TransDigm reports net income of USD 233m in Q1 fiscal 2020

TransDigm Group Incorporated (NYSE: TDG), an aircraft components manufacturer, has reported net income from continuing operations of USD 233 million, in the first quarter of fiscal year 2020, an increase of 18.9% from USD 196 million, the company said.

Adjusted net income for the quarter increased 31.0% to USD 283 million, or USD 4.93 per share, from USD 216 million, or USD 3.85 per share, in the comparable quarter a year ago.

First quarter highlights include:

-Net sales of USD 1,465 million, up 47.5% from USD 993 million
-Earnings per share from continuing operations of USD 0.83, down 72.8% from USD 3.05
-EBITDA of USD 681 million, up 39.8% from USD 487 million
-Adjusted earnings per share of USD 4.93, up 28.1% from USD 3.85

During the quarter, on November 13, 2019, TransDigm completed a private offering of USD 2.65 billion of 5.50% senior subordinated notes due 2027. TransDigm used a portion of the net proceeds from the offering to redeem all of its USD 1.15 billion of outstanding 6.0% senior subordinated notes due 2022.

TransDigm Group, through its wholly owned subsidiaries, is a global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today.