TGI - Why Shares of Triumph Group Are Flying High Today
Shares of Triumph Group (NYSE: TGI) climbed more than 10% on Wednesday after the aerospace component supplier announced a surprise quarterly profit. This long-running restructuring story is still a work in progress, but it appears the turnaround is beginning to take hold.
Before markets opened on Wednesday, Triumph reported fiscal third-quarter adjusted earnings of $0.09 per share, compared to a consensus analyst forecast for a $0.06-per-share loss. Revenue, however, at $425 million, came in more than $20 million below estimates.
Quarterly sales were down 32% year over year, before the impact of divestitures, as the COVID-19 pandemic took its toll on the aviation industry , but the company's adjusted margin was a surprisingly strong 11%. The company also reiterated its guidance for full-year revenue of between $1.8 billion and $1.9 billion, in line with the $1.86 billion analyst consensus, and said it expects "breakeven to positive" free cash flow in the fiscal fourth quarter.
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Why Shares of Triumph Group Are Flying High Today