Triumph Group Inc. (TGI) Wednesday reported an increase in profit for the fourth quarter, due mainly to higher revenues.
The Berwyn, Pennsylvania-based company reported fourth-quarter net profit of $106.25 million or $2.03 per share, compared to $52.34 million or $1.02 per share last year.
For the quarter, income from continuing operations rose to $106.25 million or $2.03 per share from $54.03 million or $1.05 per share in the similar quarter last year.
Excluding acquisition and integration costs and curtailment gain, income from continuing operations increased to $81.90 million or $1.57 per share from $54.82 million or $1.07 per share in the similar quarter last year. On average, eight analysts polled by Thomson Reuters expected the company to earn $1.31 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 3 percent to $946.38 million from $919.09 million in the prior-year quarter. Eleven analysts had a consensus revenue estimate of $919.64 million for the quarter.
Looking ahead, the company's Chairman and Chief Executive Richard Ill said, "We are entering our new fiscal year with a very strong backlog and a very solid balance sheet. We project sales in the range of $3.5 billion to $3.7 billion and earnings per share from continuing operations for the fiscal year of $5.45 to $5.55 per diluted share, excluding integration costs."
Analysts currently expect earnings of $4.77 per share for the year, with revenues of $3.38 billion.
by RTT Staff Writer
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