Triumph Group Q2 net sales down 4%

Triumph Group, Inc. (NYSE: TGI) said that for the fiscal second quarter of 2016, net sales were USD954.8 million, a four percent decrease compared to fiscal second quarter 2015 net sales of USD994.1 million.

Organic sales for the quarter decreased 12 percent primarily due to production rate reductions on key Aerostructures programs.

Net income for the second quarter of fiscal year 2016 was USD61.6 million, or USD1.25 per diluted share, compared to USD67.4 million, or USD1.32 per diluted share, for the second quarter of the prior fiscal year.

The quarter´s results included a one-time charge of approximately USD5.4 million pre-tax (USD0.07 per diluted share) related to a facility consolidation in the Aerospace Systems Group as a result of the ongoing business review.

The prior fiscal year´s quarter included non-recurring costs totaling USD7.8 million pre-tax (USD0.10 per diluted share). Excluding these costs, earnings per share for the prior fiscal year quarter were USD1.42 per diluted share. The number of shares used in computing diluted earnings per share for the second quarter of fiscal year 2016 was 49.3 million shares.

Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.