Triumph Group reports strong second quarter fiscal 2013 earnings

Triumph Group reported that net sales for the second quarter of fiscal year ending March 31, 2013 totaled $938.2m, a 19% increase from last year’s second quarter net sales of $790.5m. Substantially all of the sales growth for the quarter was organic. Income from continuing operations for the second quarter of fiscal year 2013 was $80.2m versus $58.6m for the second quarter of the prior fiscal year. The quarter’s results included approximately $1.4m pre-tax ($0.9m after tax) of integration expenses related to the acquisition of Vought Aircraft Industries (now Triumph Aerostructures-Vought Aircraft Division). In addition, the second quarter results included a charge of $2.0 million pre-tax ($1.2m after tax) for early retirement incentives offered to certain Triumph Aerostructures employees. The prior fiscal year’s quarter included $1.1m pre-tax ($0.7m after tax) of integration costs associated with the Vought acquisition. Excluding integration costs and the early retirement incentives, income from continuing operations for the quarter was $82.3m.