Triumph Group Inc.(TGI) Monday reported a decline in profit for the second quarter, reflecting a decrease in revenues across its segments.
Triumph reported second-quarter net income of $19.5 million or $1.17 per share, compared with $24.0 million or $1.44 per share in the year-ago period.
Income from continuing operations declined to $20.7 million or $1.25 per share from $25.1 million or $1.51 per share in the prior-year quarter.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $1.18 per share for the quarter. Analysts' estimates typically exclude one-time items.
Total net sales for the quarter declined 3% to $313.1 million from $323.4 million in the comparable quarter last year. Analysts expected the company to report revenue of $312.41 million for the quarter.
Segment-wise, aerospace systems net sales decreased to $256.4 million from $257.6 million, due to the continued decline in the business jet market, program delays particularly on the Boeing 787 aircraft and the softening of the regional jet market.
The aftermarket services segment's net sales declined 14% to $57.3 million from $66.5 million last year, due to lower passenger and freight traffic and the continued effects of airline inventory de-stocking.
Operating income for the quarter dropped to $37.12 million from $42.71 million last year. Operating income for the aerospace segment declined to $39.1 million from $46.5 million while it increased 20% to $3.5 million from $2.9 million for aftermarket segment.
For the six-months ended September 30, net income decreased to $37.49 million or $2.26 per share from $47.81 million or $2.88 per share last year.Total revenues slipped to $629.26 million from $643.94 million in the prior-year.
The company reaffirmed its fiscal 2010 guidance for earnings per share from continuing operations guidance to be approximately $5.00 per share. Analysts expect the company to report earnings of $5.03 per share for fiscal 2010.
Triumph Group last traded at $48.49, down $1.07 or 2.16% while in after hours Triumph Group is trading at $48.96, up $0.48 or 0.98% on the NYSE
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