Graphic source: Triumph Group's JP Morgan Aviation, Transportation & Industrials Conference presentation.

What: Shares of Triumph Group (NYSE:TGI), a global leader in manufacturing and overhauling aerospace structures, systems, and components, are flying about 10% higher after the company announced its fourth-quarter and full-year fiscal 2016 results.

So what: Looking at Triumph Group's top-line results, its revenue checked in at $1.06 billion during the quarter, which topped analysts' estimates of $1.01 billion. However, after reporting a profit during the same time period a year ago, Triumph Group's fourth-quarter loss checked in at $1.08 billion. In other words, it lost $21.93 per share during the fourth-quarter; but when adjusted for non-recurring costs, the company posted earnings of $1.32 per share -- which was below analysts' estimates of $1.49.

Despite missing bottom-line estimates, investors are apparently happy with the company completing its comprehensive review of operations, which focused on improving operational performance, identifying organic growth, and improving the facility footprint.

As an example, Triumph's business segment reporting is now more simple: what was three segments with six operating VPs is now four segments with four corresponding executive VPs. Further, it reduced the number of operating companies from 47 to 22, eliminating overlaps, and increasing the scale of combined companies.

Now what: Daniel J. Crowley, Triumph's President and Chief Executive Officer, said in a press release:

Our actions to simplify our company and operate as One Triumph Team reflect a commitment to our shareholders, customers and employees to sharpen Triumph's focus, improve performance, generate organic growth and deliver predictable profitability. We are moving immediately to begin realizing the benefits of our transformation strategy. We expect improved performance in fiscal year 2017 and follow through in fiscal years 2018 and 2019.

It's been a bumpy ride for investors during the past year, with shares down 5.4% year to date, and down 36% during the past 12 months. However, today's 10% pop suggests that investors are at least buying into the company's plan to improve operations.