Triumph Group reports first quarter fiscal 2015 net income of $128.2m

Triumph Group reported financial results for its first quarter of fiscal year 2015, which ended June 30th, 2014. Net sales for the fiscal first quarter of 2015 were $896.9m, a 5% decrease compared to fiscal first quarter 2014 net sales of $943.7m. Organic sales for the quarter decreased 6% primarily due to production rate cuts on the 747-8 and V-22 programs, lower revenues on the 767 program and the shifting of several C-17 shipments into the second quarter of fiscal year 2015. Net income for the first quarter of fiscal year 2015 was $128.2m, compared to $79.0m for the first quarter of the prior fiscal year. Results in the first quarter of fiscal year 2015 included $8.7m pre-tax ($5.6m after tax) of costs related to the Jefferson Street/Red Oak facility transition and $22.6m pre-tax ($14.5m after tax) of costs related to the refinancing of the Senior Notes due 2018. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the first quarter of fiscal year 2015 were $134.4m and reflected an Adjusted EBITDA margin of 15%. This compares to Adjusted EBITDA of $168.1m and an Adjusted EBITDA margin of 18% in the prior fiscal year’s first quarter.