TGI - Why Triumph Group Stock Is Taking a Loss Today
2024-02-07 12:01:51 ET
Long-suffering Triumph Group (NYSE: TGI) had hoped the company had finally turned a corner heading into 2024, but the latest results provided a reminder that there is still much work to be done. Shares of Triumph traded down 16% as of 11:30 ET Wednesday after the aerospace manufacturer reported an unexpected quarterly loss on weaker-than-expected sales.
Triumph has been in the doldrums for the better part of the last decade. The shares are down nearly 80% since 2014 due to some poorly timed, ill-advised deals that left the company deeply in debt and with some money-losing businesses.
In recent years, Triumph has been slowly trying to reshape its business via divestitures and restructuring. That process got a big boost back in December when Triumph announced a deal to sell its product support business for $725 million in cash . The announcement caused Triumph shares to soar 30% in a single trading day.
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Why Triumph Group Stock Is Taking a Loss Today