | ||||||
Adjusted operating income - non-GAAP | $ | 17,194 | $ | 13,964 | ||||
Adjusted operating margin - non-GAAP | 6.1 | % | 5.3 | % |
(Continued)
FINANCIAL DATA (UNAUDITED) | |||
Fiscal 2025 | |||
($ in millions) | Guidance | ||
Income from continuing operations, before taxes | |||
Adjustments: | |||
Interest expense and other, net | |||
Non-service defined benefit expense | |||
Depreciation & Amortization | |||
Amortization of acquired contract liabilities | ~( | ||
Share-based compensation | |||
Legal contingencies loss | |||
Adjusted EBITDAP - non-GAAP |
Non-GAAP Financial Measure Disclosures (continued)
Cash provided by operations, is provided for consistency and comparability. We also use free cash flow as a key factor in planning for and consideration of strategic acquisitions and the repayment of debt. This measure should not be considered in isolation, as a measure of residual cash flow available for discretionary purposes, or as an alternative to operating results presented in accordance with GAAP. The following table reconciles cash used in operations to free cash use.
Three Months Ended | Fiscal 2025 | |||||||||
$ in millions | 2024 | 2023 | ||||||||
Cash (use) flow from operating activities | $ | (104.5) | $ | (63.7) | $ 30.0 - $ 50.0 | |||||
Less: | ||||||||||
Capital expenditures | (8.2) | (6.4) | ||||||||
Free cash (use) flow* | $ | (112.7) | $ | (70.1) | ||||||
* Differences due to rounding |
View original content:https://www.prnewswire.com/news-releases/triumph-reports-first-quarter-fiscal-2025-results-302216075.html
SOURCE Triumph Group
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