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TRANSDIGM GROUP INC . TransDigm Group Reports Fiscal 2021 Second Quarter Results May 11 , 2021 CLEVELAND , May 11 , 2021 / PRNewswire / -- TransDigm Group Incorporated ( NYSE : TDG ) , a leading global designer , producer and supplier of highly engineered aircraft components , today reported results for the second quarter ended April 3 , 2021 , which were significantly impacted by the COVID - 19 pandemic . Second quarter highlights include : • Net sales of $ 1,194 million , down 17.3 % from $ 1,443 million in the prior year's quarter ; • Income from continuing operations of $ 105 million ; • Earnings per share from continuing operations of $ 1.79 ; • EBITDA As Defined margin of 43.5 % , representing sequential improvement ; • EBITDA As Defined of $ 519 million ; ● Adjusted earnings per share of $ 2.58 ; and • Positive operating cash flow generation of $ 98 million . Fiscal 2021 financial guidance remains suspended at this time . Quarter - to - Date Results Net sales for the quarter declined 17.3 % , or $ 249 million , to $ 1,194 million from $ 1,443 million in the comparable quarter a year ago . Acquisition sales growth over the comparable quarter a year ago was $ 43 million , primarily attributable to Cobham Aero Connectivity . Income from continuing operations for the quarter was $ 105 million , a decrease of 67.5 % compared to $ 323 million in the comparable quarter a year ago . The decrease in income from continuing operations primarily reflects the decline in net sales described above , along with higher one - time refinancing costs , interest expense , COVID - 19 restructuring costs and effective tax rate , partially offset by a gain recorded on the settlement of an insurance claim . Adjusted net income for the quarter decreased 48.3 % to $ 151 million , or $ 2.58 per share , from $ 292 million , or $ 5.10 per share , in the comparable quarter a year ago . EBITDA for the quarter decreased 29.8 % to $ 464 million from $ 661 million for the comparable quarter a year ago . EBITDA As Defined for the period decreased 23.1 % to $ 519 million compared with $ 675 million in the comparable quarter a year ago . EBITDA As Defined as a percentage of net sales for the quarter was 43.5 % . " The commercial aerospace industry has continued to show signs of recovery in recent months with the distribution of the COVID - 19 vaccine and increasing air traffic , especially in certain domestic markets . We also saw another quarter of strong sequential improvement in our commercial bookings . These trends are encouraging and although the pace of the recovery is uncertain , we remain ready to meet the demand as it returns , " stated Kevin Stein , TransDigm Group's President and Chief Executive Officer . " Additionally , I am very pleased that we continue to sequentially expand our EBITDA As Defined margin as a result of careful management of our cost structure and focus on our operating strategy in this challenging commercial environment . " During the quarter , TransDigm completed the acquisition of Cobham Aero Connectivity ( " CAC " ) for an enterprise value of $ 965 million , with the majority of the acquisition first closing on January 5 , 2021 , and the remainder ( a Finland - based facility ) completing on February 12 , 2021. CAC is a leading provider of highly engineered antennas and radios for the aerospace end market . On March 1 , 2021 , TransDigm announced the sale of its ScioTeq and TREALITY Simulation Visual Systems businesses to OpenGate Capital for approximately $ 200 million . ScioTeq and TREALITY were acquired by TransDigm in March 2019 as part of the Esterline Technologies acquisition . The sale is expected to be completed during the third quarter of fiscal 2021 . Fina ing Activity Subsequent to the Quarter On April 21 , 2021 , TransDigm successfully completed a private offering of $ 750 million of 4.875 % senior subordinated notes due 2029. TransDigm expects to use the net proceeds from the offering , plus cash on hand , to redeem all of its $ 750 million of outstanding 6.50 % senior subordinated notes due 2025 . Year - to - Date Results Net sales for the twenty - six week period ended April 3 , 2021 declined 20.9 % , or $ 607 million , to $ 2,301 million from $ 2,908 million in the comparable period a year ago . Acquisition sales growth over the comparable period a year ago was $ 43 million , primarily attributable to Cobham Aero Connectivity . Income from continuing operations for the twenty - six week period ended April 3 , 2021 was $ 155 million , a decrease of 72.1 % compared to $ 556 million in the comparable period a year ago . The decrease in income from continuing operations primarily reflects the decline in net sales described above , along with higher COVID - 19 restructuring costs , interest expense and non - cash stock compensation expense , partially offset by a gain recorded on the settlement of an insurance claim .