AAR (AIR) Tuesday said profit fell in the third quarter, due mainly to lower revenues. However, both earnings and revenues came in above analysts' expectations. The company has also increased its earnings guidance for the fiscal year 2013.
Net income attributable to the company dropped to $18.4 million or $0.46 per share from $20.6 million or $0.50 per share in the same period last year.
On average, seven analysts polled by Thomson Reuters expected the company to earn $0.43 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $520.2 million, down from $534.2 million last year. Analysts expected revenues of $517.02 million.
Looking ahead to the fiscal year 2013, the company has lifted its earnings guidance to a range of $1.78 to $1.82 per share. This compares to the previous guidance range of $1.70 to $1.80 per share. Revenues are projected at approximately $2.15 billion.
Analysts, based on consensus, currently expect the company to report full-year earnings of $1.80 per share on revenues of $2.12 billion.
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