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TransDigm Group Reports Fiscal 2013 Fourth Quarter and Year-End Results
Cleveland, Ohio, November 14, 2013/PRNewswire via COMTEX/ 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, 2013.
Highlights for the quarter and fiscal year include:
Fourth quarter net sales of $539.7 million, up 16.7% from $462.6 million;
Fourth quarter EBITDA As Defined of $248.2 million, up 15.4% from $215.1 million;
Fiscal 2013 net sales of $1,924.4 million, up 13.2% from $1,700.2 million;
Fiscal 2013 EBITDA As Defined of $900.3 million, up 11.3% from $809.0 million;
Fiscal 2013 net income of $302.8 million, down 6.8% from $325.0 million;
Fiscal 2013 earnings per share of $2.39, down 60.0% from $5.97; and
Fiscal 2013 adjusted earnings per share of $6.90, up 3.4% from $6.67.
Net sales for the quarter rose 16.7% to $539.7 million from $462.6 million in the comparable quarter a year ago. Organic net sales growth of 5.6% was driven by an increase in commercial OEM and defense sales over the prior year. The favorable contribution from the acquisitions of Aerosonic, Arkwin and Whippany accounted for the balance of the sales increase.
Net income for the quarter decreased 4.4% to $84.0 million, or $0.20 loss per share, compared with $87.9 million, or $1.63 per share, in the comparable quarter a year ago. Earnings per share were reduced by $1.67 per share representing dividend equivalent payments of $95.1 million made during the quarter. The decrease in net income is primarily due to higher interest expense as a result of an increase in the level of outstanding borrowings and higher acquisition related costs partially offset by the growth in net sales described above and a lower effective tax rate. The higher interest expense was due to an increase in outstanding borrowings from $3.6 billion to $5.7 billion to fund the $12.85 per share dividend paid in November 2012 and the $22.00 per share dividend paid in July 2013. The current quarter included acquisition-related costs and non-cash compensation costs of $14.4 million, net of tax, or $0.26 per share. The comparable quarter a year ago reflected acquisition-related and non-cash compensation costs of $5.1 million, net of tax, or $0.09 per share.
The following information was filed by Transdigm Group Inc (TDG) on Thursday, November 14, 2013 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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