Triumph Group (NYSE:TGI) Q1 2023 Earnings Conference Call August 3, 2022 8:30 AM ET

Company Participants

Thomas Quigley - VP, IR & Controller

Daniel Crowley - Chairman, President & CEO

James McCabe - SVP & CFO

Conference Call Participants

Seth Seifman - JPMorgan Chase & Co.

Peter Arment - Robert W. Baird & Co.

Sheila Kahyaoglu - Jefferies

Michael Ciarmoli - Truist Securities

Ronald Epstein - Bank of America Merrill Lynch

David Strauss - Barclays Bank

Operator

Welcome to Triumph's First Quarter Fiscal Year 2023 Results Conference Call. This call is being carried live on the Internet. There is also a slide presentation included with the audio portion of the webcast. Please ensure that your pop-up blocker is disabled if you are having trouble viewing the slide presentation. [Operator Instructions]. Please note this event is being recorded. In addition, please note that this call is the property of Triumph Group, Inc. and may not be recorded, transcribed or rebroadcast without explicit written approval.

I would like to introduce Tom Quigley, Triumph's Vice President of Investor Relations and Controller, who will provide a brief opening statement.

Thomas Quigley

Thank you. Good morning, and welcome to our first quarter fiscal 2023 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.

During our call, we'll be referring to the supplemental slides, which are posted on our website. 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.

Please note that the company's reconciliation of non-GAAP financial measures to comparable GAAP measures is included in the press release, which can be found on our website at www.triumphgroup.com.

Dan, I'll turn it over to you.

Daniel Crowley

Thanks, Tom. Earlier today, we reported our first quarter results for fiscal year 2023. I'm pleased to share that despite the challenging macro environment, Triumph demonstrated organic growth in its continuing operations and completed its portfolio transformation to position the company for the future. Our Q1 results exceeded our expectations overall.

On Slide 3, I summarize the quarter's highlights. First, we generated organic growth in our continuing operations, driven by improving commercial OEM and MRO demand. With the sale of its Stuart Florida plant, our 16th and final divestiture, Triumph has exited its large structure business, consistent with our strategic plan.