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.
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