We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
TransDigm (TDG) Beats on Q3 Earnings, Ups '23 EPS View
Read MoreHide Full Article
TransDigm Group Incorporated (TDG - Free Report) reported fiscal third-quarter 2023 adjusted earnings of $7.25 per share, which beat the Zacks Consensus Estimate of $6.33 by 14.5%. The bottom line improved 49.5% from the prior-year quarter’s reported figure of $4.85.
Barring one-time items, the company recorded GAAP earnings of $6.14 per share compared with $4.10 in the year-ago quarter.
Sales
Net sales amounted to $1,744 million, up 24.7% from $1,398 million registered in the prior-year period. The reported figure also beat the Zacks Consensus Estimate of $1,677 million by 4%.
Transdigm Group Incorporated Price, Consensus and EPS Surprise
The gross profit for the quarter was $1,029 million, up 26.1% from the year-ago quarter’s level of $816 million.
Income from continuing operations increased 47.8% year over year to $352 million. The increase was primarily due to a rise in net sales and a favorable sales mix.
Financial Position
TransDigm’s cash and cash equivalents as of Jul 1, 2023, amounted to $3,071 million, up from $3,001 million as of Sep 30, 2022.
At the end of the fiscal third quarter, TDG’s long-term debt was $19.35 billion compared with $19.37 billion as of Sep 30, 2022.
Cash from operating activities totaled $913 million compared with $675 million at the end of fiscal third-quarter 2022.
Guidance
TransDigm has updated its financial guidance for fiscal 2023. The company now expects sales in the range of $6,525-$6,585 million compared with the previous guidance of $6,410-$6,500 million. The Zacks Consensus Estimate for the company’s full-year sales is pegged at $6.49 billion, lower than the company’s guided range.
The company currently expects adjusted earnings of $24.94-$25.36 per share for fiscal 2023, up from the prior estimated range of $23.31-$24.19 per share. The Zacks Consensus Estimate for full-year earnings is pegged at $24.03 per share, lower than the company’s guided range.
Leidos Holdings, Inc.’s (LDOS - Free Report) second-quarter 2023 adjusted earnings of $1.80 per share beat the Zacks Consensus Estimate of $1.55 by 16.1%. The bottom line also increased 13.2% from $1.59 recorded a year ago.
Leidos Holdings generated total revenues of $3,810 million, which beat the Zacks Consensus Estimate of $3,725.7 million by 2.3%. The top line also improved 6% year over year, driven by increased demand across all customer segments, especially for digital modernization, hypersonics and medical examination solutions.
Lockheed Martin (LMT - Free Report) reported second-quarter 2023 adjusted earnings of $6.73 per share, which beat the Zacks Consensus Estimate of $6.43 by 4.7%. The bottom line also improved 6.5% from the year-ago quarter's figure.
Net sales amounted to $16.69 billion, which outpaced the Zacks Consensus Estimate of $15.86 billion by 5.3%. The top line rose 8.1% from $15.45 billion recorded in the year-ago quarter.
The Boeing Company (BA - Free Report) incurred an adjusted loss of 82 cents per share in second-quarter 2023, narrower than the Zacks Consensus Estimate of a loss of 99 cents. The bottom line, however, deteriorated from the year-ago quarter’s reported loss of 37 cents.
Boeing’s revenues amounted to $19.75 billion, which beat the Zacks Consensus Estimate of $18.46 billion by 7%. The top line also improved 18% from the year-ago quarter’s reported figure of $16.68 billion.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
TransDigm (TDG) Beats on Q3 Earnings, Ups '23 EPS View
TransDigm Group Incorporated (TDG - Free Report) reported fiscal third-quarter 2023 adjusted earnings of $7.25 per share, which beat the Zacks Consensus Estimate of $6.33 by 14.5%. The bottom line improved 49.5% from the prior-year quarter’s reported figure of $4.85.
Barring one-time items, the company recorded GAAP earnings of $6.14 per share compared with $4.10 in the year-ago quarter.
Sales
Net sales amounted to $1,744 million, up 24.7% from $1,398 million registered in the prior-year period. The reported figure also beat the Zacks Consensus Estimate of $1,677 million by 4%.
Transdigm Group Incorporated Price, Consensus and EPS Surprise
Transdigm Group Incorporated price-consensus-eps-surprise-chart | Transdigm Group Incorporated Quote
Operating Results
The gross profit for the quarter was $1,029 million, up 26.1% from the year-ago quarter’s level of $816 million.
Income from continuing operations increased 47.8% year over year to $352 million. The increase was primarily due to a rise in net sales and a favorable sales mix.
Financial Position
TransDigm’s cash and cash equivalents as of Jul 1, 2023, amounted to $3,071 million, up from $3,001 million as of Sep 30, 2022.
At the end of the fiscal third quarter, TDG’s long-term debt was $19.35 billion compared with $19.37 billion as of Sep 30, 2022.
Cash from operating activities totaled $913 million compared with $675 million at the end of fiscal third-quarter 2022.
Guidance
TransDigm has updated its financial guidance for fiscal 2023. The company now expects sales in the range of $6,525-$6,585 million compared with the previous guidance of $6,410-$6,500 million. The Zacks Consensus Estimate for the company’s full-year sales is pegged at $6.49 billion, lower than the company’s guided range.
The company currently expects adjusted earnings of $24.94-$25.36 per share for fiscal 2023, up from the prior estimated range of $23.31-$24.19 per share. The Zacks Consensus Estimate for full-year earnings is pegged at $24.03 per share, lower than the company’s guided range.
Zacks Rank
TransDigm currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
Leidos Holdings, Inc.’s (LDOS - Free Report) second-quarter 2023 adjusted earnings of $1.80 per share beat the Zacks Consensus Estimate of $1.55 by 16.1%. The bottom line also increased 13.2% from $1.59 recorded a year ago.
Leidos Holdings generated total revenues of $3,810 million, which beat the Zacks Consensus Estimate of $3,725.7 million by 2.3%. The top line also improved 6% year over year, driven by increased demand across all customer segments, especially for digital modernization, hypersonics and medical examination solutions.
Lockheed Martin (LMT - Free Report) reported second-quarter 2023 adjusted earnings of $6.73 per share, which beat the Zacks Consensus Estimate of $6.43 by 4.7%. The bottom line also improved 6.5% from the year-ago quarter's figure.
Net sales amounted to $16.69 billion, which outpaced the Zacks Consensus Estimate of $15.86 billion by 5.3%. The top line rose 8.1% from $15.45 billion recorded in the year-ago quarter.
The Boeing Company (BA - Free Report) incurred an adjusted loss of 82 cents per share in second-quarter 2023, narrower than the Zacks Consensus Estimate of a loss of 99 cents. The bottom line, however, deteriorated from the year-ago quarter’s reported loss of 37 cents.
Boeing’s revenues amounted to $19.75 billion, which beat the Zacks Consensus Estimate of $18.46 billion by 7%. The top line also improved 18% from the year-ago quarter’s reported figure of $16.68 billion.