Triumph Group, Inc. reported its fiscal year 2024 results, with net sales from continuing operations reaching $1.192 billion, an increase from $1.131 billion in fiscal year 2023. Organic sales grew by 13% over the prior year, demonstrating consistent operational performance.
The company achieved an adjusted operating income of $115 million and an Adjusted EBITDAP of $144 million, resulting in a 12% margin. Cash flow from operations significantly improved to $9 million in fiscal year 2024, compared to a use of $52 million in the previous fiscal year.
Triumph Group's backlog expanded by 22% to $1.9 billion, up from $1.55 billion, with $1.15 billion scheduled for shipment in fiscal year 2025. This growth was supported by a 19% increase in aftermarket revenue over fiscal year 2023, driven by an aging in-service fleet requiring spares and repairs. The company also reduced its total debt to $1.078 billion from $1.692 billion in fiscal year 2023, retiring over $675 million in debt through the sale of its third-party maintenance Product Support business.
Technological advancements include the development of a new modular controls solution called the Adaptable Cyber Enabled System (ACES), adopted by customers for next-gen architectures. GE Aerospace became Triumph's second-largest customer by sales, and the company opened a new Thermal Solutions Development Center in West Hartford, Connecticut, testing a 300-kilowatt vapor cycle thermal compressor in August 2024. Additionally, Triumph is developing five new gearboxes for programs like the South Korean KF-21 fighter and Boeing's T-7A trainer, which are transitioning to production.
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