We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Triumph Group (TGI) Q1 Earnings Beat Estimates, Sales Fall Y/Y
Read MoreHide Full Article
Triumph Group, Inc. (TGI - Free Report) reported first-quarter fiscal 2022 (ended Jun 30, 2022) adjusted earnings of 12 cents per share, which surpassed the Zacks Consensus Estimate of 9 cents by 33.3%. The bottom line also surged 33.3% from 9 cents per share.
Including one-time adjustments, TGI incurred a GAAP loss of 16 cents per share in the fiscal first quarter compared with a loss of 47 cents per share in the prior-year quarter.
Total Sales
Triumph Group’s net sales in the quarter under review were $349.4 million, which beat the Zacks Consensus Estimate of $320 million by 9.2%. The top line, however, declined 11.9% from $396.6 million in the year-ago quarter.
Excluding divestitures and exited programs, organic sales in the quarter were up 1% year over year, primarily due to increases in commercial narrow-body production.
Triumph Group, Inc. Price, Consensus and EPS Surprise
In the first quarter of fiscal 2022, Triumph Group generated an adjusted operating income of $32.6 million, which increased 4.2% from the year-ago reported figure. The adjusted operating margin of 9% expanded 100 basis points from 8% in the first quarter of fiscal 2021.
Interest expenses and others amounted to $31.9 million, down 17.4% from the prior-year quarter.
Triumph Group’s backlog was $1.53 billion, up 7.7% on a sequential basis from $1.42 billion.
Segmental Performance
Aerospace Structures: The segment’s sales totaled $94.8 million, down 31.5% from $138.3 million in the year-ago quarter. The segment reported an operating loss of $2.3 million for the first quarter of fiscal 2022.
Systems & Support: The segment’s sales declined 1.5% year over year to $254.6 million. The operating income was $33.2 in the first quarter of fiscal 2022.
Financial Position
As of Jun 30, 2022, TGI’s cash and cash equivalents totaled $134.6 million compared with $240.9 million as of Mar 31, 2022.
Its long-term debt (excluding the current portion) amounted to $1.59 billion as of Jun 30, 2022, flat with the long-term debt as of Mar 31, 2022.
Net cash used in operating activities as of Jun 30, 2022 was $93 million compared with the net cash outflow of $149.5 million in the same period last year.
Triumph Group’s capital expenditures were $3 million as of Jun 30, 2022 compared with $2.1 million in the prior year.
Guidance
Triumph Group provided its financial guidance for fiscal 2023. The company anticipates adjusted earnings per share (EPS) in the range of 28-48 cents. The Zacks Consensus Estimate for earnings is pegged at 55 cents per share, much higher than the guided range.
TGI expects net sales of $1.3 billion in fiscal 2023. The Zacks Consensus Estimate for revenues lies in line with the company’s guided range.
Lockheed Martin (LMT - Free Report) reported second-quarter 2022 earnings of $6.32 per share, which surpassed the Zacks Consensus Estimate of $6.29 by 0.5%. However, the bottom line declined 1.6% year over year.
Lockheed Martin’s top line declined 9.3% from the $17.03 billion reported in the year-ago quarter. LMT ended the second quarter of 2022 (on Jun 26, 2022) with $134.64 billion in the backlog compared with $135.23 billion at the end of the first quarter of 2022.
AAR Corp. (AIR - Free Report) reported fourth-quarter fiscal 2022 adjusted earnings of 72 cents per share, which surpassed the Zacks Consensus Estimate of 68 cents by 5.9%. Earnings recorded a solid surge of 53.2% from the year-ago quarter.
AAR generated net sales worth $476.1 million, which improved 8.8% from the $437.6 million recorded in the year-ago quarter. AIR’s cash and cash equivalents amounted to $53.5 million as of May 31, 2022 compared with $51.8 million as of May 31, 2021.
Raytheon Technologies’ (RTX - Free Report) second-quarter 2022 adjusted EPS of $1.16 beat the Zacks Consensus Estimate of $1.12 by 3.6%. Moreover, the bottom line improved 13% from the year-ago quarter’s adjusted earnings of $1.03.
Raytheon Technologies had cash and cash equivalents of $4,767 million as of Jun 30, 2022 compared with $7,832 million as of Dec 31, 2021. RTX projects the 2022 adjusted EPS in the range of $4.60-$4.80.
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Triumph Group (TGI) Q1 Earnings Beat Estimates, Sales Fall Y/Y
Triumph Group, Inc. (TGI - Free Report) reported first-quarter fiscal 2022 (ended Jun 30, 2022) adjusted earnings of 12 cents per share, which surpassed the Zacks Consensus Estimate of 9 cents by 33.3%. The bottom line also surged 33.3% from 9 cents per share.
Including one-time adjustments, TGI incurred a GAAP loss of 16 cents per share in the fiscal first quarter compared with a loss of 47 cents per share in the prior-year quarter.
Total Sales
Triumph Group’s net sales in the quarter under review were $349.4 million, which beat the Zacks Consensus Estimate of $320 million by 9.2%. The top line, however, declined 11.9% from $396.6 million in the year-ago quarter.
Excluding divestitures and exited programs, organic sales in the quarter were up 1% year over year, primarily due to increases in commercial narrow-body production.
Triumph Group, Inc. Price, Consensus and EPS Surprise
Triumph Group, Inc. price-consensus-eps-surprise-chart | Triumph Group, Inc. Quote
Operational Highlights
In the first quarter of fiscal 2022, Triumph Group generated an adjusted operating income of $32.6 million, which increased 4.2% from the year-ago reported figure. The adjusted operating margin of 9% expanded 100 basis points from 8% in the first quarter of fiscal 2021.
Interest expenses and others amounted to $31.9 million, down 17.4% from the prior-year quarter.
Triumph Group’s backlog was $1.53 billion, up 7.7% on a sequential basis from $1.42 billion.
Segmental Performance
Aerospace Structures: The segment’s sales totaled $94.8 million, down 31.5% from $138.3 million in the year-ago quarter. The segment reported an operating loss of $2.3 million for the first quarter of fiscal 2022.
Systems & Support: The segment’s sales declined 1.5% year over year to $254.6 million. The operating income was $33.2 in the first quarter of fiscal 2022.
Financial Position
As of Jun 30, 2022, TGI’s cash and cash equivalents totaled $134.6 million compared with $240.9 million as of Mar 31, 2022.
Its long-term debt (excluding the current portion) amounted to $1.59 billion as of Jun 30, 2022, flat with the long-term debt as of Mar 31, 2022.
Net cash used in operating activities as of Jun 30, 2022 was $93 million compared with the net cash outflow of $149.5 million in the same period last year.
Triumph Group’s capital expenditures were $3 million as of Jun 30, 2022 compared with $2.1 million in the prior year.
Guidance
Triumph Group provided its financial guidance for fiscal 2023. The company anticipates adjusted earnings per share (EPS) in the range of 28-48 cents. The Zacks Consensus Estimate for earnings is pegged at 55 cents per share, much higher than the guided range.
TGI expects net sales of $1.3 billion in fiscal 2023. The Zacks Consensus Estimate for revenues lies in line with the company’s guided range.
Zacks Rank
Triumph Group currently carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
Lockheed Martin (LMT - Free Report) reported second-quarter 2022 earnings of $6.32 per share, which surpassed the Zacks Consensus Estimate of $6.29 by 0.5%. However, the bottom line declined 1.6% year over year.
Lockheed Martin’s top line declined 9.3% from the $17.03 billion reported in the year-ago quarter. LMT ended the second quarter of 2022 (on Jun 26, 2022) with $134.64 billion in the backlog compared with $135.23 billion at the end of the first quarter of 2022.
AAR Corp. (AIR - Free Report) reported fourth-quarter fiscal 2022 adjusted earnings of 72 cents per share, which surpassed the Zacks Consensus Estimate of 68 cents by 5.9%. Earnings recorded a solid surge of 53.2% from the year-ago quarter.
AAR generated net sales worth $476.1 million, which improved 8.8% from the $437.6 million recorded in the year-ago quarter. AIR’s cash and cash equivalents amounted to $53.5 million as of May 31, 2022 compared with $51.8 million as of May 31, 2021.
Raytheon Technologies’ (RTX - Free Report) second-quarter 2022 adjusted EPS of $1.16 beat the Zacks Consensus Estimate of $1.12 by 3.6%. Moreover, the bottom line improved 13% from the year-ago quarter’s adjusted earnings of $1.03.
Raytheon Technologies had cash and cash equivalents of $4,767 million as of Jun 30, 2022 compared with $7,832 million as of Dec 31, 2021. RTX projects the 2022 adjusted EPS in the range of $4.60-$4.80.