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TransDigm Group Incorporated (NYSE:TDG) reported better-than-expected results for its second quarter and raised FY24 outlook.
TransDigm posted adjusted earnings of $7.99 per share, beating market expectations of $7.42 per share. The company's quarterly sales came in at $1.919 billion versus estimates of $1.880 billion, according to data from Benzinga Pro.
TransDigm said it now sees FY24 sales of $7.68 billion to $7.80 billion, versus prior outlook of $7.58 billion to $7.76 billion. The company said it now projects adjusted EPS of $31.75 to $33.09, versus prior forecast of $29.97 to $31.73.
“I am very pleased with the operating results for the second quarter. We continued to see strong performance as we closed out the first half of our fiscal year,” stated Kevin Stein, TransDigm Group’s President and Chief Executive Officer. “Total revenue for the quarter exceeded our expectations and we had a robust EBITDA as Defined margin. Revenues sequentially improved in all three of our major market channels – commercial OEM, commercial aftermarket and defense. Our EBITDA As Defined margin improved to 53.2% for the quarter, up almost 200 basis points from the comparable prior year period. We remain deeply committed to our operating strategy with dedicated efforts across our teams to consistently focus on our value drivers and management of our cost structure. We look forward to the second half of our fiscal 2024 and the opportunity to continue driving value for our shareholders.”
TransDigm shares gained 0.7% to close at $1,310.40 on Tuesday.
These analysts made changes to their price targets on TransDigm following earnings announcement.
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Posted In: TDG
