Aerospace supplier TransDigm lifts revenue forecast after strong quarterly results
Feb 8 (Reuters) - Aerospace supplier TransDigm Group on Thursday lifted its 2024 revenue forecast after posting a quarterly results beat, as sustained travel demand boosted component sales and aftermarket volumes.
Demand for aircraft parts has increased as plane manufacturers accelerate production to capitalize on a post-pandemic travel surge, benefiting aerospace firms such as Transdigm and Howmet Aerospace.
Supply snags have forced plane manufacturers to delay deliveries of new planes, prompting airlines to keep existing aircraft flying for longer, boosting demand for repairs and services.
Last year, TransDigm announced a deal to acquire the components and subsystems business of Communications & Power Industries (CPI) with the aim of strengthening its position in the rapidly growing aircraft repair market.
TransDigm expects fiscal 2024 net sales to be between $7.58 billion and $7.76 billion, up from its earlier forecast of between $7.48 billion and $7.68 billion.
The company reported adjusted profit of $7.16 per share for the first quarter, beating analysts' average estimate of $6.41 per share.
Net Sales for the quarter through Dec. 30 jumped 28% to $1.79 billion, compared with estimates of $1.68 billion. (Reporting by Anandita Mehrotra in Bengaluru; Editing by Ravi Prakash Kumar)
