Triumph Group Reports Strong Third Quarter Fiscal 2012 Results; Raises Fiscal Year 2012 Guidance
-
Net sales for third quarter fiscal year 2012 increased 2% to
$826.0 million -
Operating income for third quarter fiscal year 2012 increased 36% to
$117.6 million , reflecting an operating margin of 14% -
Income from continuing operations for third quarter fiscal year 2012
increased 47% to
$67.2 million , or$1.29 per diluted share, excluding integration costs and computed on 52.0 million shares -
Year to date cash flow from operations before pension contribution of
$97.7 million was$241.2 million
Income from continuing operations for the third quarter of fiscal year
2012 increased forty-seven percent to
“Interest expense and other” for the third quarter of fiscal 2012 was
favorably impacted by a
Net sales for the first nine months of fiscal year 2012 were
During the nine months ended
Segments
Aerostructures
The Aerostructures segment reported net sales for the quarter of
Aerospace Systems
The Aerospace Systems segment reported net sales for the quarter of
Aftermarket Services
The Aftermarket Services segment reported net sales for the quarter of
Outlook
Commenting on the company’s performance and its outlook for fiscal year
2012,
“Based on our strong performance year to date, current aircraft
production rates, a weighted average share count of 52.0 million shares
and revenue between
As previously announced,
More information about Triumph can be found on the company’s website at http://www.triumphgroup.com.
Statements in this release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995, including statements of expectations of or assumptions about future aerospace market conditions, aircraft production rates, financial and operational performance, revenue and earnings growth, and earnings results for fiscal 2012. All forward-looking statements involve risks and uncertainties which 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
FINANCIAL DATA (UNAUDITED) | |||||||||||||||||
TRIUMPH GROUP, INC. AND SUBSIDIARIES | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
CONDENSED STATEMENTS OF INCOME | 2011 | 2010 | 2011 | 2010 | |||||||||||||
Net sales | $ | 825,962 | $ | 810,853 | $ | 2,461,553 | $ | 1,986,262 | |||||||||
Operating income | 117,640 | * | 86,659 | * * | 331,476 | * | 205,626 | * * | |||||||||
Interest expense and other | 14,543 | 21,869 | 58,676 | 57,119 | |||||||||||||
Income tax expense | 37,194 | 19,810 | 97,429 | 50,126 | |||||||||||||
Income from continuing operations | 65,903 | 44,980 | 175,371 | 98,381 | |||||||||||||
Loss from discontinued operations, net of tax | 0 | (336 | ) | (765 | ) | (825 | ) | ||||||||||
Net income | $ | 65,903 | $ | 44,644 | $ | 174,606 | $ | 97,556 | |||||||||
Earnings per share - basic: | |||||||||||||||||
Income from continuing operations | $ | 1.35 | $ | 0.93 | $ | 3.60 | $ | 2.24 | |||||||||
Loss from discontinued operations | - | (0.01 | ) | (0.02 | ) | (0.02 | ) | ||||||||||
Net income | $ | 1.35 | $ | 0.93 | ^ | $ | 3.59 | ^ | $ | 2.22 | |||||||
Weighted average common shares outstanding - basic | 48,912 | 48,155 | 48,692 | 43,956 | |||||||||||||
Earnings per share - diluted: | |||||||||||||||||
Income from continuing operations | $ | 1.27 | $ | 0.88 | $ | 3.39 | $ | 2.13 | |||||||||
Loss from discontinued operations | - | (0.01 | ) | (0.01 | ) | (0.02 | ) | ||||||||||
Net income | $ | 1.27 | $ | 0.88 | ^ | $ | 3.38 | $ | 2.11 | ||||||||
Weighted average common shares outstanding - diluted | 51,968 | 50,950 | 51,689 | 46,213 | |||||||||||||
Dividends declared and paid per common share | $ | 0.04 | $ | 0.02 | $ | 0.10 | $ | 0.06 | |||||||||
^ | Difference due to rounding. | |
* |
Includes $2,095 and $3,699, respectively, of acquisition and integration expenses primarily associated with the acquisition of Vought for the three and nine months ended December 31, 2011. |
|
* * | Includes $1,000 and $19,650, respectively, of acquisition and integration expenses associated with the acquisition of Vought for the three and nine months ended December 31, 2010. | |
FINANCIAL DATA (UNAUDITED) | |||||||||||||||
TRIUMPH GROUP, INC. AND SUBSIDIARIES | |||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||
BALANCE SHEET | Unaudited | Audited | |||||||||||||
December 31, | March 31, | ||||||||||||||
2011 | 2011 | ||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 32,682 | $ | 39,328 | |||||||||||
Accounts receivable, net | 345,627 | 374,491 | |||||||||||||
Inventory, net of unliquidated progress payments of $148,351 and $138,206 | 848,555 | 781,714 | |||||||||||||
Rotable assets | 33,024 | 26,607 | |||||||||||||
Prepaid and other current assets | 47,908 | 18,141 | |||||||||||||
Assets held for sale | 0 | 4,574 | |||||||||||||
Current assets | 1,307,796 | 1,244,855 | |||||||||||||
Property and equipment, net | 722,332 | 734,879 | |||||||||||||
Goodwill | 1,533,102 | 1,530,580 | |||||||||||||
Intangible assets, net | 837,641 | 859,620 | |||||||||||||
Other, net | 32,702 | 93,303 | |||||||||||||
Total assets | $ | 4,433,573 | $ | 4,463,237 | |||||||||||
Liabilities & Stockholders' Equity | |||||||||||||||
Current portion of long-term debt | $ | 141,535 | $ | 300,252 | |||||||||||
Accounts payable | 236,134 | 262,716 | |||||||||||||
Accrued expenses | 320,722 | 313,354 | |||||||||||||
Deferred income taxes | 49,871 | 78,793 | |||||||||||||
Liabilities related to assets held for sale | 0 | 431 | |||||||||||||
Current liabilities | 748,262 | 955,546 | |||||||||||||
Long-term debt, less current portion | 1,070,520 | 1,011,752 | |||||||||||||
Accrued pension and post-retirement benefits, noncurrent | 558,470 | 680,754 | |||||||||||||
Other noncurrent liabilities | 250,045 | 180,462 | |||||||||||||
Temporary equity | - | 2,506 | |||||||||||||
Stockholders' Equity: | |||||||||||||||
Common stock, $.001 par value, 100,000,000 shares authorized, 49,598,323 and 48,690,606 shares issued |
50 | 49 | |||||||||||||
Capital in excess of par value | 833,221 | 819,197 | |||||||||||||
Treasury stock, at cost, 137,911 and 177,184 shares | (4,044 | ) | (5,085 | ) | |||||||||||
Accumulated other comprehensive income | 110,360 | 120,471 | |||||||||||||
Retained earnings | 866,689 | 697,585 | |||||||||||||
Total stockholders' equity | 1,806,276 | 1,632,217 | |||||||||||||
Total liabilities and stockholders' equity | $ | 4,433,573 | $ | 4,463,237 | |||||||||||
FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||
TRIUMPH GROUP, INC. AND SUBSIDIARIES | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||
SEGMENT DATA | Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||
Net sales: | ||||||||||||||||||
Aerostructures | $ | 626,045 | $ | 613,544 | $ | 1,857,328 | $ | 1,422,580 | ||||||||||
Aerospace Systems | 133,291 | 124,693 | 400,076 | 365,626 | ||||||||||||||
Aftermarket Services | 68,640 | 74,709 | 209,555 | 203,191 | ||||||||||||||
Elimination of inter-segment sales | (2,014 | ) | (2,093 | ) | (5,406 | ) | (5,135 | ) | ||||||||||
$ | 825,962 | $ | 810,853 | $ | 2,461,553 | $ | 1,986,262 | |||||||||||
Operating income (loss): | ||||||||||||||||||
Aerostructures | $ | 103,947 | $ | 70,606 | $ | 284,410 | $ | 176,637 | ||||||||||
Aerospace Systems | 18,623 | 17,436 | 63,684 | 52,933 | ||||||||||||||
Aftermarket Services | 6,917 | 9,494 | 20,893 | 21,778 | ||||||||||||||
Corporate | (11,847 | ) | (10,877 | ) | (37,511 | ) | (45,722 | ) | ||||||||||
$ | 117,640 | * | $ | 86,659 | * * | $ | 331,476 | * | $ | 205,626 | * * | |||||||
Depreciation and amortization: | ||||||||||||||||||
Aerostructures | $ | 22,476 | $ | 18,071 | $ | 66,258 | $ | 44,889 | ||||||||||
Aerospace Systems | 4,296 | 4,336 | 12,963 | 12,738 | ||||||||||||||
Aftermarket Services | 2,431 | 2,400 | 7,202 | 8,486 | ||||||||||||||
Corporate | 928 | 845 | 2,641 | 1,416 | ||||||||||||||
$ | 30,131 | $ | 25,652 | $ | 89,064 | $ | 67,529 | |||||||||||
Amortization of acquired contract liabilities: | ||||||||||||||||||
Aerostructures | $ | (4,994 | ) | $ | (9,244 | ) | $ | (18,504 | ) | $ | (18,825 | ) | ||||||
Capital expenditures: | ||||||||||||||||||
Aerostructures | $ | 16,794 | $ | 20,020 | $ | 38,519 | $ | 42,580 | ||||||||||
Aerospace Systems | 4,009 | 2,363 | 10,523 | 8,625 | ||||||||||||||
Aftermarket Services | 2,500 | 854 | 5,604 | 3,202 | ||||||||||||||
Corporate | 1,459 | 4,225 | 4,036 | 14,284 | ||||||||||||||
$ | 24,762 | $ | 27,462 | $ | 58,682 | $ | 68,691 | |||||||||||
* | Includes $2,095 and $3,699, respectively, of acquisition and integration expenses primarily associated with the acquisition of Vought for the three and nine months ended December 31, 2011. | |
* * | Includes $1,000 and $19,650, respectively, of acquisition and integration expenses associated with the acquisition of Vought for the three and nine months ended December 31, 2010. | |
FINANCIAL DATA (UNAUDITED) |
TRIUMPH GROUP, INC. AND SUBSIDIARIES |
(dollars in thousands) |
|
Non-GAAP Financial Measure Disclosures
We prepare and publicly release quarterly unaudited financial statements
prepared in accordance with GAAP. In accordance with
We view EBITDA as an operating performance measure and, as such, we
believe that the GAAP financial measure most directly comparable to it
is income from continuing operations. In calculating EBITDA, we exclude
from income from continuing operations the financial items that we
believe should be separately identified to provide additional analysis
of the financial components of the day-to-day operation of our business.
We have outlined below the type and scope of these exclusions and the
material limitations on the use of these non-GAAP financial measures as
a result of these exclusions. EBITDA is not a measurement of financial
performance under GAAP and should not be considered as a measure of
liquidity, as an alternative to net income (loss), income from
continuing operations, or as an indicator of any other measure of
performance derived in accordance with GAAP. Investors and potential
investors in our securities should not rely on EBITDA as a substitute
for any GAAP financial measure, including net income (loss) or income
from continuing operations. In addition, we urge investors and potential
investors in our securities to carefully review the reconciliation of
EBITDA to income from continuing operations set forth below, in our
earnings releases and in other filings with the
EBITDA is used by management to internally measure our operating and management performance and by investors as a supplemental financial measure to evaluate the performance of our business that, when viewed with our GAAP results and the accompanying reconciliation, we believe provides additional information that is useful to gain an understanding of the factors and trends affecting our business. We have spent more than 15 years expanding our product and service capabilities partially through acquisitions of complementary businesses. Due to the expansion of our operations, which included acquisitions, our income from continuing operations has included significant charges for depreciation and amortization. EBITDA excludes these charges and provides meaningful information about the operating performance of our business, apart from charges for depreciation and amortization. We believe the disclosure of EBITDA helps investors meaningfully evaluate and compare our performance from quarter to quarter and from year to year. We also believe EBITDA is a measure of our ongoing operating performance because the isolation of non-cash income and expenses, such as amortization of acquired contract liabilities, depreciation and amortization, and non-operating items, such as interest and income taxes, provides additional information about our cost structure, and, over time, helps track our operating progress. In addition, investors, securities analysts and others have regularly relied on EBITDA to provide a financial measure by which to compare our operating performance against that of other companies in our industry.
Set forth below are descriptions of the financial items that have been excluded from our income from continuing operations to calculate EBITDA and the material limitations associated with using this non-GAAP financial measure as compared to income from continuing operations:
- Amortization of acquired contract liabilities may be useful for investors to consider because it represents the non-cash earnings on the fair value of below market contracts acquired through the acquisition of Vought. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations.
- Amortization expenses may be useful for investors to consider because it represents the estimated attrition of our acquired customer base and the diminishing value of product rights and licenses. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure.
- Depreciation may be useful for investors to consider because they generally represent the wear and tear on our property and equipment used in our operations. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure.
- The amount of interest expense and other we incur may be useful for investors to consider and may result in current cash inflows or outflows. However, we do not consider the amount of interest expense and other to be a representative component of the day-to-day operating performance of our business.
FINANCIAL DATA (UNAUDITED) |
TRIUMPH GROUP, INC. AND SUBSIDIARIES |
(dollars in thousands) |
Non-GAAP Financial Measure Disclosures (continued)
- Income tax expense may be useful for investors to consider because it generally represents the taxes which may be payable for the period and the change in deferred income taxes during the period and may reduce the amount of funds otherwise available for use in our business. However, we do not consider the amount of income tax expense to be a representative component of the day-to-day operating performance of our business.
Management compensates for the above-described limitations of using non-GAAP measures by using a non-GAAP measure only to supplement our GAAP results and to provide additional information that is useful to gain an understanding of the factors and trends affecting our business.
The following table shows our EBITDA reconciled to our income from continuing operations for the indicated periods:
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): |
|||||||||||||||||
Income from continuing operations | $ | 65,903 | $ | 44,980 | $ | 175,371 | $ | 98,381 | |||||||||
Add-back: | |||||||||||||||||
Income tax expense | 37,194 | 19,810 | 97,429 | 50,126 | |||||||||||||
Interest expense and other | 14,543 | 21,869 | 58,676 | 57,119 | |||||||||||||
Amortization of acquired contract liabilities | (4,994 | ) | (9,244 | ) | (18,504 | ) | (18,825 | ) | |||||||||
Depreciation and amortization | 30,131 | 25,652 | 89,064 | 67,529 | |||||||||||||
Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") |
$ | 142,777 | $ | 103,067 | $ | 402,036 | $ | 254,330 | |||||||||
Net sales | $ | 825,962 | $ | 810,853 | $ | 2,461,553 | $ | 1,986,262 | |||||||||
EBITDA Margin | 17.3 | % | 12.7 | % | 16.3 | % | 12.8 | % | |||||||||
FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||||
TRIUMPH GROUP, INC. AND SUBSIDIARIES | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Non-GAAP Financial Measure Disclosures (continued) | |||||||||||||||||||||
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): |
Three Months Ended December 31, 2011 | ||||||||||||||||||||
Segment Data | |||||||||||||||||||||
Total |
Aerostructures |
Aerospace |
Aftermarket |
Corporate / |
|||||||||||||||||
Income from continuing operations | $ | 65,903 | |||||||||||||||||||
Add-back: | |||||||||||||||||||||
Income tax expense | 14,543 | ||||||||||||||||||||
Interest expense and other | 37,194 | ||||||||||||||||||||
Operating income (loss) | $ | 117,640 | $ | 103,947 | $ | 18,623 | $ | 6,917 | $ | (11,847 | ) | ||||||||||
Amortization of acquired contract liabilities | (4,994 | ) | (4,994 | ) | - | - | - | ||||||||||||||
Depreciation and amortization | 30,131 | 22,476 | 4,296 | 2,431 | 928 | ||||||||||||||||
Earnings (Losses) before Interest, Taxes, | |||||||||||||||||||||
Depreciation and Amortization ("EBITDA") | $ | 142,777 | $ | 121,429 | $ | 22,919 |
$ |
9,348 |
$ | (10,919 | ) | * | |||||||||
Net sales | $ | 825,962 | $ | 626,045 | $ | 133,291 | $ | 68,640 | $ | (2,014 | ) | ||||||||||
EBITDA Margin | 17.3 | % | 19.4 | % | 17.2 | % | 13.6 | % | n/a | ||||||||||||
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): |
Nine Months Ended December 31, 2011 |
||||||||||||||||||||
Segment Data | |||||||||||||||||||||
Total |
Aerostructures |
Aerospace |
Aftermarket |
Corporate / |
|||||||||||||||||
Income from continuing operations | $ | 175,371 | |||||||||||||||||||
Add-back: | |||||||||||||||||||||
Income tax expense | 97,429 | ||||||||||||||||||||
Interest expense and other | 58,676 | ||||||||||||||||||||
Operating income (loss) | $ | 331,476 | $ | 284,410 | $ | 63,684 | $ | 20,893 | $ | (37,511 | ) | ||||||||||
Amortization of acquired contract liabilities | (18,504 | ) | (18,504 | ) | - | - | - | ||||||||||||||
Depreciation and amortization | 89,064 | 66,258 | 12,963 | 7,202 | 2,641 | ||||||||||||||||
Earnings (Losses) before Interest, Taxes, | |||||||||||||||||||||
Depreciation and Amortization ("EBITDA") |
$ | 402,036 | $ | 332,164 | $ | 76,647 |
$ |
28,095 |
$ | (34,870 | ) | * * | |||||||||
Net sales | $ | 2,461,553 | $ | 1,857,328 | $ | 400,076 | $ | 209,555 | $ | (5,406 | ) | ||||||||||
EBITDA Margin | 16.3 | % | 17.9 | % | 19.2 | % | 13.4 | % | n/a | ||||||||||||
* | Includes $2,095 of acquisition and integration expenses primarily associated with the acquisition of Vought. | |
* * | Includes $3,699 of acquisition and integration expenses primarily associated with the acquisition of Vought. | |
FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||||||
TRIUMPH GROUP, INC. AND SUBSIDIARIES | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Non-GAAP Financial Measure Disclosures (continued) | ||||||||||||||||||||||
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): | Three Months Ended December 31, 2010 | |||||||||||||||||||||
Segment Data | ||||||||||||||||||||||
Total |
Aerostructures |
Aerospace |
Aftermarket |
Corporate / |
||||||||||||||||||
Income from Continuing Operations | $ | 44,980 | ||||||||||||||||||||
Add-back: | ||||||||||||||||||||||
Income tax expense | 21,869 | |||||||||||||||||||||
Interest expense and other |
19,810 | |||||||||||||||||||||
Operating income (loss) | $ | 86,659 | $ | 70,606 | $ | 17,436 | $ | 9,494 | $ | (10,877 | ) | |||||||||||
Amortization of acquired contract liabilities | (9,244 | ) | (9,244 | ) | - | - | - | |||||||||||||||
Depreciation and amortization | 25,652 | 18,071 | 4,336 |
|
2,400 | 845 | ||||||||||||||||
Earnings (Losses) before Interest, Taxes, | ||||||||||||||||||||||
Depreciation and Amortization ("EBITDA") | $ | 103,067 | $ | 79,433 | $ | 21,772 |
$ |
11,894 |
$ | (10,032 | ) | * | ||||||||||
|
||||||||||||||||||||||
Net sales | $ | 810,853 | $ | 613,544 | $ | 124,693 | $ | 74,709 | $ | (2,093 | ) | |||||||||||
EBITDA Margin | 12.7 | % | 12.9 | % | 17.5 | % | 15.9 | % | n/a | |||||||||||||
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): | Nine Months Ended December 31, 2010 | |||||||||||||||||||||
Segment Data | ||||||||||||||||||||||
Total |
Aerostructures |
Aerospace |
Aftermarket |
Corporate / |
||||||||||||||||||
Income from Continuing Operations | $ | 98,381 | ||||||||||||||||||||
Add-back: | ||||||||||||||||||||||
Income tax expense | 50,126 | |||||||||||||||||||||
Interest expense and other |
57,119 | |||||||||||||||||||||
Operating income (loss) | $ | 205,626 | $ | 176,637 | $ | 52,933 | $ | 21,778 | $ | (45,722 | ) | |||||||||||
Amortization of acquired contract liabilities | (18,825 | ) | (18,825 | ) | - | - | - | |||||||||||||||
Depreciation and amortization | 67,529 | 44,889 | 12,738 | 8,486 | 1,416 | |||||||||||||||||
Earnings (Losses) before Interest, Taxes, | ||||||||||||||||||||||
Depreciation and Amortization ("EBITDA") | $ | 254,330 | $ | 202,701 | $ | 65,671 | $ | 30,264 | $ | (44,306 | ) | * * | ||||||||||
Net sales | $ | 1,986,262 | $ | 1,422,580 | $ | 365,626 | $ | 203,191 | $ | (5,135 | ) | |||||||||||
EBITDA Margin | 12.8 | % | 14.2 | % | 18.0 | % | 14.9 | % | n/a | |||||||||||||
* | Includes $1,000 of integration expenses associated with the acquisition of Vought. | |
* * | Includes $19,650 of acquisition and integration expenses associated with the acquisition of Vought. | |
FINANCIAL DATA (UNAUDITED) |
TRIUMPH GROUP, INC. AND SUBSIDIARIES |
(dollars in thousands) |
Non-GAAP Financial Measure Disclosures (continued)
Cash provided by operations, before pension contributions has been provided for consistency and comparability. We also use free cash flow available for debt reduction as a key factor in planning for and consideration of strategic acquisitions, stock repurchases and the repayment of debt. This measure should not be considered in isolation, as a measure of residual cash flow available for discretionary purposes, or as an alternative to operating results presented in accordance with GAAP. The following table reconciles cash provided by operations, before pension contributions to cash provided by operations, as well as cash provided by operations to free cash flow available for debt reduction.
Nine Months Ended | ||||||
December 31, | ||||||
2011 | 2010 | |||||
Cash provided by operations, before pension contributions | $ | 241,249 | $ | 189,602 | ||
Pension contributions | 97,730 | 74,856 | ||||
Cash provided by operations | 143,519 | 114,746 | ||||
Less: | ||||||
Capital expenditures | 58,682 | 68,691 | ||||
Dividends | 4,920 | 2,605 | ||||
Free cash flow available for debt reduction | $ | 79,917 | $ | 43,450 | ||
We use "Net Debt to Capital" as a measure of financial leverage. The following table sets | ||||||
forth the computation of Net Debt to Capital: | ||||||
December 31, | March 31, | |||||
2011 | 2011 | |||||
Calculation of Net Debt |
||||||
Current portion | $ | 141,535 | $ | 300,252 | ||
Long-term debt | 1,070,520 | 1,011,752 | ||||
Total debt | 1,212,055 | 1,312,004 | ||||
Less: Cash | 32,682 | 39,328 | ||||
Net debt | $ | 1,179,373 | $ | 1,272,676 | ||
Calculation of Capital |
||||||
Net debt | $ | 1,179,373 | $ | 1,272,676 | ||
Stockholders' equity | 1,806,276 | 1,632,217 | ||||
Total capital | $ | 2,985,649 | $ | 2,904,893 | ||
Percent of net debt to capital | 39.5% | 43.8% |
Source:
Triumph Group, Inc.
Sheila Spagnolo
Vice President
610-251-1000
sspagnolo@triumphgroup.com