TDG - TransDigm Group beats Q1 top and bottom line estimates; updates FY23 outlook

2023-05-09 07:19:03 ET

• TransDigm Group press release ( NYSE: TDG ): Q2 Non-GAAP EPS of $5.98 beats by $0.51 .
• Revenue of $1.59B (+19.5% Y/Y) beats by $60M .
• EBITDA As Defined of $817 million, up 29% from $633 million in the prior year's quarter.
• EBITDA As Defined margin of 51.3%.
• Upward revision to fiscal 2023 financial guidance to reflect the continued strong performance of the Company as well as to include the acquisition of Calspan Corporation.
• TransDigm now expects fiscal 2023 financial guidance to be as follows: Net sales are anticipated to be in the range of $6,410 million to $6,500 million vs. consensus of $6.17B compared with $5,429 million in fiscal 2022 (an increase of $300 million at the mid-point);
• Net income from continuing operations is anticipated to be in the range of $1,141 million to $1,191 million compared with $866 million in fiscal 2022 (an increase of $46 million at the mid-point);
• Earnings per share from continuing operations is expected to be in the range of $19.30 to $20.18 per share based upon weighted average shares outstanding of 57.1 million shares compared with $13.38 per share in fiscal 2022 (an increase of $0.80 at the mid-point);
• EBITDA As Defined is anticipated to be in the range of $3,230 million to $3,290 million compared with $2,646 million in fiscal 2022 (an increase of $150 million at the midpoint and corresponding to an EBITDA As Defined margin guide of approximately 50.5% for fiscal 2023);
• Adjusted earnings per share is expected to be in the range of $23.31 to $24.19 per share  vs. consensus of $22.35 compared with $17.14 per share in fiscal 2022 (an increase of $1.58 at the mid-point).

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