TransDigm Group Incorporated TDG reported first-quarter fiscal 2021 adjusted earnings of $1.97 per share, which missed the Zacks Consensus Estimate of $2.09 by 5.7%. Moreover, the bottom line plunged 59.4% from the prior-year quarter’s $4.93. The decline primarily reflects a decrease in net sales and higher interest expenses during the quarter.Barring one-time items, the company reported GAAP losses of 42 cents per share against GAAP earnings of 83 cents in the prior-year quarter. The year-over-year bottom-line decline can be attributed to dividend equivalent payments made during the quarter, pursuant to the company's employee stock option program.SalesNet sales amounted to $1,108 million, reflecting a year-over-year decline of 24.4% from the prior-year quarter’s sales of $1,465 million. The top line also missed the Zacks Consensus Estimate of $1,117 million by 0.8%. In the current quarter, all sales represent organic sales.Operating ResultsThe company reported a net income of $50 million from continuing operations in the quarter compared with a net income of $305 million in the comparable quarter a year ago.Selling and administrative expenses in the quarter amounted to $197 million compared with $201 million in the prior-year quarter.Transdigm Group Incorporated Price, Consensus and EPS Surprise Transdigm Group Incorporated price-consensus-eps-surprise-chart | Transdigm Group Incorporated QuoteFinancial PositionTransDigm ended first-quarter fiscal 2021 with cash and cash equivalents of $4,907 million, up from $4,717 million as of Sep 30, 2020.At the end of the reported quarter, the company’s long-term debt summed $19.39 billion, up slightly from $19.38 billion as of Sep 30, 2020.Cash from operating activities amounted to $274 million as of Jan 2, 2021, compared with $433 million as of Dec 28, 2019.Fiscal 2021 OutlookGiven the considerable uncertainty concerning the extent and duration of business disruptions stemming from the COVID-19 pandemic and how it will impact operations further, TransDigm kept its previously provided fiscal 2021 guidance suspended.Zacks RankTransdigm currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Recent Defense ReleasesLockheed Martin Corp. LMT reported fourth-quarter 2020 earnings from continuing operations of $6.38 per share, which came in line with the Zacks Consensus Estimate.Hexcel Corporation HXL reported fourth-quarter 2020 loss of 18 cents per share, in line with the Zacks Consensus Estimate.General Dynamics Corporation GD reported fourth-quarter 2020 earnings from continuing operations of $3.49 per share, which missed the Zacks Consensus Estimate of $3.55 by 1.7%.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report General Dynamics Corporation (GD): Free Stock Analysis Report Transdigm Group Incorporated (TDG): Get Free Report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Hexcel Corporation (HXL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research