Organic sales for the quarter decreased four percent primarily due to production rate cuts on the 767 and 747-8 programs, a decrease in military sales, and a decline in non-recurring revenue.
- Net sales for second quarter fiscal year 2014 increased 3% to $967.3 million
- Operating income for second quarter fiscal year 2014 was $93.0 million, reflecting an operating margin of 10%
- Net income for second quarter fiscal year 2014 was $49.5 million, or $0.94 per diluted share, which included $5.8 million pre-tax ($0.07 per diluted share) of costs related to the Jefferson Street facility move. Excluding these costs, earnings per share was $1.01 per diluted share
- Year to date cash flow from operations before pension contributions of $45.8 million was $89.4 million
Net income for the second quarter of fiscal year 2014 was $49.5 million, or $0.94 per diluted share, versus $80.2 million, or $1.53 per diluted share, for the second quarter of the prior fiscal year. The quarter’s results included $43.7 million pre-tax ($28.2 million after tax or $0.53 per diluted share) of previously announced additional program costs primarily associated with the 747-8 program.
Also included in the quarter’s results was approximately $5.8 million pre-tax ($3.7 million after tax or $0.07 per diluted share) of costs related to the Jefferson Street facility move. These costs, which are primarily included in the Aerostructures segment, included $4.3 million of disruption and accelerated depreciation costs reflected in gross profit and $1.5 million of costs reflected in general and administrative expenses and interest.
The prior fiscal year’s quarter included approximately $1.4 million pre-tax ($0.9 million after tax) of integration costs associated with the acquisition of Vought Aircraft Industries (now Triumph Aerostructures-Vought Aircraft Division) and a charge of $2.0 million pre-tax ($1.2 million after tax) for early retirement incentives. Excluding the Jefferson Street move related costs, net income for the quarter was $53.2 million, or $1.01 per diluted share. The number of shares used in computing diluted earnings per share for the quarter was 52.8 million shares.
Click here to read full results
Apparel/Garments | On 23rd Feb 2017
Mango, the Spanish fast fashion brand, has awarded its master...
Textiles | On 23rd Feb 2017
Further incentives for investment into manufacturing, IT,...
Information Technology | On 23rd Feb 2017
Lectra, the world leader in integrated technology solutions dedicated ...
Colorjet India Limited
We would like to venture more companies into the Indian market
‘Online economy has changed the whole dynamics of buying habits.’
Marazban F Velati
Sutlej Textiles & Industries limited
No training can be effective till the candidate believes in it.
The Indian market has huge potential in technical textiles, and by far,...
Suominen Corporation is a manufacturer of nonwovens as roll goods for...
Schlegel und Partner
Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...
She grew up in the walled city of Old Delhi, completed her studies, and...
Label Ritu Kumar
‘Classics will return’ "There are a lot of people wearing western clothes ...
Bridal couture created with rich Indian heritage, exquisite craftsmanship...
Textiles | On 22nd Feb 2017