TransDigm Group Incorporated (NYSE:TDG) today reported results for the second quarter ended March 30, 2019.
The Cleveland-based company, a leading global designer, producer and supplier of highly engineered aircraft components, today reported net sales of $1,195.9 million, up 28.2% from $933.1 million.
Net income from continuing operations tallied $202.4 million, up 0.3% from $201.8 million. Earnings per share from continuing operations of $3.60, down 0.8% from $3.63.
EBITDA of $571.8 million, up 23.5% from $463.1 million. Adjusted earnings per share of $4.21, up 11.1% from $3.79.
On March 14, TransDigm completed the acquisition of Esterline Technologies Corporation, a supplier of products to the global aerospace and defense industry.
Esterline shareholders received $122.50 per share in cash, without interest in a transaction valued at approximately $4 billion in total consideration, including the pay off of Esterline debt.
Also, on February 13, TransDigm completed the private offerings of $4.0 billion aggregate principal amount of 6.25% Senior Secured Notes due 2026 and $550 million aggregate principal amount of 7.50% Senior Subordinated Notes due 2027.
CEO Kevin Stein, TransDigm said, "Organic revenue growth was 11% in the quarter driven by good growth across all major end markets. Our core EBITDA As Defined, excluding the dilutive impact of Esterline and the acquisitions completed in fiscal 2018, continued to expand sequentially and over the prior year period to 51.5% in the quarter."
Shares acquired 66 cents to $475.95
