Aerospace parts supplier TransDigm Group (NYSE: TDG) beat estimates in the most recent quarter and forecast strong profitability heading into its fiscal 2023. Investors applauded the results, sending TransDigm shares up as much as 11% on Thursday.

TransDigm has always been a gravity-defying business. Though aerospace is traditionally seen as a slower-growth, income-focused business, and parts companies in particular have a mixed record of profitability, TransDigm is one of the top performers in the industry. Over the past decade the shares are up 371%, nearly 200 percentage points better than the S&P 500, despite its exposure to airlines and other sectors hit hard by the pandemic.

The company's latest quarter was a reminder of the strength of the business. TransDigm earned $5.50 per share in its fiscal fourth quarter, easily topping analyst expectations for $5.20 per share in earnings, on revenue of $1.51 billion that matched expectations.

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Source Fool.com