TransDigm Group Incorporated (TDG - Free Report) reported fourth-quarter fiscal 2021 adjusted earnings of $4.25 per share, which surpassed the Zacks Consensus Estimate of $3.72 by 14.3%. The bottom line also improved a solid 47.1% from $2.89 reported a year ago.
Barring one-time items, the company reported GAAP earnings of $3.58 per share compared with $1.76 generated in the year-ago quarter.
This year-over-year improvement can be attributed to an increase in net sales, a favorable sales mix and lower COVID-19 restructuring costs.
During fiscal 2021, the company reported adjusted earnings of $12.13 per share, which surpassed the Zacks Consensus Estimate of $11.59 by 4.7%. The bottom line however declined 16% from $14.47 reported a year ago.
Sales
Net sales amounted to $1,279 million in the fiscal fourth quarter, increasing 9% from $1,173 million in the prior-year quarter. The reported figure however missed the Zacks Consensus Estimate of $1,335 million by 4.2%.
During fiscal 2021, TransDigm reported net sales worth $4,798 million, which decreased 6% from $5,103 million in the prior year. The reported figure also missed the Zacks Consensus Estimate of $4,840 million by 0.9%.
Operating Results
Gross profit for the quarter surged 35.3% to $725 million from $536 million in the comparable quarter a year ago.
Consequently, income from operations increased 70.9% year over year to $535 million.
Financial Position
TransDigm ended fiscal 2021 with cash and cash equivalents of $4,787 million, up from $4,717 million as of Sep 30, 2020.
At the end of fiscal 2021, the company’s long-term debt was $19.37 billion, almost in line with the long-term debt level as of Sep 30, 2020.
Cash from operating activities amounted to $913 million as of Sep 30, 2021, compared with $1,213 million as of Sep 30, 2020.
Given the continued disruptions in TransDigm’s primary commercial end markets, thanks to the impact of the COVID-19 pandemic, the company did not provide fiscal 2022 guidance this time.
Zacks Rank
TransDigm currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Defense Releases
Curtiss-Wright (CW - Free Report) reported third-quarter 2021 adjusted earnings of $1.88 per share, which surpassed the Zacks Consensus Estimate of $1.80 by 4.4%. Its total sales exceeded the Zacks Consensus Estimate of $601 million by 3.3%.
Curtiss-Wright updated its financial guidance for 2021 and now expects adjusted earnings in the range of $7.20-$7.35 per share, compared with the prior guidance range of $7.15-$7.35 per share. In the past six months, shares of Curtiss-Wright have returned 2.6%.
Raytheon Technologies’ (RTX - Free Report) third-quarter 2021 adjusted earnings per share of $1.26 outpaced the Zacks Consensus Estimate of $1.07 by 17.8%. The company’s third-quarter sales of $16,213 million missed the Zacks Consensus Estimate of $16,494 million by 1.7%.
Raytheon Technologies raised the earnings guidance range for 2021 and tweaked revenue expectations. It currently projects adjusted earnings in the range of $4.10-$4.20 per share, compared with the prior range of $3.85-$4.00. The company expects to record revenues worth approximately $64.50 billion compared with the earlier projection of $64.4-$65.4 billion. In the past six months, shares of Raytheon Technologies have risen 3.2%.
Hexcel Corporation (HXL - Free Report) reported third-quarter 2021 adjusted earnings of 13 cents per share, which outpaced the Zacks Consensus Estimate of 8 cents by 62.5%. Net sales for Hexcel totaled $333.8 million, which missed the Zacks Consensus Estimate of $353 million by 5.3%.
Hexcel continues to withhold its financial guidance citing market uncertainties stemming from the pandemic. The Zacks Consensus Estimate for 2021 has increased 13.6% to 25 cents per share in the past 60 days. Hexcel’s shares have gained 21.4% in the past six months.
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TransDigm Group Incorporated (TDG - Free Report) reported fourth-quarter fiscal 2021 adjusted earnings of $4.25 per share, which surpassed the Zacks Consensus Estimate of $3.72 by 14.3%. The bottom line also improved a solid 47.1% from $2.89 reported a year ago.
Barring one-time items, the company reported GAAP earnings of $3.58 per share compared with $1.76 generated in the year-ago quarter.
This year-over-year improvement can be attributed to an increase in net sales, a favorable sales mix and lower COVID-19 restructuring costs.
During fiscal 2021, the company reported adjusted earnings of $12.13 per share, which surpassed the Zacks Consensus Estimate of $11.59 by 4.7%. The bottom line however declined 16% from $14.47 reported a year ago.
Sales
Net sales amounted to $1,279 million in the fiscal fourth quarter, increasing 9% from $1,173 million in the prior-year quarter. The reported figure however missed the Zacks Consensus Estimate of $1,335 million by 4.2%.
During fiscal 2021, TransDigm reported net sales worth $4,798 million, which decreased 6% from $5,103 million in the prior year. The reported figure also missed the Zacks Consensus Estimate of $4,840 million by 0.9%.
Operating Results
Gross profit for the quarter surged 35.3% to $725 million from $536 million in the comparable quarter a year ago.
Consequently, income from operations increased 70.9% year over year to $535 million.
Financial Position
TransDigm ended fiscal 2021 with cash and cash equivalents of $4,787 million, up from $4,717 million as of Sep 30, 2020.
At the end of fiscal 2021, the company’s long-term debt was $19.37 billion, almost in line with the long-term debt level as of Sep 30, 2020.
Cash from operating activities amounted to $913 million as of Sep 30, 2021, compared with $1,213 million as of Sep 30, 2020.
Given the continued disruptions in TransDigm’s primary commercial end markets, thanks to the impact of the COVID-19 pandemic, the company did not provide fiscal 2022 guidance this time.
Zacks Rank
TransDigm currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Defense Releases
Curtiss-Wright (CW - Free Report) reported third-quarter 2021 adjusted earnings of $1.88 per share, which surpassed the Zacks Consensus Estimate of $1.80 by 4.4%. Its total sales exceeded the Zacks Consensus Estimate of $601 million by 3.3%.
Curtiss-Wright updated its financial guidance for 2021 and now expects adjusted earnings in the range of $7.20-$7.35 per share, compared with the prior guidance range of $7.15-$7.35 per share. In the past six months, shares of Curtiss-Wright have returned 2.6%.
Raytheon Technologies’ (RTX - Free Report) third-quarter 2021 adjusted earnings per share of $1.26 outpaced the Zacks Consensus Estimate of $1.07 by 17.8%. The company’s third-quarter sales of $16,213 million missed the Zacks Consensus Estimate of $16,494 million by 1.7%.
Raytheon Technologies raised the earnings guidance range for 2021 and tweaked revenue expectations. It currently projects adjusted earnings in the range of $4.10-$4.20 per share, compared with the prior range of $3.85-$4.00. The company expects to record revenues worth approximately $64.50 billion compared with the earlier projection of $64.4-$65.4 billion. In the past six months, shares of Raytheon Technologies have risen 3.2%.
Hexcel Corporation (HXL - Free Report) reported third-quarter 2021 adjusted earnings of 13 cents per share, which outpaced the Zacks Consensus Estimate of 8 cents by 62.5%. Net sales for Hexcel totaled $333.8 million, which missed the Zacks Consensus Estimate of $353 million by 5.3%.
Hexcel continues to withhold its financial guidance citing market uncertainties stemming from the pandemic. The Zacks Consensus Estimate for 2021 has increased 13.6% to 25 cents per share in the past 60 days. Hexcel’s shares have gained 21.4% in the past six months.
Free Report – The Bitcoin Profit Phenomenon
Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
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