UPDATE 3-TransDigm Q3 profit tops market, shares hit year-high

* Says acquisitions, defense sales boost results

* Q3 adj EPS $0.87 vs est $0.80

* Sees FY EPS $3.18-$3.24, rev $750-$758 mln

* Shares rise 14 pct to new 52-week high (Adds details, updates to share close)

Aug 4 (Reuters) - Aircraft component designer TransDigm Group (TDG.N) posted a better-than-expected quarterly profit, helped by acquisitions and defense sales, and raised its full-year earnings outlook, sending its shares to a year-high.

However, the company said its organic net sales fell 5.5 percent due to lower business jet original equipment manufacturing and aftermarket demand. This was partially offset by strong defense sales.

The company saw over a 30 percent decline in business jet OEM and aftermarket demand. Other commercial sales were down modestly, it said.

The defense business, which is about a fourth of the company's revenue, continues to look very good for 2009 and should see mid-to-high teen percentage growth from last year, Chief Executive Nicholas Howley said on a conference call with analysts.

Howley said the future sustainability of defense revenues at this level was not clear at this time.

TransDigm gets its business from a number of aircraft platforms like Boeing's (BA.N) B747 and Airbus's (EAD.PA) A330, business jets like the Gulfstream Series, and military helicopters.

Howley warned that rate reductions by Boeing and Airbus could impact sales volumes in the fourth quarter.

He also warned: "We are more pessimistic about the 2009 commercial aftermarket revenues than we were originally."

RAISES FY PROFIT VIEW

The company reported a third-quarter profit of $41.4 million, or 82 cents per share, compared with a profit of $35.9 million, or 72 cents a share, a year ago.

Adjusted earnings were 87 cents a share.

Net sales rose 2 percent to $189.9 million. The increase was due to the acquisitions of CEF Industries, Unison Industries' ignition product line and Aircraft Parts Corporation in 2008.

Analysts on average had expected earnings of 80 cents per share, before special items, on revenue of $192.2 million, according to Reuters Estimates.

TransDigm raised its full-year earnings outlook to between $3.18 and $3.24 a share, from its previous forecast of $3.01 to $3.13 a share. It expects adjusted earnings of $3.36 to $3.42 per share.

It also narrowed its full-year revenue outlook to a range of $750 million to $758 million, from $750 million to $765 million.

Analysts were looking for a profit of $3.19 before special items, on revenue of $756.4 million.

Shares of the Cleveland-based company closed up $4.81 at $44.80 Tuesday on the New York Stock Exchange. They touched a new 52-week high of $45.64 earlier in the day. (Reporting by Eric Yep in Bangalore; Editing by Gopakumar Warrier and Deepak Kannan)