1Q Beats On Tax Benefit; Raising Estimates On Lower Tax Rate
- Adjusted 1Q18 (Dec) EPS was up 121% to $5.58 (vs $2.52 last year), but 10 cents under our estimate when excluding $2.96 of tax benefits;
- Our FY18 EPS estimate is now $17.24 (from $13.22 and Company raised guidance to $16.95-to-$17.59 [from $12.78-to-$13.42] due purely to taxes), up 39% from FY17, Company revenue and EBITDA guidance remained unchanged;
- Our FY19 EPS projection is now $16.33 (from $14.65), off 5% from our FY18 estimate, given the tax benefit in 1Q18.
TransDigm Group is a holding company. Through its subsidiaries, the company designs, produces and supplies aircraft components for use on commercial and military aircraft. The company's segments are: Power and Control, which develops, produces and markets systems and components that provide power to or control power of the aircraft utilizing electronic, fluid, power and mechanical motion control technologies; Airframe, which develops, produces and markets systems and components that are used in non-power airframe applications utilizing airframe and cabin structure technologies; and Non-aviation, which develops, produces and markets products for non-aviation markets.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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