Exhibit 99.1
 



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TransDigm Group Reports Fiscal 2020 Second Quarter Results

Cleveland, Ohio, May 5, 2020/PRNewswire/ -- TransDigm Group Incorporated (NYSE: TDG), a leading global designer, producer and supplier of highly engineered aircraft components, today reported results for the second quarter ended March 28, 2020.
Second quarter highlights include:
Net sales of $1,443 million, up 23.5% from $1,168 million;
Net income from continuing operations of $323 million, up 61.5% from $200 million;
Earnings per share from continuing operations of $5.63, up 58.1% from $3.56;
EBITDA As Defined of $675 million, up 19.3% from $566 million;
Adjusted earnings per share of $5.10, up 22.6% from $4.16; and
Fiscal 2020 financial guidance withdrawn due to COVID-19 pandemic.

COVID-19 Update
The global outbreak of the coronavirus disease ("COVID-19") was declared a pandemic by the World Health Organization in March 2020 and has significantly disrupted the airline industry, both domestically and internationally.

As of March 28, 2020, we saw a modest adverse impact to our commercial aftermarket and OEM sales from the COVID-19 pandemic as approximately the last three weeks of our second fiscal quarter were negatively impacted. Because the duration and severity of the outbreak are uncertain at this time, it is difficult to forecast any precise impact on the Company’s future results. However, the Company currently expects the COVID-19 pandemic to have a significant adverse impact on its sales, EBITDA As Defined and net income for the remainder of fiscal 2020 under the assumption that the COVID-19 pandemic will adversely affect our non-defense customers and their demand for our products and services. In the near term, the outbreak and worsening of the COVID-19 pandemic will adversely impact our commercial aftermarket sales. We believe that the COVID-19 pandemic will also adversely impact our commercial OEM sales over the long term.

As previously disclosed on April 2, 2020, the Company has enacted cost mitigation efforts as a result of expected declines in our business caused by the COVID-19 pandemic. These cost mitigation efforts include the following:
Reduction in workforce by up to 15% to align operations with customer demand; these actions are in addition to the cost mitigation efforts implemented in the second quarter of fiscal 2020;
Implementing one to eight-week furloughs at many businesses over approximately the next six months in response to business specific situations;
Substantially reducing cash compensation for the senior management team for the balance of fiscal 2020; and
Board of Directors will forgo annual retainer fees.




1

The following information was filed by Transdigm Group Inc (TDG) on Tuesday, May 5, 2020 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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