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TransDigm Reports Q3 Sales Growth Of ~15%, Declares Special Dividend

·1 min read
  • TransDigm Group Inc (NYSE: TDG) reported third-quarter sales growth of 14.8% year-over-year to $1.398 billion, +16.7% on an organic basis, missing the consensus of $1.40 billion by a thin margin.

  • Adjusted EPS improved 46% Y/Y to $4.85, beating the consensus of $4.39.

  • The gross margin expanded by 460 bps to 58.4%. The operating income increased by 34% Y/Y to $599 million, and the margin expanded by 615 bps to 42.9%.

  • Income from continuing operations decreased 24.6%Y/Y to $239 million.

  • EBITDA as Defined increased by 24.5% Y/Y to $696 million, and the margin expanded by 390 bps to 49.8%.

  • TransDigm repurchased 443,598 shares at an average price per share of $553.62 for ~$245 million during the quarter.

  • TransDigm generated cash from operating activities year-to-date of $675 million, compared to $624 million a year ago. It held cash and equivalents of $3.81 billion as of July 2, 2022.

  • Dividend: The company has authorized and declared a special cash dividend of $18.50 on each outstanding share of common stock and cash dividend equivalent payments under options granted under its stock options plans. The record date for the special dividend is August 19, 2022, with the payment date of August 26, 2022.

  • Outlook: TransDigm’s FY22 guidance remains suspended, citing the continued disruption in its primary commercial end markets.

  • Price Action: TDG shares are trading higher by 0.56% at $644.78 on the last check Tuesday.

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