TransDigm Group, a leading global designer, producer and supplier of highly engineered aircraft components, reported results for the fiscal third quarter ended July 2, 2011. Net sales for the quarter rose 51.8% to $325.2 million from $214.2 million in the comparable quarter a year ago. Organic net sales growth was approximately 13.2% driven by improvement in both the commercial aftermarket and OEM markets partially offset by a slight decline in defense sales. The acquisitions of McKechnie Aerospace, Talley Actuation and Semco Instruments accounted for the balance of the sales increase.
Net income for the quarter increased 27.9% to $56.3 million, this includes a loss of $2.1 million from discontinued operations. Income from continuing operations of $58.4 million increased from $44.0 million in the prior year. Income in the quarter was negatively impacted by acquisition-related expenses of $4.3 million, net of tax and higher interest expense related to the refinancing of the Company’s debt structure in the first quarter of fiscal 2011. Net income in the comparable quarter a year ago of $44.0 million included acquisition-related expenses of $1.3 million, net of tax.
