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Triumph Group drops as 3Q results miss Street

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.