Maintenance business Triumph has reported net sales of $393.3 million for the fourth fiscal quarter of 2023 (Q4 2023) but a net loss of $17.5 million, or 27 cents a share.
The company’s operating income came to $56.2 million, for an operating margin of 14%, while its adjusted operating income of $59.9 million equated to an adjusted operating margin of 15%
Adjusted net income of was $34.5 million, or $0.39 per diluted share, while adjusted EBITDAP of $68.1 million meant an adjusted EBITDAP margin of 17.3%
Triumph’s cash flow generated from operations was $60 million, while its free cash flow was $51.8 million.
The Q4 outcomes meant net sales of $1.38bn for 2023, with operating income of $238.1 million, an operating margin of 17%, adjusted operating income of $158.7 million with adjusted operating margin of 11%.
Net income came to $89.6 million, or $1.20 per diluted share, with adjusted net income of $55.4 million for $0.77 per diluted share.
The adjusted EBITDAP of $195.7 million meant an adjusted EBITDAP margin of 14.0%
The company said it “proactively addressed near term maturities” with new $1.2bn first lien secured financing
“Triumph ended our fiscal year 2023 on an upswing and exceeded both our net sales and our adjusted earnings per share guidance and successfully extending our debt maturities to enhance liquidity and financial flexibility,” said Dan Crowley, chairman, president, and chief executive officer.
“As our markets improve, we generated 21% organic sales growth from continuing operations in the quarter as a result of increasing commercial OEM production rates, accelerating MRO demand, and recovering military volumes,” Crowley added, saying he expects the following year to bring “organic growth of 7 – 10% as well as continued margin expansion and positive free cash flow generation”.
