TransDigm lifts annual forecast on strong demand for aircraft parts, services
May 7 (Reuters) -TransDigm Group on Tuesday TDG.N raised its full-year earnings forecast after posting strong quarterly results, as its sees strong demand for aircraft parts and services from carriers that are holding on to their older planes to meet a surge in air travel.
TransDigm, which supplies aircraft components such as cockpit security systems and engine sensors for commercial and military jets, now expects fiscal 2024 adjusted profit to be in the range of $31.75 to $33.09 per share, compared with $29.97 to $31.73 per share estimated previously.
The company also expects annual sales of $7.68 billion to $7.80 billion, compared with its previous estimate of $7.58 billion and $7.76 billion.
The Cleveland, Ohio-based firm, which counts planemakers Boeing BA.N and Airbus AIR.PA as its customers, reported adjusted profit of $7.99 per share for the second quarter, beating analysts' average estimate of $7.42 per share, as per LSEG data.
Net Sales for the quarter through March 30 jumped 21% to $1.92 billion, ahead of expectations of $1.88 billion.
Reporting by Anandita Mehrotra in Bengaluru; Editing by Anil D'Silva
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