TransDigm Group Incorporated ( TDG Quick Quote TDG - Free Report) reported second-quarter fiscal 2022 adjusted earnings of $3.86 per share, which beat the Zacks Consensus Estimate of $3.71 by 4%. The bottom line improved a solid 50% from $2.58 reported a year ago.
Barring one-time items, the company reported GAAP earnings of $3.38 per share compared with $1.79 generated 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 one-time refinancing costs as well as lower COVID-19 restructuring costs.
Net sales amounted to $1,327 million in the fiscal second quarter, increasing 11.1% from $1,194 million in the prior-year quarter. The reported figure also exceeded the Zacks Consensus Estimate of $1.31 million by 1.5%.
Gross profit for the quarter rose 24.3% to $736 million from $592 million in the comparable quarter a year ago.
Consequently, income from operations surged 32% year over year to $520 million.
TransDigm ended second-quarter fiscal 2022 with cash and cash equivalents of $4,216 million, down from $4,787 million as of Sep 30, 2021.
At the end of the fiscal second 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 $366 million as of Apr 2, 2022, compared with $372 million as of Apr 3, 2021.
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.
TransDigm currently carries a Zacks Rank #4 (Sell).
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