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Wed, Feb. 10, 9:47 AM
- Cowen & Barclays: Weakness is a buying opportunity.
- Wellington Shields: Upgraded to Gradually Accumulate from Hold.
- RBC Capital: Upgraded to Outperform from Sector Perform.
- TransDigm (TDG +6.7%) is heading north following the comments/upgrades.
Tue, Feb. 9, 9:06 AM
- Adjusted net income of $128.7M, or $2.27 per share vs. $101.8M, or $1.80 per share in the same quarter a year ago.
- Net sales grew 19.6% Y/Y to $701.7M from $586.9M in the comparable quarter a year earlier.
- EBITDA increased 18.4% to $319.4M from $269.7M.
- Fiscal 2016 Outlook: Net income of $539M-$553M; Adjusted earnings per share of $10.65 to $10.89; Net sales of $3.144B-$3.188B; EBITDA of $1.425B-$1.445B.
- FQ1 results
Tue, Feb. 9, 7:18 AM
Mon, Feb. 8, 5:30 PM
Mon, Jan. 4, 8:45 AM
- TransDigm (NYSE:TDG) has completed its tender offer for the outstanding shares of Breeze-Eastern Corporation (NYSEMKT:BZC) for $19.61 per share in cash, without interest and less any applicable withholding taxes.
- The company expects to promptly complete its acquisition of Breeze-Eastern through a merger with TransDigm's subsidiary.
- SEC Form 8-K
- Previously: Breeze-Eastern set to become TransDigm subsidiary (Nov. 19 2015)
Dec. 31, 2015, 11:33 AM
- Canaccord Genuity's Ken Herbert is expecting a positive year (and another in 2016) for aerospace and defense stocks, with a look at the commercial OE cycle pointing to strong ratios and an election year boosting prospects.
- He sees a book-to-bill of about 1.4 based on commercial transport orders of about 1,900 this year, and a book-to-bill over 1 again in 2016.
- Since 1992, Herbert notes, defense stocks have outperformed the broad market by 17% in election years.
- Heading into next year, his top stock is Spirit AeroSystems Holdings (SPR +0.6%), which he says is further along in restructuring and cost control than peers; he rates it Buy with a $70 price target (42% upside).
- Overall, the firm feels positive defense sentiment bodes best for Rockwell Collins (COL -1.3%; 14% upside in $105 target), Boeing (BA -1%; 14% upside in $165 target), Esterline Technologies (ESL -1.3%; 36% upside in $110 target) and Triumph Group (TGI -0.7%; 36% upside in $54 target).
- An increase in aircraft maintenance spending would most benefit TransDigm Group (TDG -0.2%) and Heico (HEI -0.7%). Meanwhile, Rockwell Collins, Esterline, Triumph, B/E Aerospace (BEAV -1.1%) and Ducommun (DCO -0.6%) will be launching or accelerating restructurings in the coming year.
Nov. 19, 2015, 8:21 AM
- TransDigm (NYSE:TDG) and Breeze-Eastern (NYSEMKT:BZC) have announced a definitive merger agreement providing for Breeze-Eastern to become an indirect wholly-owned subsidiary of TransDigm.
- Under terms of the agreement, a subsidiary of TransDigm will commence a tender offer to acquire all of the outstanding shares of Breeze-Eastern common stock for $19.61/share in cash, in a transaction valued at approximately $206M.
- BZC -4% premarket
Nov. 12, 2015, 7:42 AM
- Adjusted net income of $160.3M, or $2.83 per share vs. $125.4M, or $2.21 per share in the same quarter of 2014.
- Net sales grew 26.1% Y/Y to $809.8M from $642.2M in the comparable quarter a year ago.
- EBITDA increased 24.7% to $363M from $291.1M.
- Fiscal 2016 Outlook: Net income of $526M-$540M; Adjusted earnings per share of $10.33 to $10.57; Net sales of $3.07B-$3.12M; EBITDA of $1.405B-$1.425B.
- FQ4 results
Nov. 12, 2015, 7:18 AM
- Transdigm Group (NYSE:TDG): FQ4 EPS of $2.83 beats by $0.27.
- Revenue of $809.79M (+26.1% Y/Y) beats by $4.37M.
Nov. 11, 2015, 5:30 PM
Aug. 20, 2015, 8:26 AM
- TransDigm (NYSE:TDG) has completed the acquisition of PneuDraulics, an aersospace manufacturer, for approximately $325M in cash.
- The purchase price includes approximately $107M of tax benefits to be realized by TransDigm over a 15 year period beginning in 2015.
- Previously: Transdigm Group to acquire PneuDraulics for $325M (Jul. 28 2015)
Aug. 4, 2015, 7:17 AM
- Transdigm Group (NYSE:TDG): FQ3 EPS of $2.26 misses by $0.01.
- Revenue of $691.4M (+13.2% Y/Y) misses by $30.72M.
Jul. 28, 2015, 5:39 PM
- TransDigm (NYSE:TDG) agrees to acquire PneuDraulics, a California-based manufacturer of engineered aerospace pneumatic and hydraulic components and sub-systems, for ~$325M in cash.
- TDG says the acquisition will allow it to expand its content on a number of substantial platforms, including Boeing 787 and Airbus A350.
Jul. 14, 2015, 7:40 PM
- The commercial aerospace segment still provides opportunities for double-digit gains over the next 18 months, as the "aero cycle has legs," J.P. Morgan analyst Seth Seifman says, initiating coverage of Boeing (NYSE:BA) and several peers with Overweight ratings.
- Boeing’s cash flow outlook has been controversial, but Seifman views 787 unit cost reduction as a powerful driver that can push free cash flow to $9.1B in 2017, 44% above 2015 estimates with potential for growth beyond; Seifman sees the precedent Boeing set by returning $8B of cash last year as a signal of confidence in future cash flow.
- General Dynamics' (NYSE:GD) balance sheet might drive upside, while Lockheed Martin (NYSE:LMT) could use its financial strength to create value, but Northrop Grumman (NYSE:NOC) is started at Underweight, as the analyst sees "fewer arrows left in the quiver" and expectations may be too high following recent outperformance in its shares.
- Initiated at Overweight along with Boeing: GD, LMT, SPR, TDG.
- Started at Neutral: BEAV, COL, PCP, TGI, TXT, HRS, LLL
- Earlier: JPMorgan initiates coverage on several aerospace plays
May 14, 2015, 10:35 AM| May 14, 2015, 10:35 AM
May 5, 2015, 9:34 AM
- Adjusted net income of $119.7M, or $2.11 per share vs. $106.6M, or $1.87 per share in the same quarter of 2014.
- Net sales grew 4.8% Y/Y to $619M from $590.8M in the comparable quarter a year ago..
- EBITDA increased 12.8% to $275.6M from $244.4M.
- Updated 2015 outlook: Net income of $432M-$446M (vs. $429M-443M); Adjusted earnings per share of $8.49-$8.75 (vs. $8.03-$8.29); Net sales of $2.66B-$2,69M; EBITDA of $1.195B-$1.215B.
- FQ2 results
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