What happened
Triumph Group (TGI -0.54%) is an apt name for a company that thrashed the exchange this week. Over the last five trading days, Triumph's shares rocketed almost 18% skyward, according to data compiled by S&P Global Market Intelligence. That was a far better performance than the sub-2% increase of the S&P 500 index over that span of time.
Investors were cheered by the company's latest set of quarterly results, accompanied by a generous analyst price target increase.
So what
For its fourth quarter of fiscal 2023, Triumph's sales enjoyed a 14% year-over-year increase to land at just over $393 million. Non-GAAP (adjusted) net income, meanwhile, came in at $34.5 million ($0.39 per share).
Both headline figures were well above the collective analyst estimates -- just under $346 million on the top line, and $0.14 per share for adjusted net income.
Triumph is an engineering company that concentrates on two segments, military and commercial aerospace. In the fourth quarter it did particularly well in the commercial aftermarket, with sales leaping to almost $96 million from the year-ago take of less than $66 million.
The company also proffered inspiring guidance. It believes its net sales will come in at $1.39 billion to $1.43 billion for fiscal 2024. This would represent growth of at least 7% over the 2023 figure; the range also convincingly tops the average analyst estimate of $1.33 billion.
Now what
Those kinds of numbers were strong enough to lead an analyst to make a significant change to his price target on Triumph stock. TD Cowen's Cai von Rumohr added 20% to his level; he now flags the shares as being worth $12 apiece, up from his previous estimation of $10. However, this doesn't make him a Triumph bull, as he maintained his market perform (neutral) recommendation on the stock.
