Triumph Group slides on extra 747-8 program costs

Boeing supplier Triumph Group (TGI -8.4%) says it will likely book ~$68M in pre-tax additional program costs in FY14 thanks to "reductions to the profitability estimates of the current 747-8 production lot."

The costs will be spread out as follows: FQ2, $0.53/share; FQ3, $0.14/share; FQ4, $0.16/share.

CEO Jeffry Frisby is "disappointed in [TGI's] recent execution on the 747 program," but notes that the company has "already taken several actions, including the development of a detailed game plan to reduce cost and improve quality and on-time delivery in a sustainable way." (PR)

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