US-based aerospace and defence systems manufacturer Triumph Group has reported net sales of $386.7m in the fourth quarter of fiscal year 2022 (Q4 FY 2022) that ended on 31 March 2022.

The figure was $466.8m in the same period a year ago.

The company said that quarterly net sales declined 2% organically, excluding divestitures and sunsetting programmes, due to a fall in commercial widebody production and the timing of military OEM deliveries.

Operating income in Q4 FY 2022 totalled $38.8m, compared to a $46.2m operating loss in Q4 FY 2021. Adjusted operating income was $43m in the quarter, with an adjusted operating margin of 11%.

The company also reported a net loss in the quarter. The figure shrank year-over-year (YoY) to $10.6m in Q4 FY 2022, from a $73.5m net loss in Q4 FY 2021.

Triumph Group’s net sales totalled $1.5bn in FY 2022, down from $1.87bn recorded in the previous year.

Annual operating income was $104.3m with an operating margin of 7%.

In fiscal year 2022, the company incurred a net loss of $42.8m. The figure was $450.9m in fiscal year 2021.

The company also announced its financial outlook for FY 2023. It expects net sales to be between $1.2bn to $1.3bn in 2023.

Triumph chairman, president and CEO Dan Crowley said: “Triumph continued to deliver improving operating margin and cash flow, both sequentially and year over year, thanks to our talented and dedicated global team.

“We are pleased to provide financial outlook for fiscal 2023 powered by the diversity of our people, our highly engineered products, and the programmes and markets we serve. 

“With a growing and profitable backlog, Triumph is well positioned to benefit from continued strength in military and freighter markets and the anticipated recovery in commercial aviation production and aftermarket demand over the next several years.”

Earlier this year, Triumph agreed to sell the Stuart Florida aerostructures business to Daher Aerospace.