TransDigm Reports Mixed Q4 Results, Says Optimistic For Continued Recovery

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  • TransDigm Group Inc TDG reported fourth-quarter sales growth of 9% year-over-year to $1.28 billion, +10% on an organic basis, missing the consensus of $1.32 billion.
  • Adjusted EPS improved 47% Y/Y to $4.25, beating the consensus of $3.69.
  • The gross margin expanded by around 1,100 bps to 56.7%. The operating income increased by 70.9% Y/Y to $535 million, and the margin expanded by 1,515 bps to 41.8%.
  • EBITDA increased by 28% Y/Y to $636 million, and the margin expanded by 727 bps to 49.7%.
  • TransDigm generated cash from operating activities for the fiscal year of $913 million, compared to $1.21 billion a year ago.
  • "Encouraging commercial air travel trends cause us to be optimistic for the continued recovery of the commercial aerospace industry in the upcoming year. Although uncertainty remains about the shape and pace of recovery, we believe that in time the commercial aerospace industry and our business will fully recover and expand into the future," stated CEO Kevin Stein. 
  • The company expects an FY22 EBITDA Margin of ~47%, dependent on the pace of commercial aftermarket recovery.
  • Price Action: TDG shares are trading higher by 2.15% at $667.78 on the last check Tuesday.
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