TransDigm Group INC reported first quarter ended December 31, 2022 results: revenue $1,397 million, net income $229 million, EPS $3.33.
“TransDigm Group Reports Fiscal 2023 First Quarter Results Cleveland, Ohio, February 7, 2023/PRNewswire/ -- TransDigm Group Incorporated (NYSE: TDG), a leading global designer, producer and supplier of highly engineered aircraft components, today reported results for the first quarter ended December 31, 2022. First quarter highlights include: • Net sales of $1,397 million, up 17% from $1,194 million in the prior year's quarter; • Income from continuing operations of $229 million, up 40% from the prior year's quarter; • Earnings per share from continuing operations of $3.33, up 70% from the prior year's quarter; • EBITDA As Defined of $699 million, up 24% from $565 million in the prior year's quarter; • EBITDA As Defined margin of 50.0%; • Adjusted earnings per share of $4.58, up 53% from $3.00 in the prior year's quarter; and • Upward revision to fiscal 2023 financial guidance.”
Debt Financings
TransDigm Group INC incurred term loan of approximately $1,725 million with Goldman Sachs Bank USA at Term SOFR plus 3.25% maturing February 22, 2027.
“On December 14, 2022, TransDigm Inc. (“TransDigm”), a wholly-owned subsidiary of TransDigm Group Incorporated (“TD Group”), TD Group and certain subsidiaries of TransDigm entered into Amendment No. 10, Loan Modification Agreement and Refinancing Facility Agreement (the “Amendment”), pursuant to which, among other things, (x) TransDigm repaid in full its existing approximately $1,725 million tranche G term loans maturing August 22, 2024 and replaced such loans with approximately $1,725 million new tranche H term loans (the “New Tranche H Term Loans”) maturing February 22, 2027”
Material Agreements
TransDigm Group INC amended Amendment No. 10, Loan Modification Agreement and Refinancing Facility Agreement with Goldman Sachs Bank USA valued at approximately $1,725 million (effective 2022-12-14).
“On December 14, 2022, TransDigm Inc. (“TransDigm”), a wholly-owned subsidiary of TransDigm Group Incorporated (“TD Group”), TD Group and certain subsidiaries of TransDigm entered into Amendment No. 10, Loan Modification Agreement and Refinancing Facility Agreement (the “Amendment”), pursuant to which, among other things, (x) TransDigm repaid in full its existing approximately $1,725 million tranche G term loans maturing August 22, 2024 and replaced such loans with approximately $1,725 million new tranche H term loans (the “New Tranche H Term Loans”) maturing February 22, 2027, and (y) Goldman Sachs Bank USA was appointed the administrative agent and collateral agent as successor to Credit Suisse AG.”
Earnings Releases
TransDigm Group INC reported fiscal year ended September 30, 2022 results: revenue Net sales of $5,429 million, net income Income from continuing operations of $866 million, EPS Earnings per share from continuing operations of $13.38. Guidance initiated.
“Fiscal 2022 highlights include: • Net sales of $5,429 million, up 13% from $4,798 million in the prior fiscal year; • Income from continuing operations of $866 million, up 27% from $681 million in the prior fiscal year; • Earnings per share from continuing operations of $13.38, up 29% from $10.41 in the prior fiscal year;”
Earnings Releases
TransDigm Group INC reported fourth quarter ended September 30, 2022 results: revenue Net sales of $1,510 million, net income Income from continuing operations of $266 million, EPS Earnings per share from continuing operations of $3.98. Guidance initiated.
“Fourth quarter highlights include: • Net sales of $1,510 million, up 18% from $1,279 million in the prior year's quarter; • Income from continuing operations of $266 million, up 27% from $209 million in the prior year's quarter; • Earnings per share from continuing operations of $3.98, up 11% from $3.58 in the prior year's quarter;”
W. Nicholas Howley was appointed as Chairman of the Board at TransDigm Group INC.
“On August 6, 2021, the Company’s Board of Directors appointed W. Nicholas Howley as Chairman of the Board of Directors.”
Jane M. Cronin was elected as Director at TransDigm Group INC.
“On June 30, 2021, the Board of Directors of TransDigm Group Incorporated (the “Company”) increased the size of the Board of Directors from 11 to 12 members and elected Jane M. Cronin as a director of the Company.”
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