CLEVELAND (AP) -- Aircraft part maker TransDigm Group Inc. said Monday that its fiscal first-quarter profit dropped 41 percent, pulled down by a steep jump in dividend payments.

For the quarter ended Dec. 29, the Cleveland-based company earned $36 million, or 66 cents per share, down from $61.8 million, or $1.15 per share, in the same quarter last year.

The recent quarter's results included 70 cents per share in dividend equivalent payments, compared with 6 cents per share a year ago. The recent quarter also included acquisition-related and non-cash compensation costs of 15 cents per share.

Excluding those items, the company earned an adjusted $1.51 per share for the recent quarter.

Revenue rose 22 percent to $430.4 million from $352.5 million, helped by contributions from the company's recent acquisitions of Harco, AmSafe and Aero-Instruments. Excluding those companies, TransDigm said its sales rose "slightly."

The results fell just short of Wall Street predictions. Analysts, on average, expected a profit of $1.53 per share on $426.6 million in revenue, according to FactSet.

The company narrowed its full-year adjusted profit guidance to take into account a more favorable tax outlook, but cautioned that worldwide economic and aerospace market conditions remain uncertain.

TransDigm narrowed its full-year profit prediction to a range of $6.74 to $6.98 per share from its previous range of $6.54 to $6.98 per share. It also narrowed its sales guidance to between $1.82 billion and $1.88 billion from its previous $1.8 billion to $1.9 billion.

Analysts expect earnings of $7 per share on $1.92 billion in revenue.

TransDigm shares rose $2.25, or 1.7 percent, to $138.67 in premarket trading. Its shares have traded between $105.35 to $152.62 over the past 52 weeks.