Triumph Group (NYSE:TGI)

Triumph Group (NYSE:TGI) | Products & Business Units

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Introduction



Triumph Group's businesses design, engineer, manufacture, repair, overhaul and distribute a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. Triumph Group serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers, or OEMs, of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers. Triumph Group is headquartered in Berwyn, Pennsylvania and incorporated in the state of Delaware.

In June 2010, Triumph acquired Vought Aircraft Industries, Inc. from The Carlyle Group. The acquisition of Vought established the company as a leading global manufacturer of aerostructures for commercial, military and business jet aircraft.

Triumph offers a variety of products and services to the aerospace industry through three operating segments: (i) Triumph Aerostructures Group, whose companies' revenues are derived from the design, manufacture, assembly and integration of metallic and composite aerostructures and structural components for the global aerospace original equipment manufacturers, or OEM, market; (ii) Triumph Aerospace Systems Group, whose companies design, engineer and manufacture a wide range of proprietary and build-to-print components, assemblies and systems also for the OEM market; and (iii) Triumph AftermarketServices Group, whose companies serve aircraft fleets, notably commercial airlines, the U.S. military and cargo carriers, through the maintenance, repair and overhaul of aircraft components and accessories manufactured by third parties.

Triumph Group conducts its business through three principal segments:

 

Triumph Aerostructures Group
Triumph Aerospace Systems Group
Triumph Aftermarket Services Group.



The following table highlights Triumph Group's sales from 2012 to 2014 by segment:
United Technologies' Segment Sales


Aerostructures Group

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Triumph's Aerostructures Group utilizes its capabilities to design, manufacture and build complete metallic and composite aerostructures and structural components. This group also includes companies performing complex manufacturing, machining and forming processes for a full range of structural components, as well as complete assemblies and subassemblies. This group services the full spectrum of aerospace customers, which include aerospace OEMs and the top-tier manufacturers who supply them and airlines, air cargo carriers, and domestic and foreign militaries.

The products that companies within this group design, manufacture, build and repair include:
• Acoustic and thermal insulation systems
• Aircraft wings
• Composite and metal bonding
• Composite ducts and floor panels
• Comprehensive processing services
• Empennages
• Engine nacelles
• Flight control surfaces
• Helicopter cabins
• Stretch-formed leading edges and fuselage skins
• Windows and window assemblies
• Wing spars and stringers.


     Financial results for Triumph's Aerostructures Group were as follows:
Performance of Triumph Group's principal lines of business

Aerostructures segment net sales decreased by $168.9 million (-6.1%) to $2.6 billion for the fiscal year ended March 31, 2014 from $2.8 billion for the fiscal year ended March 31, 2013. Organic sales decreased $228.9 million, or 8.3%, and the acquisition of Primus contributed $65.5 million in net sales. Organic sales decreased due to production rate cuts by customers on the 747-8 program, the 767's transition from a commercial variant to a military tanker, and a decrease in military sales.

Aerostructures segment operating income decreased by $217.0 million (-46.2%) to $252.9 million for the fiscal year ended March 31, 2014 from $469.9 million for the fiscal year ended March 31, 2013. Operating income was directly affected by the decrease in organic sales, lower organic gross margins, and moving costs related to the relocation from the company's Jefferson Street facilities ($31.3 million).


Aerospace Systems Group

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Triumph's Aerospace Systems Group utilizes its capabilities to design and engineer mechanical, electromechanical, hydraulic and hydromechanical control systems, while continuing to broaden the scope of detailed parts and assemblies that it supplies to the aerospace market. Customers typically return such systems for repairs and overhauls and spare parts. This group services the full spectrum of aerospace customers, which include aerospace OEMs and the top-tier manufacturers who supply them and airlines, air cargo carriers, and domestic and foreign militaries.

The products that companies within this group design, engineer, build and repair include:
• Aircraft and engine mounted accessory drives
• Cargo hooks
• Heat exchangers
• Cockpit control levers
• Comprehensive processing services
• Control system valve bodies
• Electronic engine controls
• Exhaust nozzles and ducting
• Fuel metering units
• Geared transmissions
• High lift actuation
• Hydraulic systems and components
• Landing gear actuation systems
• Landing gear components and assemblies
• Main engine gear box assemblies
• Main fuel pumps
• Secondary flight control systems
• Vibration absorbers.


     Financial results for Triumph's Aerospace Systems Group were as follows:
Performance of Triumph Group's principal lines of business

The Aerospace Systems segment net sales increased by $256.0 million (+41.6%) to $871.8 million for the fiscal year ended March 31, 2014 from $615.8 million for the fiscal year ended March 31, 2013. The acquisition of General Donlee and the fiscal 2013 acquisitions contributed $248.2 million of increased sales. Organic net sales increased $7.8 million, or 1.3%.

Aerospace Systems segment operating income increased by $46.5 million (+45.1%) to $149.7 million for the fiscal year ended March 31, 2014 from $103.2 million for the fiscal year ended March 31, 2013. Operating income increased primarily due to the acquisition of General Donlee and fiscal 2013 acquisitions and by an insurance claim related to Hurricane Sandy ($6.8 million).


Aftermarket Services Group

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Triumph's Aftermarket Services Group performs maintenance, repair and overhaul (MRO) services and supplies spare parts for the commercial and military aviation industry and primarily services the world's airline and air cargo carrier customers. This group also designs, engineers, manufactures, repairs and overhauls aftermarket aerospace gas turbines engine components, offers comprehensive MRO solutions, leasing packages, exchange programs and parts and services to airline, air cargo and third-party overhaul facilities. The company also continues to develop Federal Aviation Administration, or FAA, approved Designated Engineering Representative, or DER, proprietary repair procedures for the components Triumph repairs and overhauls, which range from detailed components to complex subsystems.

Companies in the company's Aftermarket Services Group repair and overhaul various components for the aviation industry including:
• Air cycle machines
• APUs
• Blades and vanes
• Cabin interior panes, shades, light lenses and other plastic components
• Constant speed drives
• Combustors
• Engine and airframe accessories
• Flight control surfaces
• Integrated drive generators
• Light assemblies
• Nacelles
• Overhead bins
• Remote sensors
• Sidewalls
• Stators
• Thrust reversers
• Transition ducts.


     Financial results for Triumph's Aftermarket Services Group were as follows:
Performance of Triumph Group's principal lines of business

Aftermarket Services net sales decreased by $27.2 million (-8.6%) to $287.3 million for the fiscal year ended March 31, 2014 from $314.5 million for the fiscal year ended March 31, 2013. Organic sales decreased $1.6 million (-0.6%) and the previously divested Triumph Instruments companies contributed $25.5 million in net sales for the fiscal year ended March 31, 2013.

Aftermarket Services operating income decreased by $3.1 million (-6.9%) to $42.3 million for the fiscal year ended March 31, 2014 from $45.4 million for the fiscal year ended March 31, 2013. Operating income decreased primarily due to lower gross margins.

Company Information

Revenues ('14): $3,763M +1.6%

R&D ('14): $62M +0.6%

Net Profit ('14): $206M -30.6%

CAPEX ('14): $206M +62.7%

Triumph Group - Tier I

Products News Subsidiaries Acquisitions Competitors Customers R&D Spending 5-Year Financials

Aerospace Sector:

   Aerostructures; Motion & Flow Control

Triumph Group - Products:


Acoustic and thermal insulation systems; Aircraft wings; Composite and metal bonding; Composite ducts and floor panels; Comprehensive processing services; Empennages; Engine nacelles; Flight control surfaces; Helicopter cabins; Stretch-formed leading edges and fuselage skins; Windows and window assemblies; Wing spars and stringers Aircraft and engine mounted accessory drives; Cargo hooks; Cockpit control levers; Comprehensive processing services; Control system valve bodies; Electronic engine controls; Exhaust nozzles and ducting; Geared transmissions; Fuel metering units; Heat exchangers; High lift actuation; Hydraulic systems and components; Landing gear actuation systems; Landing gear components and assemblies; Main engine gear box assemblies; Main fuel pumps; Secondary flight control systems; Vibration absorbers; Air cycle machines; APUs; Blades and vanes; Cabin interior panes, shades, light lenses and other plastic components; Combustors; Constant speed drives; Engine and airframe accessories; Flight control surfaces; Integrated drive generators; Light assemblies; Nacelles; Overhead bins; Remote sensors; Sidewalls; Stators; Thrust reversers; and Transition ducts.

Triumph Group's Major DoD Defense Programs:


| B-2 Spirit | C-5 | C-17 | C-130 Hercules | F/A-18E/F Super Hornet | F-22 Raptor |
| F-35 Lightning II | MH-60S | RQ-4 Global Hawk | UH-60 | V-22 Osprey |

Triumph Group's Commercial Programs:


| Airbus: A320 Series, A330, A350 XWB, A380 |
| Boeing: 737NG, 747-8, 767, 777, 787 | Bombardier: CRJ | Embraer: ERJ |

Sales 2010-2014 Net Income 2010-2014 R&D Spending 2010-2014 # Employees 2010-2014

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