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Triumph Group Reports Record Fourth Quarter and Full Fiscal Year 2011 Results
Dépèche transmise le 9 mai 2011 par Business Wire
WAYNE, Pa.--(BUSINESS WIRE)--Triumph Group, Inc. (NYSE: TGI) today reported that, for the fiscal year ended March 31, 2011, net sales totaled $2.905 billion, a 124 percent increase from fiscal year 2010 net sales of $1.295 billion. Organic sales growth for the fiscal year was eight percent. Income from continuing operations for fiscal year 2011 increased seventy-nine percent to $152.4 million, or $6.42 per diluted share, versus $85.3 million, or $5.12 per diluted share, for fiscal year 2010. The fiscal year’s results included approximately $20.9 million pre tax ($15.7 million after tax or $0.66 per diluted share) of transaction and integration costs related to the acquisition of Vought Aircraft Industries (now Triumph Aerostructures-Vought Aircraft Division). Excluding these costs, income from continuing operations for fiscal year 2011 was $168.1 million, or $7.08 per diluted share. Net income for fiscal year 2011 increased 121 percent to $149.9 million, or $6.31 per diluted share, versus $67.8 million, or $4.07 per diluted share for the prior fiscal year. The number of shares used in computing diluted earnings per share for fiscal year 2011 was 23.7 million shares. During the fiscal year, the company generated $277.1 million of cash flow from operations before Triumph Aerostructures’ pension contributions of $134.8 million; after these contributions, cash flow from operations was $142.3 million.
For the fourth quarter ended March 31, 2011, net sales were $919.1 million, a 161 percent increase from last year’s fourth quarter net sales of $352.0 million. Organic sales growth for the quarter was eight percent. Income from continuing operations for the fourth quarter of fiscal year 2011 increased 116 percent to $54.0 million, or $2.11 per diluted share, versus $25.0 million, or $1.49 per diluted share, for the fourth quarter of the prior fiscal year. The quarter’s results included approximately $1.3 million pre tax ($0.8 million after tax or $0.03 per diluted share) of integration costs related to the Vought acquisition. Excluding these integration costs, income from continuing operations for the quarter was $54.8 million, or $2.14 per diluted share. Net income for the fourth quarter of fiscal year 2011 increased 112 percent to $52.3 million, or $2.04 per diluted share, versus $24.7 million, or $1.47 per diluted share, for the fourth quarter of the prior fiscal year. The number of shares used in computing diluted earnings per share for the fourth quarter of fiscal year 2011 was 25.6 million shares. During the quarter, the company generated $87.5 million of cash flow from operations before Triumph Aerostructures’ pension contributions of $59.9 million; after these contributions, cash flow from operations was $27.6 million. The fourth quarter results included a charge in discontinued operations associated with the termination of a long term contract which will allow the company to more easily sell the business.
Richard C. Ill, Triumph’s Chairman and Chief Executive Officer, said, “We are very proud of the results we achieved during the fourth quarter and our accomplishments during the year just ended. In particular, we were able to complete the acquisition of Vought Aircraft Industries and exceed our initial projections of earnings accretion and synergy targets. In addition we proactively and effectively managed our pension liability during the year and we ended the year with a meaningful reduction in our net underfunded position. We delivered organic sales growth within all three operating segments, increased operating income and improved our underlying margins on both a year over year and sequential basis. Our Aftermarket Services segment continued its performance of double digit growth in revenue, earnings and operating margins. In addition, we saw our backlog grow during the fourth quarter despite a reduction coming from the most recent 787 production schedule. During the year, we managed our company conservatively, focusing on reducing costs, improving operations and maximizing cash flow. The impact of these efforts was reflected in our fourth quarter results as well as the strong cash flow and shareholder value generated throughout the year.”
Segments
In connection with the Vought acquisition, the company realigned its organizational structure into three reportable business segments, Aerostructures, Aerospace Systems and Aftermarket Services. Prior year period segment results have been adjusted to reflect this change.
Aerostructures
The Aerostructures segment reported net sales for fiscal year 2011 of $2.126 billion, compared to $0.605 billion for the prior fiscal year, an increase of 251 percent. Organic sales growth for the fiscal year was five percent. For the fourth quarter of fiscal year 2011, net sales increased 311 percent to $703.5 million from $171.0 million for the prior fiscal year period. Operating income for fiscal year 2011 was $267.8 million, compared to $102.3 million for the prior fiscal year period, an increase of 162 percent. For the fourth quarter of fiscal year 2011, operating income increased 166 percent to $91.1 million versus $34.3 million for the prior fiscal year quarter. Operating margin for the quarter improved to thirteen percent.
Aerospace Systems
The Aerospace Systems segment reported net sales for fiscal year 2011 of $513.4 million, compared to $473.4 million for the prior fiscal year, an increase of eight percent. Organic sales growth for the fiscal year was five percent. For the fourth quarter of fiscal year 2011, net sales increased nineteen percent to $147.8 million from $124.6 million for the prior fiscal year period. Organic sales growth for the quarter was fourteen percent. Operating income for fiscal year 2011 was $75.3 million, compared to $68.1 million for the prior fiscal year period, an increase of eleven percent. Operating margin for the fiscal year was fifteen percent. For the fourth quarter of fiscal year 2011, operating income increased forty percent to $22.4 million versus $16.0 million for the prior fiscal year quarter. Operating margin for the quarter improved to fifteen percent versus thirteen percent in the prior fiscal year period.
Aftermarket Services
The Aftermarket Services segment reported net sales for fiscal year 2011 of $272.7 million, compared to $224.7 million for the prior fiscal year, an increase of twenty-one percent, all of which was organic. For the fourth quarter of fiscal year 2011, net sales were $69.5 million compared to $58.2 million in the prior fiscal year period, an increase of twenty percent, all of which was organic. Operating income for fiscal year 2011 was $28.8 million, compared to $11.2 million for the prior fiscal year period, an increase of 156 percent. Operating margin for the fiscal year was eleven percent. For the fourth quarter of fiscal year 2011, operating income increased seventy-eight percent to $7.0 million versus $3.9 million for the prior fiscal year quarter. Operating margin for the quarter improved to ten percent driven primarily by continued strong market growth and improved operating performance.
Outlook
In commenting on the outlook for fiscal year 2012, Mr. Ill said, “We are entering our new fiscal year with a very strong backlog and a very solid balance sheet. We project sales in the range of $3.2 to $3.5 billion and earnings per share from continuing operations for the fiscal year of $8.35 to 8.45 per diluted share, excluding integration costs related to the acquisition of Vought Aircraft Industries, Inc.” This guidance is based on the following assumptions for fiscal year 2012:
- the number of shares used in computing diluted earnings per share is 25.7 million
- approximately $5.0 million of legal expenses associated with the trade secret litigation
- approximately break-even results related to the previously disclosed Zacatecas, Mexico investment
- costs and benefits of our recent upsizing of the revolving credit facility and retirement of the $350 million Term Loan B
- tax rate of 35.5% reflecting three quarters of an R&D tax credit
- capital expenditures and investments in major new programs of $130 to $145 million
- pension income of $14 million and cash contributions to the plan of $118 million
- OPEB expense of approximately $17 million and cash expenditures of approximately $36 million
- synergies from the Vought acquisition of approximately $18 million
-
current productions rates – specifically:
- close to a full year of 777 production at 7 per month
- an increase in 737 production rates to 35 per month in the middle of the company’s third fiscal year quarter
- an increase in 747 production rates to 2 in the company’s third fiscal year quarter
- the most recently revised 787 production schedule
- 767 production rates increasing to 2 in the company’s second fiscal year quarter
- C-17 production of 12 units for Triumph Aerostructures
- other than C-17 mentioned above, production rates for the company’s largest military programs (i.e. V-22, UH 60, CH 47, C130) are expected to remain at current strong levels
- consistent sales of G550 and G450
- at a minimum, early year weakness in Cessna sales
- the award of the KC-46A tanker to Boeing will have a minimal impact in fiscal year 2012 but will be a positive in the long term
- continued strength in the Aftermarket Services segment of the business
Mr. Ill continued, “On a quarterly basis, the first quarter of fiscal year 2012 will include a $7.7 million pre tax charge ($5.0 million after tax or $0.19 per diluted share) associated with the retirement of the Term Loan B while most of the production increases and realization of synergies will be weighted toward the second half of the fiscal year. We will continue to build from a position of strength and will remain focused on cost control, continued improvement in our execution and improved cash flow.”
As previously announced, Triumph Group will hold a conference call tomorrow at 8:30 a.m. (ET) to discuss the fiscal year 2011 fourth quarter and year-end results. The conference call will be available live and archived on the company’s website at http://www.triumphgroup.com. A slide presentation will be included with the audio portion of the webcast. An audio replay will be available from May 10th until May 17th by calling (888) 266-2081 (Domestic) or (703) 925-2533 (International), passcode #1525286.
Triumph Group, Inc., headquartered in Wayne, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.
More information about Triumph can be found on the company’s website at http://www.triumphgroup.com.
Statements in this release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995, including statements of expectations of or assumptions about future aerospace market conditions, aircraft production rates, financial and operational performance, revenue and earnings growth, capital expenditures, tax rates, pension income and investment performance, OPEB expense, synergies from the Vought acquisition and earnings results for fiscal 2012. All forward-looking statements involve risks and uncertainties which could affect the company’s actual results and could cause its actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the company.
Further information regarding the important factors that could cause actual results to differ from projected results can be found in Triumph’s reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2010.
| FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
| TRIUMPH GROUP, INC. AND SUBSIDIARIES | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| CONDENSED STATEMENTS OF INCOME | 2011 | 2010 | 2011 | 2010 | ||||||||||||
| Net sales | $ | 919,086 | $ | 351,981 | $ | 2,905,348 | $ | 1,294,780 | ||||||||
| Operating income | 108,410 | * | 47,345 | 314,036 | * * | 155,281 | ||||||||||
| Interest expense and other | 22,440 | 10,270 | 79,559 | 28,865 | ||||||||||||
| Gain on early extinguishment of debt | 0 | 0 | 0 | (39 | ) | |||||||||||
| Income tax expense | 31,940 | 12,079 | 82,066 | 41,167 | ||||||||||||
| Income from continuing operations | 54,030 | 24,996 | 152,411 | 85,288 | ||||||||||||
| Loss from discontinued operations, net of tax | (1,687 | ) | (324 | ) | (2,512 | ) | (17,526 | ) | ||||||||
| Net income | $ | 52,343 | $ | 24,672 | $ | 149,899 | $ | 67,762 | ||||||||
| Earnings per share - basic: | ||||||||||||||||
| Income from continuing operations | $ | 2.24 | $ | 1.52 | $ | 6.77 | $ | 5.18 | ||||||||
| Loss from discontinued operations | $ | (0.07 | ) | $ | (0.02 | ) | $ | (0.11 | ) | $ | (1.06 | ) | ||||
| Net income | $ | 2.17 | $ | 1.50 | $ | 6.66 | $ | 4.12 | ||||||||
| Weighted average common shares outstanding - basic | 24,107 | 16,474 | 22,503 | 16,459 | ||||||||||||
| Earnings per share - diluted: | ||||||||||||||||
| Income from continuing operations | $ | 2.11 | $ | 1.49 | $ | 6.42 | $ | 5.12 | ||||||||
| Loss from discontinued operations | $ | (0.07 | ) | $ | (0.02 | ) | $ | (0.11 | ) | $ | (1.05 | ) | ||||
| Net income | $ | 2.04 | $ | 1.47 | $ | 6.31 | $ | 4.07 | ||||||||
| Weighted average common shares outstanding - diluted | 25,634 | 16,792 | 23,744 | 16,666 | ||||||||||||
| Dividends declared and paid per common share | $ | 0.04 | $ | 0.04 | $ | 0.16 | $ | 0.16 | ||||||||
| * | Includes $1,252 of acquisition and integration expenses associated with the acquisition of Vought. | |||||
| * * | Includes $20,902 of acquisition and integration expenses associated with the acquisition of Vought. | |||||
| FINANCIAL DATA (UNAUDITED) | ||||||||
| TRIUMPH GROUP, INC. AND SUBSIDIARIES | ||||||||
| (dollars in thousands, except per share data) | ||||||||
| BALANCE SHEET | Unaudited | Audited | ||||||
| March 31, | March 31, | |||||||
| 2011 | 2010 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 39,328 | $ | 157,218 | ||||
| Accounts receivable, net | 369,491 | 214,497 | ||||||
|
Inventory, net of unliquidated progress payments of $138,206 and $12,701 |
781,714 |
350,865 | ||||||
| Rotable assets | 26,607 | 25,587 | ||||||
| Prepaid and other current assets | 18,141 | 18,455 | ||||||
| Assets held for sale | 4,574 | 5,051 | ||||||
| Current assets | 1,239,855 | 771,673 | ||||||
| Property and equipment, net | 734,879 | 328,694 | ||||||
| Goodwill | 1,545,541 | 490,654 | ||||||
| Intangible assets, net | 859,620 | 83,165 | ||||||
| Other, net | 90,342 | 18,392 | ||||||
| Total assets | $ | 4,470,237 | $ | 1,692,578 | ||||
| Liabilities & Stockholders' Equity | ||||||||
| Current portion of long-term debt | $ | 300,252 | $ | 91,929 | ||||
| Accounts payable | 262,716 | 92,852 | ||||||
| Accrued expenses | 320,354 | 98,582 | ||||||
| Deferred income taxes | 78,793 | - | ||||||
| Liabilities related to assets held for sale | 431 | 899 | ||||||
| Current liabilities | 962,546 | 284,262 | ||||||
| Long-term debt, less current portion | 1,011,752 | 413,851 | ||||||
| Accrued pension and post-retirement benefits, noncurrent | 680,754 | 1,397 | ||||||
| Deferred income taxes, noncurrent | 20 | 114,187 | ||||||
| Other noncurrent liabilities | 180,442 | 18,195 | ||||||
| Temporary equity | 2,506 | - | ||||||
| Stockholders' Equity: | ||||||||
|
Common stock, $.001 par value, 100,000,000 shares authorized, 24,345,303 and 16,817,931 shares issued |
24 | 17 | ||||||
| Capital in excess of par value | 819,222 | 314,870 | ||||||
| Treasury stock, at cost, 116,987 and 144,677 shares | (5,085 | ) | (7,921 | ) | ||||
| Accumulated other comprehensive income | 120,471 | 705 | ||||||
| Retained earnings | 697,585 | 553,015 | ||||||
| Total stockholders' equity | 1,632,217 | 860,686 | ||||||
| Total liabilities and stockholders' equity | $ | 4,470,237 | $ | 1,692,578 | ||||
| FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
| TRIUMPH GROUP, INC. AND SUBSIDIARIES | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||
| SEGMENT DATA | Three Months Ended | Twelve Months Ended | ||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Net sales: | ||||||||||||||||
| Aerostructures | $ | 703,461 | $ | 170,983 | $ | 2,126,040 | $ | 605,423 | ||||||||
| Aerospace Systems | 147,809 | 124,637 | 513,435 | 473,409 | ||||||||||||
| Aftermarket Services | 69,536 | 58,157 | 272,728 | 224,663 | ||||||||||||
| Elimination of inter-segment sales | (1,720 | ) | (1,796 | ) | (6,855 | ) | (8,715 | ) | ||||||||
| $ | 919,086 | $ | 351,981 | $ | 2,905,348 | $ | 1,294,780 | |||||||||
| Operating income (loss): | ||||||||||||||||
| Aerostructures | $ | 91,146 | $ | 34,302 | $ | 267,783 | $ | 102,271 | ||||||||
| Aerospace Systems | 22,359 | 16,017 | 75,292 | 68,069 | ||||||||||||
| Aftermarket Services | 6,996 | 3,932 | 28,774 | 11,226 | ||||||||||||
| Corporate | (12,091 | ) | (6,906 | ) | (57,813 | ) | (26,285 | ) | ||||||||
| $ | 108,410 | * | $ | 47,345 | $ | 314,036 | * * | $ | 155,281 | |||||||
| Depreciation and amortization: | ||||||||||||||||
| Aerostructures | $ | 24,562 | $ | 5,854 | $ | 69,451 | $ | 24,025 | ||||||||
| Aerospace Systems | 4,445 | 4,301 | 17,183 | 16,804 | ||||||||||||
| Aftermarket Services | 2,615 | 3,205 | 11,101 | 12,855 | ||||||||||||
| Corporate | 506 | 200 | 1,922 | 734 | ||||||||||||
| $ | 32,128 | $ | 13,560 | $ | 99,657 | $ | 54,418 | |||||||||
| Capital expenditures: | ||||||||||||||||
| Aerostructures | $ | 14,810 | $ | 1,872 | $ | 57,390 | $ | 9,107 | ||||||||
| Aerospace Systems | 2,909 | 2,250 | 11,534 | 11,136 | ||||||||||||
| Aftermarket Services | 1,454 | 661 |
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