Triumph Group Announces Earnings Will Fall Short of Analysts' Expectations
WAYNE, Pa.--(BUSINESS WIRE)--Jan. 19, 2004--Triumph Group, Inc. (NYSE:TGI) today announced that during the third quarter, the market for industrial gas turbines fell precipitously and was far short of expectations. Sales to our largest customer, which totaled $35 million in the fiscal year ended March 2003, dropped during this quarter to an annualized run rate of less than $5 million with no expectation of any significant increase in the near term. As a result of this changed market condition and the related declines in revenue and margins, we have commenced a review and evaluation of the industrial gas turbine business in order to make any changes that may be prudent.
The aerospace industry continues to demonstrate a bottoming out of the original equipment manufacture market and a continuing recovery in the maintenance, repair and overhaul market, which is in line with our expectations in the third quarter.
Triumph Group, Inc. headquartered in Wayne, Pennsylvania, designs, engineers, manufactures, repairs and overhauls aircraft components and industrial gas turbine components and accessories. The Company serves a broad, worldwide spectrum of the aviation industry, including commercial airlines and air cargo carriers, as well as original equipment manufacturers of aircraft and aircraft components and power generation equipment.
More information about Triumph can be found on the Internet at http://www.triumphgroup.com.
Statements which are not historical facts, including statements regarding expectations regarding the future of the market for industrial gas turbines and future prospects for the aerospace industry, including the original equipment manufacture and maintenance, repair and overhaul markets, contained in this release, are forward-looking statements under the provision of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties. The company wishes to caution readers that several important factors could affect the company's actual results and could cause its actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the company. Further information regarding the important factors that could cause actual results to differ from projected results can be found in Triumph's reports filed with the SEC, including our Form 10-K for the year ended March 31, 2003.CONTACT: Triumph Group, Inc.
John Bartholdson, 610-251-1000
SOURCE: Triumph Group, Inc.