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CLEVELAND - Aircraft parts maker TransDigm Group Inc. said its fiscal third-quarter profit surged 63 percent on a growth in net sales, productivity improvement and lower interest expense.
| TDG | 30.99 |  -1.16 |
The Cleveland-based company reported net income of $36 million, or 72 cents per share, in the third quarter of fiscal 2008, compared with $22.1 million, or 45 cents per share, in the year-ago quarter.
When excluding $1.5 million, or 3 cents per share, in non-cash compensation costs and acquisition-related expenses, the company earned $37.5 million, or 75 cents per share.
Revenue climbed 18 percent to $186.1 from $157.6 during the year-ago period.
Analysts surveyed by Thomson Financial, on average, expected earnings of 70 cents per share on revenue of $182 million. Analysts typically exclude one-time items from their earnings-per-share estimates.
The company said its productivity increased during the period, and it cut its interest expense by 16 percent to $21.8 million.
"We are pleased with the operating results of our fiscal 2008 third quarter, particularly in light of the uncertainties in both the general economy as well as the commercial airline industry," W. Nicholas Howley, TransDigm Group's chairman and chief executive, said in a statement.
Shares of TransDigm Group fell 10 cents to $37.78 in afternoon trading.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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