NEW YORK (AP) — Shares of Triumph Group slid to their lowest point in more than a year Wednesday after the aircraft supplier's fiscal-third quarter results missed analysts' estimates and it cut its 2014 earnings forecast. On Tuesday Triumph Group Inc. reported third-quarter adjusted earnings of 99 cents per share on revenue of $915.8 million . Analysts surveyed by FactSet predicted earnings of $1.21 per share on revenue of $966.4 million . The company anticipates 2014 adjusted earnings of about $4.75 per share on revenue of approximately $3.8 billion . Its prior guidance was for adjusted earnings of about $5.25 per share, with revenue between $3.8 billion and $4 billion . Wall Street expected earnings of $5.24 per share on revenue of $3.89 billion . Peter Arment of Sterne, Agee & Leach said in a client note that Triumph Group's third-quarter results came in below his estimates for $1.33 per share in earnings and revenue of $963.3 million . The analyst said that production rate cuts on the 767 and 747-8 programs, a drop in military sales and customer deferrals hurt the performance. Arment reaffirmed a "Buy" rating and $85 price target. Triumph Group's stock declined $10.18 , or 13.2 percent, to $67.24 in midday trading. The shares fell to $62.35 earlier in the session, the lowest point since November 2012 .
Most Popular Stories
- Major Phone Makers Sign Anti-Phone-Theft Pledge
- India Recognizes Transgender People as 'Third Gender'
- 'Beige Book' Federal Reserve Survey, April 2014: Full Text
- Michael Bloomberg Takes Aim at the NRA
- Brands Get Caught in Bitter-Tweet Traps
- U.S. Job Market Still Needs Fed Stimulus: Yellen
- Dems in Energy States Back Away From Obama
- Depp, Pfister Are Tech Philosophers
- Man Arrested After Driving Stolen Car to Court Hearing
- U.S. Housing Starts up in March After Bitter Winter