Triumph Group, Inc. (TGI) saw its loss narrow to $126.82 million, or $2.57 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1,083.66 million, or $22.01 a share. On an adjusted basis, earnings per share were at $3.09 for the quarter compared with $1.32 in the same period last year. Revenue during the quarter dropped 13.03 percent to $919.91 million from $1,057.79 million in the previous year period.
Operating loss for the quarter was $115.49 million, compared with an operating loss of $1,182.77 million in the previous year period.
However, the adjusted operating income for the quarter stood at $165.31 million compared to $122.47 million in the prior year period.
"Our fourth quarter performance and year-end results reflect continued strength in Integrated Systems and Product Support, improved profitability in Precision Components, as well as mutually-beneficial contract amendments in our Aerospace Structures business,” said Daniel J. Crowley, Triumphs president and chief executive officer. "Over the past four quarters, we continued to improve program performance and rebuild customer confidence, leading to new business opportunities in both commercial and defense markets. As a result of our One Triumph transformation strategy, we realized new operational and go-to-market efficiencies, growing our backlog sequentially as a result of our enhanced business development efforts. At the same time, we are addressing the operational and financial challenges in Aerospace Structures to better position this business unit for the future."
Triumph Group, Inc. expects revenue to be in the range of $3,100 million to $3,200 million for financial year 2018.
Working capital drops significantlyTriumph Group, Inc. has witnessed a decline in the working capital over the last year. It stood at $438.66 million as at Mar. 31, 2017, down 27.71 percent or $168.11 million from $606.77 million on Mar. 31, 2016. Current ratio was at 1.33 as on Mar. 31, 2017, down from 1.53 on Mar. 31, 2016. Days sales outstanding went down to 15 days for the quarter compared with 19 days for the same period last year.
Debt comes down
Triumph Group, Inc. has recorded a decline in total debt over the last one year. It stood at $1,196.30 million as on Mar. 31, 2017, down 15.59 percent or $221.02 million from $1,417.32 million on Mar. 31, 2016. Total debt was 27.10 percent of total assets as on Mar. 31, 2017, compared with 29.31 percent on Mar. 31, 2016. Debt to equity ratio was at 1.41 as on Mar. 31, 2017, down from 1.52 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
