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Triumph Group (TGI) Q4 Earnings Top Estimates, Sales Rise Y/Y
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Triumph Group, Inc. (TGI - Free Report) reported fourth-quarter fiscal 2023 (ended Mar 31, 2023) adjusted earnings of 39 cents per share, which surpassed the Zacks Consensus Estimate of 26 cents by 50%. The bottom line came in line with the prior-year comparable figure.
Including one-time adjustments, TGI reported a GAAP loss of 27 cents per share in the fiscal 2023 fourth quarter compared with 11 cents in the prior-year quarter.
For the full year, Triumph Group reported adjusted earnings of 77 cents per share, which beat the Zacks Consensus Estimate of 56 cents by 37.5%.
Total Sales
Triumph Group’s net sales in the quarter under review were $393.3 million, which beat the Zacks Consensus Estimate of $347 million by 13.3%. The top line also improved 1.7% from $386.7 million in the year-ago quarter.
Excluding divestitures and exited programs, organic sales in the quarter were up 21% year over year. The rise was driven by increases in commercial OEM production rates, accelerating MRO demand and recovering military volumes.
Triumph Group, Inc. Price, Consensus and EPS Surprise
In the fourth quarter of fiscal 2023, Triumph Group generated an adjusted operating income of $59.9 million, which increased 39.2% from the year-ago reported figure.
Interest expenses and others amounted to $36.9 million, up 20.1% from the prior-year quarter.
Triumph Group’s backlog was $1.58 billion, up 11% from the prior fiscal year-end, primarily on commercial narrowbody platforms.
Segmental Performance
Interiors: The segment’s sales totaled $39.9 million, down 60% from $83 million in the year-ago quarter. The segment reported an operating income of $2.4 million in the fourth quarter of fiscal 2023.
Systems & Support: The segment’s sales improved 23.2% year over year to $353.4 million. The operating income was $71.3 million in the fourth quarter of fiscal 2023.
Financial Position
As of Mar 31, 2023, TGI’s cash and cash equivalents totaled $227.4 million compared with $240.9 million as of Mar 31, 2022.
Its long-term debt (excluding the current portion) amounted to $1.69 billion as of Mar 31, 2023, up from $1.59 billion as of Mar 31, 2022.
The net cash outflow from operating activities as of Mar 31, 2022 was $52.3 million compared with a net cash outflow of $137 million in the year-ago period.
Triumph Group’s capital expenditures were $20.7 million as of Mar 31, 2023 compared with $19.7 million in the prior year.
Guidance
Triumph Group has initiated its financial guidance for fiscal 2024. It expects to generate net sales in the range of $1.39-$1.43 billion. The Zacks Consensus Estimate for revenues is pegged at $1.41 billion, in line with the midpoint of the company’s guided range.
TGI also expects cash used in operations in the range of $60-$80 million in fiscal 2024. Free cash flow is anticipated in the band of $35.0-$50.0 million for fiscal 2024.
Curtiss-Wright Corporation (CW - Free Report) reported first-quarter 2023 adjusted earnings of $1.53 per share, which surpassed the Zacks Consensus Estimate of $1.41 by 8.5%. The bottom line rose 16.8% on a year-over-year basis.
In the quarter under review, the company’s net sales of $631 million went up 13% year over year. Also, the top line surpassed the Zacks Consensus Estimate of $594 million by 6.2%.
Huntington Ingalls Industries, Inc.’s (HII - Free Report) first-quarter 2023 earnings of $3.23 per share increased 2.7% from the $2.99 reported in the prior-year quarter. The bottom line surpassed the Zacks Consensus Estimate of $3.00 by 7.7%.
Total revenues came in at $2,674 million, beating the Zacks Consensus Estimate of $2,599.7 million by 2.9%. The top line increased 3.8% from $2,576 million in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 28.2%. The bottom line improved massively from the year-ago earnings of 22 cents per share, highlighting solid growth of 127.3%.
In the first quarter, net sales totaled $458 million, which beat the Zacks Consensus Estimate of $428 million by 6.8%. Also, the top line witnessed an improvement of 17.2% from the year-ago quarter’s $391 million.
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Triumph Group (TGI) Q4 Earnings Top Estimates, Sales Rise Y/Y
Triumph Group, Inc. (TGI - Free Report) reported fourth-quarter fiscal 2023 (ended Mar 31, 2023) adjusted earnings of 39 cents per share, which surpassed the Zacks Consensus Estimate of 26 cents by 50%. The bottom line came in line with the prior-year comparable figure.
Including one-time adjustments, TGI reported a GAAP loss of 27 cents per share in the fiscal 2023 fourth quarter compared with 11 cents in the prior-year quarter.
For the full year, Triumph Group reported adjusted earnings of 77 cents per share, which beat the Zacks Consensus Estimate of 56 cents by 37.5%.
Total Sales
Triumph Group’s net sales in the quarter under review were $393.3 million, which beat the Zacks Consensus Estimate of $347 million by 13.3%. The top line also improved 1.7% from $386.7 million in the year-ago quarter.
Excluding divestitures and exited programs, organic sales in the quarter were up 21% year over year. The rise was driven by increases in commercial OEM production rates, accelerating MRO demand and recovering military volumes.
Triumph Group, Inc. Price, Consensus and EPS Surprise
Triumph Group, Inc. price-consensus-eps-surprise-chart | Triumph Group, Inc. Quote
Operational Highlights
In the fourth quarter of fiscal 2023, Triumph Group generated an adjusted operating income of $59.9 million, which increased 39.2% from the year-ago reported figure.
Interest expenses and others amounted to $36.9 million, up 20.1% from the prior-year quarter.
Triumph Group’s backlog was $1.58 billion, up 11% from the prior fiscal year-end, primarily on commercial narrowbody platforms.
Segmental Performance
Interiors: The segment’s sales totaled $39.9 million, down 60% from $83 million in the year-ago quarter. The segment reported an operating income of $2.4 million in the fourth quarter of fiscal 2023.
Systems & Support: The segment’s sales improved 23.2% year over year to $353.4 million. The operating income was $71.3 million in the fourth quarter of fiscal 2023.
Financial Position
As of Mar 31, 2023, TGI’s cash and cash equivalents totaled $227.4 million compared with $240.9 million as of Mar 31, 2022.
Its long-term debt (excluding the current portion) amounted to $1.69 billion as of Mar 31, 2023, up from $1.59 billion as of Mar 31, 2022.
The net cash outflow from operating activities as of Mar 31, 2022 was $52.3 million compared with a net cash outflow of $137 million in the year-ago period.
Triumph Group’s capital expenditures were $20.7 million as of Mar 31, 2023 compared with $19.7 million in the prior year.
Guidance
Triumph Group has initiated its financial guidance for fiscal 2024. It expects to generate net sales in the range of $1.39-$1.43 billion. The Zacks Consensus Estimate for revenues is pegged at $1.41 billion, in line with the midpoint of the company’s guided range.
TGI also expects cash used in operations in the range of $60-$80 million in fiscal 2024. Free cash flow is anticipated in the band of $35.0-$50.0 million for fiscal 2024.
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
Curtiss-Wright Corporation (CW - Free Report) reported first-quarter 2023 adjusted earnings of $1.53 per share, which surpassed the Zacks Consensus Estimate of $1.41 by 8.5%. The bottom line rose 16.8% on a year-over-year basis.
In the quarter under review, the company’s net sales of $631 million went up 13% year over year. Also, the top line surpassed the Zacks Consensus Estimate of $594 million by 6.2%.
Huntington Ingalls Industries, Inc.’s (HII - Free Report) first-quarter 2023 earnings of $3.23 per share increased 2.7% from the $2.99 reported in the prior-year quarter. The bottom line surpassed the Zacks Consensus Estimate of $3.00 by 7.7%.
Total revenues came in at $2,674 million, beating the Zacks Consensus Estimate of $2,599.7 million by 2.9%. The top line increased 3.8% from $2,576 million in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 28.2%. The bottom line improved massively from the year-ago earnings of 22 cents per share, highlighting solid growth of 127.3%.
In the first quarter, net sales totaled $458 million, which beat the Zacks Consensus Estimate of $428 million by 6.8%. Also, the top line witnessed an improvement of 17.2% from the year-ago quarter’s $391 million.