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What: Shares of Triumph Group (NYSE:TGI), a global leader in manufacturing and overhauling aerospace structures, systems, and components, are trading 10% lower today by 3:00 p.m. ET after investors digested the company's fiscal-year 2016 results.

So what: While Triumph managed to deliver year-over-year margin growth in its Aerospace Systems Group and Aftermarket Services businesses during the fiscal third quarter, there were a few things that apparently didn't sit well with investors.

First, during the fiscal third-quarter management performed an interim assessment of fair value of the company's goodwill and intangible assets. That assessment resulted in Triumph recording a pretax, non-cash impairment charge of $229.2 million, or $3.02 per diluted share.

Second, for the fiscal third-quarter 2016, the company's net sales declined to $913.9 million, down from 2015's third-quarter result of $917.4 million. Even worse, organic sales for the third quarter declined 11% thanks to the rate reductions on key Aerostructures programs.

All in all, excluding one-time charges, Triumph's fiscal third quarter beat earnings-per-share estimates of $1.38 from Capital IQ Consensus by a penny, but missed on revenues by about $50 million. 

Now what: Wall Street wasn't thrilled with the decline in sales, which fell short of estimates, nor the company's hefty one-time charge on its goodwill and intangible assets. Recently appointed Triumph Group President and CEO Daniel J. Crowley admitted there's work to be done. "Going forward, our objectives are to deliver on our customer commitments, gain the benefits of our scale, strengthen our pipeline and ensure best practices are deployed across the enterprise as we align as One Triumph Team."

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