TransDigm Group Reports Fiscal 2017 Third Quarter Results and Announces Potential Financing Transaction
Cleveland, Ohio, August 8, 2017/PRNewswire/ -- TransDigm Group Incorporated (NYSE: TDG), a leading global designer, producer and supplier of highly engineered aircraft components, today reported results for the third quarter ended July 1, 2017.
Highlights for the third quarter include:
Net sales of $907.7 million, up 13.8% from $797.7 million;
Net income of $169.1 million, up 5.2% from $160.6 million;
Earnings per share of $3.08, up 6.9% from $2.88;
EBITDA As Defined of $442.9 million, up 15.4% from $383.9 million;
Adjusted earnings per share of $3.30, up 6.8% from $3.09; and
Net sales for the quarter rose 13.8%, or $110.0 million, to $907.7 million from $797.7 million in the comparable quarter a year ago. The favorable contribution from the businesses acquired in the last twelve month period was $87.1 million. Organic net sales growth was up approximately 3%.
Net income for the quarter increased 5.2% to $169.1 million, or $3.08 per share, compared to $160.6 million, or $2.88 per share, in the comparable quarter a year ago. The increase in net income primarily reflects the increase in net sales described above, lower refinancing expenses and improvements to our operating margin resulting from the strength of our proprietary products and continued productivity efforts. This growth in net income was partially offset by higher interest expense and a higher effective tax rate.
Adjusted net income for the quarter rose 5.1% to $181.1 million, or $3.30 per share, from $172.3 million, or $3.09 per share, in the comparable quarter a year ago.
EBITDA for the quarter increased 23.1% to $424.2 million from $344.6 million for the comparable quarter a year ago. EBITDA As Defined for the period increased 15.4% to $442.9 million compared with $383.9 million in the comparable quarter a year ago. EBITDA As Defined as a percentage of net sales for the quarter was 48.8%.
"We are pleased with our operating results for both the fiscal third quarter and year-to-date periods,” stated W. Nicholas Howley, TransDigm Group’s Chairman and Chief Executive Officer. “Our overall performance was in-line with our expectations with some modest puts and takes across our markets. Fiscal third quarter commercial transport aftermarket revenues were up in the mid to high-single digit percentage range despite ongoing weakness in our interior businesses. This was partially offset by continuing weakness in our business jet and helicopter aftermarket revenues. Our defense revenues
The following information was filed by Transdigm Group Inc (TDG) on Tuesday, August 8, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: TDG CIK: 1260221 Form Type:10-Q Quarterly Report Accession Number: 0001260221-17-000046 Submitted to the SEC: Tue Aug 08 2017 4:39:45 PM EST Accepted by the SEC: Tue Aug 08 2017 Period: Friday, June 30, 2017 Industry: Aircraft Parts And Auxiliary Equipment