- Triumph Group Inc (NYSE:TGI) reported a fourth-quarter FY23 sales growth of 1.7% year-over-year to $393.29 million, beating the consensus of $345.97 million.
- The operating income improved 44.7% Y/Y to $56.15 million, and the margin expanded 424 bps to 14.3%.
- Adjusted operating income was $59.9 million (+39.2% Y/Y) with an adjusted operating margin of 15.2%, up 410 bps.
- Adjusted EPS was $0.39, beating the consensus of $0.26.
- Adjusted EBITDAP increased 47.2% Y/Y to $68.08 million, and the margin expanded 535 bps to 17.3%.
- Sales by segments: Systems & Support $353.41 million (+25.2% Y/Y) and Interiors (formerly Aerospace Structures) $39.89 million (-60% Y/Y).
- The cash used in operations for the fiscal totaled $(52.3) million, and the free cash flow was negative $(72.9) million.
- The backlog was $1.58 billion, up 11% Y/Y.
- FY24 Outlook: Triumph expects net sales of $1.39 billion-$1.43 billion, reflecting an organic growth rate of 7% – 10% versus a consensus of $1.4 billion.
- It sees an FY24 operating income of $165 million-$180 million and Adjusted EBITDAP of $210 million-$225 million.
- It expects cash flow from operations of $60 million-$80 million.
- Price Action: TGI shares are trading higher by 9.5% at $11.51 premarket Wednesday.
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