Triumph (NYSE:TGI) stock is sliding lower on Wednesday after the aerospace support company released its earnings report for its fiscal third quarter of 2024.
The bad news for TGI stockholders starts with the company’s revenue of $284.96 million during the quarter. That’s well below the $367.96 million in revenue that Wall Street was expecting, even if it’s up 14% year-over-year compared to $261.7 million.
That report gets worse for TGI with its adjusted earnings per share of -16 cents. That’s a massive miss compared to analysts’ adjusted EPS estimate of 14 cents for the period. It’s also a negative switch from the 4 cents per share reported in the fiscal third quarter of 2023.
Here’s what Triumph president, chairman and CEO Dan Crowley said in the earnings report:
“The announced sale of our Product Support business will be transformative for our balance sheet and is on track for closure this quarter which will meaningfully accelerate our deleveraging progress. Following the divestiture, we are right sizing our cost structure to achieve our multi-year profit margin and cash flow targets.”
TGI Stock Movement on Wednesday
Despite the positive tune of Triumph’s CEO, investors aren’t happy about it missing estimates this quarter. That has today’s report dragging shares of TGI stock down 15.8% as of this writing. That has already erased the company’s 2.1% gain year-to-date when markets closed on Tuesday.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
