TransDigm Group (NYSE: TDG) reported Q2 EPS of $5.10, $0.74 better than the analyst estimate of $4.36. Revenue for the quarter came in at $1.44 billion versus the consensus estimate of $1.45 billion.

Second quarter highlights include:

• Net sales of $1,443 million, up 23.5% from $1,168 million;
• Net income from continuing operations of $323 million, up 61.5% from $200 million;
• Earnings per share from continuing operations of $5.63, up 58.1% from $3.56;
• EBITDA As Defined of $675 million, up 19.3% from $566 million;
• Adjusted earnings per share of $5.10, up 22.6% from $4.16; and
• Fiscal 2020 financial guidance withdrawn due to COVID-19 pandemic.

"We are pleased with our second quarter and fiscal first half results, particularly in light of an increasingly difficult global economy and commercial aerospace industry. Despite these headwinds, we had positive organic revenue growth in the quarter," stated Kevin Stein, TransDigm Group's President and Chief Executive Officer. "Also during the quarter, we began to move swiftly and with purpose in response to the COVID-19 pandemic, taking immediate actions to protect employees from the spread of the virus while also dealing with the harsh reality confronting the broader commercial aerospace industry in the near-term. While the actions that the current circumstances require, ranging from broad cost reductions to furloughs, and a right-sizing of the employee base are difficult to implement, I have no doubt that they will better position the Company to endure and emerge more strongly from the ongoing weakness in our primary commercial end markets."

Fiscal 2020 Outlook

On April 2, 2020, the Company withdrew its previously provided financial guidance for the fiscal year ending September 30, 2020, due to the unprecedented uncertainty around the ultimate impact of COVID-19 on global market and economic conditions.

For earnings history and earnings-related data on TransDigm Group (TDG) click here.