TransDigm Group Incorporated (NYSE:TDG) thundered lower Thursday, on the release of quarterly figures to finish its fiscal year.
The Cleveland-based company revealed Thursday, Net sales of $1,173 million , down 23.9% from $1,541 million in the prior year's quarter. Income from continuing operations was $101 million.
Earnings per share from continuing operations were $1.76. EBITDA As Defined of $498 million is down 29.6% from $707 million in the prior year's quarter.
Adjusted earnings per share proved to be $2.89, down 48.6% from $5.62. But the company also boasted strong operating cash flow generation of $222 million .
CEO Kevin Stein said, "Throughout our fourth fiscal quarter, both passenger demand and air traffic remained depressed due to the COVID-19 pandemic. The pandemic has resulted in governments around the world implementing measures to control the spread of the virus, including quarantines, travel restrictions and other measures.
"Certain markets have reopened, while others, particularly international markets, remained closed or are enforcing extended quarantines. Despite these headwinds, I am pleased that we were able to sequentially expand our EBITDA. As-Defined margin moved to about 42.5% as a result of careful management of our cost structure."
Given the considerable uncertainty around the extent and duration of business disruptions related to the COVID-19 pandemic, and how that will impact operations, the company will not provide fiscal year 2021 guidance at this time.
TDG shares tumbled $11.91, or 2.1%, to $548.90 mid-morning Thursday.
