TransDigm Group Incorporated( TDG Quick Quote TDG - Free Report) reported third-quarter fiscal 2022 adjusted earnings of $4.85 per share, which beat the Zacks Consensus Estimate of $4.46. The bottom line improved a solid 46% from the $3.33 reported a year ago.
Barring one-time items, the company reported GAAP earnings of $4.10 per share compared with the $5.43 generated in the year-ago quarter.
Net sales amounted to $1,398 million in the fiscal third quarter, increasing 14.8% from $1,218 million in the prior-year quarter. The reported figure, however, lagged the Zacks Consensus Estimate of $1,425.5 million by 1.9%.
The gross profit for the quarter rose 24.6% to $816 million from $655 million in the comparable quarter a year ago.
The income from continuing operations decreased 24.6% year over year to $239 million. The decrease in the income from continuing operations was primarily due to the higher effective tax rate and a pension settlement charge for the Esterline Retirement Plan.
TransDigm ended the third quarter of fiscal 2022 with cash and cash equivalents of $3,808 million, down from $4,787 million as of Sep 30, 2021.
At the end of the fiscal third quarter, TDG’s long-term debt was $19.38 billion, slightly up from $19.37 billion as of Sep 30, 2021.
Cash from operating activities amounted to $675 million for the first three quarters of fiscal 2022 compared with $624 million in the same period of 2021.
Given the continued disruptions in TransDigm’s primary commercial end markets due to the impact of the pandemic, the company once again refrained from providing fiscal 2022 guidance.
TransDigm currently carries a Zacks Rank #2 (Buy). You can see
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