DoD Inspector General Exposes Pentagon Contractor's 9,400% Profit On Half-Inch Pin [zero hedge]
Transdigm Group Incorporated (TDG)
Last transdigm group incorporated earnings: 2/4 07:15 am
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Source: zero hedge
TransDigm Group Inc. sold the Pentagon "drive pins" for $4,361 each - should only cost $46, a 9,400% gain in excess profits, according to the Inspector General US Department of Defense's audit labeled "For Official Use Only" obtained by Bloomberg.The inspector general's audit shows 98 of 100 parts inspected were overinflated in value and concluded the Pentagon is paying the Ohio-based defense manufacturing firm $91 million more in the next several years for parts valued at $28 million, with excess profit per part of 95% to the 9,400%.The audit "exposes how a company entrusted with supporting our military men and women took advantage of American taxpayers by overcharging the government more than $16 million" in aerospace components sold between 2015 and 2017, Oversight Committee Chairman Elijah Cummings said in a statement.On Wednseday morning, the House Committee on Oversight and Government Reform held a hearing to address excess profits by TransDigm.Inspector General of the Departmen
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TDG
News
- TransDigm Group Incorporated (NYSE: TDG) had its price target raised by analysts at KeyCorp from $1,220.00 to $1,325.00. They now have an "overweight" rating on the stock.MarketBeat
- Global Decoy Flares Market Size To Worth USD 6.3 Billion By 2033 | CAGR Of 11.09% [Yahoo! Finance]Yahoo! Finance
- TransDigm Group Incorporated (NYSE: TDG) had its price target raised by analysts at The Goldman Sachs Group, Inc. from $1,285.00 to $1,518.00. They now have a "buy" rating on the stock.MarketBeat
- Why TransDigm (TDG) is Poised to Beat Earnings Estimates Again [Yahoo! Finance]Yahoo! Finance
- How to Boost Your Portfolio with Top Aerospace Stocks Set to Beat Earnings [Yahoo! Finance]Yahoo! Finance
TDG
Earnings
- 2/8/24 - Beat
TDG
Sec Filings
- 4/16/24 - Form 4
- 4/16/24 - Form 4
- 3/26/24 - Form 4
- TDG's page on the SEC website