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Jun 30, 2022
Triumph Group Q1 2023 Earnings Report
Reported first quarter fiscal 2023 results and updated fiscal 2023 sales & earnings guidance.
Key Takeaways
Triumph Group reported a net sales of $349.4 million and an operating income of $14.7 million for the first quarter of fiscal 2023. The company's adjusted operating income was $32.6 million. The company expects net sales for fiscal 2023 will be approximately $1.3 billion.
Net sales of $349.4 million
Operating income of $14.7 million with operating margin of 4%; adjusted operating income of $32.6 million with adjusted operating margin of 9%
Net loss of $10.3 million, or ($0.16) per share; adjusted net income of $7.5 million, or $0.12 per diluted share
Cash flow used in operations of $93.0 million; core cash used in operations of $72.0 million
Triumph Group
Triumph Group
Forward Guidance
The Company expects net sales for fiscal 2023 will be approximately $1.3 billion. The Company expects GAAP fiscal 2023 earnings per diluted share of $1.51 to $1.71. The Company expects adjusted earnings per diluted share of $0.28 - $0.48, down $0.12 due to a reduction in non-cash pension income. The Company expects fiscal 2023 cash used in operations of ($30.0) million to ($40.0) million, including core cash flow from operations of approximately $30.0 million to $45.0 million and core free cash flow of approximately break-even to $15.0 million.
Positive Outlook
- Net sales of approximately $1.3 billion
- GAAP earnings per diluted share of between $1.51 - $1.71
- Adjusted earnings per diluted share of between $0.28 - $0.48
- Core cash flow from operations of between $30.0 million - $45.0 million
- Core free cash flow of approximately break-even to $15.0 million
Challenges Ahead
- Adjusted earnings per diluted share down $0.12 due to a reduction in non-cash pension income
- Cash used in operations of ($30.0) million to ($40.0) million
- Non-core cash use estimate includes remaining cash related to the exit or sale of legacy structures facilities and programs.
- Military rotorcraft volume decreased
- Supply chain constraints