logo
  

AAR Q1 Profit Rises

AAR CORP. (AIR) Thursday reported first-quarter net income of $22.7 million or $0.63 per share, up from $11.5 million or $0.32 per share last year.

Adjusted earnings from continuing operations were $0.61 per share, up from $0.52 per share last year. Analyts polled by Thomson Reuters estimated earnings of $0.57 per share for the quarter. Analysts estimates typically exclude one-time items.

Sales for the quarter were $446.3 million, down from $455.1 million last year. Analysts had a consensus revenue estimate of $454.96 million for the quarter.

Sales to commercial customers increased 10% over the prior year quarter, primarily due to further recovery in the commercial market, while sales to government customers decreased 19% due to the natural completion of certain government programs, such as Afghanistan contracts.

"During the quarter, we drove strong commercial performance as recent new parts distribution contracts started to mature and our hangars remained largely full throughout the summer. Also in the quarter, our government business saw the full impact of the wind down in Afghanistan as well as the completion of certain other programs. As recent awards, such as our USAFE contract, ramp up over time and we win new contracts, we expect growth to return in our government business," said John M. Holmes, President and Chief Executive Officer of AAR CORP.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Vaccine partners Pfizer Inc. and BioNTech SE are seeking emergency use authorization or EUA from the U.S. Food and Drug Administration to offer their bivalent COVID-19 vaccine to children 6 months through 4 years of age. If authorized, the vaccine would be part of a primary series for children in this age group. Kraft Heinz Foods Co. is recalling around 2,400 pounds of ready-to-eat or RTE ham and cheese loaf products citing possible cross-contamination with under-processed products, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS announced. Foxconn, Apple Inc.'s key iPhone assembler, expects that its major plant in China, which is being hit hard by worker unrest following Covid-19 spread and related restrictions, would restart full production around late December to early January, Reuters reported citing a Foxconn source.
RELATED NEWS
Follow RTT