Triumph Group, Inc. reported its financial results for the three and six months ended September 30, 2024, showing notable improvements in revenue and profitability compared to the same period in the previous fiscal year. For the three months ended September 30, 2024, net sales reached $287.5 million, a 1.0% increase from $284.7 million in the prior year. For the six-month period, net sales totaled $568.5 million, up 3.7% from $548.5 million.

The company's operating income for the three months ended September 30, 2024, was $32.4 million, significantly higher than $22.5 million reported in the same quarter of 2023. For the six months, operating income rose to $40.5 million from $21.9 million in the prior year. Net income for the three months was $11.9 million, compared to a net loss of $1.3 million in the same period last year. However, for the six months, the company reported a net loss of $2.2 million, an improvement from a loss of $19.5 million in the prior year.

The Systems & Support segment generated net sales of $249.9 million for the three months ended September 30, 2024, stable compared to $249.8 million in the prior year. The Interiors segment saw a 6.4% increase in net sales to $37.5 million, attributed to favorable settlements across multiple programs. Adjusted EBITDAP for the total segments increased by 23.9% to $56.7 million for the three months ended September 30, 2024.

Total current assets decreased to $761.3 million as of September 30, 2024, from $939.4 million as of March 31, 2024. Total assets also declined to $1.5 billion from $1.7 billion during the same period. Current liabilities decreased to $307.6 million, while long-term debt, less current portion, fell to $957.6 million from $1.1 billion.

Strategically, Triumph Group divested its Product Support division, which closed on March 1, 2024, for cash proceeds of $725 million, resulting in a gain of approximately $548.3 million. The company also recognized an additional gain of $5 million related to purchase price adjustments for the divested operations in July 2024.

As of September 30, 2024, the company had a backlog of $1.9 billion, with an estimated $1.2 billion expected to be shipped by September 30, 2025. The company continues to focus on its core segments, with a significant portion of revenue derived from long-term contracts with customers, including major clients like Boeing, which accounted for approximately 22.5% of net sales in the six months ended September 30, 2024.