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TransDigm's (TDG) Q1 Earnings Miss Estimates, Sales Rise Y/Y
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TransDigm Group Incorporated (TDG - Free Report) reported first-quarter fiscal 2022 adjusted earnings of $3 per share, which missed the Zacks Consensus Estimate of $3.10 by 3.2%. The bottom line however improved a solid 52.3% from $1.97 reported a year ago.
Barring one-time items, the company reported GAAP earnings of $1.96 per share against a loss of 42 cents incurred in the year-ago quarter.
This year-over-year improvement can be attributed to an increase in net sales, favorable sales mix, along with lower COVID-19 restructuring costs and stock compensation expense.
Transdigm Group Incorporated Price, Consensus and EPS Surprise
Net sales amounted to $1,194 million in the fiscal first quarter, increasing 8% from $1,108 million in the prior-year quarter. The reported figure however missed the Zacks Consensus Estimate of $1,224 million by 2.5%.
Operating Results
Gross profit for the quarter rose 22.2% to $661 million from $541 million in the comparable quarter a year ago.
Consequently, income from operations increased 44.4% year over year to $455 million.
Financial Position
TransDigm ended first-quarter fiscal 2022 with cash and cash equivalents of $4,813 million, up from $4,787 million as of Sep 30, 2021.
At the end of the fiscal first quarter, the company’s long-term debt was $19.39 billion, slightly up from $19.37 billion as of Sep 30, 2021.
Cash from operating activities amounted to $279 million as of Jan 1, 2022, compared with $274 million as of Jan 2, 2021.
Guidance
Given the continued disruptions in TransDigm’s primary commercial end markets, thanks to the impact of the COVID-19 pandemic, the company once again refrained from providing fiscal 2022 guidance.
L3Harris Technologies, Inc.’s (LHX - Free Report) fourth-quarter 2021 adjusted earnings from continuing operations came in at $3.30 per share, which surpassed the Zacks Consensus Estimate of $3.25 by 1.5%. Its revenues came in at $4,350 million, missing the Zacks Consensus Estimate of $4,467 million by 2.7%.
As of Dec 31, 2021, L3Harris had $941 million in cash and cash equivalents compared with $1,276 million as of Jan 1, 2021. The company’s earnings in 2022 are expected to be in the range of $13.35-$13.65 per share.
Raytheon Technologies’ (RTX - Free Report) fourth-quarter 2021 adjusted earnings per share of $1.08 beat the Zacks Consensus Estimate of $1.01 by 6.9%. Its sales of $17,044 million missed the Zacks Consensus Estimate of $17,215 million by 1%.
Raytheon Technologies had cash and cash equivalents of $7,832 million as of Dec 31, 2021, compared with $8,802 million as of Dec 31, 2020. The company currently projects adjusted EPS in the range of $4.60-$4.80 for 2022.
Boeing (BA - Free Report) incurred an adjusted loss of $7.69 per share for fourth-quarter 2021, much wider than the Zacks Consensus Estimate of a loss of 9 cents. Its revenues amounted to $14.79 billion, which missed the Zacks Consensus Estimate of $16.96 billion by 12.8%.
Boeing’s backlog at the end of fourth-quarter 2021 increased to $377.50 billion from $363.40 billion at the end of 2020. The company’s operating cash outflow at the end of 2021 was $3.42 billion compared with $18.41 billion at the end of 2020.
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TransDigm's (TDG) Q1 Earnings Miss Estimates, Sales Rise Y/Y
TransDigm Group Incorporated (TDG - Free Report) reported first-quarter fiscal 2022 adjusted earnings of $3 per share, which missed the Zacks Consensus Estimate of $3.10 by 3.2%. The bottom line however improved a solid 52.3% from $1.97 reported a year ago.
Barring one-time items, the company reported GAAP earnings of $1.96 per share against a loss of 42 cents incurred in the year-ago quarter.
This year-over-year improvement can be attributed to an increase in net sales, favorable sales mix, along with lower COVID-19 restructuring costs and stock compensation expense.
Transdigm Group Incorporated Price, Consensus and EPS Surprise
Transdigm Group Incorporated price-consensus-eps-surprise-chart | Transdigm Group Incorporated Quote
Sales
Net sales amounted to $1,194 million in the fiscal first quarter, increasing 8% from $1,108 million in the prior-year quarter. The reported figure however missed the Zacks Consensus Estimate of $1,224 million by 2.5%.
Operating Results
Gross profit for the quarter rose 22.2% to $661 million from $541 million in the comparable quarter a year ago.
Consequently, income from operations increased 44.4% year over year to $455 million.
Financial Position
TransDigm ended first-quarter fiscal 2022 with cash and cash equivalents of $4,813 million, up from $4,787 million as of Sep 30, 2021.
At the end of the fiscal first quarter, the company’s long-term debt was $19.39 billion, slightly up from $19.37 billion as of Sep 30, 2021.
Cash from operating activities amounted to $279 million as of Jan 1, 2022, compared with $274 million as of Jan 2, 2021.
Guidance
Given the continued disruptions in TransDigm’s primary commercial end markets, thanks to the impact of the COVID-19 pandemic, the company once again refrained from providing fiscal 2022 guidance.
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.
Recent Defense Releases
L3Harris Technologies, Inc.’s (LHX - Free Report) fourth-quarter 2021 adjusted earnings from continuing operations came in at $3.30 per share, which surpassed the Zacks Consensus Estimate of $3.25 by 1.5%. Its revenues came in at $4,350 million, missing the Zacks Consensus Estimate of $4,467 million by 2.7%.
As of Dec 31, 2021, L3Harris had $941 million in cash and cash equivalents compared with $1,276 million as of Jan 1, 2021. The company’s earnings in 2022 are expected to be in the range of $13.35-$13.65 per share.
Raytheon Technologies’ (RTX - Free Report) fourth-quarter 2021 adjusted earnings per share of $1.08 beat the Zacks Consensus Estimate of $1.01 by 6.9%. Its sales of $17,044 million missed the Zacks Consensus Estimate of $17,215 million by 1%.
Raytheon Technologies had cash and cash equivalents of $7,832 million as of Dec 31, 2021, compared with $8,802 million as of Dec 31, 2020. The company currently projects adjusted EPS in the range of $4.60-$4.80 for 2022.
Boeing (BA - Free Report) incurred an adjusted loss of $7.69 per share for fourth-quarter 2021, much wider than the Zacks Consensus Estimate of a loss of 9 cents. Its revenues amounted to $14.79 billion, which missed the Zacks Consensus Estimate of $16.96 billion by 12.8%.
Boeing’s backlog at the end of fourth-quarter 2021 increased to $377.50 billion from $363.40 billion at the end of 2020. The company’s operating cash outflow at the end of 2021 was $3.42 billion compared with $18.41 billion at the end of 2020.