Triumph Group, Inc. (NYSE:TGI) Q2 2024 Earnings Conference Call November 7, 2023 8:30 AM ET

Company Participants

Thomas Quigley - VP, IR, Mergers & Acquisitions and Treasurer

Daniel Crowley - Chairman, President & CEO

James McCabe - SVP & CFO

Conference Call Participants

Seth Seifman - JPMorgan Chase & Co.

David Strauss - Barclays Bank

Cai von Rumohr - TD Cowen

Ronald Epstein - Bank of America Merrill Lynch

Michael Ciarmoli - Truist Securities

Noah Poponak - Goldman Sachs Group

Myles Walton - Wolfe ResearchLLC MD & Senior Analyst

Operator

Good day, and welcome to the Triumph Group Second Quarter Fiscal Year 2024 Results Conference Call. [Operator Instructions].

I would now like to turn the conference over to Thomas Quigley III, Vice President of Investor Relations. Please go ahead.

Thomas Quigley

Thank you. Good morning, and welcome to our second quarter fiscal 2024 earnings call. Today, I'm joined by Dan Crowley, the company's Chairman, President and Chief Executive Officer; and Jim McCabe, Senior Vice President and Chief Financial Officer of Triumph.

As we review the financial results for the quarter, please refer to the presentation posted on our website this morning. We will be discussing our adjusted results. Our adjustments and any reconciliation of non-GAAP financial measures to comparable GAAP measures are explained in the earnings press release and in the presentation.

Certain statements on this call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause Triumph's actual results, performance or achievements to be materially different from any expected future results, performance or achievements expressed or implied in the forward-looking statements.

Dan, I'll turn it over to you.

Daniel Crowley

Thanks, Tom. Triumph closed the first half of fiscal year 2024 with expanding backlog, sales and margins as we focus on profitable growth and building on our success in the aftermarket. We are entering the second half of the year from a position of strength and raising our fiscal 2024 sales, earnings and cash guidance. Our year-to-date performance, increasing commercial aircraft build rates and growth in defense spending supports our updated outlook for the year.

During the second quarter, we met or exceeded our expectations, delivering strong sales and our sixth consecutive quarter of year-over-year growth as well as predictable profitability. Our deleveraging plan is on track, including over $60 million in debt reduction since the start of the fiscal year, which will yield approximately $5 million in annualized interest savings.