5 February 2014
TransDigm Group Inc. (NYSE: TDG) reported its net sales for the first quarter of 2014 rose 23.0% to USD529.3m from USD430.4m in the comparable quarter a year ago.
Organic net sales grew approximately 9.1%. The favorable contribution from the acquisitions of Aerosonic, Arkwin and Whippany Actuation accounted for the balance of the increase in net sales.
Net income for the quarter rose 16.1% to USD86.1m, or USD1.44 per share, compared to USD74.2m, or USD0.66 per share, in the comparable quarter a year ago. Earnings per share were reduced by USD0.07 per share representing dividend equivalent payments made in the quarter compared to USD0.70 per share in the comparable quarter a year ago. The increase in net income primarily reflects the growth in net sales described above partially offset by higher interest expense. The increase in interest expense was primarily due to an increase in outstanding borrowings from USD4.2bn to USD5.7bn primarily to fund the USD22.00 per share dividend paid in July 2013.
TransDigm Group, through its subsidiaries, is a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today.