TransDigm Group Inc. Q1 FY2024 results: revenue $1.8 billion, up 28.1% on the year

TransDigm Group Inc. (TDG) reported revenue of $1.8 billion for Q1 FY2024, the quarter ended 30 December 2023, up 28.1% on the same quarter a year earlier. Net income was $382 million, up 67.5% on the year, and diluted earnings per share $4.87. The figures are the company's own, from the 10-Q it filed with the SEC on 8 February 2024.

Revenue$1.8 billionup 28.1%

Net income$382 millionup 67.5%

Diluted EPS$4.87

QuarterQ1 FY2024ended 30 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,789	1,852	n/a	n/a
Cost of revenue	747	761	n/a	n/a
Gross profit	1,042	1,091	n/a	n/a
Gross margin	58.2%	58.9%	n/a
Selling, general and administrative	220	203	n/a	n/a
Operating income	787	855	n/a	n/a
Operating margin	44.0%	46.2%	n/a
Interest expense	300	n/a	n/a	n/a
Pre-tax income	488	549	n/a	n/a
Income tax	106	135	n/a	n/a
Effective tax rate	21.7%	24.6%	n/a
Net income	382	415	n/a	n/a
Net margin	21.4%	22.4%	n/a
Diluted EPS	$4.87	$7.24	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	636	462	n/a	n/a
Capital expenditure	36.0	37.0	n/a	n/a
Free cash flow	600	425	n/a	n/a
Free cash flow margin	33.5%	22.9%	n/a
Depreciation and amortisation	71.0	70.0	n/a	n/a
Share-based compensation	51.0	4.0	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	2,038	0.0	n/a	n/a
Dividend per share	$35.00	n/a	n/a	n/a
Diluted shares, weighted	58m	57m	n/a	n/a
Shares outstanding at period end	56m	55m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	20,685	19,970	n/a	n/a
Cash and equivalents	4,135	3,472	n/a	n/a
Receivables	1,145	1,230	n/a	n/a
Inventory	1,708	1,616	n/a	n/a
Goodwill	9,036	8,988	n/a	n/a
Long-term debt	21,427	19,401	n/a	n/a
Long-term debt including finance leases	21,346	19,330	n/a	n/a
Borrowings, as the company tags them	21,608	19,563	n/a	n/a
Operating lease liabilities	45.0	51.0	n/a	n/a
Finance lease liabilities	249	188	n/a	n/a
Shareholders' equity	-3,513	-1,984	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,852	1,789	1,919	2,046	2,186	2,006	2,150	2,237	2,438	2,285	2,544	2,741
Cost of revenue	761	747	767	826	928	771	876	905	968	933	1,033	1,113
Gross profit	1,091	1,042	1,152	1,220	1,258	1,235	1,274	1,332	1,470	1,352	1,511	1,628
Gross margin	59%	58%	60%	60%	58%	62%	59%	60%	60%	59%	59%	59%
SG&A	203	220	248	248	264	211	236	242	256	254	273	332
Operating income	855	787	867	934	943	974	991	1,039	1,161	1,042	1,178	1,227
Operating margin	46%	44%	45%	46%	43%	49%	46%	46%	48%	46%	46%	45%
Interest expense	n/a	300	326	316	n/a	378	378	397	n/a	475	484	514
Pre-tax income	549	488	519	602	606	619	622	635	753	572	700	713
Tax rate	25%	22%	22%	23%	23%	20%	23%	22%	19%	22%	23%	24%
Net income	415	382	403	461	468	493	479	492	610	445	535	539
Net margin	22%	21%	21%	23%	21%	25%	22%	22%	25%	19%	21%	20%
Diluted EPS	$7.24	$4.87	$6.97	$7.96	$5.82	$7.62	$8.24	$8.47	$7.75	$6.62	$9.20	$9.39
Operating cash flow	462	636	229	608	572	752	148	631	507	832	135	724
Capital expenditure	37.0	36.0	48.0	40.0	41.0	42.0	56.0	58.0	66.0	60.0	71.0	74.0
Free cash flow	425	600	181	568	531	710	92.0	573	441	772	64.0	650
Buybacks	n/a	0.0	0.0	0.0	0.0	316	53.0	131	0.0	106	615	1,086
Dividends paid	0.0	2,038	0.0	0.0	0.0	4,396	0.0	0.0	5,233	59.0	0.0	0.0
Shares outstanding	55m	56m	56m	56m	56m	56m	56m	56m	56m	56m	56m	55m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 December 2023, filed 8 February 2024, accession 0001260221-24-000021: the filing on EDGAR. All of TransDigm Group Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install