Home / Knowledge / News / Textiles / Triumph Group to incur pre-tax additional costs in FY'14
Triumph Group to incur pre-tax additional costs in FY'14
18
Sep '13
Triumph Group, Inc. announced that it expects to record pre-tax additional program costs during fiscal year 2014 totaling approximately $68.0 million, or $0.83 per diluted share, primarily associated with the 747-8 program. Of the total incremental costs, approximately $44.0 million, or $0.53 per diluted share, will be included in the company’s second quarter fiscal year 2014 financial results. 
 
The company expects that approximately $11.0 million, or $0.14 per diluted share, will be reflected in third quarter fiscal year 2014 and the remaining $13.0 million, or $0.16 per diluted share, will be included in the fourth quarter fiscal year 2014 financial results. The number of shares used in computing diluted earnings per share was approximately 53.0 million shares.
 
These amounts have resulted from reductions to the profitability estimates of the company’s current 747-8 production lot, which will be approximately 80% completed by the end of the company’s second quarter fiscal year 2014 and is expected to be nearly 100% completed by the end of the third quarter fiscal year 2014. 
 
As a result of the current cost levels, the expected profitability on the next production lot, which will begin delivery in the fourth quarter of fiscal year 2014, was also decreased. Both current and future production lots are expected to be profitable and not result in loss reserves.
 
Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said, “We are disappointed in our recent execution on the 747 program. In addition to a new leadership team, we have already taken several actions, including the development of a detailed game plan to reduce cost and improve quality and on-time delivery in a sustainable way. 
 
“As we move forward, we are confident that we will be able to return the 747-8 program to our expected level of execution and profitability and we remain confident that our business model will provide for sustainable long-term growth for Triumph Group as a whole.”
 
Triumph Group, Inc. headquartered in Berwyn, 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.
 

Triumph Group

Must ReadView All

RBI Governor Urjit Patel addressing a press conference. Courtesy: Youtube

Textiles | On 7th Dec 2016

Defying expectations, RBI keeps repo rate unchanged

Defying market expectations, the Monetary Policy Committee (MPC) of...

RBI Governor Urjit Patel and other officials addressing a press conference. Courtesy: Youtube

Textiles | On 7th Dec 2016

RBI withdraws the incremental CRR from Dec 10

The Reserve Bank of India (RBI) has decided to withdraw the...

Textiles | On 7th Dec 2016

‘Price-competitiveness is crucial for China yarn market’

Kikani Exports, India based yarn supplier with 12 years of experience ...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search