Triumph Group sees FY21 revenue $1.8B-$1.9B, consensus $1.97B 16:0608/0408/04/20
Triumph Group reports Q2 EPS (19c), consensus (22c) » 16:0508/0408/04/20
Reports Q2 revenue…
Reports Q2 revenue $495.08M, consensus $459.68M. "For the first quarter of our fiscal year, organic revenue decreased by 29% due primarily to expected declines in Aerospace Structures associated with planned reductions from our portfolio transformation and the COVID-19 pandemic. Systems & Support gross margins were in line with the prior year, benefitting from increased military volumes, improved operational efficiencies and cost reduction initiatives," stated Daniel Crowley, Triumph's president and chief executive officer. "We continued executing our plan to exit legacy programs in Aerospace Structures with the recent announcements of the sales of our G650 wing kitting and engineering services program to Gulfstream and of our two Composite Structures factories to Arlington Capital Partners. These transactions will benefit Triumph in fiscal 2021 and beyond."
Triumph Group announces definitve agreement to sell G650 program scope of work » 09:0908/0408/04/20
Triumph Group announced…
Triumph Group announced it has reached a definitive agreement to sell its G650 program scope of work including supply chain management, engineering services, and related tooling, inventory, facilities, personnel, and warranty obligations to Gulfstream Aerospace. This agreement follows the Company's transfer of the G650 wing assembly line in Tulsa, Oklahoma to Gulfstream's Savannah, Georgia facility in 2019. The G650 wing program was transferred from Spirit Aerosystems to Triumph Group in 2015. Following Triumph's strategic decision to exit non-core structures manufacturing, the G650 wing production lines in Nashville, Tennessee and Tulsa, Oklahoma were transferred to Gulfstream in sequence without interruption to Gulfstream's internal G650 production line. This agreement also provides price adjustments for critical G600 composite parts retained by Triumph Aerospace Structures Red Oak Texas plant. Financial terms were not disclosed. Lazard is acting as an exclusive financial advisor to Triumph on the transaction.
Triumph Group to sell composites operations to Arlington Capital Partners » 09:0508/0308/03/20
TGI, BA, EADSY, ERJ, NOC
Triumph Group (TGI)…
Triumph Group (TGI) announced a definitive agreement to sell its composites operations to Arlington Capital Partners. Included in the sale are the Triumph Aerospace Structures composites locations in Milledgeville, Georgia and Rayong, Thailand. The operations cover approximately 800 thousand square feet of factory space and employ approximately 600 people. The composites business provides structural and engine composite fabrications and assemblies across commercial, business jet, and defense platforms. Key programs supported by the sites include Boeing (BA) 787, 777 and V-22, Airbus (EADSY) A320, A330 and A350, Embraer (ERJ) E-2, Northrop Grumman (NOC) Global Hawk, as well as the Gulfstream G650/700. The transaction is subject to customary closing conditions and is expected to close in Triumph's second quarter of FY21. Following the close of the transaction, the business will retain its management, technical and supporting staff, and will continue operations at the current facilities.
|Over a week ago|
SunTrust downgrades select commercial aviation supply stocks » 07:1107/1507/15/20
AIR, ROLL, TGI, TDG, WWD, BA
SunTrust analyst Michael…
SunTrust analyst Michael Ciarmoli downgraded AAR Corp (AIR) to Hold From Buy and lowered his price target to $19 from $24, RBC Bearings (ROLL) to Sell from Hold and lowered his price target to $85 from $90, TransDigm (TDG) to Hold from Buy with an unchanged $350 price target, Triumph Group (TGI) to Sell from Hold and lowered his price target to $5 from $10, and Woodward to Sell from Hold with an unchanged $47 price target. The broader sector research note has the analyst turning more negative on the commercial aero sector and expects the depth of the downturn to be "deeper and longer" in duration than his prior expectations. Ciarmoli adds that aircraft production rates, aftermarket spending, and backlogs have "substantially more downside left" and views the current passenger aircraft market as being oversupplied by as many as 9,000 planes. The analyst further contends that Boeing's (BA) 20-year Commercial Market Outlook needs to be revised lower.
Triumph Group downgraded to Sell from Hold at SunTrust » 06:5307/1507/15/20
SunTrust analyst Michael…
SunTrust analyst Michael Ciarmoli downgraded Triumph Group to Sell from Hold with a $5 price target.
Triumph Group names Tom Blakely group CTO » 17:2607/1307/13/20
Triumph Group announced…
Triumph Group announced that Tom Blakely will join the company as Chief Technology Officer, reporting to Vice President of Operations, Nick Drazic. Blakely has led the development, certification, and transition to production of dozens of advanced military and commercial aircraft as well as complex subsystems and components over the last four decades. In this new role, Blakely will chair Triumph's Innovation and Technology Council and oversee technical matters across the company's 36 factories including both original equipment and aftermarket contracts. Blakely will also prioritize and manage the company's research and development efforts as it develops intellectual property in alignment with its business strategy. "Development of proprietary products and processes is key to Triumph's growth on new platforms and profitability," said Drazic. "As we expand our military backlog, Tom will play a critical role in partnering with our military customers to offer solutions for current and future platforms."
A.O. Smith CIO Peter Martineau to retire, S. Melissa Scheppele to succeed » 10:3207/1307/13/20
A. O. Smith Corporation…
A. O. Smith Corporation (AOS) announced the upcoming retirement of Peter Martineau as chief information officer and senior vice president and the hiring of S. Melissa Scheppele as Martineau's successor. Martineau, who is retiring in late August, and Scheppele, who is joining A. O. Smith on July 13, will work together in the coming weeks to ensure a smooth and seamless transition. As CIO, Scheppele will be responsible for the continued growth and transformation of the Company's information technology platforms, as well as the creation of the Company's technology strategies to assist the Company in meeting its goals and objectives. Additionally, Scheppele will serve as a member of the Company's Executive Leadership Team, which is responsible for shaping the Company's overall corporate strategy and direction. Previously, Scheppele served as chief information officer and vice president at Triumph Group (TGI).
|Over a month ago|
Triumph Group falls -9.1% » 10:0006/3006/30/20
Triumph Group is down…
Triumph Group is down -9.1%, or -91c to $9.05.
Triumph Group unit receives five-year contract from Bell Textron » 09:2806/2206/22/20
Triumph Group announced…
Triumph Group announced that its Triumph Systems & Support business unit has been awarded a five-year contract from Bell Textron for the supply of mechanical flight controls for multiple commercial helicopter platforms, including the Bell 429, Bell 412 and Bell 407. The contract is an indefinite delivery/indefinite quantity award that will commence this year. Triumph is a long-standing supplier of safe and reliable high-performance mechanical flight control products to Bell supporting both their commercial and military programs. Work will be performed at Triumph's Mechanical Solutions facilities in North Wales, Pennsylvania and Shelbyville, Indiana through 2024.