Aircraft Parts Maker TransDigm's Shares Slide 3% Premarket After Sales Miss

Shares of aircraft parts maker TransDigm Group Inc. fell 3% in premarket trade, after the company missed sales estimates for its fiscal second quarter. Cleveland, Oh.-based TransDigm said it had net income of $155.5 million, or $2.78 a share, in the quarter, up from $141.7 million, or $2.52 a share, in the year-earlier period. Adjusted per-share earnings came to $3.02, ahead of the FactSet consensus of $3.01. Sales rose to $873.2 million from $796.8 million, missing the FactSet consensus of $893 million. "Commercial aftermarket revenues for the current fiscal second quarter compared slightly unfavorably to a very difficult comparison in the prior year quarter," Chief Executive W. Nicholas Howley said in a statement. "On a positive note, most of our commercial aftermarket businesses had higher revenues versus the prior year quarter." The company is now expecting fiscal 2017 sales of $3.53 billion to $3.57 billion, up from $3.17 billion in fiscal 2016. EPS is expected to range from $9.16 to $9.40, and adjusted EPS is expected to range from $12.09 to $12.33. The current FactSet consensus is for EPS of $12.25 and sales of $3.56 billion. Shares have gained 2.4% in 2017, while the S&P 500 has gained 7%.