TransDigm Group Inc.

CLEVELAND, Feb. 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. "I am very pleased with our first quarter operating results and strong start to the fiscal year," stated Kevin Stein, TransDigm Group's President and Chief Executive Officer. "Total revenue ran ahead of our expectations and bookings outpaced revenues in all three of our major market channels - commercial OEM, commercial aftermarket and defense. Our diligent focus on our operating strategy and the continued recovery of our commercial aftermarket revenues drove further progression in our EBITDA as Defined margin, which improved to 50.0% for the quarter, up approximately 270 basis points from the comparable prior year period. Additionally, trends in the commercial aerospace market continue to be favorable including international air traffic improving and China re-opening its air travel with the lifting of its pandemic restrictions. We are encouraged by these trends, among other factors, and look forward to the remainder of fiscal 2023." Please see the attached tables for a reconciliation of income from continuing operations to EBITDA, EBITDA As Defined, and adjusted net income; a reconciliation of net cash provided by operating activities to EBITDA and EBITDA As Defined, and a reconciliation of earnings per share to adjusted earnings per share for the periods discussed in this press release. Mr. Stein stated, "We are raising our full year guidance primarily to reflect our strong first quarter results and current expectations for the remainder of the fiscal year. As our fiscal 2023 progresses, should the favorable trends in the commercial aerospace market recovery continue, including the expansion of flight activity in China, we could see further upward revision to our guidance." Commercial aftermarket revenue growth in the high-teens percentage range (an increase from previous guidance of mid-teens percentage range); Commercial OEM revenue growth in the mid-teens percentage range; and Defense revenue growth in the low to mid-single-digit percentage range. Please see the attached Table 6 for a reconciliation of EBITDA, EBITDA As Defined to net income and reported earnings per share to adjusted earnings per share guidance mid-point estimated for the fiscal year ending September 30, 2023. Additionally, please see attached table 7 for comparison of the current fiscal year 2023 guidance versus the previously issued fiscal year 2023 guidance. TransDigm Group will host a conference call for investors and security analysts on February 7, 2023, beginning at 11:00 a.m., Eastern Time. To join the call telephonically, please register for the call at h ttps://register.vevent.com/register/BI2cc62ce69fcf4c6e930da233e17a2b6b . Once registered, participants will receive the dial-in information and a unique pin to access the call. The dial-in information and unique pin will be sent to the email used to register for the call. The unique pin is exclusive to the registrant and can only be used by one person at a time. A live audio webcast of the call can also be accessed online at . A slide presentation will also be available for reference during the conference call; go to the investor relations page of our website and click on "Presentations." The call will be archived on the website and available for replay at approximately 2:00 p.m., Eastern Time. TransDigm Group, through its wholly-owned subsidiaries, is a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today. Major product offerings, substantially all of which are ultimately provided to end-users in the aerospace industry, include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps an