TransDigm Group (NYSE: TDG) reported Q3 EPS of $1.54, $0.57 better than the analyst estimate of $0.97. Revenue for the quarter came in at $1.022 billion versus the consensus estimate of $1.02 billion.

Third quarter highlights include:

• Net sales of $1,022 million, down 32.8% from $1,521 million in the prior year's quarter;
• Loss from continuing operations of $(5) million;
• Loss per share from continuing operations of $(0.09);
• EBITDA As Defined of $424 million, representing a margin of 41.5%;
• EBITDA As Defined of $424 million is down 35.7% from $659 million in the prior year's quarter;
• Adjusted earnings per share of $1.54, down 66.9% from $4.65; and
• Strong operating cash flow generation of $397 million.

Fiscal 2020 financial guidance remains suspended due to COVID-19 pandemic.

"Throughout our third fiscal quarter much of the global fleet was grounded and there was a substantial reduction in both passenger demand and air traffic due to the COVID-19 pandemic and the ensuing widespread lockdowns. Despite these headwinds, I am pleased that we were able to achieve an EBITDA As Defined margin of 41.5% as a result of swift and purposeful management of our cost structure," stated Kevin Stein, TransDigm Group's President and Chief Executive Officer. "These circumstances required actions that were necessary, but difficult to implement. We are better positioned as a Company to endure and emerge strongly from the ongoing weakness in our primary commercial end markets. In the past few months, initial signs of a recovery in commercial aerospace have emerged with commercial airlines bringing more of the fleet back into service. We will remain focused and diligent in our management of the details as much uncertainty remains about the duration of the pandemic and pace of recovery."

Fiscal 2020 Outlook

Given the considerable uncertainty around the extent and duration of business disruptions related to the COVID-19 pandemic, and how that will impact operations, the Company suspended its previously provided fiscal year 2020 guidance.

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