Shares of Triumph Group, a leading aviation industry component manufacturer, plummeted by 20% to $9.87 following the release of their first-quarter earnings report. The company experienced a greater loss than anticipated, with a quarterly deficit of $12.8 million, equivalent to 19 cents per share. This is in contrast to the loss of $10.3 million, or 16 cents per share, incurred during the same period last year. Analysts surveyed by FactSet had projected a loss of $4.4 million, or six cents per share.
Although Triumph managed to reduce its adjusted loss to 10 cents per share, it still exceeded analysts’ expectations of a four cent per share loss. Sales for the quarter amounted to $327.1 million, falling short of both last year’s figure of $349.4 million and the projected $322.5 million.
Despite the disappointing results, Triumph Group maintained its sales guidance for fiscal 2024, affirming a range of $1.39 billion to $1.43 billion. This aligns with analysts’ estimates of $1.43 billion in sales.
Moreover, Triumph reported a backlog of $1.74 billion, representing purchase orders and contract requirements with firm delivery dates for the next 24 months. This figure reflects a 10% increase from the previous fiscal year-end, driven primarily by commercial narrow body platforms.