Triumph Group, Inc. ( TGI Quick Quote 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%.
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.
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.
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.
Triumph Group currently carries a Zacks Rank #3 (Hold). You can see
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