TransDigm Earnings Cut by One-Time Charge
Shares of Cleveland-based airplane parts manufacturer TransDigm slipped 2% in Tuesday trading, following a fiscal Q3 2013 earnings report that showed the company growing sales 6% in comparison with last year's Q3, but earning 50% fewer profits -- $0.71 per diluted share.
Management noted that its adjusted earnings per share, which don't count the cost of accelerated vesting of stock options, came in at $1.89 per share, or a nickel above estimates. Sales of $488.6 million matched analysts' expectations.
TransDigm CEO W. Nicholas Howley characterized results as having "positive signs" but warned that it's "too soon to tell with certainty" whether "this trend will continue."
TransDigm raised its guidance for full-year results and now predicts that sales for 2013 will range between $1.91 billion and $1.93 billion, with profits per share ranging between $2.28 and $2.40. This new guidance now calls for a full-year earnings decline of 55%.
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