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Transdigm Group Inc (TDG) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 28, 2020

Transdigm Group Inc

CIK: 1260221 Ticker: TDG
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Fiscal 2020 financial guidance withdrawn due to COVID-19 pandemic.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.




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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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Inside Transdigm Group Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Parenthetical
Condensed Consolidated Statement Of Cash Flows
Condensed Consolidated Statement Of Changes In Stockholders' Deficit
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Income
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Narratives (Details)
Accumulated Other Comprehensive Loss - Schedule Of Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss - Schedule Of Amounts Recognized In Other Comprehensive Loss (Details)
Acquisitions And Divestitures
Acquisitions And Divestitures (Tables)
Acquisitions And Divestitures - Business Combinations Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed (Details)
Acquisitions And Divestitures - Narratives (Details)
Commitments And Contingencies (Details)
Commitments And Contingencies (Notes)
Debt
Debt (Tables)
Debt - Narratives (Details)
Debt - Schedule Of Debt (Detail)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Tables)
Derivatives And Hedging Activities - Narratives (Details)
Derivatives And Hedging Activities - Schedule Of Interest Rate Derivatives (Details)
Derivatives And Hedging Activities - Schedule Of Notional Amounts Of Outstanding Derivatives (Details)
Description Of The Business
Description Of The Business - Narratives (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations Narrative (Details)
Discontinued Operations Schedule Of Discontinued Operations (Details)
Earnings Per Share (Two-Class Method)
Earnings Per Share (Two-Class Method) (Tables)
Earnings Per Share (Two-Class Method) - Computation Of Basic And Diluted Earnings Per Share (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Carrying Amounts And Fair Values Of Financial Instruments (Detail)
Income Taxes
Income Taxes - Narratives (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Intangible Assets Subject To Amortization (Details)
Intangible Assets - Narratives (Details)
Intangible Assets - Summary Of Changes In Carrying Value Of Goodwill (Details)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventory (Details)
Leases (Notes)
Leases (Tables)
Leases Components Of Lease Expense (Details)
Leases Maturities Of Lease Liabilities (Details)
Leases Maturities Of Lease Liabilities Operating And Financing (Details)
Leases Supplemental Balance Sheet Information Related To Leases (Details)
Leases Supplemental Cash Flow Information Related To Leases (Details)
Recent Accounting Pronouncements
Recent Accounting Pronouncements - Narratives (Details)
Retirement Benefits (Notes)
Retirement Benefits (Tables)
Retirement Benefits Tables (Details)
Revenue
Revenue (Details)
Revenue Contract Assets And Liabilities (Tables)
Revenue Narrative (Policies)
Revenue Tables (Details)
Segments
Segments (Tables)
Segments - Ebitda Defined By Segment To Consolidated Income Before Taxes (Details)
Segments - Narratives (Details)
Segments - Net Sales By Reportable Segments (Details)
Segments - Total Assets By Segment (Details)
Subsequent Events
Subsequent Events Subsequent Events (Details)
Supplemental Guarantor Information
Supplemental Guarantor Information (Tables)
Supplemental Guarantor Information - Supplemental Condensed Consolidating Balance Sheet (Details)
Supplemental Guarantor Information - Supplemental Condensed Consolidating Cash Flow Statement (Details)
Supplemental Guarantor Information - Supplemental Condensed Consolidating Income Statement (Details)
Supplemental Guarantor Information Narrative (Details)
Unaudited Interim Financial Information

Material Contracts, Statements, Certifications & more

Transdigm Group Inc provided additional information to their SEC Filing as exhibits

Ticker: TDG
CIK: 1260221
Form Type: 10-Q Quarterly Report
Accession Number: 0001260221-20-000050
Submitted to the SEC: Tue May 05 2020 4:34:46 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Saturday, March 28, 2020
Industry: Aircraft Parts And Auxiliary Equipment

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