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Triumph Group, Inc. completed its acquisition by Warburg Pincus and Berkshire Partners and became an independent privately held aerospace and defense supplier after trading on the NYSE under TGI. The company designs, develops, manufactures, repairs and provides spare parts for engineered systems, subsystems and proprietary components used by original equipment manufacturers and military and commercial aircraft operators.
Recurring company developments include corporate-status changes, operating and financial results, aerospace manufacturing partnerships, and defense program work. Reported subjects include OEM and aftermarket applications, Systems, Electronics and Controls activities, additive manufacturing qualification for manned-aircraft components, and support for the M777 Lightweight Howitzer platform.
Triumph Group (NYSE:TGI) has announced an agreement to sell its Red Oak, Texas operations to Arlington Capital Partners. This deal aims to reduce debt and enhance liquidity as Triumph exits large structures manufacturing. The Red Oak facility specializes in large composite and metallic structures manufacturing, covering 1.0 million square feet and employing approximately 400 staff. The transaction is subject to customary closing conditions and is expected to close in Triumph's fourth quarter of FY21.
Triumph Group (NYSE: TGI) reported its third quarter fiscal 2021 results with net sales of $426 million and a net loss of $68.1 million, translating to a loss of $1.30 per share. Adjusted net income was $4.9 million or $0.09 per diluted share. Operating loss reached $35 million with an adjusted operating income of $38.1 million.
Despite a 32% organic sales decline, driven by COVID-19's impact and planned program reductions, cash flow improved to $43.9 million. The full-year net sales guidance remains at $1.8 - $1.9 billion.
On January 28, 2021, Triumph Group (NYSE: TGI) announced it has secured a low-rate initial production (LRIP) order from Sikorsky for the CH-53K King Stallion rotorcraft. This contract includes LRIP 1 and 2 deliverables for the U.S. Marine Corps, aimed to replace the CH-53E Super Stallion. Triumph will provide systems designed for extreme environments, enhancing the helicopter's efficiency. Deliveries will continue throughout 2021, with work conducted at Triumph's facilities in Redmond, Washington, and Valencia, California.
Triumph Group, Inc. (NYSE: TGI) plans to release its third-quarter fiscal year 2021 earnings on February 3, 2021, followed by a conference call at 8:30 a.m. ET. Participants can access the call through the company’s website, where a slide presentation will accompany the audio. For those unable to attend live, a replay will be available two hours post-call and accessible for 90 days. Triumph Group is known for designing and manufacturing aerospace and defense systems for both military and commercial sectors.
Triumph Group [NYSE:TGI] announced a five-year extension of CEO Daniel J. Crowley's employment agreement, securing his leadership until November 17, 2025. He will also serve as Board Chair, succeeding General Ralph Eberhart, who remains on the Board as Lead Independent Director. The Board unanimously endorsed Crowley's capabilities in driving Triumph's transformation in the aerospace and defense sector. The employment agreement will be filed with the SEC, and the company continues to adapt amidst ongoing global challenges, including those related to COVID-19.
Triumph Group, Inc. (TGI) reported its Q2 fiscal 2021 results with net sales of $481.8 million, down 33% year-over-year. Operating income was $7.4 million, while the company incurred a net loss of $33.5 million, or ($0.64) per share. Adjusted net loss was $4.3 million, or ($0.08) per share. Cash flow used in operations totaled $(42.2) million. Full-year sales guidance is set between $1.8 and $1.9 billion. The company anticipates positive cash flow in Q4, while restructuring costs of $13.2 million impacted the results.
Triumph Group will report its second quarter fiscal year 2021 earnings on November 5, 2020. A conference call is scheduled for 8:30 a.m. ET on the same day, including a slide presentation alongside the audio webcast. The company, based in Berwyn, Pennsylvania, specializes in designing and manufacturing a wide array of aerospace and defense systems, serving both military and commercial aviation sectors. A replay of the call will be available for 90 days after the live broadcast.
Triumph Group (NYSE: TGI) announced a two-year contract extension with Boeing for ground support equipment (GSE) operations in San Antonio, Texas. This contract ensures maintenance and support services for military and commercial aircraft, enhancing their operational readiness. Triumph has been maintaining Boeing's GSE since 2004 and oversees over 5,600 equipment inspections annually, boasting an industry-leading in-commission rate. This extension builds upon a prior agreement from 2017 and supports Triumph's commitment to deliver essential services through June 2022.
Triumph Group [NYSE: TGI] has secured a five-year contract with Linmarr Associates to supply 30 spare high-speed gearboxes for the Lockheed C-5 Galaxy. This agreement focuses on the landing gear door actuation system, emphasizing Triumph's commitment to military support and lifecycle management of aerospace products. Triumph's President highlighted the significance of this partnership in enhancing the performance of Air Force transport aircraft, reinforcing their dedication to supporting U.S. warfighters.
Triumph Group (NYSE:TGI) announced that its subsidiary, Triumph Aviation Services-Asia Ltd. (TASA), secured a contract with a Turkish airline for wheel maintenance and repair services for 25 Boeing aircraft. TASA will implement a fixed price or 'Power-by-Event' model for these services. Jim Berberet, President of Triumph Product Support, emphasized TASA's competitive pricing, quick turnaround, and comprehensive logistics from Thailand, catering to clients in Europe and the Middle East. Triumph has established a sales office in Dubai to tap into the growing MRO market in these regions.