Vought deal doubles first half profits at Triumph

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Triumph Group's June 2010 acquisition of former Boeing 787 supplier Vought Aircraft Industies for $1.44 billion looks to be paying off.

In its aerostructures division - which includes the Vought business - sales for the second quarter to 30 September were up 2% to $588 million, but segment profit surged 32% to $92.5 million. The comparable period last year period began after the Vought deal closed.

For the six months covering April-September, profits in the aerostructures business were up 70.2% to $180.5 million on sales up 52% to $1.23 billion.

Half year profits gained 27% to $45.1 million on sales up 10.7% to $266.8 million in aerospace systems, while profits rose 13.8% to $14 million on sales up 9.7% to $140.9 million in aftermarket services.

For the Group, half-year sales were up 39.2% to $1.64 billion; pre-tax profits more than doubled to $169.7 million.