RADNOR, PA — Triumph Group, Inc. (NYSE: TGI) has revealed robust financial results for its fourth quarter and fiscal year 2025, which ended March 31, 2025. The company also highlighted its pending $3 billion acquisition by affiliates of Warburg Pincus LLC and Berkshire Partners LLC, signaling a transformational phase for the aerospace systems and aftermarket services provider.
Fourth Quarter Highlights
Triumph reported net sales of $377.9 million for Q4, reflecting 5% growth. Operating income for the quarter stood at $59.6 million, with an adjusted figure of $68.9 million and adjusted operating margin of 18%. Income from continuing operations reached $28.2 million, or $0.36 per diluted share, while adjusted income came in at $37.5 million, or $0.48 per share.
The company delivered adjusted EBITDAP of $78.4 million, achieving a 21% adjusted EBITDAP margin, a testament to strong operational performance. Cash flow from operations for the quarter hit $147.7 million, with $144.0 million reported in free cash flow.
Full Year Fiscal 2025 Results
For the fiscal year, Triumph’s net sales climbed to $1.26 billion, a 6% year-over-year increase. Operating income for the full year was $139.4 million, with an adjusted figure of $170.4 million, reflecting a 13% adjusted operating margin. Income from continuing operations totaled $35.9 million, or $0.46 per share, while adjusted income rose to $72.2 million, or $0.93 per share.
The company achieved adjusted EBITDAP of $204.5 million with a margin of 16%. Triumph also reported positive cash flow from operations of $37.9 million and $18.8 million in free cash flow for the year.
“TRIUMPH achieved 21% EBITDAP margins in its twelfth consecutive quarter of year-over-year sales growth,” said Dan Crowley, Triumph’s chairman, president, and CEO. “Commercial and military aftermarket sales from our IP-based business grew by more than 7% and OEM sales grew by 10% on ramping demand. We achieved our fiscal 2025 goal of being cash flow positive and had significant free cash flow in the quarter through strong operational performance across all our businesses.”
Segment Performance and Backlog
Triumph’s commercial aftermarket sales saw a 25.2% jump in Q4, driven by spares sales on Boeing platforms. Military aftermarket sales rose 15.0%, with significant contributions from platforms including the C-130 and CH-47.
Despite a slight decline in commercial OEM sales, military OEM sales grew by 4.6%, reflecting increased demand for platforms like the F/A-18 and AH-64. At the close of the fiscal year, Triumph reported a backlog of $1.9 billion, representing firm purchase orders and contract requirements for the next 24 months.
Pending Acquisition
On February 3, 2025, Triumph announced a definitive agreement under which private equity firms Warburg Pincus LLC and Berkshire Partners LLC would acquire the company through a newly formed entity at a total enterprise value of approximately $3 billion.
The transaction is expected to close during the second half of calendar year 2025, pending regulatory approvals and customary closing conditions. During this period, Triumph has suspended its quarterly earnings calls and financial guidance for fiscal 2026.
“Our strategy to focus on IP-based OEM and aftermarket business, along with efforts to turnaround our Interiors business, positions TRIUMPH well for fiscal 2026 and beyond,” said Crowley. “Our improving year-over-year results are a testament to our exceptional team and our partnerships with our customers and distribution partners.”
The pending acquisition and strong financial performance underscore Triumph’s resilience and strategic alignment, paving the way for future growth and transformation under new ownership.
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