What: Shares of aircraft components maker TransDigm Group Incorporated (NYSE:TDG) fell as much as 16% on Tuesday after the company reported fiscal first-quarter earnings.

So what: Net sales for the quarter were up 20% to $701.7 million and net income jumped 20% to $114.9 million, or $1.97 per share. After pulling out one-time items, earnings were $2.27 per share.  

Analysts were expecting $737.9 million in revenue and earnings of $2.32 per share, so it's that earnings miss that investors are reacting to today.  

2016 guidance was also updated, including an increase in expected revenue from $3.07 billion to $3.12 billion to a range of $3.14 billion to $3.19 billion. Earnings per share are now expected to be $9.48 to $9.72 from a previous range of $9.20 to $9.44.  

Now what: While results are improving, it should be noted that organic sales did decline slightly in the quarter. Acquisitions more than offset the decline, though, and that's why you see the big revenue and earnings growth above. With little organic growth, however, I think shares look very expensive at 19 times earnings. In a market full of cheap stocks, that's a lot to pay for a company that doesn't have a big growth ramp ahead.