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TransDigm Group profit misses consensus by 15.6% in fiscal Q1

TransDigm Group Inc. said its normalized net income for the fiscal first quarter ended Dec. 31, 2016, was $2.10 per share, compared with the S&P Capital IQ consensus estimate of $2.49 per share.

EPS rose 11.2% year over year from $1.88.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $118.5 million, a gain of 10.7% from $107.0 million in the first quarter ended Jan. 2, 2016.

The normalized profit margin dropped to 14.6% from 15.3% in the year-earlier period.

Total revenue climbed 16.0% on an annual basis to $814.0 million from $701.7 million, and total operating expenses climbed 14.3% year over year to $478.4 million from $418.5 million.

Reported net income declined 81.9% from the prior-year period to $22.9 million, or 41 cents per share, from $126.4 million, or $2.23 per share.