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TransDigm Group Reports Fiscal Fourth Quarter and Year-End Results
Cleveland, Ohio, November 19, 2009/PRNewswire-FirstCall/ TransDigm Group Incorporated (NYSE: TDG), a leading global designer, producer and supplier of highly engineered aircraft components, today reported results for the fourth quarter and fiscal year ended September 30, 2009. Highlights for the quarter and fiscal year include:
Fourth quarter net sales up 4.3% to $197.4 million from $189.2 million
Fourth quarter earnings per share up 9.3% to $0.82 from $0.75
Fiscal 2009 net sales up 6.7% to $761.6 million from $713.7 million
Fiscal 2009 net income up 22.4% to $162.9 million from $133.1 million
Fiscal 2009 earnings per share up 21.9% to $3.23 from $2.65
Fiscal 2009 EBITDA As Defined up 12.5% to $374.7 million from $333.1 million
Fiscal 2009 adjusted earnings per share up 22.6% to $3.42 from $2.79
Net sales for the quarter rose 4.3% to $197.4 million from $189.2 million in the comparable quarter a year ago. The favorable contribution from acquisitions was partially offset by a 4.6% decline in organic net sales. The decrease in organic sales was primarily due to lower commercial OEM and aftermarket demand partially offset by strong defense sales.
Net income for the quarter rose 9.5% to $41.6 million, or $0.82 per share, compared with $38.0 million, or $0.75 per share, in the comparable quarter a year ago. This increase of $3.6 million was primarily due to the improvements in operating margins resulting from the strength of our proprietary products, productivity gains from continued cost reduction initiatives, a decrease in interest expense and a lower effective tax rate.
Adjusted net income for the quarter increased 14.1% to $45.1 million, or $0.89 per share, from $39.5 million, or $0.78 per share, in the comparable quarter a year ago. Adjusted net income in the current quarter excludes $3.5 million, net of tax, or $0.07 per share, of non-cash compensation-related expenses and acquisition-related costs. Adjusted net income for the prior-year quarter excluded $1.5 million, net of tax, or $0.03 per share, of acquisition-related costs and non-cash compensation-related expenses.
The following information was filed by Transdigm Group Inc (TDG) on Thursday, November 19, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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