TransDigm Q1 Results Top Estimates; Lifts View For 2014

(RTTNews) - TransDigm Group Inc. (TDG), a designer and producer of aircraft components, Tuesday reported a rise in earnings for the first quarter primarily due to revenue growth. In addition, earnings and revenue topped analysts' estimates. Furthermore, the company raised outlook for 2014.

Earnings increased to $86.12 million, or $1.44 per share, from $74.17 million, or $0.66 per share, a year earlier.

Excluding certain items, earnings rose by 15.2 percent to $94.8 million, or $1.66 per share, from $82.3 million, or $1.51 per share, a year ago.

On average, 14 analysts polled by Thomson-Reuters estimated the company's earnings to be $1.56 for the quarter. Analysts' estimates typically exclude one-time items.

For the three months to December, EBITDA rose 23.2 percent to $234.5 million from $190.3 million a year earlier.

Net sales advanced by 23 percent to $529.3 million from $430.4 million a year earlier. Analysts had expected the company to report revenue of $503.25 million.

Primarily on account of the recent acquisition of Airborne Systems and first quarter performance, the company raised its 2014 revenue outlook to $2.283 billion - $2.343 billion from the previous guidance range of $2.155 billion - $2.215 billion, and net income outlook to $375 million - $393 million from the prior guidance range of $372 million - $390 million.

Also, the company raised it guidance for adjusted earnings per share to $7.35 - $7.65 from the previous range of $7.00 - $7.32.

Analysts expect revenue of $2.25 billion and adjusted earnings per share of $7.44 for the fiscal year 2014.