Shares of Triumph Group (TGI) are moving up on Thursday after the aerospace company reported third quarter results. The company reported Q3 adjusted earnings per share of 69c on revenue of $704.7M against analyst expectations of 71c and $680.81M, respectively. CEO COMPLEMENTARY: “Triumph Group delivered strong third-quarter results, in line with our expectations,” stated Daniel Crowley, Triumph’s president and chief executive officer. “Organic revenue was up year-over-year across all three of our business segments, driven by increased volume on Airbus (EADSY) commercial programs and aftermarket demand for military rotorcraft components and engine mounted accessories. Free cash flow was positive for the quarter and year to date, and we remain on track to deliver positive free cash flow for fiscal year 2020 as we guided. Triumph is a more predictable business as we de-risk our portfolio and backlog and stabilize our cash flows.” OUTLOOK: Triumph is expecting full-year 2020 adjusted EPS of $2.35-$2.55 on revenue of $2.8B-$2.9B. Analysts are expecting EPS of $2.55 on revenue of $2.87B. 737 MAX UPDATE: Boeing (BA) and Triumph have agreed that advance repayments will be deferred from Triumph’s fiscal fourth quarter and have reached agreement on the rate at which Triumph will continue to manufacture content for the 737 Max program in the near term to protect the continuity of supply to Boeing, the company stated. The parties also agreed to explore balanced solutions to address a number of business considerations between both companies, including certain fiscal 2021 advance repayments. Boeing’s 737 MAX program historically has contributed a single-digit percentage of annual revenue. The company now expects the FY20 revenue impact from the reduction in rates from the beginning of the year to be less than 3% of sales with similar impacts to operating income and cash. PRICE ACTION: Shares of Triumph Group are up 14%, or $3.08 per share, to $24.95 in afternoon trading following this morning’s quarterly report.