Triumph Group reports first quarter fiscal 2014 net income of $79.0m, up 4%

Triumph Group reported that net sales for the first quarter of fiscal year ending March 31, 2014 totaled $943.7m, a 6% increase from last year’s first quarter net sales of $887.7m. Organic sales for the quarter decreased 2% primarily due to a decline in non-recurring revenue. Net income for the first quarter of fiscal year 2014 was $79.0m versus $76.3m for the first quarter of the prior fiscal year, an increase of 4%. The quarter’s results included approximately $3.6m pre-tax ($2.3m after tax) of costs related to the Jefferson Street facility move. The prior fiscal year’s quarter included approximately $0.5mi ($0.3m after tax) of integration costs associated with the acquisition of Vought Aircraft Industries (now Triumph Aerostructures-Vought Aircraft Division) and a charge of $1.2m pre-tax ($0.7m after tax) for early retirement incentives. Excluding the Jefferson Street move related costs, net income for the quarter was $81.4m. Also included in the quarter’s results was approximately $1.3m pre-tax ($0.8m after tax) of acquisition related costs primarily attributable to the Primus Composite acquisition. During the quarter, the company generated $37.6 million of cash flow from operations before Triumph Aerostructures’ pension contribution of $25.8m, after this contribution, cash flow from operations was $11.8m.