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EX - 99.1 2 exhibit991tdg2021qlearning.htm EX - 99.1 TRANSDIGM TransDigm Group Reports Fiscal 2021 First Quarter Results Cleveland , Ohio , February 9 , 2021 / 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 January 2 , 2021 , which were significantly impacted by the COVID - 19 pandemic . ● First quarter highlights include : Net sales of $ 1,108 million , down 24.4 % from $ 1,465 million in the prior year's quarter ; Income from continuing operations of $ 50 million ; Loss per share from continuing operations of $ ( 0.42 ) , with the loss driven by $ 1.32 per share of dividend equivalent payments made during the quarter , pursuant with the Company's employee stock option program ; EBITDA As Defined margin of 42.8 % , representing sequential improvement ; EBITDA As Defined of $ 474 million ; ● GROUP INC . ● ● Exhibit 99.1 Adjusted earnings per share of $ 1.97 ; and Strong operating cash flow generation of $ 274 million . Fiscal 2021 financial guidance will not be issued at this time . Net sales for the quarter declined 24.4 % , or $ 357 million , to $ 1,108 million from $ 1,465 million in the comparable quarter a year ago . In the current quarter , all sales represent organic sales . Income from continuing operations for the quarter was $ 50 million , a decrease of 78.6 % compared to $ 234 million in the comparable quarter a year ago . The decrease in income from continuing operations primarily reflects the decline in net sales described above and higher interest expense , partially offset by a lower effective tax rate . GAAP earnings per share were reduced in the first quarter of fiscal 2021 and 2020 by $ 1.32 per share and $ 3.22 per share , respectively , as a result of dividend equivalent payments made during each quarter . As a reminder , GAAP earnings per share are reduced when TransDigm makes dividend equivalent payments pursuant to the Company's stock option plans . These dividend equivalent payments are made during the Company's first fiscal quarter each year and also upon payment of any special dividends . Adjusted net income for the quarter decreased 59.4 % to $ 115 million , or $ 1.97 per share , from $ 283 million , or $ 4.93 per share , in the comparable quarter a year ago . EBITDA for the quarter decreased 38.0 % to $ 378 million from $ 610 million for the comparable quarter a year ago . EBITDA As Defined for the period decreased 30.4 % to $ 474 million compared with $ 681 million in the comparable quarter a year ago . EBITDA As Defined as a percentage of net sales for the quarter was 42.8 % . 1