Triumph Group reports fiscal year 2014 net income of $206.3m

For the fiscal year ended March 31st, 2014, Triumph Group reported that net sales totaled $3.763bn, a 2% increase from fiscal year 2013 net sales of $3.703bn. Organic sales for the fiscal year decreased 6%. Net income for fiscal year 2014 was $206.3m, versus $297.3m for fiscal year 2013. The fiscal year’s results included approximately $72.4m pre-tax ($46.9m after tax) of non-recurring costs. Excluding the non-recurring costs, net income for fiscal year 2014 was $253.2m. For the fourth quarter ended March 31st, 2014, net sales were $936.4m, a 5% decrease from last year’s fourth quarter net sales of $986.3m. Organic sales for the quarter decreased 11% primarily due to production rate cuts on the 747-8 program, lower revenues on the 767 program and a decrease in military sales. Net income for the fourth quarter of fiscal year 2014 was $42.3m, versus $65.6m for the fourth quarter of the prior fiscal year. The quarter’s results included approximately $48.1m pre-tax ($31.2m after tax) of non-recurring costs related to the Jefferson Street facility closure and start-up of the Red Oak facility, early retirement incentives offered to certain Triumph Aerostructures employees and a net curtailment gain related to the Triumph Aerostructures pension plan.